MAIN ANALYTICS TEAM COMPANY & MARKET DATA USER PROFILE

Key Stocks Information  

Ticker Company Currency Last
Price
Target
Price
Rating Previous Up/
Down
Side %
EV/EBITDA PE EV/
Sales
P/B MktCap.
$mn
'09 '10E '11E '09 '10E '11E '09 '10E
Oil & Gas 26.1 3.51 3.40 4.88 7.52 7.83 6.53 1.21 1.25 0.98 505,667.7
GAZP Gazprom USD 12.6 15.0 HOLD Under review TP(0.00%) 11/8/2011 19.2 1.20 0.60 3.60 0.00 0.00 4.80 0.50 0.30 0.00 214,343.5
ROSN Rosneft USD 7.46 10.0 BUY 34.0 5.90 4.70 4.30 8.20 6.60 6.20 1.70 1.40 1.30 79,062.4
LKOH LUKOIL USD 60.0 65.0 HOLD 8.33 3.50 3.40 3.10 5.20 4.90 4.20 0.60 0.50 0.80 51,033.8
TNBP TNK-BP Holding USD 2.88 4.00 BUY 39.0 2.80 3.50 3.90 3.90 4.90 5.40 0.70 0.80 1.60 44,315.2
NVTK Novatek USD 145.5 220.0 BUY Buy TP(10.00%) 12/13/2011 51.2 10.8 14.5 15.7 14.9 19.2 21.0 4.80 6.90 5.10 44,178.3
SIBN Gazprom Neft USD 24.8 30.0 BUY 20.8 -- -- -- -- -- -- -- -- -- 23,554.8
TRNF Transneft USD 2,916.7 -- UNDER REVIEW -- 4.40 3.50 3.70 5.60 4.50 4.80 2.60 2.20 0.70 19,191.3
SNGS Surgutneftegas USD 0.97 1.40 BUY Hold TP(40.00%) 1/25/2012 44.5 neg neg neg 2.90 3.30 3.60 neg neg 0.30 13,906.1
TATN Tatneft USD 35.5 -- UNDER REVIEW -- -- -- -- -- -- -- -- -- -- 12,907.7
BANE Bashneft USD 50.5 55.0 HOLD 8.91 -- -- -- -- -- -- -- -- -- 3,174.7
Metals & Mining 21.2 13.7 8.10 6.06 22.3 18.2 9.02 2.71 2.95 2.18 134,659.1
GMKN Norilsk Nickel USD 194.7 188.0 HOLD Hold TP(59.32%) 11/17/2011 -3.45 6.20 4.30 6.00 12.9 6.40 8.30 1.90 2.40 1.90 37,112.9
NLMK NLMK USD 2.55 3.50 BUY Buy TP(-18.60%) 9/29/2011 37.3 9.20 9.30 5.30 29.5 15.1 8.60 2.20 2.60 2.10 15,274.3
CHMF Severstal USD 14.3 23.0 BUY Under review TP(57.53%) 6/9/2011 60.3 6.60 5.40 4.50 neg neg 5.50 1.10 1.30 1.90 14,459.3
RUSAL RUSAL HKD 6.41 7.60 BUY Buy TP(-27.62%) 2/7/2012 18.6 54.4 6.70 4.60 14.2 5.90 6.40 4.00 1.60 1.50 12,559.1
PLGL Polyus Gold International USD 3.40 3.20 HOLD Buy TP(-6.16%) 2/6/2012 -5.85 15.8 14.6 9.00 26.6 29.6 12.7 7.10 6.00 3.30 10,306.3
EVR Evraz Group USD 22.6 33.0 BUY Buy TP(-23.26%) 9/29/2011 46.0 12.7 8.70 5.40 neg 25.4 8.70 1.60 1.60 2.40 9,895.7
POLY Polymetal International GBp 1,146.0 1,150.0 HOLD Buy TP(-1.37%) 1/13/2012 0.35 -- 13.9 9.30 -- 21.7 15.8 -- 6.40 3.80 6,544.9
