Russian Stocks
Top Gainers & Losers 19.06.2013
| TMK ao | 3,003 | MediaHolding | -9,029 | |
| Levenguk ao | 2,708 | RNT ao | -5,037 | |
| HSCI ao | 2,567 | Verhnesald MPO | -3,382 | |
| MRSK Severnogo … | 2,304 | Magnit | -2,475 | |
| NLMK ao | 2,199 | Rostelecom- (pr… | -2,415 | |
| IrkutskEnrg | 2,052 | MosEnrg | -2,329 | |
| MosES | 1,558 | Raspadskaya | -2,242 | |
| Surgut-pref | 1,308 | NOVATEK | -2,126 | |
| PIK | 1,089 | Gruppa Razgulia… | -2,058 | |
| Severstal - ao | 0,802 | Transneft (pref… | -1,927 | |
| TGK-14 | 0,690 | E.ON Russia | -1,909 | |
| Rosneft | 0,536 | Sberbank | -1,868 | |
| Apteki 36,6 | 0,454 | iSEMZ ao | -1,807 | |
| MTS | 0,365 | Gazprom neft | -1,691 | |
| Surgut | 0,286 | RusGidro | -1,690 |
About FINAM
Finam is an investment holding that incorporates a brokerage, rated as Russia’s #1 broker in terms of turnover on the Russian stock market, a bank, an information agency – Finam.ru, an asset management company, high-tech investment funds and a licensed European broker. Finam provides the entire range of services needed for effective investments in both Russia and on international markets.
Services for institutional investors
FINAM provides a full range of services to institutional clients throughout the global investment community. FINAM trades various instruments such as Equities, Fixed Income and Commodities. It also offers Market Making, Origination and Listing services, operates as a Prime Broker and Custodian, and provides full electronic trading and related services such as Stock Loan Operations, and more, on every Russian stock exchange.
Research
Daily comments
12:50 The Government to retain control over Alrosa
Today Interfax is reporting that on June 27th, the Federal Government is to consider the exclusion of Alrosa from the list of companies subject to privatization, which means that the Government is supposed to retain 25% +1 share in the company, while the Government of Sakha will hold the same block of shares. We believe that the news is negative for the name from the corporate governance perspective, since previously it was expected that the State will sell its entire stake in the company by 2016. Today Alrosa is reporting 1Q13 IFRS results, and the preparations for the privatization deal (state’s 14% stake) will be in the focus of our attention during the conference call.
Other
12:48 MRSK Center and Volga: highest dividends in the record
The shareholders of MRSK Center and Volga approved RUB 479 mn as FY12 dividends, which is 1.5% higher than 2011 levels. The shareholders as of May 8, 2013 are to receive RUB 0.00425 per share. Although the potential dividend yield seems far from being exciting (~3%), we note that the approved dividends will be the highest in the company’s record. Also, for 2012 MRSK Center and Volga is to pay out 25% of NI under RAS which is in line with the government’s recommendation regarding dividends.
Distribution Grids
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Power Utilities
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IRDGC Center
17.06 Alrosa to invest USD 500mn into JV with Angola’s Endiama E.P
The Financial Times is reporting that next week, Alrosa (ALRS) is to proceed with the signing a memorandum of understanding with Angola’s Endiama. The company is going to invest up to USD 500mn over the next ten years in a JV with the Angolan enterprise. We believe that diversifying its resource portfolio is positive for Alrosa in the long-run. At the same time, we believe that the major driver for the stock is the upcoming privatization of the 14% stake in the company.
Other
14.06 Bashinformsvyaz: highest dividends since 1995
Bashinformsvyaz is going to distribute RUB 162.6 mn as FY12 dividends, which is 2.3x higher than 2011 levels. The shareholders as of April 25, 2013 are to receive RUB 0.1561 per common and RUB 0.4 per pref. Bashinformsvyaz is a stable dividend payer, allocating dividends since 1994. We note that FY12 dividends are the highest since 1995. The announced payments imply dividend yields of 2.5% and 8% for common and pref, respectively.
Telecommunications, IT
13.06 MRSK Volga to increase dividends
At the AGM on June 11, 2013 the shareholders of MRSK Volga approved RUB 291 mn as FY12 dividends, which is 46% higher than the 2011 levels. The shareholders as of April 30, 2013 are to receive RUB 0.0016 per share. Although the potential dividend yield seems modest (~3%), we note that the approved dividends will be the highest in the company’s record. Also, for 2012 MRSK Volga is to pay out 25% of NI under RAS which is in line with the government’s recommendation regarding dividends.
Distribution Grids
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Power Utilities
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IDGC of Volga
11.06 PhosAgro’s AGM approves 2012 dividend; Guriev elected deputy BoD Chair
Yesterday on June 10th, PhosAgro’s (PHOR) AGM approved 2012 dividends in the amount of RUB 19.90 per share, and this comes in addition to the interim 1H12 and 9M12 dividends. The BoD also reelected Sven Ombudstvedt as its Chairman, while the company’s key shareholder A. Guriev was elected Deputy Chairman. We believe the news is positive for the name, since the fears around the retirement of the Independent BoD Chairman did not materialize.
Mineral Fertilizers
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Chemicals & Petrochemicals
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PhosAgro
10.06 Irkutskenergo to pay out record high dividends
The shareholders of Irkutskenergo approved the FY12 NI allocation. The company is going to distribute RUB 2.5 bn as FY12 dividends, which implies a 22.2% dividend yield. The shareholders as of April 25, 2013 are to receive RUB 0.53 per share. We note that Irkutskenergo will pay out the highest dividends in its history. We attribute the generous figure for 2012 with this fact, that a 40% stake in the company is held by Inter RAO, which is likely to divest it this year.
Regional Energos
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Power Utilities
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Irkutskenergo