Reports » Russia

Russian stock market daily morning report (January 21, 2013, Monday)

Contributed by Veles Capital

U.S. market to be closed today due to Martin Luther King Day celebrations so the Russian market will likely be calm.

Main events

RusHydro showed decline of the IAS results for 9 months of 2012.

RusHydro shows reduction of EBITDA estimate within 9 months of 2012 by IAS by 32.6% versus the similar period of 2011 down to 39.9 bn RUR.

Mechel resold its share in Vanino maritime terminal.

Generally we estimate the given message to be positive. Possibly Mechel will not have to buyback the share of En+ via offer: likely noone from the consortium of investors holds more than a 50% share, which means the buyback responsibility is not valid.

Enterprises if Akron Group output 5.8 mn tons of commodity product in 2012, which matches the 2011 production level.

We expect production volume to grow on nitrogen fertilizers in 2013 as carbamide output enters the target capacity and considering the negative effect of repair operations in 2012. Fact of having gained independency on phosphatic basic materials supports growth of complex fertilizers output increase.