PMTL Polymetal USD 17.4 11.7 BUY Hold TP(-46.76%) 11/9/2011 -32.8 12.5 13.9 8.70 41.0 21.7 14.8 5.40 6.40 3.80 6,267.0
MTL Mechel Group USD 11.7 19.0 BUY Buy TP(-50.00%) 12/20/2011 62.7 15.1 8.50 6.20 59.0 14.4 7.10 1.80 1.80 2.10 5,663.0
MAGN MMK USD 0.48 0.92 HOLD Buy TP(-94.89%) 9/29/2011 90.3 6.30 8.50 4.80 26.2 44.8 6.90 1.60 1.80 1.00 5,401.2
RASP Raspadskaya Mine USD 3.74 4.70 BUY Hold TP(-25.40%) 12/13/2011 25.7 8.80 13.2 6.80 16.5 17.7 17.1 4.50 6.30 2.90 2,923.9
TRMK TMK USD 2.93 5.60 BUY Buy TP(32.70%) 10/12/2009 91.3 18.0 5.90 4.00 neg 8.20 4.50 1.70 1.20 1.50 2,557.7
POG Petropavlovsk GBP 7.53 6.80 HOLD Hold TP(-11.34%) 2/6/2012 -9.65 8.70 16.5 6.20 12.8 nm 7.20 3.90 6.00 1.90 2,235.7
VSMO VSMPO-Avisma USD 188.0 190.0 BUY Buy TP(-1.04%) 4/9/2010 1.06 8.90 9.70 7.50 22.5 27.7 17.9 2.80 2.40 1.70 1,988.8
HGM Highland Gold Mining GBP 172.0 2.49 BUY Buy TP(-7.09%) 2/6/2012 -98.6 3.90 4.50 4.50 4.00 5.60 6.60 1.40 2.30 1.10 884.9
1029 HK IRC Ltd HKD 1.22 2.75 BUY Buy TP(-5.17%) 1/12/2012 125.4 -- neg nm -- neg nm -- 15.0 0.80 529.0
MTLP Metals Exploration GBP 0.13 0.14 HOLD 7.68 -- -- -- -- -- -- -- -- -- 55.5
Banking 24.6 -- -- -- 44.7 6.66 6.75 -- -- 1.01 97,548.0
SBER Sberbank USD 3.09 3.90 BUY Buy TP(11.43%) 1/31/2012 26.1 -- -- -- 45.3 5.80 6.50 -- -- 1.10 69,001.8
VTBR VTB USD 4.73 5.70 BUY Hold TP(16.33%) 1/25/2012 20.4 -- -- -- neg 8.70 7.40 -- -- 0.80 24,751.9
NMOS Nomos USD 12.8 16.8 BUY Buy TP(7.69%) 1/26/2012 31.8 -- -- -- -- -- 7.20 -- -- -- 2,356.7
STBK Bank Saint-Petersburg USD 3.10 3.90 BUY Buy TP(-2.50%) 1/26/2012 25.8 -- -- -- 19.5 2.90 4.00 -- -- 0.40 874.7
VZRZ Vozrozhdenie USD 23.2 22.5 HOLD Hold TP(-5.46%) 1/26/2012 -3.11 -- -- -- 13.5 27.8 11.5 -- -- 1.00 562.9
Telecoms 16.2 4.51 4.38 4.64 12.7 13.0 12.4 1.93 1.77 2.85 60,543.1
VIP VimpelCom USD 11.2 12.8 HOLD Hold TP(-9.22%) 12/16/2011 14.4 4.10 4.00 4.70 7.60 14.8 14.0 1.80 1.70 1.80 18,217.3
MBT MTS USD 17.4 19.7 BUY Hold TP(4.79%) 12/16/2011 13.2 4.60 4.50 4.70 14.4 10.6 11.5 2.10 1.90 4.70 17,351.9
RTKM Rostelecom RUB 152.4 172.0 HOLD Hold TP(4.24%) 12/16/2011 12.8 4.90 4.70 4.50 16.9 13.5 11.6 1.90 1.70 2.00 15,555.4
SSA AFK Sistema USD 19.5 25.5 BUY Buy TP(14.35%) 12/16/2011 30.6 -- -- -- -- -- -- -- -- -- 9,418.4
