Avesta Investment Group - Uzbekistan

Daily Equity Market Snapshot – 28 Apr 2026
#MarketInsights

Ipoteka-bank (TSE: IPTB) Swings to Profit in Q1 2026 as Provisions Collapse 69%
Ipoteka-bank posted a net profit of UZS 846.4B in Q1 2026, reversing a net loss of UZS 30.7B in Q1 2025. Net interest income grew 16.0% YoY to UZS 3.11T, while operating income surged 298% YoY to UZS 1.51T.
The turnaround was driven by a 68.6% collapse in credit loss provisions – from UZS 1.65T to UZS 519.1B. Operating expenses rose 32.7% YoY to UZS 545.6B, well below income growth, delivering strong operating leverage.
After a net loss of UZS 240.2B in FY2024, the bank returned to profitability in 2025 (9M net profit: UZS 102.5B, FY2025 figures are not yet published). Q1 2026's single-quarter result already surpasses that, signalling sharp acceleration.
Total assets: UZS 56.34T (+11.2% YoY), equity: UZS 8.58T (+15.4% YoY).
The stock closed at UZS 3.26 today, up 2.8%, with 159% YTD growth, at 1.45x P/B.
#FinancialResults
#Financials
#CapitalMarkets
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Daily Equity Market Snapshot – 27 Apr 2026
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Raiffeisen Bank International Targets Custodial Services in Uzbekistan Following Regulatory Sandbox Registration
Raiffeisen Bank International (RBI) has announced plans to enter Uzbekistan's capital markets as a custodial bank, following a meeting with Tashkent Stock Exchange (UZSE) management on 24 April. Recognized as the best sub-custodian in Central and Eastern Europe at the 2025 Global Custodian Awards, RBI intends to operate through local Uzbek brokers and act as a foreign nominee holder for settlements in Uzbek securities.
The Central Bank of Uzbekistan has opened correspondent accounts for RBI in both national and foreign currencies. An agreement with the Central Securities Depository has also been signed to establish full settlement infrastructure. RBI had previously joined Uzbekistan's capital market regulatory sandbox in December 2025, where it was designated as a foreign nominee holder for transactions in Uzbek securities.
One of Europe's largest banking groups, Raiffeisen Bank International serves 18.6 million clients and reported consolidated net profit of €1.4bn in 2025, with interest income of €4.1bn. The entry of an institution of this scale addresses a structural barrier that has historically limited foreign participation in Uzbek securities: the absence of internationally recognized custodial arrangements. Its presence may broaden the base of foreign investors on Uzbekistan's capital markets.
#CapitalMarkets
#Financials
#EconomicReforms
#Regulation
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Uzbekistan Attracts $13.7bn in Foreign Investment in Q1 2026, Exceeding Target by 39%, with China Accounting for Nearly Half
Uzbekistan attracted $13.7bn in foreign investment and loans in the first three months of 2026, fulfilling 139% of its quarterly target and growing 1.6 times versus the same period last year, according to the Center for Economic Research and Reforms. The figure puts the country on a pace that would comfortably exceed its full-year $53bn goal — implying annualized inflows of roughly $55bn if momentum holds.
The quality of capital, not just its volume, stands out. Of the $13.7bn total, $9.7bn went directly into fixed capital formation — up 147.5% year-on-year — suggesting that inflows are funding productive capacity rather than portfolio or speculative positions. Some 1,508 investment projects worth $1.2bn were commissioned in the quarter, generating nearly 28,000 jobs, with key projects spanning mining, textiles and chemicals.
By country of origin, China led with $6.4bn (47%), followed by Russia $1.1bn (8%), Turkey $975mn (7%), UAE $824mn (6%) and Germany $342mn (2.5%) — a geographically diversified mix spanning Eurasia, the Middle East and Western Europe.
With 71% of total inflows directed into fixed capital formation, the data points to investment of a productive rather than financial nature. At 8.7% GDP growth and year-on-year inflation at 7.1% in Q1, alongside $13.7bn in quarterly inflows, the fundamental story is compelling.
#ForeignInvestment
#Macroeconomics
#EconomicReforms
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AVEX Index Q1 2026 Rebalance, Market Surges +72%
The Q1 2026 rebalance of the AVEX Index — Avesta Investment Group's benchmark of the top 20 most liquid stocks on the Tashkent Stock Exchange — added Kapital Sug'urta pref (TSE: KASUP), SQB pref (TSE: SQBNP), and Qashqadaryo Texnologik Transport (TSE: QATT), removing Uzbektelekom pref, Universal Bank, and Elektrqishloqqurilish.
AVEX gained +72% in Q1 2026, outperforming the S&P 500 and MSCI World. Top performers: Kapital Sug'urta pref (+2,400%), Hamkorbank pref (TSE: HMKBP, +247%), SQB (TSE: SQBN, +244%) and Ipoteka Bank pref (TSE: IPTBP, +240%). That said, the TSE remains a low free-float market — thin liquidity amplifies returns.
Underlying fundamentals are solid: constituent net profit grew 46.6% in 9M2025, median P/E compressed from 8.2x to 4.8x.
For full index composition, financial metrics and methodology see the attached presentations both in Russian and English.
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#CapitalMarkets

