GDP of the US posted today turned out to underperform targets slightly, however, at that, the numbers for 1Q have been revised upwards, meaning, the growth for 1H have actually turned out to be above targets. Numbers on PCE posted today are also interesting as the index grew 1.8% instead of the expected 1.6%. The given index has recently been a priority for Fed in terms of estimating the inflation, which still is low. Acceleration of the consumption prices' growth in terms of PCE nearly to the targeted 2% rises the probability of the rate upping by Fed at the next session. The new reason of revising expectations on the rate might be provided by the PMI in Chicago and Consumers Confidence by Michigan University - progressing improvement of the situation in the American economy might support strengthening of dollar and pressure the commodity markets. The results off the CBR session will form the most important news for the market: however, at the back of the recent weakening of ruble, the probability of the rate being upped today is low.
Main events
Net profit of Nizhnekamskneftehim by RAS for 1H 2015 grew by over 3x.
1H 2015 net profit of NKNH grew by over three time vs the similar period of 2014 and formed 12.3 bn RUB. Sales for the similar period grew 11.4%. Profit from selling grew 133% and formed 12.556 bn RUB. As we expected, for 2Q 2015 the company has improved its financial results even vs the extremely successful 1Q. We assume that the market still has not totally evaluated the company’s report and prospects of further growth of its financial estimates. Note that the profit gained for 1H 2015 already provides for 2 RUB per share as dividends (the company directs 30% of its RAS net profit to dividend payoffs), which formed 7.4% of dividend yield for the preferred shares and 6.3% for the common ones. At that, for the whole year we expect the dividends to form 4.1 RUB per share (yield vs the current quotes – 15.2% for the preferred shares and 12.9% for the common ones).
TGK-1 has improved its 2Q 2015 results insignificantly.
For 2Q 2015, the financial results turned out to outperform through all of the estimated due to increased volume of selling in export operations. For 1H 2015, the sales and EBITDA of the company have improved insignificantly – by 0.1% and 1.8%, which the net profit has indicated 4.9% reduction.
Price growth for fuel and inflation took all the margin of OGK-2.
Sales of the company upped insignificantly (+0.7%), while EBITDA and the net profit dropped 27% and 30.8% respectively.
Contributed by Veles Capital
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