Uzbekistan: Austrian Dream Frontier Market?
first posted: 2020-10-24 11:29:45.853063
For the most liquid Uzbek stocks, I update here their daily market cap and daily price in Uzbek Soms and USD.
This frontier market is in many ways the opposite of the American market, investment highlights for the countries are:
- high persistent inflation, and due to that, very little debt.
- whole country is still early on its business cycle whereas the developed world is playing the endgame of a debt supercycle
- positive demographics and 35mln population, relatively young population
- many recent and sizeable devaluations of the Uzbek Som, the local currency, against the USD
- country produces agricultural products and has large natural mining resources (gold, ...)
- the country has no trade deficit and can finance its import with the gold it mines
- autarchic economy and autocratic governement until 2016 (Uzbeks needed permission to travel abroad)
- liberalisation since 2016 opens the economy and usher the growth
- even the largest stocks micro-caps, liquidity is low and trading cost is very substantial aorund 2.5%.
- the UZS fx and the stock reacted strongly to covid.
The early business cycle makes it look like an "Austrian" paradise (Austrian economists see business cycles as key to growth). The liberalisation of the policy from a previous autarchic setup looks like a turnaround story. The persistent inflation is the main threat that could turn it into a value trap barring a return to governance problems.
image credit: wikicommons
The data is not available yet in Bloomberg. I scrapped it below as of Oct 23rd. It is expressed in Uzbek Soms.
Here are a few select non bank stocks, I have not analysed the fundamental yet:
- O'zbekiston metallurgiya kombinati UZ7021720006
- Qizilqumsement UZ7029000005
- O'zbekiston respublika tovar-xomashyo birjasi UZ7043200003
A private bank that featured prominently: Hamkorbank UZ7011340005 (private bank, price relatively stable). Dividend and split information can be obtained on http://openinfo.uz/en/. The data is not yet on bloomberg but is being uploaded.
Further info available:
- Uzbek Listed Company Official Info Portal
- Uzbek Stock Exchange Official Portal
- Portfolio investment News a private broker site
- Portfolio investment Stocks a private broker site
- Portfolio investment bonds a private broker site
- price history in russian sites such as investfunds.ru
Here are the most liquid stocks (14 days leading to 16 Nov 2020):
| isin | days quoted in last 14 days | name | mkt cap (mkt cap) |
|---|---|---|---|
| UZ7037560008 | 14 | (O'zbekiston sanoat - qurilish banki) aksiyadorlik tijorat banki | 3.877891e+12 |
| UZ7054570005 | 14 | (Ipoteka-bank) aksiyadorlik tijorat ipoteka banki | 2.338187e+12 |
| UZ7029000005 | 14 | (Qizilqumsement) aksiyadorlik jamiyati | 1.205801e+12 |
| UZ7021720006 | 14 | (O'zbekiston metallurgiya kombinati) aksiyadorlik jamiyati | 1.144779e+12 |
| UZ7043200003 | 14 | (O'zbekiston respublika tovar-xomashyo birjasi) aksiyadorlik jamiyati | 5.508104e+11 |
| UZ7025770007 | 14 | (Kvarts) aksiyadorlik jamiyati | 3.042222e+11 |
| UZ7004510002 | 14 | (Qo'qon mexanika zavodi) aksiyadorlik jamiyati | 2.038208e+10 |
| UZ7011340005 | 13 | Chet el kapitali ishtirokidagi (Hamkorbank) aksiyadorlik tijorat banki | 5.562790e+11 |
