The PX-50 index finished the day up 0.29% at 760.2 points. CEZ attacked new record levels above CZK 180; the company is due to report its FY results later today. Cesky Telecom reported its results yesterday: the massive write-down of infrastructure assets was widely expected and therefore had only a limited impact on the stock price. The company surprised the market by a y/y growth in revenues; on the other hand lower operating margins held potential buyers aside. Although the stock may test the CZK 300 support in the near term, from the fundamental view it is trading with an interesting discount.
Unipetrol caught the market by surprise by reporting a FY net profit rather than our forecasted loss of almost CZK 2.2bn, but this has been largely due to an accounting exercise on the holding level rather than any business recovery. Today we expect Komercni banka, CEZ and Ceske radiokomunikace to release their data; out of the three, we favor Komercni banka to deliver a strong set of figures. Volume in the SPAD trading system reached EUR 36.3m.
Milan Procházka, Patria Finance