Daily analyst comments

10:16 M Video posts strong FY 2008 financials

We are upbeat on the FY 2008 report from M Video: the company shows robust sales indicators, improved margins and an optimized debt load. We believe, however, that the company’s FY 2008 results have already been accounted for in its current stock valuations. M Video’s 1Q 2009 financial report should cause a more relevant market response.

M Video

Common shares
Price	6,22 $

10:13 GAZ Group to reschedule almost 100% of debts

News that almost all lending banks have agreed to restructure GAZ Group’s debts should help improve the car manufacturer’s credit standing. At the same time, Alfa Bank’s refusal to reschedule GAZ’s debt may exert a negative impact on the company. Given GAZ Group’s social significance, the company is unlikely to go bankrupt.

GAZ

Common shares
Price	26,88 $

Preferred shares
Price	13,50 $

10:12 Kamaz posts negative FY 2008 IFRS results

The FY 2008 IFRS report from Kamaz has turned out to be expectedly weak, given the sharp downturn in sales in October-December and a substantial upturn in steel prices in 1H 2008. Growth in receivables caused a major increase in sales costs. In our opinion, due to the sharp drop in sales, the truck maker could close FY 2009 in the red.

KAMAZ

Common shares
Price	2,37 $