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May 8, 2008
Research Alert: BMB Munai - Overlooked opportunity
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BMB Munai today (8 May) announced record-high April production of 4,666bpd, achieved mid-month. Average April production of 3,714bpd is about 68% up MoM, and 51% better than the company’s average production in 1Q08, on our estimates. The increase in production resulted primarily from good production rates at the newly drilled Kariman-6 and Kariman-7 wells. With two more Kariman wells (Kariman-8 and Kariman-10) set to be drilled this year, we expect BMB Munai’s eyecatching growth trend to continue.
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May 8, 2008
Medvedev is in - What are the implications?
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No revaluation of the rouble to the basket in the immediate future
Possible rating upgrade from Moody’s, and in 2H from S&P
Dmitry Medvedev was sworn in as President of the Russian Federation yesterday (7 May) and has
fulfilled his promise to nominate Vladimir Putin as a prime minister. The Duma now has a week to
vote on Putin’s candidacy, but we have little doubt that it will vote him in as early as today. The
constitution then gives the newly appointed prime minister a week to come up with his ideas on the
composition of the government (information he is not obligated to make public).
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May 8, 2008
Razgulay Group - Strategic upgrade
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We upgrade our target price to $11.1 (from the previous $8.8, before placing it under review) and reiterate our BUY rating. Our new target price includes the value of 70,000 ha of arable land, which we expect to come under Razgulay’s ownership by YE08. We add this to the value of Razgulay’s operating business as arable land is an increasingly scarce and highly valuable asset within the global context. Not only does land ownership secure control over future cash flows and higher margins, but also gives a competitive advantage over peers, which increases in proportion to the period for which the land is cultivated.
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May 8, 2008
The hrivnya: Buy, make money and run
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The policy choice in today’s Ukraine seems particularly tough, with both inflation and the current account deficit rapidly spinning out of control.
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May 8, 2008
Financials monthly – Russia, CIS
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Both VTB and Sberbank reported strong FY07 numbers during April. However, neither set the tone for a sustained share price rally following results conference calls during which VTB indicated a difficult 2008E ahead of it and Sberbank delivered a mixed message on 2008E costs and highlighted that any clear communication and delivery on its new strategy is likely to be a 2H08 story.
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8 мая 2008
Индекс MSCI Russia: итоги последней ребалансировки
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Компания MSCI Barra объявила результаты ежегодной ребалансировки индексов. Наиболее значимым для российского рынка стало включение акций Уралкалия в расчет MSCI Russia и MSCI EM с весами 2.2% и примерно 0.2% соответственно.
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8 мая 2008
Группа Разгуляй: повышение теоретической цены
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Мы повышаем теоретическую цену по акциям Группы Разгуляй c USD8.8 до USD11.1 и подтверждаем рекомендацию ПОКУПКА.
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8 мая 2008
Группа Черкизово: размещено 3.5 млн новых акций
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Группа Черкизово привлекла USD82.25 млн путем размещения 3.5 млн новых обыкновенных акций (которые будут включены в котировальный список РТС).
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8 мая 2008
Астарта-Киев: не только производство сахара
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На основе оценки по методу ДДП теоретическая цена по акциям компании Астарта-Киев составляет EUR17.5, что предполагает наличие потенциала роста на 23%.
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8 мая 2008
Украинские облэнерго – приватизация отменена
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Глава ФГИ Украины В. Семенюк-Самсоненко выпустила постановление, отменяющее аукционы по приватизации блокирующих пакетов акций шести электрораспределительных
компаний.
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| Обзор рынка долговых обязательств |
8 мая, 2008
The hrivnya: Buy, make money and run
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The policy choice in today’s Ukraine seems particularly tough, with both inflation and the current account deficit rapidly spinning out of control.
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| Top 5 Most Popular Articles |
| This is a list of our most popular research articles over the last seven days. The number in brackets represents the number of times each piece was read. |
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Take the chance to get to read more about the Renaissance Capital team of Analysts. Click on any of the names on this page to see a biography along with published research reports and research articles.
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Real Time Company Handbooks
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Russia
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Ukraine
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Central Asia and Caucasus
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.jpg "MSCI Renaissance Index")
.gif "Growth, infrastructure, M&A, agriculture … When will Russia escape the credit vortex?")
