Russian stock market morning report by Veles Capital (July 3, 2009, Friday, 7.30 a.m. GMT)
Thursday was negative again at the Russian share market so it started dropping from the very morning. Actually two waves of drop were indicated during the day – in the morning and after 4:30 pm Moscow time. The morning drop was likely due to winning back the dropped oil prices. In the afternoon the market went down under the impact of several factors. First of all, the unsatisfying comments by the head of ECB Trishe, who has actually stated that the bottom of the economic crisis has not been passed yet in the Euro zone. Besides, data on unemployment came out on the U.S. and the Euro zone – the unemployment levels reached their maximums within several decades, which definitely do not set the positive mood on the markets. At the given background the quotes of the oil futures dropped down fast, along with the foreign markets, including the Russian shares. As a result by the end of the day almost all the members of the oil sector went low, being accompanied by the automobile companies, and some telecommunication companies.
Main news
WGC-1 reported by IAS for 1Q 2009.
Sales of WGC-1 for 1Q 2009 totaled 11.87 bn RUR, which is 12.8% lower than in 1Q 2008. The main reason for the given estimate’s reduction was decline of output by almost 16% by the power energy stations of WGC-1 due to drop of power energy consumption in it locations region.
Other news
- Uralkaliy ups the prices for potassium chloride by 8% for the market.
Uralkaliy signed an agreement with its Russian consumers – producers of complex fertilizers – Fosagro AG, CJSC and MHK EvroHim, JSC – on upping the prices of potassium chloride in 3Q to 4,750 RUR per ton, imparts the message of the company.
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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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