PE ratio for central Europe

country	P/E
Austria	15.6
Czech Republic	23.1
Hungary	18.4
Poland	19.2
Romania	21.1

Central European stock markets

Czech stock market index PX50 closed 0.84% up. Energetic CEZ rose 0.83% after fusion announcement with others energetic companies in region. Erste Bank rebounded previous declines and closed +2.33%.

In Hungary main trading activity goes around MOL which is as target of Austrian OMV enemy takeover. Shares lost -1.42% today. But still it has provided nice gain during recent week.

Polish bank PKO closing weaker -1.92% than yesterday after company informed about new eurobond emission. This bank looks for potential targets of expansion in Russia, Romania and Belarus.

Developer group LC Corp SA (LCC) IPO

Polish developer group LC Corp SA (LCC) owned by Leszek Czarnecki is today first time traded at Warsaw Stock Exchange. At IPO 163 mil. shares were sold for 6.5 PLN each.

Hungarian index BUX is the best performing in region

Three days in row it is beating all time high. Yesterday's gain was 2.9%! with closing at 29441.
It has been caused by unexpected interest rate lowering (to 7.75%) on Monday and also by excellent corporate earnings.
Among the best, MOL gained 6% and in three days 24%. Stocks buy back has been announced and also offer from OMV.

Taxes in Greece

1. capital gain from the sale of shares traded on the Athens Stock Exchange is tax exempt.
2. capital gain from the sale of shares that are not traded on the Athens Stock Exchange is taxable at 20%.

Other deductions
Tax must be deducted at source from the following payments on the basis of the following:
Dividend 0%
Interest 29%

Comment: Deduction at source for foreign residents is subject to the Double Taxation Prevention Treaty.

Taxes in Europe for capital gains

From now I will post also some information about taxation for capital gains in European countries. Due to European Union workforce mobility your tax residency can be changed and that's also my case. Therefore I am interested in this topic and I would like to publish tax specifications for different countries. I will focused only on taxes from capital gains.

PE valuation for European stock markets

Continental European equities have been out performing US and also UK stock markets in last four years. This total returns has been supported by earnings growth. Actually PE ratio is on multiples of 14 times 2007 earnings. Those European markets reached the peak (the highest PE valuation 26) in 1999.

Higher valuation is in mid-cap and small caps. There are still plenty of large caps with very attractive PE ratios. Outlook for earnings remains positive. Based on forward looking statements generally earnings growth is expected to achieve 9.1% for 2007 and 9.3% for 2008.

Weekly outlook. 25.6.

Monday
Economic: Existing Home Sales (6.00M)
Earnings: Walgreen (WAG), Synnex (SNX)
Events: Wachovia CEO Summit (LAMR, PETM, MET)

Tuesday
Economic: Consumer Confidence (106), New Homes (925K)
Earnings: Lennar (LEN), Kroger (KR), Nike (NKE), Oracle (ORCL)
Events: ‘MoskowSpeak’, Jeffries Healthcare Conference (ESRX, RHB, VAR, SUNH), Wachovia Equity Conference (BIIB, GILD, HMA)

Wednesday
Economic: Weekly Crude, Durable Orders (-1.0%)
Earnings: ConAgra (CAG), SMSC (SMSC), Bed Bath & Beyond (BBBY), Paychex (PAYX), Red Hat (RHT), Xyratex (XRTX)
Events: Jeffries Healthcare (AMAG, GILD, DSCO, POZN), Wachovia (ESRX, BRL, ACGL)

Thursday
Economic: GDP & Chain Deflator (.8%, 4.0%), Weekly Claims (315K), FOMC Statement
Earnings: Constellation Brands (STZ), KB Home (KBH), Monsanto (MON), General Mills (GIS), Accenture (ACN), Palm (PALM), Research In Motion (RIMM)
Events: Wachovia (DE, RMD, EYE)

Friday
Economic: Inc & Spend (.6%, .7%), core PCE (.2%), Chicago PMI (58), Construction (.2%), Michigan (84)
Earnings: NA

Certificate for SAP, BASF and Allianz

Certificate Raketen Express (ISIN DE 000 CB4 HVA 7) issued by Commerzbank offers opportunity to invest into a group of three german stocks (SAP, BASF, Allianz). I think it is the right time to buy this certificate.

