UZ Terminal

The Tashkent stock exchange lists about seventy issuers, and no commercial data vendor covers them. Everything an analysis needs has to be collected from primary sources: prices and trades from the exchange, financials and material facts from the disclosure portal, the exchange rate from the central bank. UZ Terminal brings it together in one place: market overview, company profile, prices, financials, multiples, dividends and an event feed.

Honest numbers in a thin market

The market is tiny: equity turnover is about $150k a day, and around fifteen stocks trade on a given day. The main risk here is a multiple computed on a stale price. So the price is always the last real trade, its date is always on screen, and multiples are muted for thinly traded stocks. Ordinary shares that have never traded are valued at par and flagged. Quarterly figures are unwound from year-to-date totals, reports are matched to the issuer, and data older than two years is marked as stale.

IFRS and research

Local accounting standards are not IFRS: the statements are unconsolidated, and an honest EV/EBITDA cannot be built from them. For the twenty largest issuers — ten banks and ten non-financial companies — agents read the IFRS PDFs page by page, map the statements into a single schema and check the accounting identities. From there come P/E and P/B on the equity holders' share, EV/EBITDA, debt to EBITDA, and for banks ROE and cost of risk. The research notes are built on the same data: their numbers come from the terminal, not from the text.

Macro and news

The macro screen pulls data from the central bank, the statistics agency, the finance ministry, the IMF and the World Bank into a single set of series. The event feed collects material facts, business media and Telegram channels, matches each item to an issuer and discards anything unrelated to Uzbekistan.

The terminal is for private use: exchange data is not redistributed, so access is password-protected.