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.

Daily comments

02.09 Igor Sechin backs up merger of Uralkali and Silvinit

We expect the market cap of the united company to be 20% to 30% above the total market value of Uralkali and Silvinit taken separately. A doubling of business volume, liquidity growth and a higher free float will no doubt be taken at their true worth by investors.

Mineral Fertilizers , Chemicals & Petrochemicals , Silvinit

02.09 Avtovaz sales shoot up 32% in 8M2010

August sales by Avtovaz have showed a downturn m-o-m, blamed on the stoppage of the production line for a week due to abnormally hot weather. On an annual basis, the monthly sales were up, with growth attributed to implementation of a clunker-for-cash program.

Mechanical Engineering , AvtoVAZ

02.09 Wimm-Bill-Dann net income up 7% in 1H2010

We are quite positive about the 17% surge in WBD revenue and the 7% y-o-y upturn in net income in 1H2010, but note the company’s profit margin came down because of a rapid growth in manufacturing, selling and other operating expenses.

Food , Consumer , Wimm-Bill-Dann

01.09 Lukoil releases negative results for 2Q2010 under US GAAP

The financial results have fallen short of expectations, both on EBITDA and net income. The report reveals oil production contraction, growing production costs and narrowing profit margins. On the upside, we point out the reduction in debt leverage.

O&G , Lukoil

01.09 Lukoil may be granted tax breaks in Caspian region as of 2011

Although tax benefits have so far been agreed only for one large-scale oilfield, Korchagin, it is not excluded that the Filanovsky major oilfield will also be eligible for tax breaks, but at a later date. The latter oilfield is scheduled to come on stream in 2015.

O&G , Lukoil

01.09 M Video doubles 1H2010 net income

We regard the 1H2010 financial report from M Video only as moderately upbeat, despite more than a double increase in net income. We note the company’s modest profit margin of just 1.5%, an inconsiderable revenue growth, and strong influence of financial gains and losses on the final fiscal result.

Consumer , Retailing , M Video

31.08 Power Machines publishes moderately positive 1H2010 results

Power Machines significantly increased efficiency in 1H2010, while maintaining the scale of its business operations. To achieve strong sales growth, however, the company will need to expand production capacity, in our opinion.

Mechanical Engineering , Siloviye Mashiny

Model Portfolios

Desk-notes & Flash-notes