One month ago I wrote article about SAP (http://stockweb.blogspot.com/2007/05/what-to-pick-from-dax30-in-germany.html). My entry point was at 34 EUR and nowadays current price is 38 EUR. I still belive this company. You know it lost a lot because of disappointing Q4. Even Warren Buffett doesn't care about history and don't forget that SAP is growing more than competitors. For such a growing stocks P/E 21 is very good.

Next one BASF is expected to increase profit due to new gas projects Russia and also due to aquisitions done in last year. Its P/E is 11.

Allianz bought minority stakes at AGF and Allianz Leben. P/E is 9.

P/E ratio for CEE Gas & Oil companies in middle and estern Europe

Company, 2005, 2006, 2007e, 2008e, 2009e,
INA, n/a, 26, 30, 26, 25,
MOL, 8, 8, 10, 11, 12,
OMV, 10, 8, 10, 10, 10,
Petrom, 19, 14, 15, 12, 10,
PKN Orlen, 6, 8, 20, 11, 13,
Rompetrol, 10, neg., 33, 37, 45,
Unipetrol, 12, 8, 11, 9, 9,

If you look at PE ratios the cheapest are Unipetrol, MOL and OMV. The highest dividends are paid by Petrom but still those CAPEX stocks are considered more like growing than dividends paying companies.

Orco IPO traded at Warsaw and Budapest

Today 21. June is the first day when Orco Property Group is traded at Budapest and Warsaw stock exchange as a IPO. Except those exchanges shares are listed at Prague Stock Exchange (from 2005) and also at Euronext Paris (from 2000).

With capitalization 1,2 mld. EUR is the fifth biggest company on BSE and also in top 30 on WSE. It looks Orco will be included in indices BUX and WIG 20 till the end of this year.

Pharmaceutical companies in middle & eastern Europe

Fundamental analyse of hungarian Egis and Gedeon Richter, slovene Krka and czech Zentiva.

(more details at: www.stockweb.blogspot.com)

The highest debt we can see in Zentiva and Krka. In Zentiva case we can expect even higher in future as acquisition of turkish company Eczacibasi was covered by loan 460 million EUR. On the other side With ROA the leader is Zentiva, ROE is in favour of Krka.

Comparing by P/E ratio:
Egis - 10 (2006), 16 (2007e), 14 (2008f)
Gedeon Richter - 13 (2006), 22 (2007e), 16 (2008f)
Krka - 28 (2006), 23 (2007e), 20 (2008f)
Zentiva - 24 (2006), 23 (2007e), 17 (2008f)

Comparing PBV:
Egis - 1,66 (2006), 1,55 (2007e), 1,41 (2008f)
Gedeon Richter - 2,42 (2006), 2,23 (2007e), 2,00 (2008f)
Krka - 5,75 (2006), 4,69 (2007e), 3,95 (2008f)
Zentiva - 4,48 (2006), 3,72 (2007e), 3,09 (2008f)

Hungarian companies are expected with higher PE due to the negative impact of government economic reforms. Low P/BV for hungarians is because of current worse environment for pharmaceutical business in Hungary after reforms.Dividend yield is for all around 1% only Egis has just 0.5%.
Me personally I prefer Zentiva rather than Krka. Discount price for hungarians can be also attracting.

Trade China with chinese ETF

There are a lot of ETF with chinese holdings but purely chinese are just three of them.

1.iShares FTSE/Xinhua China 25 Index Fund (FXI)
2.SPDR S&P China ETF (GXC)
3.PowerShares Golden Dragon Halter USX China Portfolio (PGJ)

(more details at: http://www.stockweb.blogspot.com/)

1.iShares FTSE/Xinhua China 25 Index Fund (FXI)
industry structure: 40% financial, 18% oil & gas, 18% telecommunications, 11% industrials, 8% basic material

2.SPDR S&P China ETF (GXC)
industry structure: 27% financial, 19% energy, 15% telecommunications, 11% industrial, 7% material,

3.PowerShares Golden Dragon Halter USX China Portfolio (PGJ)
industry structure: 25% energy, 22% telecommunications, 13% internet, 7% basic materials, 5% financial

Prague Stock Exchange in red

Index PX50 down more that 0.5% for now. All blue chips stocks in red except of Orco and CETV. CETV gains are following positive trading on NASDAQ from yesterday. Orco is fuelled by acquisition done in Bratislava, Slovakia.

Weekly outlook. 18.6.

