Market Overview: NASDAQ OMX Tallinn 2011, wk.

17
Highlights:
 During 17th week NASDAQ OMX Tallinn (OMXT) increased by 0.37%
 The best performer was Tallinna Kaubamaja (TKM1T) with gain of 3.17 %
 Trigon Property Development (TPD1T) lost 13.41 % of its share value.

The 17th week was shorter for exchange stock markets than usually due to Easter Monday i.e.
NASDAQ OMX Tallinn (OMXT) was opened for four days. Notwithstanding the shorter period
for trading market participants were very active and large deals dominated, especially in Tallink
Grupp (TAL1T) which took as much as 70% of total turnover during the week. During 17th week
NASDAQ OMX Tallinn (OMXT) experienced gain of 0.37 %. After fall in previous week,
OMXT ended up with closing value of 696.51 throughout 17th week (the opening value of index
was 693.95). Overall, 913 deals were made and 4,575,592 shares changed its owners which
resulted in turnover of 4,315,088.41 EUR.

Figure 1 Nasdaq OMX Tallinn during the period of 2011-04-26 – 2011-04-29

Source: www.nasdaqomxbaltic.com

1 Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 17

The biggest gainers of the week were Tallinna Kaubamaja (TKM1T) and Viisnurk (VSN1T)
with increases of 3.17 % and 1.66 % correspondingly. The rest of the companies (except Tallinna
Vesi (TVEAT)) have experienced considerable decreases with the leaders Trigon Development
Property (TDP1T) and Baltika (BLT1T) which shrunk by 13.41% and 7.6% respectively.

The reason why Tallinna Kaubamaja (TKM1T) was the biggest gainer of the week was the
results of the AGM where the profit distribution proposal was approved. The results of 2010 were
satisfactory (16,626,000 EUR net profit); thus it was approved that 11,390 thousand EUR will be
paid as dividends to shareholders on May 13, 2011, which amounts to 0.28 euro (EEK 4.381) per
share. These news were positively evaluated and the price rose by 2.5% until the end of the trading
week.

Figure 2 Tallinna Kaubamaja AS during the 17th week

Source: www.nasdaqomxbaltic.com

2 Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 17

Another leader in the NASDAQ OMX Tallinn (OMXT) market during the 17th week Viisnurk
(VSN1T) announced their financial results of the first quarter of 2011 on the 29 th of April, which
boosted the price by 3.08% on that day. Consolidated net sales were 4.0 million EUR, representing
a 28% increase on the first quarter compared to the same period in 2010. Net profit amounted to
101,000 EUR, compared to 191,000 EUR in Q1 2010. In addition, sales revenue increased in all
fields of business: sales of construction materials showed up the highest growth, namely 59%,
furniture – 11%, retail – 2%. Even though profits decreased, this was due to higher costs, and as the
company started taking hard measures to cut its spending, the shareholders are optimistic and these
news might have a positive impact to the market price of the stock during the next week as well.

Figure 3 Viisnurk (VSN1T) during the 17th week

Source: www.nasdaqomxbaltic.com

3 Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 17

One of the companies that had its stock price drop down a lot during the week Baltika (BLT1T)
has been having a steady fall of price since Monday. The price decreased by 7.6% this week, which
made a total of 16.61% drop in two weeks time. The price has been going down ever since the
company made a proposal for its shareholders to increase the share capital by issuing additionally
3,150,000 ordinary shares with the nominal value of 0.70 euros and the issuance price of 1 EUR.
The company will use the money, raised from the emission, for financing future growth. It is
expected that the situation for the shareholders will not be better in the nearest time and the price
might not recover until the AGM, which will be held on the 11th of May and will deal with the
payment of dividends to holders of preference shares and the increase of share capital.

Figure 4 Baltika (BLT1T) during 17th week

Source: www.nasdaqomxbaltic.com

4 Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.
Market Overview: NASDAQ OMX Tallinn 2011, wk. 17

No announcements for Trigon Development Property (TDP1T) were made during the 17th week,
which would affect the price of the stock. However, due to low market depth of the stock, the price
always tends to change a lot when there are ongoing deals. This week was not an exception and the
price rapidly fell by 16.45% on Thursday as the sellers had to lower the price a lot for the shares to
be sold. Only 6 deals were made that day with the total turnover of 6 321.70 EUR. This should not
be connected to the overall success of the company, but rather to the illiquidity of the stock and the
previous increase of the price by 18.6% on April 15. It is expected that lower price of the stock will
attract more buyers again in the nearest future and the price will go up again.

Figure 5 Trigon Development Property (TDP1T) during the 17th week. Source:
www.nasdaqomxbaltic.com

All in all, even though the shareholders were very active and large deals dominated during the 17th
week of the year, it was again quite unsuccessful for NASDAQ OMX Tallinn. Most of the
companies in different industries dropped in their share price again and only few experienced an
increase at the end of the week. However, lower price of stocks should attract more buyers in the
nearest future, which is proved by the increasing turnover, and the price might go up again.

Review by: Liudvikas Galvanauskas, Paulius Jurgutis, Oleg Demidov, Liene Putnina

5 Market Overview is not an advice. Neither authors nor iFund or other representatives are liable for possible use of information contained in
it. Relatively reliable public information (Exchanges websites, Bloomberg, Reuters, etc) was used to produce this Market Overview.