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Daily analyst comments


Comment Meaning'Bad'03/18/2010 Payments to Rosneft for oil exports to the US and the UK may be frozen

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.

Rosneft

Common shares
Rating Buy
Price 7,82 $
Target price 9,03 $

Comment Meaning'Bad'03/19/2010 Comstar reports 4Q and 12M 2009 financials

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.

Comstar

Common shares
Price 6,35 $

Comment Meaning'Good'03/19/2010 Sberbank publishes consolidated 2009 financials

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.

Sberbank

Common shares
Rating Sell
Price 3,01 $
Target price 2,42 $
Preferred shares
Rating Sell
Price 2,36 $
Target price 1,14 $

Comment Meaning'Good'03/19/2010 LUKOIL repays loans to Sberbank

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.

Lukoil

Common shares
Rating Buy
Price 57,77 $
Target price 89,50 $

Comment Meaning'Bad'03/18/2010 TGK-2 mulls large-scale additional share issue

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.

TGC-2

Common shares
Price 0,00030 $
Preferred shares
Price 0,00030 $

Comment Meaning'Good'03/18/2010 Acron signs long-term contract for NPK fertilizer supplies to India

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

Acron

Common shares
Rating Buy
Price 37,25 $
Target price 51,70 $

Comment Meaning'Good'03/17/2010 Mosenergo releases positive FY 2009 RAS financials

The company has succeeded in raising its financial efficiency, which has led to profitability growth. We expect the financials posted to have a favorable response from investors.

Mosenergo

Common shares
Rating Buy
Price 0,13 $
Target price 0,18 $

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