11:18New requirements for TGK-12 and TGK-13 consolidation
The Russian Federal Antimonopoly Service (FAS) has authorized the consolidation of TGK-12 and TGK-13 shares by SUEK. The FAS, however, has set out certain behavioral and structural requirements; one of these requirements obliges SUEK to sell off generation capacities for a total of 368 MW. In our opinion, this decision will not have any considerable impact on TGK-12 and TGK-13 stock valuations as long as no additional details appear.
11:11Polyus Gold discloses 1H consolidated financials
Gold miner Polyus Gold has disclosed its consolidated financials for 1H 2008, which show the company’s active growth and its widening profit margins; attributable to favorable price trends on the market. Given its vast reserves and its planned production expansion, we look upon the company as one of the best vehicles for investment in the metals industry amid expectations of a slowdown in the global economy.
11:04Uralsvyazinform posts neutral IFRS financials for 1H 2008
The URSI phone company has released its 1H financials audtied to IFRS, which don’t quite reach our expectations. Revenue on fixed-line telecoms unexpectedly declined and income from its cellular business has also failed to exceed our expectations. At the same time, profit margins, however, have lived up to our expectations, and reveal the efficiency of the company’s management at a time of runaway inflation.
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