Daily analyst comments

12:39 NLMK releases 1H 2008 results

NLMK's consolidated financial report for 1H 08 shows a quick upturn in the company's financial indicators, but a downturn in margins due to the consolidation of less profitable Maxi Group assets and an outrunning growth in cost of production. However, NLMK remains the most profitable Russian steelmaking company, while a potential decrease in domestic coal prices could have a positive impact on the steelmaker's profits in 2H.

Sector: Metals

Novolipetsk Steel

Common shares
Rating	Hold
Price	3,37 $
Target price	3,70 $

10:59 Svyazinvest may change its general director

Even if Svyazinvest elects a new general director, the situation in the company is not likely to change dramatically. The holding is 100% state-controlled and there are currently no prerequisites for its privatization.

Sector: Telecommunications, IT

10:56 Magnit posts strong 1H 2008 results

We are positive about Magnit's 1H 08 results and believe they could lend support to the company's stock valuations. Magnit, along with continued expansion and a high rate of new store openings, has also managed to establish efficient control over expenses, which is reflected through a considerable upturn in the retail chain's operating margin.

Sector: Consumer

Magnit

Common shares
Price	80,50 $