| UZ7001560000 | 11 | (Agrobank) aksiyadorlik tijorat banki | 2.268499e+12 |
Here are the stockmarket listings ordered by capitalisation in Uzbrekistan stock market on October 24th:
| isin | name | price | date | marketcap |
|---|---|---|---|---|
| UZ7038660005 | (Asaka) aksiyadorlik tijorat banki | 139.01 | 2018-08-26 | 5.633065e+12 |
| UZ7037560008 | (O'zbekiston sanoat - qurilish banki) aksiyadorlik tijorat banki | 15.00 | 2020-10-21 | 3.667337e+12 |
| UZ7001560000 | (Agrobank) aksiyadorlik tijorat banki | 810.00 | 2020-10-23 | 3.046706e+12 |
| UZ7054570005 | (Ipoteka-bank) aksiyadorlik tijorat ipoteka banki | 0.79 | 2020-10-22 | 2.235443e+12 |
| UZ7018790004 | Aksiyadorlik tijorat banki (Qishloq qurilish bank) | 102.00 | 2020-09-23 | 1.855277e+12 |
| UZ7015230004 | (Mikrokreditbank) aksiyadorlik-tijorat banki | 1067.99 | 2020-10-21 | 1.641713e+12 |
| UZ7021980006 | (Ohangaronsement) aksiyadorlik jamiyati | 280000.01 | 2020-10-20 | 1.376087e+12 |
| UZ7021720006 | (O'zbekiston metallurgiya kombinati) aksiyadorlik jamiyati | 25999.98 | 2020-10-23 | 1.130711e+12 |
| UZ7029000005 | (Qizilqumsement) aksiyadorlik jamiyati | 2512.00 | 2020-10-23 | 1.124162e+12 |
| UZ7044760005 | Aksiyadorlik tijorat (Aloqabank) | 118.80 | 2020-10-22 | 9.362862e+11 |
| UZ7035530003 | (Turonbank) aksiyadorlik tijorat banki | 1700.00 | 2020-10-12 | 8.884128e+11 |
| UZ7043380003 | (O'ztransgaz) aksiyadorlik jamiyati | 30000.00 | 2019-03-12 | 6.257771e+11 |
| UZ7011340005 | Chet el kapitali ishtirokidagi (Hamkorbank) aksiyadorlik tijorat banki | 25.99 | 2020-10-23 | 6.015417e+11 |
| UZ7039920002 | (Ipak Yo'li) aksiyadorlik innovatsiya tijorat banki | 12.10 | 2020-09-08 | 5.324427e+11 |
| UZ7043200003 | (O'zbekiston respublika tovar-xomashyo birjasi) aksiyadorlik jamiyati | 7000.00 | 2020-10-23 | 5.247089e+11 |
| UZ7028090007 | Chet el investitsiyasi ishtirokidagi (Toshkentvino kombinati) aksiyadorlik jamiyati | 280000.00 | 2020-10-22 | 5.237512e+11 |
| UZ7055560005 | Chet el kapitali ishtirokidagi (Invest Finance Bank) aksiyadorlik tijorat banki | 1000.00 | 2020-03-06 | 5.200000e+11 |
| UZ7033480003 | (Trastbank) xususiy aksiyadorlik banki | 7000.00 | 2020-10-15 | 3.602500e+11 |
| UZ7025770007 | (Kvarts) aksiyadorlik jamiyati | 3229.99 | 2020-10-23 | 3.115300e+11 |
| UZ7047440001 | (Kapitalbank) aksiyadorlik tijorat banki | 1030.00 | 2020-09-24 | 1.937321e+11 |
| UZ7050240009 | (Davr-bank) xususiy aksiyadorlik tijorat banki | 5000.00 | 2019-10-31 | 1.700000e+11 |
| UZ7055790008 | (Asia Alliance Bank) aksiyadorlik tijorat banki | 260.00 | 2018-02-28 | 1.674816e+11 |
| UZ7052260005 | (O'zbekko'mir) ko'mir qazib olish va sotish aksiyadorlik jamiyati | 4000.00 | 2020-10-20 | 1.559489e+11 |
| UZ7046910004 | Aksiyadorlik-tijorat banki (Universal bank) | 5000.00 | 2020-10-16 | 1.500000e+11 |
| UZ7037610001 | Chet el kapitali ishtirokidagi (Savdogar) aksiyadorlik tijorat banki | 150.00 | 2020-09-29 | 1.300000e+11 |
| UZ7009280007 | (Turkiston) Xususiy aksiyadorlik tijorat banki | 1000.00 | 2020-10-23 | 1.297913e+11 |
| UZ7055830002 | (HI-TECH BANK) xususiy aksiyadorlik tijorat banki | 1565.00 | 2020-06-29 | 1.178788e+11 |
| UZ7045570007 | (O'zagrosug'urta) aksiyadorlik jamiyati | 3305.00 | 2019-12-16 | 1.089559e+11 |
