Avesta Investment Group - Uzbekistan

Daily Equity Market Snapshot – 11 June 2026
#MarketInsights

UzAuto Motors JSC (TSE:UZMT) Grows Net Profit by 7.8% YoY in FY 2025 Amid Revenue Contraction
UzAuto Motors JSC posted mixed results in FY 2025, with revenue declining by 3.7% YoY to USD 4.1 bln. The revenue decline came against a growing market: total new car sales rose by 6.1% YoY to 427,097 units in FY 2025, yet UzAuto's volume held flat at 355,379 units as ADM Jizzakh and BYD Uzbekistan Factory grew sales by 52.1% and 39.4% YoY respectively, capturing incremental demand at UzAuto's expense.
Gross margin narrowed to 11.3% from 13.7%, while the operating margin contracted to 7.2% from 9.0%. Net profit rose by 7.8% YoY to USD 339.6 mln, supported by a net FX gain of USD 62.6 mln, compared to a net FX loss of USD 25.6 mln in FY 2024. Net margin accordingly expanded to 8.3% from 7.4%.
At a close price of UZS 54,998.8 on 10 June 2026, UZMT trades at a P/B of 0.96x and a P/E of 3.64x, with ROA and ROE standing at 13.3% and 30.8% respectively.
#FinancialResults
#Industrials
#MarketInsights
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Daily Equity Market Snapshot – 10 June 2026
#MarketInsights

Avesta Capital Markets Day 2026
Avesta Investment Group is pleased to invite you to
Avesta Capital Markets Day 2026
, a flagship annual forum dedicated to discussing key trends, opportunities, and the future development of Uzbekistan’s capital markets.
The event will bring together investors, issuers, financial institutions, policymakers, corporate leaders, and international market participants to exchange insights and explore new opportunities for growth.
Topics of discussion:
🔹
Debt Capital Markets
– development of debt capital markets and capital-raising instruments.
🔹
Equity Capital Markets
– public and private equity offerings, IPOs, and the evolution of M&A activity in Uzbekistan.
📅
18 June 2026
🕤
09:30 – 14:00
📍
Holiday Inn Tashkent City, Firdavsiy Conference Room
🔗
Register here:
AVESTA INVESTMENT GROUPCAPITAL MARKETS DAY 2026
#AvestaCapitalMarketsDay
#CapitalMarkets

Fitch Revises Outlook on Seven Uzbek State Banks to Positive
On 8 June, Fitch Ratings revised the outlook on the long-term issuer default ratings of seven Uzbek state-owned banks from Stable to Positive — in both foreign and local currency — following the earlier revision of Uzbekistan's sovereign outlook to Positive. The action reflects Fitch's view of the strengthened capacity of Uzbek authorities to support domestically owned state banks.
Six banks — NBU, Agrobank, Xalq Banki, Business Development Bank, Aloqabank, and Mikrokreditbank — had their ratings affirmed at "BB"/"bb". Turonbank was affirmed at"BB-"/"bb-".
Fitch continues to factor in state support for Aloqabank and Turonbank despite government plans to sell controlling stakes to foreign strategic investors by end-2030. The agency does not expect privatisation to proceed until larger state banks are sold first — which it views as unlikely before 2027. Notably, Fitch flagged that Aloqabank's 2025 redesignation as a development bank makes its privatisation increasingly unlikely, and that the plans may ultimately be abandoned.
The rating actions follow directly from Uzbekistan's improving sovereign profile and reinforce the same message: as the country's creditworthiness strengthens, so does the standing of its state-owned financial institutions on the international stage.
#Financials
#EconomicReforms
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TSE Weekly Overview (June 1 – June 5, 2026)
TSE recorded Main Board turnover of 148,309.49 mln UZS across 20,273 transactions. Bonds dominated at 88.25% (130,889.00 mln UZS), driven primarily by Uzum Sarmoya's (TSE:UZUMS3B) bond (125,048.02 mln UZS, 2 transactions), with stocks at 11.75% (17,420.49 mln UZS). Total market activity including Nego Board reached 150,479.47 mln UZS.
AVEX reached 4,627.65 — up 2.19% WoW. AWACRI held at 20.56% (unchanged WoW).
UzNIF (TSE:UZNF) led stocks at 13,953.87 mln UZS across 3,807 transactions. Hamkorbank (TSE:HMKB) followed at 968.98 mln UZS. Uzum Sarmoya (TSE:UZUMS3B) dominated bonds — 125,048.02 mln UZS across 2 transactions, 95.54% of total bond turnover. On the Nego Board, AGAT CREDIT's bond (TSE:ACMT2B5) recorded 1,283.54 mln UZS and O'zparavtotrans shares (TSE:UPAT) contributed 886.45 mln UZS.
#CapitalMarkets
#MarketInsights

Daily Equity Market Snapshot – 9 June 2026
#MarketInsights

Uzbekistan Breaks Ground on $9.5 bn Nuclear Power Plant
On 4 June, 2026 Uzbekistan officially launched construction of its integrated nuclear power plant in the Farish district of Jizzakh region. The pouring of first concrete (133 m³ at the initial stage, with a total volume exceeding 10,000 m³) grants the facility official "under construction" status under IAEA international standards.
The plant is being built by Rosatom and will comprise four units: two large-capacity VVER-1000 Gen 3+ reactors (2 GW combined) and two small modular RITM-200N reactors (55 MW each), bringing total installed capacity to over 2.1 GW. The project cost is capped at $9.5 bn, with 85–90% financed through external borrowing, including potential participation from the NDB.
According to Uzatom head Azim Akhmadkhadjayev, the economic return is estimated at over $165 bn — roughly 17x the project cost — factoring in tax revenues, ancillary services, and the reallocation of freed-up gas volumes toward higher-value petrochemical production and export. Uzbekistan's electricity demand is projected to double within the next decade, and the country holds the world's 10th-largest uranium reserves and ranks 5th in production — giving the project strong domestic resource backing.
#Energy
#ForeignInvestment
#EconomicReforms
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Daily Equity Market Snapshot – 8 June 2026
#MarketInsights

Uzbekistan CPI Growth Slows to 5.5% in May 2026 — Lowest Since 2016
Uzbekistan's Consumer Price Index (CPI) increased by 5.5% year-on-year in May 2026, down from 7.0% in April and 8.7% in May 2025, according to the National Statistics Committee. Monthly CPI rose by just 0.2%, bringing cumulative CPI growth since the beginning of the year to 2.7%. The sharp decline in annual CPI growth reflects both easing price pressures and a favorable base effect following last year's utility tariff adjustments.
The composition of CPI growth reveals that food prices remain the principal driver of consumer price dynamics. Meat products continued to record notable increases, with beef and lamb prices rising during the month, alongside moderate gains in sugar, dairy products, fish, and vegetable oils. In contrast, several food categories, including poultry products, rice, and buckwheat, recorded price declines, helping to contain overall CPI growth. Non-food goods and services remained broadly stable, suggesting limited price pressures outside the food segment.
The latest figures indicate that Uzbekistan's CPI growth is continuing to moderate. With annual CPI now approaching the Central Bank of Uzbekistan's 5% medium-term target, real interest rates remain highly positive under the current 14% policy rate. This provides the CBU with greater flexibility in future policy decisions, although persistent food-price volatility may continue to warrant a cautious approach toward monetary easing.
Slower CPI growth supports the attractiveness of local-currency fixed-income instruments and reinforces confidence in Uzbekistan's broader macroeconomic stabilization efforts.
#Macroeconomics
#MonetaryPolicy
#EconomicReforms
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