08/27/2008NLMK releases 1H 2008 results
NLMK's consolidated financial report for 1H 08 shows a quick upturn in the company's financial indicators, but a downturn in margins due to the consolidation of less profitable Maxi Group assets and an outrunning growth in cost of production. However, NLMK remains the most profitable Russian steelmaking company, while a potential decrease in domestic coal prices could have a positive impact on the steelmaker's profits in 2H.
08/27/2008Svyazinvest may change its general director
Even if Svyazinvest elects a new general director, the situation in the company is not likely to change dramatically. The holding is 100% state-controlled and there are currently no prerequisites for its privatization.
08/27/2008Magnit posts strong 1H 2008 results
We are positive about Magnit's 1H 08 results and believe they could lend support to the company's stock valuations. Magnit, along with continued expansion and a high rate of new store openings, has also managed to establish efficient control over expenses, which is reflected through a considerable upturn in the retail chain's operating margin.
08/26/2008AirUnion to receive financial assistance until September 1
At yesterday's meeting, the Russian Ministry of Transport adopted a decision to finance AirUnion's operating activities at least until early autumn. However, given the complex industry environment, the air alliance's serious debt load and its practical inability to attract financing on its own, we recommend that investors sell KrasAir shares.
08/26/2008FAS upholds Mosenergo's complaint
A commission of the Federal Antimonopoly Service has upheld Mosenergo's complaint, which should have a positive impact on the genco's heat sales margin.
08/25/2008Mineral fertilizers: Russia prolongs export duties, but drops the introduction of export quotas
The Russian government's decision not to introduce export quotas for mineral fertilizers, but to prolong the validity period of export duties is moderately positive for Russian mineral fertilizer producers, since duties are far less significant for companies' profitability than quotas. Given this decision, we consider the shares of Russian mineral fertilizer producers as attractive investment vehicles.
08/25/2008NorNickel to buy out its own shares
At Friday's meeting, NorNickel's board made a decision to buy out 4.1% of the company's own shares at the weighted average price for the last 6 months, i.e. USD 253.8 per share, which implies a 27% premium to the current market valuations. We are generally upbeat on NorNickel's decision to buy out its shares and believe it will have a positive impact on the company's market cap, at least in the short-term.
0.046
361
