10:42Sberbank raises interest on household deposits
Sberbank has raised its interest rates on household deposits. The top rate on ruble deposits now stands at 12% annually and that on foreign-currency deposits at 7% a year. The rates are now comparable with those offered by VTB. We view the increase in interest rates as a predictable reaction to changes in market conditions. Despite the rate hikes, we believe that Sberbank deposits, 90% of which are in rubles, will remain under pressure from the anticipated depreciation of the national currency.
10:40Lukoil initiates forced buyout of TGK-8 stock
The forced buyout of TGK-8 securities has been long-awaited. The genco’s current stock valuation on the RTS implies a slight discount to the buyout price; therefore, there is now no use purchasing TGK-8 shares to present them for a buyout.
10:39Kalina posts 9M 08 financials: downward trend continues
We are neutral about Kalina’s 9M 2008 financial report. In our opinion, it will not have any considerable impact on the company’s stock valuations. Despite falling margins, Kalina’s financials are generally in line with management projections announced in September.
10:35Rosbank to raise USD 151 million via additional share issue
Rosbank is likely to place its additional share issue at above fair value and the issue will likely be picked up by Société Générale, a Rosbank majority shareholder. Given that the scale of the issue is not large, the placement price is relatively high and the company’s current shareholders have a pre-emptive right to buy out the shares, the placement should not be to the detriment of minority shareholders.
10:33Deadlines for genco investment projects may be postponed
The Russian minister of energy, Sergei Shmatko has suggested that deadlines for commissioning new generation capacity could be postponed. If accepted, Shmatko’s proposal may have a positive impact on the margins of investment projects in the power utility industry, which could boost the fundamental value of Russian gencos.
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