RA «Expert-Rating» confirms an infrastructural rating of AMC PJSC «KINTO» at the level uaAА.amc (a very high level of reliability).
Table
Key performance indicators of PJSC «KINTO» for 2008–2009
Indicators | 9 months of 2009 | 9 months of 2008 | Change | Growth rate |
Total net assets under AMC management, th. UAH | 439204,87 | 524053,25 | -84848,4 | -16,19% |
Growth rate of net assets under AMC management for the period, th. UAH | 30473, 8 | -494613,0 | 525086,8 | 106,16% |
Net assets of public funds, th. UAH | 369096,22 | 454888,96 | -85792,7 | -18,86% |
Proportion of public funds in net assets under AMC management, % | 84,04% | 86,80% | 2,76% | -3,18% |
Net value of NPF assets under AMC management, th. UAH | 14722,64 | 9161,27 | 5561,37 | 60,71% |
Proportion of NPF in net assets under AMC management, % | 3,35% | 1,75% | 1,6% | 91,43% |
Number of funds under management (pcs) | 11 | 10 | 1 | 10,00% |
Shareholders’ equity, th. UAH | 101297 | 114288 | -12991 | -11,37% |
Shareholders’ equity/ net assets under management ratio, % | 23% | 22,8% | 0,02% | 0,88% |
Authorized capital, th. UAH | 66000 | 66000 | 0 | 0,00% |
Proceeds, th. UAH | 12252 | 31914 | -19662 | -61,61% |
Net profit (loss), th. UAH | (5983) | (521) | -5462 | 1048,37% |
ROE, % | -5,91% | -0,46% | - | -5,45% |
Source: Data of the company, calculations by RA «Expert-Rating»
When confirming the rating of PJSC “KINTO” at such a high level, the Agency was guided by the following conclusions:
1. KINTO managed to break negative trends of reducing net assets under company’s management according to the 9 months of 2009. Therefore, net assets under management decreased by UAH 494 mln. for the 9 months of 2008, but this indicator increased by UAH 30,4 mln. for the same period of 2009. This difference in trends was partially determined by the change of stock market conditions, which was more favorable for AMC business in 2009 than in 2008. Besides, the Company continued to conduct the strategy of market expansion despite the crisis. In May of 2009 KINTO began to offer the securities of the first open stock fund “KINTO-Equity” in Ukraine, which resulted in increasing the number of the company’s funds under its management from 10 up to 11.
2. For the last 12 months 9 out of 11 funds had a sufficient quotes history to compare the results of their activity during 52 weeks. There were 7 out of 9 funds, which demonstrated a positive yield. There were 6 out of these 7 funds, which yield was higher, than the average proposed rate on bank deposits of population.
Open-end diversified mutual investment fund «Classical»: +18,25%;
Interval-end diversified mutual investment fund «Narodniy»: +39,11%;
Closed-end non-diversified corporate investment fund «Synergy-7»: +39,06%;
Closed-end non-diversified corporate investment fund «Synergy-5»: +14,54%;
Closed-end non-diversified corporate investment fund «Synergy-4»: +22,20%;
Closed-end non-diversified corporate investment fund «Synergy-3»: -4,57%;
Closed-end non-diversified corporate investment fund «Synergy Real Estate»: -0,7%;
Closed-end non-diversified corporate investment fund «Synergy Bond»: +22,43%;
Interval-end diversified mutual investment fund «Dostatok»: +19,27%
According to the last 52 weeks RA «Expert-Rating» positively estimates the work of funds managers as a whole, the company has managed again to make the funds attractive to investors and partially to compensate the losses from the financial crisis. We are sure that such a tendency will be continued in future.
3. The losses of PJSC “KINTO” have constituted nearly UAH 6 mln. for the 9 months of 2009, this amount of losses isn’t critical for the company and equals about 6% of its shareholders’ equity. Despite the crisis, KINTO continues to keep its market positions, begins the project realization of new funds, has qualified investment managers and analysts. All that is very expensive. The analytical department of RA «Expert-Rating» considers that the strategy, which KINTO conducts at present moment, is the only possible during the global crisis and also the one, which emphasizes the company’s commitment to fulfill its fiduciary liabilities to investors and clients in best way in spite of the unfavorable external circumstances.
Analytical department of RA «Expert-Rating»
Confirmation of an infrastructural rating of AMC PJSC «KINTO» (english version) - 30.11.2009