Utilities 45.7 15.5 9.07 5.53 28.9 20.5 9.76 3.82 3.27 0.89 45,781.0
FEES Federal Grid Company USD 0.012 0.020 BUY 72.1 15.2 8.70 5.00 neg 25.3 11.0 5.00 4.40 0.60 13,404.2
HYDR RusHydro USD 0.038 0.031 SELL -18.9 -- -- -- -- -- -- -- -- -- 11,096.5
OGKD E.ON Russia USD 0.088 0.18 BUY Buy TP(22.45%) 6/17/2011 103.9 19.7 10.6 6.70 34.2 15.4 9.40 4.00 3.00 1.80 5,566.9
MRKH MRSK Holding USD 0.098 0.067 SELL -31.6 -- -- -- -- -- -- -- -- -- 4,133.1
OGKE Enel OGK5 USD 0.070 0.18 BUY 156.2 15.1 11.4 6.60 46.6 25.5 9.70 2.50 2.20 1.10 2,485.1
OGKC OGK3 USD 0.033 0.067 BUY Buy TP(-52.48%) 6/17/2011 102.0 neg neg neg 5.60 6.30 6.50 neg neg 0.30 1,574.8
MSRS Moscow United DistCo USD 0.050 0.022 SELL Sell TP(-26.89%) 11/19/2009 -55.6 -- -- -- -- -- -- -- -- -- 1,417.5
OGKA OGK1 USD 0.027 0.073 BUY Buy TP(46.00%) 2/3/2010 169.4 4.50 2.30 2.70 7.00 4.30 3.30 0.90 0.50 0.50 1,209.7
MRKC Center MRSK USD 0.025 0.035 BUY Buy TP(-27.69%) 9/16/2011 40.8 -- -- -- -- -- -- -- -- -- 1,049.2
OGKB OGK2 USD 0.022 0.045 HOLD Hold TP(25.00%) 6/17/2011 105.5 7.70 7.60 7.30 14.8 11.2 7.60 0.90 1.00 0.50 716.9
MRKU Urals MRSK USD 0.0078 0.0063 SELL Buy TP(-55.00%) 9/16/2011 -18.9 -- -- -- -- -- -- -- -- -- 679.3
MRKP Center and Volga MRSK USD 0.0054 0.0076 BUY Buy TP(-13.64%) 9/16/2011 41.5 -- -- -- -- -- -- -- -- -- 605.4
MRKV Volga MRSK USD 0.0032 0.0056 BUY Buy TP(-36.36%) 9/16/2011 72.8 -- -- -- -- -- -- -- -- -- 578.9
MRKS Siberia MRSK USD 0.0053 0.0048 SELL -9.19 -- -- -- -- -- -- -- -- -- 472.4
MRKZ North West MRSK USD 0.0032 0.0080 BUY Buy TP(-58.97%) 9/16/2011 149.6 -- -- -- -- -- -- -- -- -- 307.0
LSNG Lenenergo USD 0.37 0.00 SELL Sell TP(-100.00%) 9/16/2011 -100.0 -- -- -- -- -- -- -- -- -- 280.0
MRKY South MRSK USD 0.0027 0.0069 BUY Buy TP(-51.75%) 9/16/2011 151.3 -- -- -- -- -- -- -- -- -- 136.8
MRKK North Caucasus MRSK USD 2.28 3.97 BUY Buy TP(11.52%) 9/16/2011 73.9 -- -- -- -- -- -- -- -- -- 67.4
IRAO InterRAO USD 0.0012 0.0023 BUY 98.2 -- neg neg -- 0.00 0.00 -- neg 0.00 0.011
Consumer/Retail 18.7 14.5 12.0 10.7 35.1 30.2 20.9 1.31 1.07 4.49 27,038.6
MGNT Magnit USD 111.1 115.3 BUY Buy TP(319.27%) 1/10/2012 3.78 21.0 16.0 12.8 39.3 30.4 23.9 1.50 1.10 6.20 10,505.9
FIVE X5 USD 22.9 34.2 BUY Hold TP(46.78%) 12/22/2011 49.5 10.7 11.6 8.70 38.4 23.4 20.2 0.90 0.90 3.10 6,213.6
