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

10:39 O2TV Channel releases 1H2010 financials

Despite the razor-thin margin posted, the results reveal the considerable progress made. We underscore a more than 2x revenue growth and the return to profit in the reporting period.

10:35 Kamaz closes 2Q2010 with RUB 12.1 mn RAS net income

We see these results as evidence that the company has escaped the crisis, thanks in no small part to buoyant demand for trucks. In our opinion, Kamaz stands a good chance to close FY2010 with a positive fiscal result.

Mechanical Engineering , KAMAZ

10:33 FST to raise Transneft tariffs 3.3% as of August 1 and 9.9% on December 1

The news about tariff hikes does not come as a surprise for market participants, as FST previously voiced its intentions. Quotes for Transneft shares should now grow on news about the possible privatization of the company.

O&G , Transneft

29.07 Lukoil buys out 7.6% from ConocoPhillips

The buyout of 7.6% of shares at a below-market price may be a driver for company shares. However, the option for the buyout of another 11.6% may not be exercised.

O&G , Lukoil

29.07 Interest rates on subordinated loans to Russian banks reduced

A reduction in interest rates on subordinated loans issued by CBR and VEB to Russian banks in late 2008 – early 2009 should enable Sberbank and VTB to cut expenses: in line with our estimates, they could save 3-6% of the FY2010 projected net profit annually.

Banks , Financial sector , Sberbank

28.07 TNK-BP Ltd publishes US GAAP financial results for 1H2010

The results have slightly outpaced our expectations, despite the substantial negative ‘Kudrin’s scissors’ effect, which has nearly doubled payments for duties and the mineral extraction tax by the company.

O&G , TNK-BP

28.07 Aeroflot repots slight upturn in 1H2010 RAS net income

Aeroflot estimates 1H2010 net income at about RUB 3.4 bn, up just 2% y-o-y. The airline’s 6M2009 operating results were far weaker than in 1H2010.

Transportation , Aeroflot

Model Portfolios

Desk-notes & Flash-notes