Russian stock market evening report by Veles Capital (June 29, 2009, Monday, 4.00 p.m. GMT)
Stocks
Market today. The market was lightly volatile and moved mainly under the impact of the external factors. The most serious effect was made by the oil prices, having leaded to quotes growth, and also the statement by Kudrin and the unnamed source in MED relating the Russian economy, which leaded to sale at the market. Gazprom felt good, having added against the background of news on extraction volumes climbing.
Market tomorrow. Tomorrow the market might open neutrally – the oil has added a bit, but the forecasts on domestic economy are pessimistic.
Bonds
Market today. Totally the beginning of the week at the debt market was rather calm. That is obvious due to the end of the quarter coming soon. The main event was the result of Gazprom’s two new issues placement. Despite the rather low cut-off at the forward market the notes grew by 30 b.p. higher than nominal. We do not exclude that the market was warmed up by the organizers, which bought back a share of loan from themselves. At the secondary market the notes of Tyumenenergo, and also URSA-7 and Hydro-WGC were interesting. At the Russian corporate Eurobond market the prices were slightly higher, which is explained by the positive dynamics of sovereign issues prices.
Market tomorrow. The last trading day of July will likely be similar to today. At the same time we might suppose considering the results of the latest placements, that the secondary market has new capacity for growth to continue.
No comment
MEDT forecasts drop of GDP of RF in 2009 by 8.5% versus 6%, announced earlier, growth by 0.1% in 2010. (Interfax)
MEDT worsened the forecast of industrial production drop in RF in 2009 to 12.5% from 9.3%. The forecast on inflation has been lowered to 12-12.5% from 13%. (Interfax)
Extraction by Gazprom grew by 57 mn cubic meters per day, for the first time in a month having exceeded the level of 950 mn cubic meters. (CDD FEC)
Lenenergo upped the IAS net profit in 2008 by 43%. (company)
MTS attracts credits for 413 mn Euro for the development of networks. (Interfax)
AvtoVAZ restructured the bridge-credit Sberbank for 4 bn RUR. (Aleshin)
GAZ will fire 6.5 thousand employees this summer. (Interfax)
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Indian stock market daily closing report (September 09, 2010)
The markets traded in a narrow range amid high volatility and ended in green. All the major sectoral indices ended on a flat note, Banking sector being the highest gainers. The Sensex closed at 18,799 up 132 points and the Nifty was at 5,640 up 32 points after making an intra-day high of 5,647. The Mid cap and Small cap indices were up by 0.68% and 0.32% respectively. The breadth of the market was relatively flat and the total turnover recorded at Rs.1,19,105 Cr. The Sept future ended with 9 points discount. Sensex for the weak was up by 578 and Nifty was up by 161 points.
World stock markets news summary (US, UK, Europe, Asia) (September 09, 2010)
Bank must hold its nerve on QE, says Times experts. (Times) The Bank of England’s rate setters should keep interest rates and quantitative easing on hold for another month today, The Times Shadow Monetary Policy Committee recommends. The Times panel of experts voted unanimously to keep rates at 0.5%, but signalled that the next move may be to ease, rather than tighten monetary policy, with two members voting for an extension of quantitative easing. Sushil Wadhwani, a former member of the BOE’s MPC, and Anatole Kaletsky, chief economics commentator at The Times, both said that the economy needed extra support to offset the effects of spending cuts.
Russian stock market daily morning report (September 09, 2010,Thursday)
On Wednesday the Russian share market showed growth having renewed the levels of four weeks maximums. Quotes were climbing at the neutral news background and likely the growth might be explained not by the fundamental reasons, but technical factors and Fall raise of business activity. Growth leaders were the shares of Gazprom Neft (+5.7%) and Polimetal (+6.4%).
