Russian stock market daily evening report (November 17, 2009, Tuesday)
Stocks
Market today. The market slipped after growth the day before. Many preferred to fixate profit, especially on Sberbank and Gazprom. Sellers prevailed in Rosneft and Norilsk Nickel. LUKOIL and Surgutneftegas managed to keep their positions in the positive values. In the afternoon the players were affected by the negative stats from the U.S. and also weak data on the industrial production in RF. Oil did not provide any support either against the background of dollar that was getting stronger during the day.
Market tomorrow. Tomorrow data on sale of newly-built houses and fuel supplies in U.S. are expected. Likely, the expectations of the investors will be justified and the indices will drive to the green zone. Before their output lateral movement with no ideas is most likely.
Bonds
Market today. Quotes growth of ruble bonds continued, despite the morning correction at the share market. Demand structure was totally the same: FLB (25202, 25067, and 25069), Moscow (54th and 62nd issues), Krasnoyarsk Territory-4, NLMC MB-5, Petrokommerts 6 and 7, and also the issues of Lukoil 19 and 20. At the Russian Eurobond market sale came down a bit. Sovereign issue Russia 30 closed at the level of 113.6% of the nominal.
Market tomorrow. Wednesday might be less active in terms of purchases due to possible dollar strengthening at the global currency market. However, high volatility of financial markets makes forecasting complicated.
No comment
Drop of industrial production in RF in October accelerated to 11.2%, worse than forecasted by analysts. (Rosstat)
Gazprom’s chief of export promises to up the sale by 13% in 2010 to 160.8 bn cubic meters, sales from export – by 20% to 51 bn USD. (Company)
NOVATEK upped the capacity of Yurharovskoe deposit in 3Q 2010 by 7 bn cubic meters. (Company)
Gazprom energy holding upped its share in TGC-1 from 29.5% to 30% shares. (Interfax)
Sales of WGC-2 within 9 months reduced by 7.74%. (Company)
Net profit of Comstar-UTS by US GAAP in 3Q 2009 dropped by 26% to 26.9 mn USD, worse than forecasted. (Interfax)
Shareholders of Polyus Gold intend to place 10% of shares in course of SPO. (Interfax)
Growth of industrial production in the U.S. in October turned out to be worse than forecasted. (Interfax)
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Russian stock market daily evening report (September 01, 2010, Wednesday)
Weak growth goes on at the market versus relatively calm foreign background. AvtoVAZ still is the favorite note showing quotes growth acceleration without any visible reason. The telecommunication companies are drop leaders, headed by Sibirtelecom, where the shreholders register was closed yesterday.
Considering therapid beginning of Fall at american grounds, the russian investors might likely continue play upwards also.
Russian stock market daily morning report (August 31, 2010, Tuesday)
The trading week began actively at the Russian share market. The foreign background was favorable to the shares, oil was climbing, which leaded to the good open. Among all the shares being traded we should outline the preferred shares of Rostelecom, which added a bit less than 10% due to information on possible change of dividend policy relating the preferred shares. Along with that, the shares of IRC Svyazinvest were climbing also. We should outline the shares of AvtoVAZ - on Monday the had of government Vladimir Putin announced continuation of import duties for cars raise, which definitely is positive for the car-maker and leaded to its quotes growth.
Russian stock market daily evening report (August 31, 2010, Tuesday)
Once again slight drop took place at the market following the impact of fall at the U.S. and Asian markets. Support still comes on behalf of the climbing oil prices. The shares of Rostelecom were climbing due to old news on dividends. Also demand remained in other telecommunication companies' shares. We do not exclude a neutral open of the market with possibilitty of further climbing following the oil quotes.
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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.
Rostelecom: Prospects are limited again, 11 November 2009
On Monday Rostelecom summed up the results of 1H 2009 by IAS. According to the report, the sales within the half year year grew by 4.4% versus 1H 2008 and formed 32.8 bn RUR. Net profit dropped from 9.8 bn RUR to 1.5 bn RUR. OIBDA margin reduced by 7.6 p.p. to the level of 17.6%.
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