Monday
Economic: NA
Earnings: China Medical (CMED)Events: United Tech (UTX) Analyst Meeting

Tuesday
Economic: Housing Starts & Bldg Ps (1485K, 1475K)
Earnings: Best Buy (BBY), Actuant (ATU), Carnival (CCL), FactSet (FDS), Progress Software(PRGS), Darden (DRI)

Wednesday
Economic: Weekly Crude
Earnings: Circuit City (CC), CarMax (KMX), Commercial Metals (CMC), FedEx (FDX), Morgan (MS), Sonic (SONC)
Events: Analyst Meetings @ NVIDIA (NVDA), Medtronic (MDT), McKesson (MCK)

Thursday
Economic: Weekly Claims (310K), Leading Indicators (.2%), Philly Fed (7.0)
Earnings: H & R Block (HRB), Pier 1 (PIR), Cognos (COGN), Jabil (JBL), Tektronix (TEK)

Friday
Economic: NA
Earnings: NA

3.Closed end funds for Central & Eastern Europe and Russia - RNE

Morgan Stanley Eastern Europe Fund Inc. (RNE) - Sponsor is Morgan Stanley. Major holdings are Sberbank, Unified Energy, Oao Gazprom, Mmc Norilsk Nickel, Lukoil, Wimm-Bill-Dann Foods Ojsc, Novatek Oao, Bank Millennium.

25% coming from banking, 13% oil and gas, 11% electric utilities, 10% media, 8% metals and mining, 7% food products

Country diversification is following: 67% Russia, 17% Poland, 7% Czech Republic

2.Closed end funds for Central & Eastern Europe and Russia - TRF

Templeton Russia & Eastern Europe Fund CEF (TRF) - Sponsor is Franklin Templeton Investments. Major holdings are Sberbank, Unified Energy, Lukoil, Mining & Metallurgical co Norilsk, Cherepovets MK Severstal, Volgatelecom

22% coming from telecommunications, 21% material, 19% energy, 15% banking, 14% utilities.

Country diversification is following: 93% Russia

1.Closed end funds for Central & Eastern Europe and Russia - CEE

Central Europe & Russia Fund CEF (CEE) - Sponsor is DWS Scubber. Major holdings are Gazprom, Lukoil, Unified Energy, Sberbank, Bank Polska, CEZ, Bank Pekao, Erste Bank.

35% coming from energy sector, 24% financial, 12% utilities, 11% material.

Country diversification is following: 57% Russia, 18% Poland, 9% Turkey, 5% Czech Republic, 5% Austria

Closed end funds for Central & Eastern Europe and Russia

(more details at: www.stockweb.blogspot.com)
I've already written some articles about ETFs focused on eastern european countries. Today I'd like to provide 3 popular closed end funds which are underlaying assets mainly from Hungary, Czech Republic, Turkey and Poland plus Russia. Those CEF are traded on NYSE so accessible for US investors.

1. Central Europe & Russia Fund CEF (CEE)
2. Templeton Russia & Eastern Europe Fund CEF (TRF)
3. Morgan Stanley Eastern Europe Fund Inc. (RNE)

CEE is diversified by many countries included in but mainly from energy sector. TRF is almost only russian fund but composed strongly from telecommunication companies. RNE has majority again from Russia with wide range of sectors. Only RNE has currently share price ($37) below NAV (net assets value) of its holdings ($40).

Orco expects better than expected earnings

Orco Property Group SA announced that annual revenue will beat prior target. The main reason is that prediction didn't take acquisitions in Germany and Russia into a account. They said reveneu will be better by 10-15% (223 mil. EUR).

P/E ratio (and other fundaments) of czech blue chips

CEZ (BAACEZ) - P/E 30, ROA 6%, ROE 10.5%, EPS 35CZK,
KOMERCNI BANKA (BAAKOMB) - P/E 22, ROA 1.3%, ROE 14.6%, EPS 179CZK,
TELEFONICA O2 (BAATELEC) - P/E 29, ROA 5.3%, ROE 7.8%, EPS 21CZK,
UNIPETROL (BAAUNIPE) - P/E 17, ROA 3.7%, ROE 6.6%, EPS 15CZK,
ZENTIVA (BAAZEN) - P/E 35, ROA 9%, ROE 13.7%, EPS 40CZK,

Today's leaders at PX50 Orco and Erste Bank

Developer group Orco (BAAORCO) is the most rising stock on Prague stock exchange (+2.7%) followed by Erste Bank (+2.2%). At chart you see one year chart for Erste (BAAERBAG). The price jumped over resistance level which has been formed last 5 months at CZK 1700.

