11:01Fed takes urgent measures to prevent credit crunch The event of the day
Urgent measures taken by the US Federal Reserve to improve liquidity in capital markets is a signal that the crisis in the credit system continues to take a toll on the US economy. Despite approval of the measures adopted by the White House and expectations of the easing of monetary policy by Fed at a planned session on March 18, we believe that the approved measures are to be interpreted in the Russian market as a sign of further escalation of the lending crunch in world financial markets.
10:37Sibirtelecom posts preliminary FY 2007 financials
We are neutral about FY 2007 financials posted by Sibirtelecom. The company reported sound results, but they did not bring surprises, and mostly fulfilled our expectations. After the operator releases its IAS financials, it is possible to make important conclusions about its financial state, and its level of debt.
SiberiaTelecom Common shares:
Price: $0,013 Preferred shares:
Price: $0,0099
10:35TGK-2 Sold Cheaply
The purchase of TGK-2 additionally issued shares by a consortium of German's RWE and the Russian SINTEZ group for USD 450 kW of installed capacity sent the first negative signal that the remaining an additional share issues will go for prices close to the current market valuations.
TGC-2 Common shares:
Price: $0,00013 Preferred shares:
Price: $0,00023
10:35IES Holding acquires large stakes in TGC-6 and TGC-7
The acquisition of TGC-6 and TGC-7 by IES Holding at USD 437 per kW and USD 457 per kW, respectively, is to "place the bar" for other placements without possibility to get control over the genco. At the same time, the acquisition of shares of these generation companies may be an investment into "protective" papers.
10:33Cherkizovo plans to increase charter capital
We are moderately positive above the news on the company's intention to perform additional issue and believe that this event is not likely to affect the company's shares due to their low liquidity on Russian stock exchanges. Nonetheless, the attraction of about USD 120 mn additional capital would strengthen the company's market positions through the financing of possible acquisitions.
10:31Outcome of EGM at Bamtonnelstroy
A EGM at Bamtonnelstroy has approved a package of official normative documents in a new version, including the company’s Charter and the regulation on the BoD. In our view, the new version reflects some specific risks involved in the preferred shares. Nonetheless, in our view, the current discount on the preferred shares is unjustifiably high. In our view, Bamtonnelstroy preferred shares hold more appeal for investors than common shares in view of the current discount.
Bamtonnelstroy Common shares:
Price: $1 069,50 Preferred shares:
Price: $245,00
10:28WGC-1 to be sold later
A delay in the auction for WGC-1 from March 13 to mid-April and possible emergence of a new contender for the company may improve its stock valuations.
0.234
30.89
