The Avesta Equity Index (AVEX) January 2024 report provided a detailed statistical analysis of the Tashkent Stock Exchange's performance. The report covers the 2023 annual rebalance, structural changes, and financial indicators, offering insights into the Uzbekistan financial market.
2023: Rebalance and Structural Changes
The 2023 rebalance was a critical move for AVEX, marked by the exclusion of BRBN, UZMKP, and BNGA and the inclusion of UZMT, UNVB, and ALKBP. The rebalance strategy, along with improvements in calculation methods to exclude certain M&A transactions, aimed at a more accurate reflection of the market.
Company Performance Analysis
The trading volumes, number of deals, and year-over-year (YOY) closing price percentages provide a clear picture of individual company performances. UzAuto Motors (UZMT) showed a trading volume of $1.9 mn with 3,085 deals, while Universal Bank (UNVB) had a trading volume of $1.4 mn across 235 deals. These figures indicate a robust trading environment for these companies. Conversely, excluded companies like Biznesni Rivojlantirish Banki (BRBN) had a significantly lower trading volume of $11,023 and a higher number of deals at 6,119, suggesting less efficient trading.
Comparison with Global Indices
Top 20 Securities Performance
The report highlights the closing prices and YOY percentage changes for the top 20 securities in 2023. Notably, Octobank (OCBK) showed a significant YOY closing price increase of 640.0%, while Biznesni Rivojlantirish Banki (BRBN) experienced a -39.5% change, justifying its exclusion from the index.
Financial Indicators
Detailed financial indicators like P/E ratio, P/B ratio, ROA, ROE, and EBIT margin are provided for each security. For instance, Universal Bank (UNVB) had a P/E ratio of 19.3, significantly higher than the median of 7.1, indicating a higher valuation relative to earnings. The ROE figures show a diverse range, with KAFOLAT Insurance (KFLT) at a high 69.5%, reflecting strong profitability relative to equity.
Aggregate Financial Performance
The aggregate financial data of AVEX companies show robust growth. The total assets grew from $12.8mn in 2021 to $30.3 in 2023. The equity and net profit also followed a similar upward trend, indicating a healthy financial ecosystem within the AVEX companies.
The January 2024 report of the Avesta Equity Index offers a comprehensive view of the financial market's performance in Uzbekistan, highlighted by the annual rebalance, the robust performance of key companies, and significant growth compared to global indices.
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