I am long with both stocks.

PKN Orlen P/E 9 pointing out nice discount

Polski Koncern Naftowy ORLEN (PKN) is the largest refiner and distributor of oil in Poland

The company a total of seven refineries (including three in the Czech Republic and one in Lithuania) and has some 12,700 retail sites, in the Czech Republic, Germany, Lithuania, and Poland. PKN owns a 75% stake in chemical maker Anwil and has holdings in several other Polish companies, and controls Czech refiner and retailer Unipetrol (BAAUNIPE).

Major competitors are hungarian MOL, austrian OMV and Royal Dutch Shell.

Till the end of year 2012 the company is going to invest 21.2 mld PLN. Today's share price is 51.7 PLN. Fair value is considered at 55 PLN. P/E is 9. Stock is currently traded with almost 10% discount, compared with sector there is 20% discount.

CZK the weakest in 9 months against EUR

Czech currency koruna (CZK) reached today 9 months low against EUR at 28.56 CZK for 1 EUR. It is mainly because of differences between higher euro interest rates and czech rates which making more attractive EUR investments. Next is rising yield of US bonds which has impact on outflow of capital from emerging markets like Czech Republic. But also obscure economic reforms in Czech Republic doesn't help CZK to gain.

Altough all those factors are important I see good time to entry with CZK and speculate on strenghtening czech currency below 27CZK for 1 EUR. Just look at the czech economic growth and compare with western european countries.

Developer Orco expands to German property market

German subsidary Orco Group Property is finishing acquisition of berlin GSG (the biggest provider of commercial properties). This is shared acquisition together with Morgan Stanley (MS). The price is around 400 million EUR. Morgan Stanley will receive 29% share in Orco Germany and Orco will receive 50% share in SGS from MS plus 35 million EUR. Major shareholder in Orco Germany is still Orco company but only with 57% stake. 14% is public traded.

I am quite bullish with ORCO (BAAORCO) and my target price for long entry is at CZK3300.

Czech M&A in banking sector

Erste bank has quite complicated shareholder structure and therefore potential acquisition would be complicated. And also due to strong growth at eastern european countries it is difficult to see Erste as a easy target for M&A.

On the other hand Komercni Banka (Societe Generale) is involved in a lot M&A speculations. Like UniCredito or BNP Paribas.

Except those two big banks there are M&A happening with small banks like UniCredito finishing merger of HVB Bank and Zivnostenska Banka and also merger Raiffeisen Bank with eBanka.

Polish stocks (GDR) on London Stock Exchange

Warsaw Stock Exchange is far the most developed stock market among eastern european markets in terms of listed companies, trading volumes and also with number of different financial instruments and derivates. And therefore there is a big number of polish companies listed in foreign exchanges as a GDR or ADR. I've listed below polish companies which you can trade at London Stock Exchange as a GDR.

COMPANY (SYMBOL), INDUSTRY
Agora (AGOD), Media
Asseco Poland (SFBD), Software&ComputerSvc
Bank BPH (BPHD), Banks
Bank Polska Kasa Opieki (BPKD), Banks
KGHM Polska Miedz (KPMD), Industrial Metals
Polski Koncern Naftowy Orlen (POKD), Oil & Gas Producers
Prokom Software (PKMD), Software&ComputerSvc
Telekomunikacja Polska (TPSD), Fixed Line Telecom

Which direction czech stocks go...

Even czech benchmark PX50 gained next 1.2% trading activity was quite quiet. The best performing stocks are Erste Bank (2.4%) and Unipetrol (1.9%). Even thought, average volume was only with CEZ, other stocks with lower than average. Trading activity is highly dependent what is going on outside.

Weekly outlook. 11.6.

Economic: NA
Earnings: Cantel Medical (CMN), Jos Bank (JOSB), Cyberonics (CYBX), Take-Two (TTWO)
Events: Mid Quarter Update Texas Instruments (TXN)

Tuesday
Economic: Treasury Budget (-$60.0B)
Earnings: Lehman Bros (LEH), RBC Bearings (ROLL), Finisar (FNSR)

Wednesday
Economic: Import / Export, Retail Sales & ex-Auto (.6%, .7%), Biz’ Inv (.2%), Weekly Crude, Fed’s Beige Book
Earnings: Spartech (SEH)

Thursday
Economic: PPI & Core (.7%, .2%), Weekly Claims (315K)
Earnings: Goldman (GS), Bear Stearns (BSC), Smith & Wesson (SWHC), Adobe (ADBE), Pier 1 (PIR)

Friday
Economic: CPI & Core (.6%, .2%), Current Acct (-$202.5B), Empire Index (10), IP & UC (.1%, 81.5%), Michigan (88)
Earnings: Winnebago (WGO)

Czech stock market index PX50 and CZK/EUR charts

At category "Czech index PX50 chart" you can find realtime intraday chart of the main czech stock market index PX50. And also I've added 2 days realtime chart of czech currency czech koruna (CZK) against EUR.

