Since 1 January 2022 up to date, 2 out of 10 CROBEX10 constituents outperformed the index more than 50% of the time.

For today, we decided to look at how often did each CROBEX10 constituent outperform/underperform the index. The figures relate from 1 January 2022 to date.

In the mentioned period, the CROBEX10 has observed a decrease of 10.2%, while half of the constituents outperformed the index. Of that, Atlantska Plovidba is the only constituent to actually report an increase in its share price, amounting to 9.4% YTD increase. Kočar and HT are to follow, decreasing in share price by “only” 5.6% and 5.7%, respectively. On the flip side, AD Plastik noted a biggest decrease of 51.7% due to semiconductor shortage in the EU market and the Russian geopolitical situation, where most car producers have stopped their production. This material impact has already been seen in AD Plastik’s H1 financial statements with H1 net loss amounting to HRK 59.4m due to lower sales revenue and higher costs, which also lowered operating profitability.

How much did individual constituents out/underperform the index? (YTD) (p.p.)

Source: Bloomberg, InterCapital research

Among the CROBEX 10 constituents, only two of them outperformed the index more than 50% of the time. To be specific, Atlantska Plovidba outperformed the index 50.8% of the time, followed by Atlantic Goup with 50.3% of the time. Also, Atlantska Plovidba, as previously mentioned, reported the highest YTD return among all constituents.

On the flip side, eight of ten CROBEX10 constituents underperformed the index most of the observed times. Of those, Arena Hospitality leads the list, underperforming the index 55.8% of the time. Also, we note that Arena Hospitality underperformed CROBEX10 by 11.1 p.p. YTD with only AD Plastik noting worse performance.

How often do CROBEX10 Constituents Outperform the Index? (%)

Source: Bloomberg, InterCapital research