PHST Pharmstandard USD 17.0 20.2 BUY Buy TP(-18.88%) 12/22/2011 18.8 6.30 5.80 5.40 9.10 8.30 7.70 2.50 1.90 2.20 2,251.0
OKEY O'Key Group USD 7.65 8.30 BUY Hold TP(13.70%) 12/22/2011 8.50 11.1 7.60 10.0 nm 16.2 18.7 1.00 0.70 3.90 2,052.4
DIXY Dixy USD 11.7 14.3 BUY Buy TP(16.26%) 12/22/2011 22.1 14.6 11.0 7.50 neg nm 22.6 0.80 0.60 5.50 1,461.4
MVID M Video USD 7.59 9.40 BUY Buy TP(3.30%) 12/22/2011 23.8 9.70 6.50 5.20 48.6 16.4 12.9 0.40 0.30 3.60 1,364.7
KLNA Kalina USD 137.0 132.2 BUY Hold TP(170.35%) 10/14/2011 -3.53 16.2 12.9 23.8 52.1 21.3 41.5 1.70 2.10 6.30 1,336.4
CEDC CEDC USD 5.70 3.70 SELL -35.1 8.60 11.4 11.9 4.80 neg 23.3 2.20 2.10 0.20 414.6
SYNG Synergy USD 19.3 34.6 BUY Buy TP(-1.14%) 12/22/2011 79.7 3.90 4.70 4.80 4.10 7.00 6.70 0.90 0.70 0.80 408.5
PRTK Protek USD 0.57 0.70 HOLD Hold TP(-12.50%) 12/22/2011 21.8 2.00 3.10 4.10 2.90 10.2 10.2 0.100 0.100 0.50 302.8
VRPH Veropharm USD 27.7 49.2 BUY Buy TP(16.04%) 12/22/2011 77.6 7.50 5.90 4.20 8.50 7.50 5.80 2.40 1.80 1.50 277.0
RSEA Russian Sea USD 2.61 1.70 SELL Hold TP(-19.05%) 12/22/2011 -35.0 7.20 neg 33.1 14.0 neg neg 0.60 0.60 4.40 207.8
APTK Pharmacy Chain 36.6 USD 1.60 1.30 HOLD Hold TP(-40.91%) 12/22/2011 -18.8 -- -- -- -- -- -- -- -- -- 168.0
ROST Rosinter USD 4.57 6.30 HOLD Hold TP(-7.35%) 12/22/2011 37.9 6.40 3.30 9.30 neg 8.20 neg 0.60 0.30 1.60 74.5
Chemicals 49.6 12.0 17.0 16.0 18.5 24.3 23.8 5.28 7.93 6.48 20,405.3
URKA Uralkali USD 7.42 -- COV. IN TRANS. -- 12.9 19.8 18.9 22.1 28.9 28.2 6.30 9.80 8.00 15,752.8
APAT Apatit USD 280.0 419.0 COV. IN TRANS. Buy TP(0.00%) 12/9/2011 49.6 6.00 6.70 5.80 5.00 8.60 10.4 1.50 1.40 1.50 2,095.6
AKRN Acron USD 46.7 -- COV. IN TRANS. -- 13.9 9.10 7.00 8.80 9.10 8.30 2.50 1.90 1.30 2,026.9
DGBZ Dorogobuzh USD 0.62 -- COV. IN TRANS. -- 2.80 6.10 3.50 3.00 9.00 5.30 0.60 1.30 1.10 432.7
NZHK Novosibirsk Chemical Concentrates Plant Stock USD 5.70 -- UNDER REVIEW -- 1.30 1.20 1.10 2.60 2.60 2.30 0.60 0.50 0.20 97.2
Automotive & transport 27.8 14.3 8.34 7.63 11.5 5.96 12.7 1.88 2.29 3.25 13,050.7
GLTR Globaltrans USD 15.3 20.0 BUY Buy TP(-13.04%) 1/10/2012 30.7 4.10 3.30 5.70 8.30 4.10 8.80 1.70 1.40 1.00 2,363.8
