Warsaw (Puls Biznesu) – The favourite small
company is Asseco, while Elektrobudowa is the medium fancied by OFE. They stay
away from the speculative ones.
Open pension funds’ (OFE) interest in small and medium companies is growing.
In December 2006 the smallest companies, then grouped under the WIRR index, made
up only 0.5 per cent of the portfolio. A year later companies with sWIG 80
constituted 12 per cent.
Tomasz Publicewicz from Analiz Online thinks the growth is caused by
increased flow in this sector. Besides OFE often buy debutants’ shares and last
year debutants were mostly small and medium companies.
Getin Holding was the medium one that most of OFE invested in. However, the
managements’ biggest hopes are in Asseco Poland with 15 funds, including more
than 9 per cent of Polsat’s portfolio. Wojciech Olszewski from OFE Polsat
believes in Asseco’s potential which will go up after its merge with Prokom.
Other favourite include Grajewo, Swiecie and Echo.
As far as Vistula is concerned, the management is divided but it was to the
financial investors’ merit that Vistula and Wolczanka merged, which boosted the
company’s development as Rafal Salwa, an independent analyst, argues
Another one is Grupa Kety with its stable management and good prospects.
According to Leszek Iwaszko from KBC Securities regular payment of dividends is
also an important factor.
mWIG companies that do not have OFE among their shareholders are FON,
Masters, Sanwil, Mostostal Export, Stalexport and BBI Development.
Elektrobudowa is undoubtedly the ‘blockbuster’ among the smallest companies
and only one OFE does is not a shareholder. Elektrobudowa has many partners and
does not depend on only one client.
The other favoured are as follows: PGF (12 funds), Farmacol (11), Koelner
(10), Dębica, Opoczno, Eurocash i Sanok (each 9).
Every fourth sWIG 80 company is not ineresting for OFE, e.g. Swarzędz,
Żurawie, Rafako, Próchnik, Lubaw, Skotan, Jago, Kreza, Midas, Zachodni or