Apr
29
Daily Stock review - April 29, 2009
Filed Under Trader’s view |
For a second day in a row the Russian share market displays decrease. Once again the external factors are far from favorable – oil is being traded lower than 48 USD per barrel of Brent mix, exchange grounds were falling. Both main Russian grounds broke through the psychologically important levels of 900 points of MICEX and 800 points of RTS index. More to that technically the market displayed a “double peak” figure, which likely will lead to further drop of the market. Among the liquid chips the most serious drop indicated the shares of the oil-and-gas sector, which moved following the change of conjuncture at the raw material grounds. We should also outline the significant down of Uralkaliy’s shares, which issued a good report on Tuesday for the previous year by IAS.
Main Stock news
Weak annual report by Evraz, decrease of capital expenses and refusal from dividends.
Evraz Group upped the IAS net profit for 2008 by 11.2% versus the year before. The annual sales grew by 58.5%, EBITDA – by 46.9%. The net debt of the company as of end of the year totaled 9.031 bn USD and till the end of the year the holding should cover for about 3 bn USD. Evraz Group plans to direct not more than 500 mn USD to development in 2009. Holding’s board decided not to payoff dividends by the end of 2008.
Other Stock news
Ø Tatneft will reduce 2008 dividends by 21.7%.
Board of Tatneft considered at the meeting this Tuesday the matter of dividend payoff and recommended to pay them in the amount of 30% of the net profit.
Ø Operating estimates of Evraz for 1Q 2009 are inspiring.
Evraz Group reduced steel production by 29.3% to 3.39 mn tons in 1Q versus the similar period of the previous year. Steel smelting grew by 4.3% versus the 4Q 2008. Output of rolled metal decreased by the end of the quarter by 22.8% to 3.409 mn tons versus 1Q 2007. Output of cast iron dropped 30.7% to 2.578 mn tons.
Ø Dalsvyaz: official information on Dividends.
Dalsvyaz announces the decision, made at the board meeting on April 27 2009, on conducting annual shareholders’ meeting for 2008. Within the usual agenda the recommendation of directors on dividends became public. The shareholders’ meeting was recommended to payoff dividends for 2008 amounting 5.4772 RUR per preferred share and 2.7238 per common share.
Ø GAZ Group reached an agreement with holder of 80% bonds amounting 3.85bn RUR.
GAZ Group and Raiffeisenbank, which acts as the organizer and advisor on restructuring company’s debt, reached an agreement with holders of 80% bonds of Gaz-Finance for the sum total amount of 3.85 bn RUR.
Ø Uralkaliy reported for 2008 by IAS and is getting ready for rough 2009.
In 2008 Uralkaliy upped net profit by IAS by 2.73 times versus 2007 to 21.9 bn RUR, states the report of the company. Company’s sales grew by 118.7% to 62.8 bn RUR, operating profit – by 3.84 times to 38.8 bn RUR. The financial estimates of the company turned out to be worse than the market expected.
Daily Stock review - April 29, 2009 (PDF)