Russian stock market morning report by Veles Capital (July 1, 2009, Wednesday, 7.30 a.m. GMT)
The trades at the Russian share market began rather actively at the Russian share market on Tuesday – following the high oil prices the Russian blue chips climbed also. The most part of the day adding was won back by the market within the first trading hours, after that it varied around the level of 980-985 points of the RTS index. The main reason for that – the oil price upping – the oil quotes exceeded the level of 71 USD per barrel. Despite the fact that slight price slipping was indicated at the oil market, the Russian market held its positions strongly. The demand on behalf of the investors was indicated on a wide range of shares: the oil companies’ shares, telecommunications and metallurgy shares were climbing. Sberbank looked a bit worse than the market.
Main news
Transneft provided a report by IAS for 2008.
Net profit of Transneft for 2008 by IAS grew by 20.4% versus the similar estimate of 2007 (2.35 bn USD) and totaled 2.84 bn USD. The net profit of the company turned out to be 8.5% higher than the market expected.
Other news
- Transneft: FST upped the tariff for oil transporting by 4.4%.
The management of the Federal service on tariffs made a decision on upping the tariff for the services of Transneft on controlling the oil supplies to refineries by 7.5%, at that the average tariff for oil transporting will be 4.4% higher, imparts Interfax.
- TNK-BP Holding conducted shareholders’ meeting.
Wednesday TNK-BP Holding’s annual holders’ meeting took place, where the shareholders approved the distribution of the company’s net profit to dividends in the volume of 100% (82.7 bn RUR), the board of directors has been re-elected, and also the holders approved joining four subsidiaries, which own more than 5% of the company’s shares.
- Power energy tariffs growth in 2010 might be minimal.
Indexation of the regulated tariffs in the power energy in 2010 in RF will be minimal, stated the head of MEDT Elvira Nabiullina.
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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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