| UZ7011500004 | (O'zagrolizing) aksiyadorlik jamiyati | 2600.00 | 2020-04-27 | 1.056818e+11 |
| UZ7054590003 | (DORI-DARMON) aksiyadorlik kompaniyasi | 5120.00 | 2020-10-20 | 1.027686e+11 |
| UZ7048610008 | (Ravnaq-bank) xususiy aksiyadorlik tijorat banki | 1200.00 | 2020-09-21 | 1.000000e+11 |
| UZ7056430018 | (Madad Invest Bank) aksiyadorlik tijorat banki | 5000.00 | 2018-08-28 | 1.000000e+11 |
| UZ7016400002 | (O'ZBEKKIMYOMASH ZAVODI) Aksiyadorlik jamiyati | 6005.00 | 2020-10-22 | 8.418373e+10 |
| UZ7047080005 | (QO'QON BIOKIMYO) aksiyadorlik jamiyati | 3.05 | 2020-10-06 | 7.150899e+10 |
| UZ7016550004 | Xorijiy investitsiya ishtirokdagi (Kogon yog' - ekstraksiya zavodi) aksiyadorlik jamiyati | 1400.00 | 2020-10-21 | 7.089241e+10 |
| UZ7028660007 | (Kapital sug'urta) aksiyadorlik jamiyati | 1.50 | 2020-10-22 | 5.600000e+10 |
| UZ7001100005 | (KAFOLAT sug'urta kompaniyasi) aksiyadorlik jamiyati | 4.00 | 2020-10-08 | 3.530919e+10 |
| UZ7047650005 | (Andijon biokimyo zavodi) aksiyadorlik jamiyati | 5610.00 | 2020-10-22 | 3.341023e+10 |
| UZ7045320007 | (Alskom) sug'urta kompaniyasi aksiyadorlik jamiyati | 1350.00 | 2020-10-13 | 3.010795e+10 |
| UZ7038380000 | (Chilonzor buyum savdo kompleksi) aksiyadorlik jamiyati | 10.00 | 2020-10-14 | 2.929306e+10 |
| UZ7056890013 | № факта | 3.90 | 2020-08-04 | 2.924994e+10 |
| UZ7055380008 | (Universal Sug'urta) aksiyadorlik jamiyati | 0.01 | 2018-04-02 | 2.500566e+10 |
| UZ7045550009 | (Buxoroneftgazparmalash) aksiyadorlik jamiyati | 5000.00 | 2020-09-08 | 2.274412e+10 |
| UZ7004510002 | (Qo'qon mexanika zavodi) aksiyadorlik jamiyati | 950.00 | 2020-10-21 | 2.124629e+10 |
| UZ7017610005 | (Kattaqo'rg'on yog'-moy) aksiyadorlik jamiyati | 3788.00 | 2017-02-03 | 2.104126e+10 |
| UZ7026620003 | (Farg'ona yog'-moy) aksiyadorlik jamiyati | 18000.00 | 2020-08-04 | 1.795100e+10 |
| UZ7045280003 | (Jizzax plastmassa) aksiyadorlik jamiyati | 3099.00 | 2020-10-23 | 1.536684e+10 |
| UZ7004770002 | (Granit) aksiyadorlik jamiyati | 25000.00 | 2020-10-23 | 1.465205e+10 |
| UZ7017850007 | (Urganch yog'-moy) aksiyadorlik jamiyati | 5100.00 | 2020-10-16 | 1.128520e+10 |
| UZ7055590002 | (Alliance-Leasing) aksiyadorlik jamiyati | 300.00 | 2020-07-14 | 1.010100e+10 |
| UZ7025870005 | (Biokimyo) aksiyadorlik jamiyati | 51000.00 | 2020-09-25 | 9.569744e+09 |
| UZ7014560005 | № факта | 2160.00 | 2020-06-23 | 8.452563e+09 |
| UZ7007440009 | № факта | 800.00 | 2020-07-17 | 7.761600e+09 |
| UZ7042330009 | № факта | 1000.01 | 2020-10-19 | 6.885977e+09 |
| UZ7042540003 | (O'zqishloqelektrqurilish) aksiyadorlik jamiyati | 6500.00 | 2020-09-11 | 6.767600e+09 |
| UZ7030360000 | (Koson yog'-ekstraksiya) aksiyadorlik jamiyati | 1500.00 | 2020-10-07 | 6.697618e+09 |
| UZ7023760000 | (Sarbon-Neftegaz) aksiyadorlik jamiyati | 3250.00 | 2020-10-12 | 6.610920e+09 |
| UZ7000380004 | (Markaziy dehqon bozori) aksiyadorlik jamiyati | 1300.00 | 2020-03-12 | 6.183930e+09 |
| UZ7034730000 | (Qashqadaryo texnologik transport) aksiyadorlik jamiyati | 540.06 | 2017-02-06 | 5.730572e+09 |
| UZ7018290005 | (Qo'qon yog'-moy) aksiyadorlik jamiyati | 6315.00 | 2017-07-21 | 5.528185e+09 |
| UZ7029680004 | (Buxorogazsanoatqurilish) aksiyadorlik jamiyati | 3500.00 | 2020-10-23 | 5.513816e+09 |
| UZ7016990002 | (Farg'ona dori-darmon) aksiyadorlik jamiyati | 25000.00 | 2020-10-15 | 5.284050e+09 |
