Chilonzor buyum savdo kompleksi JSC (CBSK) announced the non-audited results of 9M2024:
* Total assets decreased by 12.6% y-o-y and reached 148.9bln UZS;
* Total equity rose by 18.6% up to 138.3bln UZS;
* Total liabilities declined by 80.2% and amounted to 10.6blnUZS;
* Revenue decreased by 10.2%, amounting to 55.3bln UZS;
* EBIT grew by 27.9% to 26.2bln UZS;
* Net profit increased by 28.6% up to 20.9bln UZS, with a 20.9% margin;
* Estimated P/B ratio at the level of 2,12 UZS per share - 0.7;
* Estimated P/E ratio at the level of 2,12 UZS per share - 6.1.

Toshkentdonmahsulotlari JSC (TDM) announced non-audited results of 9М2024:
* Total assets decreased by 7.7% y-o-y and reached 501.8bln UZS;
* Total equity went down by 41.3% and reached 63.2bln UZS;
* Total liabilities increased by 0.54% and equaled 438.5bln UZS;
* Revenue declined by 30.4% and amounted to 239.1bln UZS;
* COGS decreased by 37.9% and equaled 200.4bln UZS;
* EBIT turned from 3.65bln UZS to negative 10.3bln UZS;
* Net loss equaled 18bln UZS;
* Estimated P/B ratio at the level of 2,500 UZS per share - 0.39.

Toshkentvino JSC (ex. TKVK) announced non-audited results of 9M2024:
* Total assets rose by 1.28 times and amounted 722.4bln UZS;
* Total equity increased slightly by about 1% up to 300.35bln UZS;
* Total liabilities expanded by nearly 1.58 times and equaled to 422bln UZS;
* Revenue increased by 4.2% to 561.67bln UZS;
* COGS declined by 17% and amounted 321.6bln UZS;
* EBIT increased by 1.15 times and equaled to 86.16bln UZS;
* Net profit saw a slight decrease of 0.5% and amounted 47.4bln UZS;
* Estimated P/B ratio at the level of 29,700 UZS per share - 1.9;
* Estimated P/E ratio at the level of 29,700 UZS per share - 7.0.

Uzmetkombinat JSC (UZMK) announced non-audited results of 9M2024:
* Total assets increased by 3.8% y-o-y, reaching 12.8tln UZS;
* Total equity reached 5.8tln UZS or by 1.2% higher;
* Total liabilities increased by 6.1% and equaled 7tln UZS;
* Revenue decreased by 6.9%, amounting to 5.7tln UZS;
* COGS decreased by 6.8%, while SG&A dropped by 16.4%;
* Gross margin remained steady at 19%, while the EBIT margin increased from 9.5% to 10%;
* Net profit declined 2.7 times to 224.7bln UZS;
* Estimated P/B ratio at the level of 3,470 UZS per share - 0.4;
* Estimated P/E ratio at the level of 3,470 UZS per share - 15.5.

UzbekCoal JSC (UZIR) announced the results of 9M2024:
* Total assets increased by 1.3 times and reached 3.16 trln UZS;
* Total equity rose by around 5%, amounting 976bln UZS;
* Total liabilities expanded by 1.5 times and reached 2.18trln UZS;
* Revenue grew by 19% and reached 957.9bln UZS;
* COGS increased by 34% and reached 621.4bln UZS;
* EBIT decreased by 8.4% and equaled 166.6bln UZS;
* Net profit climbed by 3.6 times and estimated 23.15bln UZS;
* Estimated P/B ratio at the level of 8,790 UZS per share - 1.66
* Estimated P/E ratio at the level of 8,790 UZS per share – 20.10.

Almalyk Mining JSC (AGMK) announced non-audited results of 9M2024:
* Total assets increased by 31.8% y-o-y and reached 62.9trln UZS;
* Total equity grew by 85.4% and equaled 26trln UZS;
* Total liabilities increased by 9.2% and equaled 36trln UZS;
* Revenue climbed by 20.3% to total 27.3trln UZS;
* COGS increased by 15.9% and equaled 10.5trln UZS;
* EBIT rose by 34.8% to 12.6trln UZS;
* Net profit saw a 35% increase, amounting to 6.1trln UZS with a 22.5% margin;
* Estimated P/B ratio at the level of 3,914 UZS per share - 0.11;
* Estimated P/E ratio at the level of 3,914 UZS per share - 0.34.

Uzbektelecom JSC (UZTL) announced non-audited results of 9M2024:
* Total assets increased by 21% y-o-y and reached 12.3trln UZS;
* Total equity reached 2.5trln UZS and grew by 3.3%;
* Total liabilities went up by 26.4% and equaled 9.8trln UZS;
* Revenue increased by 13% and amounted to 6.6trln UZS;
* COGS increased by 12.6% and equaled 4.5trln UZS;
* EBIT rose by 3.9% to 790.6bln UZS;
* Net profit declined by 33.5% and amounted to 17.4bln UZS with a 0.3% margin;
* Estimated P/B ratio at the level of 4,600 UZS per share - 0.52;
* Estimated P/E ratio at the level of 4,600 UZS per share - 78.2.

Draft of state budget for 2025 has been published. GDP growth is forecasted at 6%, while inflation rate is projected to decline to 7%. Limit on consolidated budget deficit is proposed at 3% of GDP in 2025.

Biokimyo JSC (BIOK) announced non-audited results for 9M2024:

* Total assets increased by 59.6% y-o-y and reached 137.9bln UZS;
* Total equity reached 107.2bln UZS, an increase by a 30.5%;
* Total liabilities increased by 7.2 times and equaled 30.7bln UZS;
* Revenue decreased by 10.3% and amounted to 179.6bln UZS;
* COGS declined by 9.6% and equaled 132.9bln UZS;
* EBIT went down by 17.8% to 33.3bln UZS;
* Net profit decreased by 16.5% and amounted to 28bln UZS with a 15.6% margin;
* Estimated P/B ratio at the level of 20,000 UZS per share - 1.1;
* Estimated P/E ratio at the level of 20,000 UZS per share - 5.3.

