Daily analyst comments

The event of the day
In the worst-case scenario, Rosneft could lose up to 7% of revenue over the next few months. However, this is most likely a short-term problem, and the company will be able to solve it before long.

We are moderately downbeat on the 4Q and 12M 2009 financial report from Comstar. A 2 pp reduction in OIBDA margin and a net loss driven by investment write-offs are the factors that could potentially have a negative impact on the company’s equity prices in the short-term. Our long-term outlook on Comstar’s development prospects is more upbeat: the operator’s business is safe enough and still has the potential to evolve in future.

In our view, the financials released are yet another confirmation of the bank’s high efficiency and should trigger a positive reaction on the market. However, despite their fundamental appeal, we expect Sberbank shares to continue to experience a shortage of drivers amid weak loan portfolio growth and declining interest margins.

Loans received when the crisis was in full play might become a costly affair, and LUKOIL has learned this firsthand: interests on these loans could top 14%. The successful repayment of expensive loans should positively affect the company’s financials.

In our view, the plans to conduct a large-scale additional share issue will trigger a negative reaction from the market, as minority shareholdings would be diluted by more than two times.

The contract should permit Acron Group to maintain high capacity load and is to have a positive impact on Acron and Dorogobuzh financials.