Machinery

Research

Machinery
March 3, 2010Zaporizhtransformator – high voltage upside

Zaporizhtransformator is the CIS leader and one of the global leaders in the sphere of transformer manufacturing, supplying its products to 83 countries. Near 80% of all power transformers in operation in the CIS are made by ZATR. Given such a high level of penetration and the CIS countries’ strong need to invest in electricity infrastructure, coupled with the Company’s impressive margins and huge discounts at which ZATR shares are trading, we see its stock as a unique opportunity for investors.

Machinery
February 26, 2010Turboatom – generating value

Turboatom, one of a few state-owned high-margin enterprises, is the largest CIS producer of turbines for all main types of power plants. The Company’s capacities enable the production of 8 GW of steam power turbines and 2.1 GW of hydro turbines per year. The Company has delivered more than 900 turbines with a total power of nearly 150 GW to more than 35 countries and it occupies the fourth place in the world in terms of turbines installed at nuclear power plants.

Machinery
December 22, 2009Poltavakhimmash – a little can go a long way

Poltavakhimmash is a medium-sized Ukrainian producer of railcars and metal works that specializes in tanks and enameling equipment for the chemical, medical and food industries. With the recovery of the railcar industry, we have initiated the revaluation of this Company with a BUY recommendation.

Machinery
December 17, 2009Railcars producers – back to the good old days

Recent macro statistics and news related to the railcar building industry clearly indicate that the recovery in the sector has been started and that the bottom has already passed. Against the background of outperforming our estimates dynamics of the recovery, we initiate a revaluation of the most liquid railcar producers’ stocks to answer the question “Are the new realities reflected in stocks’ prices?”

Machinery
December 1, 2009Luhanskteplovoz —happy ending ahead?

Luhanskteplovoz (LTPL UZ, HOLD) is the largest manufacturer of locomotives in Ukraine. The Company has a diversified product range, including turn-aroundrigs, trams, mine conveyors, and drive tractors for mines, while the core production is diesel and electric locomotives. After the latest move to re-privatize the Company (a 76% stake was transferred to the State Property Fund), the key issue for LTPL is whether or not Transmashholding will secure its control over the Plant. We present you our view on the situation and the possible outcome.

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Daily monitor

Machinery
March 10, 2010Sumy Frunze delivers USD 9.3 order to Surgutneftegaz

Sumy Frunze Machine Building [SMASH UZ, U/R], the leading CIS manufacturer of machinery equipment for the oil and gas industry, has successfully delivered three gas turbine blocks to the Russian-based Surgutneftegaz. The equipment is designed for one of the client’s power plants and has an aggregate power of 36 MW. The purpose of the equipment is to utilize the associated gas for producing electricity (earlier, Surgutneftegaz burned associated gas in flares.

Machinery
March 9, 2010Court blocks Turboatom’s dividends payment

The Economic Court of the Kharkiv Region has fully satisfied the claim of one of Turboatom’s minority’s shareholders (Svarog Asset Management), which declared the decision taken by TATM shareholders at its AGM (held on February 4, 2010) to be invalid. In particular, as a result of this decision, the dividends payment that was adopted at the AGM was blocked (the shareholders had decided to pay out UAH 44.1 mln in dividends).

Machinery
March 9, 2010KRAZ output down 99.1%, ZAZ up 194%

AvtoKrAZ [KRAZ UZ, N/R], a Ukrainian producer of heavy trucks, has reported a decline in February production by 99.1% MoM (the Company produced only one car). At the same time, ZAZ, a leading Ukrainian auto manufacturer, reported a rise in production by 194% MoM, as the Company produced 770 cars in February vs. 262 in January.

Machinery
March 5, 2010ZAZ reports USD 19.9 mln net loss in 2009

The Zaporizhia Auto Plant, a leading Ukrainian automobile producer, reported a net loss of UAH 158.8 mln (approx. USD 19.9 mln) in 2009. This compares to the UAH 390.6 mln net loss posted by the Plant in 2008.

Machinery
March 4, 2010LUAZ increases production to 1.1 thsd cars

Bohdan Motors [LUAZ UZ, U/R] reported that 1104 cars were produced in February 2010, a level that is 14.3 times higher than in January 2010. However, it is still 60.8% lower than in January 2009.

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