Uzpromstroybank JSCB (SQBN) announced the results of 9M2024:
* Total assets rose by 16% y-o-y and exceeded 84.2trln UZS;
* Total liabilities increased 1.17 times to 74.7trln UZS;
* Shareholders equity grew by 13% and equaled 9.5trln UZS;
* Net interest dropped by 3% and reached 220.4bln UZS;
* Net fee and commission income decreased by 2.3% and achieved 210.4bln UZS;
* Net profit rose by 35.8% and amounted to 801.6bln UZS;
* Estimated P/B ratio at the level of 9.98 UZS per share – 0.25;
* Estimated P/E ratio at the level of 9.98 UZS per share – 2.27.

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State budget revenue growth has slowed down for the second year in a row, with 11.3% growth in 1Q2024 reaching 52.6trln UZS. Major contributions come from taxes paid by gold-selling metallurgical companies.

Migrant worker population from Uzbekistan in Russia decreased fourfold since 2016. Recently, number of reforms like compensation for travel expenses and subsidies for employers for hiring returned migrant workers were introduced.

Previously announced 100% acquisition of Fergana Oil Refinery by Saneg (formerly Jizzakh Petroleum) for $100mln with $380mln investment obligations remains incomplete as only a partial payment has been made. UzSAMA still holds a 58.5% share in the refinery.

Toshkentdonmahsulotlari JSC (TDM) announced non-audited results of 1Q2024:
* Total assets increased by 2.4% y-o-y and reached 413bln UZS;
* Total equity went down by 32.9% and reached 72.5bln UZS;
* Total liabilities increased by 15.3% and equaled 340.5bln UZS;
* Revenue declined by 44.4% and amounted to 107.5bln UZS;
* COGS decreased by 45.3% and equaled 100.8bln UZS;
* EBIT turned from 1.5bln UZS to negative 6.5bln UZS;
* Net loss equaled 9bln UZS;
* Estimated P/B ratio at the level of 5,000 UZS per share - 0.7.

Dori-Darmon JSC (DORI) announced non-audited results of 1Q2024:
* Total assets increased by 16.7% y-o-y and amounted to 427.3bln UZS;
* Total equity declined by 3.6% and reached 157.3bln UZS;
* Total liabilities increased by 33% and amounted to 270bln UZS;
* Sales decreased by 5.2% and amounted to 50.9bln UZS;
* EBIT decreased further to negative 12.7bln UZS;
* Net profit decreased by only 1.2% and amounted to 1.8bln UZS;
* Estimated P/B ratio at the level of 9646.96 UZS per share - 1.23;
* Estimated P/E ratio at the level of 9646.96 UZS per share - 48.7.

Uzbektelecom JSC (UZTL) announced non-audited results for 1Q2024:
* Total assets increased by 29.4% y-o-y and reached 11.7trln UZS;
* Total equity reached 2.6trln UZS or 3.8% higher;
* Total liabilities increased by 39.1% and equaled 9.1trln UZS;
* Revenue grew by 19% and amounted to 2.1trln UZS;
* COGS increased by 29.6% and equaled 1.5trln UZS;
* EBIT declined by 39.1% down to 184bln UZS;
* Net profit rose by 32.3% and amounted to 104bln UZS with a 5% margin;
* Estimated P/B ratio at the level of 3,800 UZS per share - 0.43.

JSC Toshkentvino (ex. TKVK) announced non-audited results of 1Q2024:
* Total assets decreased by 9.3% YoY and amounted 661.1bln UZS;
* Total equity increased by 13% up to 292.7bln UZS;
* Total liabilities decreased by 21.6% and equaled to 368.5bln UZS;
* Revenue decreased by 9% to 197.6bln UZS;
* COGS decreased by 30.6% and amounted 113bln UZS;
* EBIT increased by 18.7% and equaled to 34.9bln UZS;
* Net profit increased by 10.9% and amounted 22.8bln UZS;
* Estimated P/B ratio at the level of 21,000 UZS per share - 1.3;
* Estimated P/E ratio at the level of 21,000 UZS per share - 6.0.

JSCB "Uzpromstroybank" (SQBN) announced non-audited results of 1Q2024:
* Total assets rose by 13% y-o-y and exceeded 76.6trln UZS;
* Total liabilities increased 1.13 times to 67.6trln UZS;
* Shareholders equity grew 13% and equaled 9.06trln UZS;
* Net fee and commission income increased 5.6% and achieved 61.8bln UZS;
* Net profit rose by 99% and amounted to 339.7bln UZS;
* Estimated P/B ratio at the level of 10.05 UZS per share – 0.27;
* Estimated P/E ratio at the level of 10.05 UZS per share – 2.98

Kvarts JSC (KVTS) announced non-audited results of 1Q2024:
* Total assets decreased by 10.5% y-o-y and reached 722.1bln UZS;
* Total equity declined by 5.7% and reached 362.8bln UZS;
* Total liabilities decreased by 14.9% and equaled 359.2bln UZS;
* Revenue decreased by 13.7% and amounted to 140bln UZS;
* COGS increased by 32% and equaled 120.7bln UZS;
* EBIT turned from 4.9bln UZS to negative 13.1bln UZS;
* Net loss increased further from 15.5bln UZS to 15.9bln UZS;
* Estimated P/B ratio at the level of 1,660 UZS per share - 0.44;