Sector "Engineering"

Equity research notes on the sector

09/03/2008  Motovilikhinskie Zavody: hedged machinery maker 
Research note also related to: Motovilicha plants

06/26/2008  NefAZ: major dump truck and bus maker 
Research note also related to: NefAZ

05/26/2008  Severstal-Avto: Successful realization of new projects 
Research note also related to: Severstal-Auto

05/04/2008  NPO Saturn: Growing financing costs 
Research note also related to: Saturn

03/14/2008  Gaz group: Diversified automotive producer 
Research note also related to: GAZ

01/25/2008  Russian shipbuilding companies: Storm is over 
Research note also related to: Shipbuilding, Baltiysky Zavod (Baltic Plant)

Performance of the investment ideas presented in the equity research note: Shares Price on the day of idea release* Target price Current price* Current returns Highest returns Baltiysky Zavod -- 163,7 -- -- --

10/05/2007  KTP: Awaiting Takeover by Power Machines 
Research note also related to: Kaluga Turbine Works

Performance of the investment ideas presented in the equity research note: Shares Price on the day of idea release* Target price Current price* Current returns Highest returns Kaluga Turbine Works -- 274 -- -- -- Kaluga Turbine Works (pref) -- 195 -- -- --

09/18/2007  Severstal-Avto: Focus on Foreign Partnership 
Research note also related to: Severstal-Auto

08/07/2007  MTZ Transmash – Reliable Brakes of Russian Railroads 
Research note also related to: Transmash

Performance of the investment ideas presented in the equity research note: Shares Price on the day of idea release* Target price Current price* Current returns Highest returns Altayvagon -- 2 981 1 062 -- -- MTZ Transmash -- 11 8,5 -- -- Tver Wagon Plant -- 2 745 1 150 -- --

07/27/2007  GAZ: Consolidation Completed 
Research note also related to: GAZ

Performance of the investment ideas presented in the equity research note: Shares Price on the day of idea release* Target price Current price* Current returns Highest returns GAZ 149 196,8 95 -36,2% 42,6% GAZ (pref) 106 140 57 -46,2% 18,4%

*Market prices are given either as the prices of the last transactions in a previous session on an exchange (MICEX and RTS) or the average between the best ask price and the best bid price on RTS as of a previous session's close.