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Serbia: Investment case

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Presentation on theme: "Serbia: Investment case"— Presentation transcript:

1 Serbia: Investment case
KBC Securities Serbia: Investment case Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

2 Market statistics Market Capitalization (EUR m) 15.1
Number of listed stocks 1,808 Average daily turnover (EURm) 4.8 Foreign investor participation 36.0% INDICES YTD BELEXline -19.3% BELEX15 -23.0% SRX EUR -26.2% Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

3 Index Performance: BELEX15
YTD 1M 3M BELEX15 -23.0% -11.2% -14.6% Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

4 Most active Highest mkt cap Company Industry Symbol (Bloomberg)
Av daily Turnover AIK Banka Banking AIKB SG EUR 683.8k Agrobanka AGBN SG EUR 157.6k Energoprojekt Construction ENHL SG EUR 101.7k Highest mkt cap Company Industry Symbol (Bloomberg) Mkt Cap AIK Banka Banking AIKB SG EUR 686.8m Agrobanka AGBN SG EUR 161.7m Energoprojekt Construction ENHL SG EUR 233.5m Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

5 Clearing and settlement
Trading methods Continuous Prevailing price Trading platform Electronic trading system Belex trading platform Trading hours Continuous 9:00 am – 1:00 pm Prevailing price 10:00 am – 12:00 pm Clearing and settlement Central depositary and clearing house (www.crhov.co.yu) Settlement of transactions: T+3 Delivery versus paymnet system - DVP Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

6 Fees & Commissions Taxes Brokerage fee Negotiable CR fee 0.10% BSE fee
0.15% Bank n/a Taxes Capital gain* 20% Dividend 10% Transfer of ownership rights 0.35% *Unless there is a double taxation treaty Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

7 Country data Macroeconomics Population 7.4m Area 88,361km2
Capital city Belgrade Currency RSD (Serbian dinar) Macroeconomics 2005 2006 2007 GDP (€ bn) 21.1 24.3 29.9 GDP per capita (€) 2,833 3,273 3,971 RPI (%) 17.7 6.6 10.1 Unemployment (%) 21.8 21.6 18.8 Average net salary (€) 204.0 274.8 350.3 Trade balance (% of GDP) -22.9 -22.1 -23.1 Current acc balance (% of GDP) -9.7 -13.8 -17.5 Net FDI (€ m) 1,244.6 3,398.7 1,601.6 Source: Minstry of Finance Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:

8 Contact us Trading Tanja Loncar tatjana.loncar@kbcsecurities.co.yu
Ana Jovanovic Dusan Markovic Dusan Sotirovic Research Sandra Jankovic Vladan Rankov Vladan Pavlovic Back Office Petar Licina Stanislava Petkovic Ljubisa Zlatkovic Emilija Dimitrov Milutinovic Brussels · Belgrade · Bucharest · Budapest · Kiev · London · Munich · Moscow · New York · Paris · Prague · Riga · Sofia · Warsaw BDD KBC Securities a.d. Beograd | Cincar Jankova 3 | Beograd | | Tel/Fax:


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