Russian stock market daily morning report (July 29, 2010, Thursday)
By Veles Capital
Wednesday did not bring any activity to the trades on the Russian shares. The markets were calm with passive reaction to the internal and external impacts in form of stats on Europe and the U.S. Resulting from that the Russian grounds closed with slight changes of the principal exchange indicators. The most significant variations were on the shares of LUKOIL. In particular information on the company buying back its shares from one of its largest holders - American Conoco - came out on Wednesday and leaded to adding of the Russian oil company's quotes. Note that the other representatives of the oil-and-gas sector slipped by 1-2%.
Main news
Enel WGC-5: great IAS results for 6 months of 2010.
Sales of Enel WGC-5 for 6 months of 2010 grew by 34% versus the similar period of 2009 and formed 25.8 bn RUR. Sales growth was primarily provided by the increase of power energy output by 20.5% (up to 20,834 GW per hour) at the expense of power energy consumption raise related to the improvement of the economic situation and extremely cold winter this year, and also due to the price growth on power energy at the free market and the increase of selling volumes there.
Conflict between Polyus Gold and holders of Kazakh Gold is getting worse due to involvement of state authorities of Kazakhstan.
Economic and corruption crime government Agency of Kazakhstan (financial police) engaged a case against the management of Polyus Gold suspecting they conducted fraudulent activities when processing the deal with Kazakhgold. We expected significant support from the powerful Asaubaev family on behalf of they close surrounding in the state authorities due to the Eastern family system in Kazakhstan.
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Russian stock market daily morning report (September 06, 2010,Monday)
On Friday the trading session at the Russian market was mainly quiet and calm - foreign factors were neutral. However, after output of the stats on unemployment in the U.S. the markets went upwards. Note that given data turned out to be at the forecasted levels, but after a number of "faults", when the actual results were significantly worse than the forecasted ones, the market took the "hit" of forecast target with optimism. The quotes of AvtoVAZ are still climbing. The shares pf Pharmacy Network 36.6 joined them in climbing on Friday.
Russian stock market daily evening report (September 06, 2010, Monday)
Trades were relatively calm against the background of week-end in the U.S. The most serious motion was in the second-third echelons. In particular 40% was added by NutrInvestHolding and RTK. Pharmacy Network 36.6 added a bit less. Sale began on the notes of AvtoVAZ (-12%).
Russian stock market daily morning report (September 03, 2010, Friday)
On Thursday growth continued at the Russian share market, though the rates reduced significantly versus Wednesday. Totally the foreign background was relatively calm and the market moved likely mechanically. Along with that in Russia many companies output half-year reports by IAS/US GAAP. In particular, Gazprom, VTB, Evraz, Vimpelcom and OGK-6 have output their reports. The game goes on in the notes of AvtoVAZ, which added another 5-10% depending on the share type.
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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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At Least 25 People Killed In Russian Forest Fire, 31 July 2010
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Gazpromneft, Tatneft, MMK news brief, 17 December 2009
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