| UZ7047670003 | (Matbuot tarqatuvchi) aksiyadorlik kompaniyasi | 8000.00 | 2019-02-18 | 4.000000e+09 |
| UZ7051720009 | (O'ztemiryo'lkonteyner) aksiyadorlik jamiyati | 4000.00 | 2019-12-13 | 3.366271e+09 |
| UZ7032620005 | № факта | 16178.20 | 2020-07-29 | 3.170086e+09 |
| UZ7016140004 | (Navoiy dori-darmon) aksiyadorlik jamiyati | 11160.00 | 2020-07-22 | 2.679754e+09 |
| UZ7034010007 | (Sirdaryo vino) aksiyadorlik jamiyati | 650.00 | 2018-11-05 | 2.557378e+09 |
| UZ7032740001 | (Buxoro ta'mirlash mexanika zavodi) aksiyadorlik jamiyati | 5300.00 | 2020-08-17 | 2.361888e+09 |
| UZ7018010007 | (Andijon dori-darmon) aksiyadorlik jamiyati | 23000.00 | 2020-07-22 | 2.332095e+09 |
| UZ7033440007 | (Elektrtarmoqqurilish) aksiyadorlik jamiyati | 5450.00 | 2020-10-21 | 2.199266e+09 |
| UZ7053260004 | № факта | 10000.00 | 2020-08-26 | 2.178120e+09 |
| UZ7001990009 | № факта | 850.00 | 2020-07-21 | 2.096600e+09 |
| UZ7032730002 | (O'zparavtotrans) aksiyadorlik jamiyati | 5001.00 | 2019-09-05 | 1.985085e+09 |
| UZ7052380001 | № факта | 1900.00 | 2020-03-12 | 1.938690e+09 |
| UZ7036030003 | (Andijonyog'moy) aksiyadorlik jamiyati | 4400.00 | 2020-10-08 | 1.833238e+09 |
| UZ7048180002 | Samarqand viloyati (Agrokimyohimoya) hududiy aksiyadorlik jamiyati | 2400.00 | 2020-09-21 | 1.784239e+09 |
| UZ7012450001 | № факта | 17000.00 | 2020-09-29 | 1.633137e+09 |
| UZ7018660009 | (Namangan dori-darmon) aksiyadorlik jamiyati | 5000.00 | 2020-07-22 | 1.525680e+09 |
| UZ7009030006 | № факта | 8720.00 | 2020-08-26 | 1.484215e+09 |
| UZ7051770004 | № факта | 22100.00 | 2017-01-25 | 1.355460e+09 |
| UZ7013990005 | (Turon-Xojeli) aksiyadorlik jamiyati | 5130.00 | 2017-07-31 | 1.326415e+09 |
| UZ7036020004 | № факта | 4600.00 | 2020-06-15 | 1.281896e+09 |
| UZ7022250003 | (OHANGARONSHIFER) aksiyadorlik jamiyati | 10000.00 | 2020-01-14 | 1.231330e+09 |
| UZ7044590006 | № факта | 1000.00 | 2020-10-09 | 1.123920e+09 |
| UZ7016250001 | № факта | 28700.00 | 2017-12-25 | 9.869663e+08 |
| UZ7018670008 | Toshkent viloyati (DORI-DARMON) aksiyadorlik jamiyati | 6000.00 | 2020-07-24 | 9.493125e+08 |
| UZ7015030008 | (Mulk-Sarmoya Brokerlik Uyi) aksiyadorlik jamiyati | 1000.00 | 2020-09-30 | 9.362545e+08 |
| UZ7007130006 | (ELEKTRQISHLOQQURILISH) aksiyadorlik jamiyati | 13000.00 | 2017-10-27 | 8.144850e+08 |
| UZ7035830007 | (Neftgaztadqiqot) aksiyadorlik jamiyati | 11000.00 | 2018-10-26 | 7.416225e+08 |
| UZ7025900000 | (Muborakneftgazmontaj) aksiyadorlik jamiyati | 100000.00 | 2019-03-07 | 7.232300e+08 |
| UZ7010190005 | (Toshneftegazqurilish) aksiyadorlik jamiyati | 5750.00 | 2020-08-11 | 6.527151e+08 |
| UZ7037160007 | № факта | 10317.09 | 2019-11-01 | 6.509100e+08 |
| UZ7022100000 | Chet e'l investiciyalari ishtirokidagi (Quvasoycement) aksiyadorlik jamiyati | 450000.00 | 2020-10-15 | 6.062964e+08 |
| UZ7016530006 | (Andijon tajriba-sinov zavodi) aksiyadorlik jamiyati | 10999.99 | 2020-09-28 | 6.031750e+08 |
| UZ7028570008 | (Neft ta'minot) aksiyadorlik jamiyati | 4000.00 | 2019-06-18 | 5.883920e+08 |
| UZ7032560003 | (Muborakneftgaztrans) aksiyadorlik jamiyati | 1000.00 | 2020-08-17 | 5.856000e+08 |
| UZ7032570002 | (Qashqadaryo neft-gaz qurilish va ta'mirlash) aksiyadorlik jamiyati | 4500.00 | 2019-09-12 | 5.852700e+08 |
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