Currency ETF

If you don't want trade currency as a futures contracts or other kind of derivates there is still possibility to trade currency vie exchange trade funds (ETF) on AMEX.
Either for diversification or hedging or just for speculating. My favourite company for currency etf is Rydex. I've listed currency ETFs which I'm sometimes using.

Australian Dollar Trust (FXA)
British Pound Sterling Trust (FXB)
Canadian Dollar Trust (FXC)
Euro Dollar Trust (FXE)
Japanese Yen Trust (FXY)
Mexican Peso Trust (FXM)
Swedish Krona Trust (FXS)
Swiss Franc Trust (FXF)

EBAY, MU, DIVX are boosting my portfolio

Today's leaders in my current holdings are EBAY with +2.8%, MU +2.8% and DIVX +1.8%. From european trading I collected also some money as I had short position in futures for czech index PX50. PX50 lost more than 1% today.

Economic growth in Eastern Europe

GDP in Czech Republic rose 6.1% in line with expectations. Leading by consumer spendings. On average EU GDP growth is 3.2%. Let' s have a look to other countries in Eastern Europe. Slovakia 9%, Poland 6.8%, Hungary 3.1%.

Xerox (XRX) to my watchlist

Bussines equipment leader Xerox (XRX) has good fundament, overperforming industry average. P/E 14.8 compared to industry average 22. Before technology bubble the price was triple than current $18.7. Last 3 years there is a consistent growth w/o significant volatility supported by beating analyst expectations for earnings.

European stock markets in negative.

European markets are dropping down for fifth consecutive day. The longest period in last 3 months mainly because of fear of interest rates hiking. One of the growing shares are BNP Paribas after (1.7%) , after possible acquisition from Societe Generale.

I am still bullish with european shares and this is good entry point for long positions.

Put warrant XXL on EUR/CZK

I've just opened long position with PUT warrant speculating on growth czech koruna against EUR. Issuer is Deutsche Bank, ISIN DE000DB75662, spread is 0.58%.

I do long position in CZK against EUR.

Czech currency koruna is traded at 28.4 against EUR. This year is traded almost w/o appreciation. Czech interest rates are still growing following economic growth. Czech economic growth for Q1 announcement is scheduled for this friday. Expected is 6.1%. Seasonaly it is beginning of support for czech koruna. At picture you can see average seasonal appreciation of CZK within last 6 years.

Investment to romanian small caps outside of index ROTX.

Stockweb.blogspot.com - All romanian derivates at EUWAX had been composed of caps from romanian index ROTX. As in index only 10 companies are included therefore your investment were focused only on large romanian caps.

ABN Ambro has introduced Private Equity Rumanian certificate (ISIN DE 000 AA0 F6D 0). It is open end with spread around 2.9%. Underlaying assets are SIF funds which are operating in different geographic areas. Around 30% of its holdins are state owned companies mainly mid and small caps. Mostly from financial sector.

This certificate you can trade directly with issuer of security (ABN Ambro) or at Euwax in Stuttgart. At the picture you see how SIF funds over performing Romania index ROTX.

Google (GOOG) is crossing over resistance

One of my strong holdings Google (GOOG) crossed over resistance level $500 http://stockweb.blogspot.com/2007/05/technical-chart-google-goog.html.

Even in yesterday's sluggish market Google gained more that 2% after online software pioneer Salesforce.com (CRM) joined the Internet search leader's efforts to lure even more businesses into the Web's largest advertising network.

My target price for GOOG is $550.

International Closed end funds

Stockweb.blogspot - I've been already talking about funds, ETF or ADR which use to trade eastern european or other emerging markets internationally. Besides there are closed end funds emitted by financial companies like Morgan Stanley, Goldman Sachs etc. Those you can trade at NYSE.

Today I've listed equities Morgan Stanley's closed end funds.