GLPR Globalports USD 14.0 16.0 HOLD 14.3 -- 11.9 8.80 -- 20.4 16.7 -- 6.50 2.70 2,193.3
AFLT Aeroflot RUB 50.5 89.0 BUY Buy TP(2,442.86%) 2/7/2012 76.4 9.40 6.20 5.10 21.4 8.30 6.50 1.20 0.90 1.60 1,853.3
NMTP Novorossiysk Commercial Sea Port USD 7.14 8.40 HOLD Buy TP(-31.71%) 11/29/2011 17.7 3.80 3.80 7.80 5.70 6.00 6.80 2.40 2.50 2.10 1,846.4
TRCN TransContainer OAO USD 9.60 14.2 BUY Buy TP(10.94%) 1/19/2012 47.9 12.7 10.0 5.40 nm 38.2 9.50 3.80 2.60 1.80 1,333.9
AVAZ AvtoVAZ USD 0.75 0.00 SELL -100.0 neg 19.6 18.0 neg neg neg 1.30 0.70 21.2 1,038.4
FESH FESCO RUB 10.4 13.7 BUY Hold TP(1,975.76%) 1/10/2012 31.7 -- 3.70 6.90 -- 1.70 33.9 -- 0.90 0.50 1,015.2
KMAZ KamAZ USD 1.42 1.50 SELL Sell TP(-6.25%) 6/25/2010 5.91 69.1 15.2 8.10 neg neg 20.1 0.90 0.70 1.00 1,001.7
SVAV Sollers USD 11.8 37.0 BUY Buy TP(32.14%) 5/9/2011 213.4 neg 9.30 4.80 neg neg 7.30 1.30 0.70 3.50 404.6
Media & IT 41.3 18.6 52.3 24.7 38.8 63.3 33.6 33.0 20.0 9.51 11,555.6
MAIL Mail Group USD 34.1 47.0 BUY Buy TP(4.44%) 9/1/2011 37.9 nm 65.1 35.6 43.5 nm 46.1 48.6 23.2 3.80 7,158.9
YNDX Yandex USD 21.4 20.4 SELL -4.81 23.0 40.2 7.60 40.0 63.2 15.0 9.90 19.8 26.1 2,768.8
CTCM CTC Media Inc USD 10.3 24.2 BUY Sell TP(0.00%) 12/14/2011 135.0 11.0 16.8 5.60 16.2 25.0 10.0 3.60 6.20 6.40 1,627.9
Real Estate 102.1 16.2 14.4 9.45 9.40 24.3 22.3 7.07 10.3 3.07 6,967.3
LSRG LSR Group USD 4.83 9.80 BUY Buy TP(7.22%) 10/28/2011 102.9 5.40 8.70 9.60 0.00 0.00 29.8 1.60 1.50 2.60 2,487.5
ETLN Etalon USD 5.40 13.0 BUY Buy TP(19.27%) 11/2/2011 140.7 6.80 7.40 5.90 9.40 9.90 10.5 2.60 2.50 3.70 1,592.8
PIK PIK USD 2.77 4.61 BUY Buy TP(-19.83%) 9/26/2011 66.4 24.8 26.8 9.10 neg neg 38.4 2.40 1.80 5.90 1,366.3
AFID AFI Development USD 0.56 1.24 HOLD Hold TP(-6.77%) 11/25/2011 123.4 13.6 nm 7.60 neg nm 7.90 35.0 nm 0.30 592.7
RUS Raven Russia LTD GBP 0.56 1.00 BUY Buy TP(42.86%) 9/23/2011 78.6 67.0 26.3 9.60 neg 10.9 3.10 17.8 11.8 0.80 454.2
MLD Mirland Development Corp GBP 1.65 3.04 BUY Buy TP(11.36%) 8/19/2011 84.2 49.4 26.8 13.7 neg 17.9 8.30 34.7 33.4 1.20 261.0
RGI RGI International LTD USD 1.32 1.90 HOLD 44.5 neg neg 36.0 neg neg 17.8 0.00 0.00 0.50 212.8
Agriculture 55.1 7.23 5.63 7.54 8.14 5.30 9.40 1.54 1.80 1.33 2,212.4
