Russian stock market evening report by Veles Capital (July 2, 2009, Thursday, 4.00 p.m. GMT)
Stocks
Market today. The market was dropping following the oil prices lowering and weak data on economy of U.S. and Euro zone. Sale was indicated on the whole range of shares, though they were not high due to summer calmness.
Market tomorrow. Fundamental factors, likely, provide for quotes drop. On the other hand, the market reached the technically strong level by 960 points of the RTS index, which might be a strong support level.
Bonds
Market today. On Thursday the ruble bonds market got a bit livelier. The buyers went mainly on the first echelon. Particularly the notes of RZD (12-16 issues), 58th issue of Moscow grew in price. Also HydroWGC and Promsvyazbank were interesting. At the Eurobond market the activity was on contrary gone. We might outline the demand growth for the new issues of Gazprom (at the forward market). Despite the remaining buyers demand in the first echelon, no actual deals were made – the counter-agents were in the mood for celebrations.
Market tomorrow. Due to the day-off in the U.S. the activity at the Russian grounds will not be high. Especially that relates the Eurobond market. Totally the situation is rather stable.
No comment
Economy turn-down continues in the Euro zone, but its rates will slow down. (Interfax, as quoted by Trishe)
International reserves of RF as of June 26 grew to 410.5 bn USD. (CB)
Profit of RF consolidated budget of RF in January-April reduced to 15.6 bn RUR, output of products and service on base types of activities in RF dropped in May by 15.7% (FSSS)
Oil export from RF to far abroad in 1H 2009 grew by 3.2%. (Interfax)
Net profit of WGC-1 by IAS grew to 2.03 bn RUR. (company)
AvtoVAZ plans net loss by IAS in 1H 2009 at the level of 10 bn RUR. (Interfax)
Uralkaliy negotiated potassium prices upping with the consumers in 3Q 2009 by 20%. (Interfax)
Net loss of Pharmacy Chain 36.6 reduced in 1Q 2009 to 320.3 mn RUR. (Interfax)
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Weekly market update (March 20, 2010)
Equity markets sustained their gradual upward trajectory this week, with the S&P500 and DJIA joining the Nasdaq at new 16-month highs, as traders were transfixed by finance and healthcare legislative dramas in Washington. The fate of the healthcare reform bill hung in the balance all week as the Democrats desperately tried to coral the simple majority they need to pass the final package in the House. The final House vote is expected on Sunday, with a final Senate vote seen early next week. Passage seems likely, although it appears to be far from a sure bet as of Friday evening. Meanwhile, policy meetings at the FOMC and the Bank of Japan left rates alone, most data was comfortably in line with expectations and at its Spring conference OPEC kept its output quotas unchanged for the fifth consecutive time. On Thursday, rumors of a second intra-meeting hike in the Fed discount rate made the rounds, prompting the Fed to issue a "no comment," but ultimately no discount rate action ensued. Among economic reports, the headline February PPI number showed its biggest decline since last July, prompting more deflation jitters. Stocks and commodities traded off somewhat on Friday when India surprised investors with a rate hike just after the US equity market open, driving a sudden wave of risk aversion (volatility in stocks was accentuated on Friday by quadruple witching). A down day on Friday, broke an eight day win streak for the DJIA, but for the week, the DJIA still gained 1.1%, the Nasdaq rose 0.3%, and the S&P500 climbed 0.9%.
Asian stock market, economy and companies update (March 19, 2010)
Asian equity markets enter the final stretch of the trading week on a cautious tone similar to that of the prior session, with little economic data to drive bullish sentiment further. Nikkei225 is the leading index in the region with a 0.7% gain, recovering from late-session selloff yesterday derived from further Greek bailout uncertainty. Consumer goods and technology sectors outperformed in Tokyo, while financials lagged the rally. Sydney's S&P/ASX and Korea's Kospi gains are more contained below 0.5%, while Shanghai Composite and Taiwan's Taiex are down around 0.2%. Front-month S&Ps action is similarly muted, trading unchanged around 1,161.
European stock market, economy and companies update (March 19, 2010)
European equity markets opened positive on the session seeking to erase yesterday's losses. Equities in Europe finished downside largely on the back of macro worries from a resurgent risk in Greece and heavy tone in banks on Tuesday. An 8-session rally in the DJIA and strong trading in Asia set the tone for this morning's trade. What had been a restrained pre-market took a boost from commentary coming out of Llloyds Banking Group [LLOY.UK].
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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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