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Godrej Properties IPO review and analysis by Angel Broking, 9 December 2009
Godrej Properties Limited (GPL) intends to develop its projects through joint development agreements with land owners. Under this asset-light model, GPL will enter into revenue, profit or area-sharing agreements with land owners, instead of an outright purchase of the land. This model avoids direct land dealings for GPL and the locking-up of extensive capital in land. Around 80% of GPL's existing land bank will be executed through joint developments with partners. The Godrej brand name has been associated with quality and strong corporate governance. Both of its existing listed entities, Godrej Consumer Products and Godrej Industries have given CAGR Returns of 48% and 77%, respectively, to investors since 2001. We believe that GPL could leverage its parentage brand (with respect to access to the land at Vikhroli and a strong customer preference towards it), assuring a timely delivery of execution. More than 50% of GPL's existing land bank is exposed towards township projects and in one location (Ahmedabad), which will be executed over the next ten years. Any delay in this execution or a fall in property prices in Ahmedabad will impact our NAV estimates, as 50% of our NAV is derived from this project.
JSW Energy Ltd IPO review and analysis by Nirmal Bang, 8 December 2009
JSW Energy Ltd. (JSWEL) is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has two thermal power projects under operation, with a combined installed capacity of 860 MW. JSWEL is a part of the JSW Group, a leading business group in India. JSW Group has a presence in high growth sector like Steel, Energy, Aluminium, Cement, Infrastructure and Logistics. Post IPO holding of Promoter and Promoter Group would be 78.12%
JSW Energy IPO review and analysis by Angel Broking, 7 December 2009
JSW Energy (JSWEL) currently has operational capacity of 995MW and is in the process of executing projects with capacity of 2,655MW. In addition, the company has 7,740MW power generation projects at an early stage of development. A major portion (2,145MW) of JSWEL’s upcoming capacities is expected to be operational by FY2011E thereby providing near-term visibility. Out of the plants under construction, the company expects to commission 570MW by end FY2010E, while another 1,575MW is expected to get operational in FY2011E. Thus, a robust portfolio and near-term Revenue visibility is a major positive for the company.
Surgutneftegas: Currency rates are putting away the dividends..., 26 November 2009
We have revised our model of Surgutneftegas. The reason for that was the output of the 3Q 2009 report, correction of our suppositions of the company’s future development, and also the postponing of the target time and evaluation one year forward. Particularly, in our model of Surgutneftegas we have corrected the former forecast of income for the current year towards reduction: on EBIT – by 2.2%, on the net profit – by 21.5%. Mainly that happened due to the corrections on the operating estimates, and also due to the continuing strengthening of Russian ruble, which, considering significant dollar liquidity of the company, turns into negative currency exchange. Due to the negative currency exchange precisely For the second quarter in a row Surgutneftegas shows low level of the net profit. The fourth quarter, as we see it, will not make an exception and we expect negative currency exchange similar to the ones in the third quarter.
Gazprom: Having passed the bottom, 23 November 2009
We have revised our estimation of Gazprom’s shares. The reason for up-dating the company’s model was the report by IAS for 1H 2009, the budget draft for the next year and corrections of WACC method calculation. The provided financial report of the gas monopoly totally brought no surprises. As it has been expected, the second quarter was worse than the first one and likely was the weakest within the whole year. In 1H 2009 the financial estimates were affected by the decline of the gas sale at all markets by 22.3% average, and by the reduction of the retail price of gas by 9.6% in the state of the far abroad and by 24% in Russia. As a result within the six months of the year 2009 sales slipped by 24.1 bn USD or by 32.8% and formed 49.285 bn USD, operating profit and EBITDA showed reduction by 56.7% and 52.6% respectively and formed 12.98 bn USD and 16.18 bn USD.
Cox and Kings IPO review, analysis and recommendation, 18 November 2009
Cox and Kings proposes to make its IPO in the price band of Rs316-330/share, at a face value of Rs10 each, and to issue 1.85cr shares, of which 30.5lakh shares are offered for sale by Lehman Brothers Opportunity, Deutsche Securities Mauritius and Merrill Lynch Capital Markets Espana. Therefore, the fresh issue by the company will be to the extent of 1.55cr shares. The company plans to use the proceeds for debt repayment (Rs129.6cr), acquisitions and other strategic initiatives (Rs150cr), investment in overseas subsidiaries (Rs62.5cr), and investment in corporate offices and upgrading its existing operations (Rs60cr).
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