Russian stock market evening report by Veles Capital (July 1, 2009, Wednesday, 4.00 p.m. GMT)
Stocks
Market today. The market is trading with no actual idea, reacting only to the oil quotes. More or less significant movements are indicated just on the power energy sector shares.
Market tomorrow. Likely the trend of following the oil prices will continue tomorrow.
Bonds
Market today. The activity has not returned to the ruble market with the beginning of the new month. Price variation totaled +/- 20 b.p.. Likely the market is calm due to waiting for the new placements (TGC-1 and Vimpelcom), and also for the consequences of the order by the prime-minister on upping the crediting volumes. Ruble liquidity reduction might be supported by the increase of reserve write-offs by the banks. At the Eurobond market, on contrary, things got livelier. Currency note with due dates in 2011-2015 grew by 50-100 b.p., which likely was due to the day-off in the U.S. – there is no reason to stay with cash for the holidays.
Market tomorrow. On Thursday the conjuncture of the domestic market will likely not change. The interest of buyers will be focused on the new issues. So, the demand will likely be in the regional loans.
No comment
Production activity index ISM Manufacturing of U.S. grew in Juneto 44.8, growth to 44.9 points was expected. (Interfax)
Gazprom plans Eurobonds for 1.5 bn USD, including for purchasing Gazprom Neft of Sibir Energy. (Interfax)
Time constraints of transferring to equal yield of gas prices will depend from the situation at the foreign markets. (Ministry of Energy)
Net profit of KAMAZ by IAS totaled 1 mn RUR in 2008 versus 7.8 mn RUR a year earlier. (Interfax)
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Singapore stock market and companies daily report (Google, Singapore trading hub, Sino-Environment) (March 22, 2010)
Threatening to shut down its operations in China, Google is at risk of closing off a key avenue of future growth. It’s been a difficult first quarter so far this year for oil traders in S’pore, as prices for oil and oil products have stayed range bound and trading volumes have been largely flat, even though higher than in Q1 last year. Last week, Sino-Environment disclosed that during a visit by some of its directors to the Fuzhou plant, the key managers there pledged their support to restart business operations in return for a stake of at least 20 per cent through the subscription of new shares.
Indian stock market and companies daily report (March 22, 2010, Friday)
The Indian indices opened marginally positive but maintained a trend of directionless trade, as they gyrated in a narrow band for most of the session. Volatility ruled the roost until mid-session, as the markets traded with minor, updown swings, although they sustained in the green. The markets slipped in the red in the final session, but a sharp recovery, led by benchmark heavyweight Reliance Industries, helped the indices close at their day’s highs. Both the Sensex and the Nifty gained 0.3% each, while the BSE Mid-cap and Small-cap indices registered gains of 0.1% and 0.4%, respectively. Among the front-liners, Bharti Airtel, RCom, Hero Honda, SBI and HUL were up by 1-4%, while HDFC, DLF, M&M, TCS, and ICICI Bank were down by 1-2%. In the mid-cap segment, Kirloskar Oil, United Breweries Holding, HSBC Investdirect, Deccan Chronicle and Apollo Tyres were up by 5-8%, while Motilal Oswal, Novartis, Carborundum, REI Six Ten Retail and IBREL were down by 3-5%.
Malaysia stock market and companies daily report (March 22, 2010)
DMG & Partners Securities said in its research note today, that it expects the Overnight Policy Rate (OPR) to be normalised to 3% by the second half of this year. PLUS Expressways is eyeing more highway concessions in the Asia Pacific region as part of its expansion plans. Unisem (Malaysia) expects revenue to grow 44% to RM1.5b, for the financial year ending 31 December 2010, bringing performance back to pre-crisis levels, as demand for semiconductor equipment recovers.
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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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