Product Name (Symbol)
Asia Pacific Fund (APF)
China A Share Fund (CAF)
Eastern Europe Fund (RNE)
Emerging Markets Fund (MSF)
Global Opportunity Bond Fund (MGB)
High Yield Fund (MSY)
India Investment Fund (IIF)
Latin American Discovery Fund (LDF)
Malaysia Fund (MF)
Thai Fund (TTF)
Turkish Investment Fund (TKF)

Closed end funds, unlike open end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed end funds are sold in the open market through a stock exchange. NAV per share is determined by dividing the value of the trustÆs portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time.

How to invest money in Turkey

Stockweb.blogspot - The first thing to know about the Turkish stock market and the currency (Lira) is that they move in tandem with developed markets.

Indecies:We have two main indecies. ISE National All Shares Index is composed of all National Market companies except investment trusts.Next one ISE 30 is composed of National Market companies except investment trusts and is used for trading in the Derivatives Market.

Below I've prepared analyse on sector return in turkish lira for year 2006.


Blue chips companies listed on ISE:Akbank, Arcelik, DYO Boya Fabrikalari, Denizbank, Enka Insaat ve Sanayi A.S., Erdemir, Finansbank, Garanti Bank, Kardemir, Karsan, Koc Holding, Migros Turk, Penguen, Petrol Ofisi, Tofas, Turkcell, Turkish Airlines

Financial instruments:For investment in EUR I'd recommend Lyxor ETF DJ Turkey titans 20 (TUR) registered in France. For US investors Finans Asset Management launched the first ETF in January 2005, the Dow Jones Istanbul 20 ETF. This ETF tracks the performance of the largest blue-chips in Turkey. In December 2005 another ETF was launched, the Non-Financial Istanbul 20 ETF, which tracks the performance of the largest industrial blue-chips of Turkey. The provider launch Turkish Smaller Companies Istanbul 25 ETF.For US investors the good way is pick up from NYSE Turkish Investment Fund (TKF) or Turkcell Ilet (TKC).

My personal outlook for 2007 is bullish. After some months of struggling a lot of turkish shares are with very good discount.

Weekly outlook 4.6.

Monday
Economic: Factory Orders (.6%)
Earnings: Krispy Kreme (KKD), Sigma Designs (SIGM), FuelCell (FCEL)Events: Analyst Meeting Pfizer (PFE)

Tuesday
Economic: ISM Services (55)
Earnings: Brown Forman (BF.B), Cooper (COO), Copart (CPRT), Guess (GES)

Wednesday
Economic: Weekly Crude, Productivity (1.4%)
Earnings: Korn/Ferry (KFY), Comtech (CMTL), Greif (GEF), Martek (MATK), Science Apps (SAI), Shuffle Master (SHFL)Events: Analyst Day NYSE Euro (NYX)

Thursday
Economic: Weekly Claims (315K), Wholesale Inventories (.3%)
Earnings: CRA Intl (CRAI), UTI Worldwide (UTIW), Volt Info (VOL), DSW (DSW), Nat Semi (NSM), Quiksilver (ZQK), Quality Systems (QSII)

Friday
Economic: Trade Balance (-$63.0B)
Earnings: Cantel Medical (CMN), Kellwood (KWD), Vail Resorts (MTN)

2.How to invest money in Croatia - Pliva (PLVD)

Pliva (PLVD)

Pliva and its subsidiaries manufacture and supply pharmaceutical products, animal health and agrochemical products, foodstuff and cosmetics and personal hygiene products. Co.'s product portfolio encompasses three fields: health care, (bulk pharmaceuticals, drugs for human and animal use), food products, and cosmetics and hygiene products.

Stock is overbought with P/E more than 30. At the picture you can see 1 year chart.

Except of LSE you can trade those two stocks as GDR in Germany and in case of Pliva also in US on OTC (see PLVGF.PK).

1.How to invest money in Croatia - INA Industrija Nafte

Today I'd like to point out two croatian companies traded on London Stock Exchange as a GDR. So you can easily invest in.

INA Industrija Naftec (HINA)

It is vertically integrated oil and gas company based in Croatia. Co. is engaged in operating in oil and gas exploration and production, refining and marketing of oil products. Its subsidiaries are engaged in LPG business, natural gas transportation and providing integrated oilfield services. Co. is also responsible for gas imports into Croatia. Co. also operates refineries and lubricant plants which support Co.'s crude oil and distribution networks.

P/E ratio is quite high at 26. I added 6months technical chart for HINA.