16:29NLMK reports production in 3Q 2008
Steelmaker NLMK has reported its production results for 3Q 2008, which we regard as neutral. The statement indicates growth of sales prices against lower production levels. We expect a further reduction in output from the company in 4Q as conditions in the ferrous metals market deteriorate.
11:25Rosinter reports lower 1H 2008 margins
Restaurant chain Rosinter has disclosed its financials for 1H 2008. We are moderately downbeat about the financials released and believe they may have a negative impact on the company’s stock valuations in the short term. However, over the longer term, the company may boost its profitability by expanding its network and bringing its operating expenses down in proportion to revenues.
11:20Pharmstandard posts 9M 2008 operating results
We are moderately upbeat on Pharmstandard’s 9M 2008 operating results and believe that strong sales indicators in the prescription medicines segment will help to boost the company’s margins in 9M 2008.
11:18MTS capex to be cut: a penny saved is a penny gained
In general, AFK Sistema acts quite normally: in difficult times, a penny saved is a penny gained, and it is absolutely fair that the holding should count on the preservation of its market-leader status rather than on development and expansion. Additionally, a cut in capital expanses is not likely to have any considerable negative impact on MTS.
11:15Energy companies queue up for money
Power utility companies have addressed the government with a request to attract concessional loans. Since power utilities are strategically significant industries, the government could provide them with necessary loans, which should have a positive impact on the energy companies’ financial health.
11:08Raspadskaya publishes 9M 2008 operating results
In 3Q 2008 Raspadksya regained its production levels of 1Q 2008 after completing capital construction work, while at the same time seeing its sales prices rise significantly. However, the company may see a reversal of favorable market trends as early as next quarter amid slackening demand for its products on the part of steelmakers.
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