| 27.08.2008 |
NITR’s lackluster results are set to improve later this year. The increase in pipe prices outpaced those of steel in 1H08. After incorporating the weak 1Q08 results, we downgrade our 12-month target price to $2.8 but raise our recommendation to HOLD on price performance.
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| 18.08.2008 |
New pipeline projects promise to drive SMASH’s sales higher. A major supplier of oil & gas equipment throughout the CIS, SMASH is looking to cash in on a plethora of projects in traditional and key Russian and Central Asian markets. We initiate coverage with a 12M TP of $8.1, which offers 45% upside and a BUY recommendation on the back of an expected 200% hike in demand for products in 2008.
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| 14.08.2008 |
Coke prices have hit historical highs and are boosting producers’ profitability. Coke demand is expected to remain strong on the back of domestic steelmakers’ expansion plans. Our DCF and multiple comparison valuations yield TPs that suggest strong upsides for our covered stocks, and we assign BUY recommendations to all five coke sector names.
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| 30.07.2008 |
MEGA showed sluggish net profit growth. The below-average growth and a sharp increase in assets did little to improve profitability, with lower-profit corporate lending the main asset growth driver. On poor 2Q08 results and a weak banking sector, and pending changes to our model, we keep the stock UNDER REVIEW.
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| 29.07.2008 |
Ukrgasbank’s superior growth rate comes at a price. The bank’s net profit and asset growth rates outpaced banking averages, but the growth was facilitated through expensive domestic funding which increased the bank’s interest expenses. We reaffirm our BUY recommendation for Ukrgasbank with a 12M TP of $1.30, which offers 125% upside to current market prices.
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| 29.07.2008 |
An expansive rebranding program has diminished Nadra’s profits. However, the capital investment is already improving the bank’s standing amongst domestic competitors. An unimpressive growth of assets is the fruit of the bank’s efforts to improve its loan portfolio. We maintain our HOLD recommendation for NADR.
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| 25.07.2008 |
FORM’s new focus on improving profitability yielded results in the second quarter. Net profit growth outpaced the sector average, and a new lending strategy has decreased the volume of low-quality assets. We maintain our BUY recommendation with a 12-month target price of $6.49, offering 124% upside to the current price.
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| 25.07.2008 |
Ukrsotsbank increased its net profit and asset growth to near the banking sector averages, leading to improved profitability ratios. Lower corporate deposits were offset by higher growth in funding from other banks. We maintain our BUY recommendation for USCB with a 12-month target price of $0.29.
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| 25.07.2008 |
Rodovid Bank performed strongly in 2Q08, outpacing the banking sector in net profit and asset growth. However, the bank’s focus on domestic sources of funding (deposits) while the economy is enduring a period of high inflation could slow future asset growth. We downgrade RODB to UNDER REVIEW.
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| 24.07.2008 |
BAVL’s access to cheap funding is a major advantage. The bank’s 2Q08 net profit and asset growth fell short of the banking industry average, but this was because it increased provisions and curtailed retail lending, the riskiest business line. We reiterate our BUY recommendation with a TP of $0.24, offering 72% upside.
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