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November 18, 2009
Stakhaniv Railcar Works: more orders, greater value
Stakhaniv Railcar Works, a member of the AutoKrAZ holding and is controlled by the Finance & Credit Group, is the largest Ukrai nian producer of gondolas and hoppers, previously the railcars that were most ‘in demand’. Despite the fact that the Company has suffered a lot in the past year, recent news about the Company led us to review our models of and opinion about SVGZ`s valuation.
December 8, 2008
Motor Sich: Facts Support Strong Prospects
Motor Sich is the only Ukrainian company and one of the world’s largest companies engaged in the development, production, testing and repair of modern aviation engines. The main driver of the company’s net revenue growth is the expected significant increase in helicopter and aircraft production in Russia, as well as the growth in demand for this equipment in other developing countries with which Russia has historically maintained close relationships. Despite Russian authorities’ announcement about starting-up the serial production of helicopter and missile engines in Russian plants, we are skeptical about the timely realization of these plans. We see the most probable and advantageous way for both parties is close cooperation in engine production.
October 14, 2008
Bogdan Automobile Plant - consolidation on the final gap
The Ukrainian new car market is demonstrating a drop in sales for the second month in a row. The main reason is a decrease in the dispersal of auto loans since May 2008. We downgrade our forecast for the sector’s market growth for 2008 to 14%; however, we retain our estimates for LUAZ car production at the 90 thsd level. The current liquidity crunch that has already reached Ukraine has led us to increase the WACC in the DCF model. Also taking into account details of an additional share issuance of a 33% stake, which is expected this autumn, we downgrade our 12M Target Price for LUAZ to USD 0.284 per share (USD 0.31 before additional share issuance) and retain our recommendation to BUY shares in the Bogdan Automobile Plant.
August 27, 2008
Bogdan Automobile Plant - Ready to Shoot Forward
The Bogdan Automobile Plant [LUAZ] is one of the largest auto producers in Ukraine. LUAZ assembles Russian VAZ, South Korean Hyundai and KIA brand cars, which hold strong positions in the market based on 2007 sales. The company also produces buses and trucks. Bogdan is carrying out an active strategy for market gaining and will benefit from the sales growth of new cars in Ukraine.
August 11, 2008
Railcar Producers In The Spotlight - Buy Your Ticket On Time
We initiate our coverage of the Ukrainian railway sector in aims of highlight the most promising investment picks for the year 2008. We analyze the demand and supply of freight and passenger railcars in the CIS based on Ukraine, Russia and Kazakhstan since they maintain 90% of the railway rolling stock in the region. According to our estimations, all covered companies have a great upside potential.

Daily monitor

February 3, 2011
Profit of Motor Sich gains almost 70%

In 2010 Motor Sich [MSICH UK] has increased net profit by 68.6% YoY to USD 150.9mln or USD 75.6 per share.

February 2, 2011
Bogdan Corporation announces plans for 2011

Bogdan Corporation, owner of Bogdan Motors [LUAZ UK], has announced its plans for 2011. This year, the company plans to raise its bottom line above zero, increasing car sales by at least 50%. Export is expected to double this year to 20 thsd units. The company expects car production to gain 51.5%, reaching 45 thsd units, while bus and trolleybus production will increase by 19.7%, reaching 1.1 thsd units.

January 27, 2011
Turboatom hands over equipment to Starobeshivska HPP

Turboatom [TATM UK] has handed over equipment with an overall volume of USD 2mln to Starobeshivska HPP, a member of Donbassenergo [DOEN UK], within the frames of a contract on generating plant block №5 modernization.

January 24, 2011
Metinvest announces a Eurobond issue

Metinvest Holding, the largest Ukrainian metallurgic company, has announced plans to issue 7-10 year Eurobonds with an overall volume of USD 500 mln. The road show is to start on January 25th. Bond issue was organized by Credit Suisse, Deutsche Bank, ING, RBS, and VTB Capital. Fitch has set a preliminary B rating for the bonds.

January 24, 2011
New proprietor of a 10% share of Cherkassy Bus is revealed

Bogdan Corporation, the owner of Bogdan Motors [LUAZ UK], has disclosed information regarding a recent acquisition of a 10% share of Cherkassy Bus from Bogdan Motors. The purchaser turned out to be Ukrainian Automobile Holding, another member of the Bogdan Corporation.

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