Daily Equity Market Snapshot – 24 Apr 2026
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Uzbekistan's Economy Grew 8.7% in Q1 2026 — Fastest Quarter in Years; UzNIF to List 30% on International Markets Next Month
Uzbekistan's GDP expanded 8.7% year-on-year in Q1 2026, President Mirziyoyev announced at a video conference reviewing first-quarter results. The figure significantly outpaces full-year 2025 growth of 7.7% and all international forecasts for 2026 (IMF: 6.8%, ADB: 6.7%). Growth was broad-based: services surged 16.1%, industry rose 8.0%, and agriculture grew 5.1%. Exports reached $5.8 billion and foreign investment inflows hit $13.7 billion in just three months. Inflation fell to 7.1% annually — the first time it has dropped below 7.3% in recent years.
The strong revenue base translated directly into fiscal outperformance: budget revenues grew 35% year-on-year to 103 trillion UZS in January–March, with an additional 2.2 trillion UZS accumulated in local budgets — of which 1.4 trillion UZS remained at district and city level.
The headline announcement came from Mirziyoyev himself: next month, about 30% of UzNIF ($2.4bln NAV) will be listed on international capital markets for the first time. UzNIF manages 13 strategic enterprises under Franklin Templeton's stewardship. A dual listing — ordinary shares on UZSE and GDRs on the London Stock Exchange — is planned, with BlackRock and Franklin Resources reported as anchor investors.
For international investors, Q1 2026 represents a decisive macro signal: Uzbekistan is accelerating, not moderating. With $13.7 billion in FDI in a single quarter, inflation breaking below 7% and the UzNIF IPO imminent, the investment case is materially stronger than consensus currently reflects.
Avesta Investment Group is proud to be part of the local underwriting consortium supporting IPO of UzNIF on the Tashkent Stock Exchange.
#Macroeconomics
#CapitalMarkets
#ForeignInvestment
#Privatisation
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Mobiuz Net Profit Surged 39x in 2025 to 173.6 Billion UZS Ahead of ~$300M Privatisation
Mobiuz (Universal Mobile Systems) posted net profit of 173.6 billion UZS in 2025 — up nearly 39x from just 4.3 billion UZS in 2024. Total revenue reached 2.5 trillion UZS, up 19% year-on-year, while gross profit grew 15% to 863.1 billion UZS.
The dramatic profit turnaround reflects both revenue growth and operational efficiency gains as the company prepared for privatisation. Mobiuz serves 8 million subscribers, launched over 7,600 base stations in 2025, expanded 4G coverage to 96% of populated areas, and rolled out 5G in four Fergana Valley cities.
The government's asset management agency (UzSAMA) is selling a 100% stake, advised by Rothschild & Co and KPMG, with Deloitte providing independent valuation. Three international bidders — with reported interest from Qatar, Saudi Arabia, Azerbaijan and Europe — submitted final binding offers by April 20. Bloomberg estimates the deal value at approximately $300 million.
A transaction announcement could come within weeks. At ~$300M, Mobiuz would rank among the largest FDI-driven privatisation deals.
#Privatisation
#Telecoms
#CapitalMarkets
#ForeignInvestment
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Uzbekistan Airways: Q1 2026 Operating Profit Surges, Net Profit Triples, While FX and Financing Costs Weigh on Earnings
Uzbekistan Airways reported a strong improvement in operating performance in Q1 2026. Revenue reached UZS 3.86tn (+1.0% YoY), while operating profit surged to UZS 410.7bn (+309.5% YoY), driven by a sharp expansion in margins.
Net profit increased to UZS 151.8bn (+206% YoY), reflecting improved core operations despite a still challenging cost environment.
At the same time, below-the-line pressures remain significant. Net financial loss widened to UZS 228.1bn, while net FX loss reached UZS 122.6bn, highlighting sensitivity to currency movements and financing costs.
In our view, the results point to a clear operational recovery, but also underline the company’s exposure to FX volatility and leverage.
#Transport
#FinancialResults
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