X5 Retail Group announces that it does not now expect to undertake SPO this year
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View information about X5 Retail Group: news, researches and price targets.
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X5 Retail Group has postponed issuing $1 billion in additional shares this year.
“X5 Group intends to pursue a diversified financing strategy and a secondary equity offering remains an option in the future. Nevertheless, there is no compelling reason for us to launch a Secondary Offering now, as we have the resources available to finance previously reported expansion plans approved by the Supervisory Board. The strong dynamics in EBITDA and net income growth gives additional confidence in the Group’s ability to fund organic growth and potential M&As without resorting to a Secondary Offering in a near term future”, Lev Khasis, Group CEO, said.
X5 Retail Group N.V. is the largest food retail company in Russia in terms of sales.
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Russian stock market daily morning report (March 12, 2010, Friday)
On Thursday the trades at the Russian share market went without any trends and the indices varied little, however still standing higher than the psychologically important level of 1,500 points of the RTS index. Mainly that was due to the relatively calm foreign background – Europe and U.S. did not show any kind of serious variations at the markets, commodity grounds were trading calmly also. News from Russia was not aggressive either and there were no trade ideas. No serious price highs or downs were indicated at the most liquid shares’ costs. Along with that we might outline the shares of Uralkaliy, which upped in price due to the statements by Igor Sechin on the matter of export duty for the potassium fertilizers not being discussed in the government yet.
World stock markets news summary (US, UK, Europe, Asia) (March 12, 2010)
British ruling Labour party cut the opposition Conservatives’ lead by 2 points but will still fall short of an overall majority after an election expected on May 6, an opinion poll showed. (RTRS) The daily YouGov poll in the Sun newspaper showed the Conservatives unchanged on 37%, Labour up 2 points on 34% and the Liberal Democrats unchanged on 17%. UniCredit has alerted investors in a client note that Britain is at serious risk of a bond market and GBP debacle and faces even more intractable budget woes than Greece. (Telegraph)
Indian stock market and companies daily report (March 12, 2010, Friday)
The benchmarks spurted to their highest level in a month and a half, as European stocks and US index futures moved off their early lows. Banking and IT stocks rose, while auto stocks fell. The market was volatile. The Sensex recovered from the lower level in morning trade, after hitting a fresh intraday low. The intraday recovery gathered steam, with the Sensex surging to the day's high. The market pared gains after hitting fresh intraday high in early afternoon trade. The Sensex surged at the end of trade, as European stocks recovered from early lows. The Sensex and the Nifty closed in the green, with gains of 0.4% and 0.3%, respectively. The BSE Mid-cap and Small-cap indices underperformed the benchmark indices and closed with losses of 0.2% and 0.5%, respectively. Among the front-liners, Sun Pharma, Sterlite, Bharti Airtel, Wipro and ICICI Bank were up by 1-3%, while HUL, Hindalco, RCOM, ACC and Tata Power were down by 1-4%. In the mid-cap segment, Core Projects & Technologies, AIA Engineering, Fortis Health, CRISIL and Gammon Infra were up by 4-6%, while Shree Renuka Sugars, National Fertilizers, Indusind Bank, EID Parry, and REI Six Ten were down by 4-6%.
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| Stocks Recommendations |
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
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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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