CHE Cherkizovo USD 13.4 19.5 BUY Buy TP(11.43%) 12/22/2011 45.1 7.10 6.60 6.30 6.90 5.70 6.00 1.30 1.20 1.30 902.4
AGRO Rusagro USD 7.39 9.70 BUY Buy TP(3.19%) 12/22/2011 31.3 6.20 4.40 9.10 9.40 4.90 13.7 1.30 1.10 1.60 886.8
BEFSDB BEF SEK 15.2 20.9 HOLD 37.5 neg neg neg neg neg neg 3.10 6.20 1.10 282.7
GRAZ Razgulay USD 0.89 3.60 BUY 305.0 14.5 7.10 5.60 neg neg 4.10 1.40 1.20 0.30 140.5
Oil&Gas Alternatives -- 8.11 10.8 5.14 8.80 13.9 8.35 7.13 1.97 0.72 2,187.8
AOIL Alliance Oil Company SEK 82.3 -- UNDER REVIEW -- 5.50 7.90 5.50 8.80 13.9 8.50 1.30 1.40 0.70 1,986.6
VGAS Volga Gas GBP 0.89 -- UNDER REVIEW -- 53.6 23.4 2.40 nm 41.8 5.70 6.90 5.70 -- 114.1
PTR PetroNeft Resources GBp 15.8 -- UNDER REVIEW -- neg 60.8 0.40 -- -- -- nm 10.0 1.20 87.2
Construction -- 3.60 8.60 7.30 4.90 13.1 11.0 0.70 1.60 4.40 1,820.3
MSTT Mostotrest USD 6.45 -- UNDER REVIEW -- 3.60 8.60 7.30 4.90 13.1 11.0 0.70 1.60 4.40 1,820.3
Petrochemicals 24.7 9.90 6.30 5.76 48.3 20.7 15.0 1.26 1.03 1.30 1,795.0
NKNC Nizhnekamskneftekhim USD 0.70 0.77 BUY 10.0 9.90 6.40 5.90 48.3 19.5 15.9 1.20 1.00 1.40 1,541.2
KZOS Kazan Orgsintez USD 0.14 0.29 BUY 113.8 9.90 5.70 4.90 neg 27.9 9.40 1.60 1.20 0.70 253.7
Engineering 68.6 7.22 4.39 3.39 1.80 2.20 5.44 0.88 0.54 4.26 1,197.0
UUAZ Ulan-Ude Aviation Plant USD 2.59 2.58 HOLD Buy TP(50.88%) 11/10/2011 -0.39 0.60 0.40 3.00 1.80 2.20 5.20 0.20 0.100 1.00 614.7
HMSG HMS Group USD 4.97 12.0 BUY 141.4 14.2 8.60 3.80 nm 20.7 5.70 1.60 1.00 7.70 582.3
Oilfield Services 86.2 5.00 3.60 2.49 10.6 24.7 6.26 0.89 0.69 0.85 714.7
INTE Integra USD 2.02 4.50 BUY 122.7 5.00 3.40 2.10 neg 41.0 6.70 0.60 0.40 0.70 366.1
O2C C.A.T. oil AG. EUR 5.41 8.00 BUY 47.9 5.00 3.80 2.90 10.6 7.60 5.80 1.20 1.00 1.00 348.6
Uranium 289.8 19.6 2.94 2.51 2.00 1.70 6.06 2.46 0.63 0.73 402.8
PGHO Priargunsk Mining & Chemical Plant USD 145.0 458.0 BUY Not covered TP(0.00%) 10/30/2011 215.9 32.5 4.10 3.50 nm 11.1 9.20 3.90 0.80 1.10 236.6
MASZ Machine Plant Electrostal USD 80.0 396.0 BUY Buy TP(-21.89%) 8/27/2009 395.0 1.20 1.30 1.10 2.00 1.70 1.60 0.40 0.40 0.20 166.2
Basic Materials 202.5 7.00 5.30 2.90 25.3 11.7 4.60 2.30 1.50 0.90 351.2
SCEM Sibirskiy Cement USD 11.6 35.0 BUY Buy TP(-63.92%) 5/26/2009 202.5 7.00 5.30 2.90 25.3 11.7 4.60 2.30 1.50 0.90 351.2