Vice President of Marketing and Sales AvtoVAZ announced that the company plans to sell 100 thousand cars on the recycling program
Feb. 4 at the next meeting of the ECB decided to keep the base interest rate at 1%. According to the ECB”s current interest rates are adequate to the situation in the economy. At the press conference, ECB President said that economic activity in the euro area continues to grow, although the uncertainty about the future growth of the European economy remains high. With regard to inflation, it still remains subdued. In particular, in January, inflation amounted to 1,0% in annual terms. Trust annual inflation rate remained at 2.0%. According to our estimates, the ECB on the instability growth and low inflationary pressures continue to testify about plans for the near term to keep interest rates at1000low levels, which is a positive factor for financial markets, the euro area. However, we expect the euro and European financial markets will continue to pressure big budget deficits in Greece and Spain and Portugal, although representatives of the ECB noted that the budget deficit is less than the euro area than in the U.S. and Japan.
5 February, Vice President of Marketing and Sales AvtoVAZ Maxim Nagaitsev said that the company plans to sell 100 thousand cars on the recycling program. In addition, the plan was disclosed sales for 2010, which amounts to 450 thousand cars. We evaluate a plan to sell 100 thousand cars on the recycling program, cars like the overly optimistic. The Government has allocated in 2010 10 billion rubles for the implementation of this program. Based on the amount of compensation of 50 thousand rubles for 1 car, the program is designed for 200 thousand cars. Thus, the AvtoVAZ wants to get 50% market share of cars sold on recycling programs. We believe that AvtoVAZ has a chance to take half of this market, as fixed at 50 per thousand sum of certificate is most pronounced when buying a car VAZ, in the lower price segment. However, we doubt the sale of 200 thousand cars on the recycling program in 2010. We estimate that consumer demand in 2010 will remain weak, growth of disposable incomes are low, and consumer lending will grow at a moderate pace that would put pressure on the demand for cars.
General Director of JSC “OGK-3 (RTS: OGKC) in his interview with Interfax made some important statements. First, in 2010 it expects to reduce operating profits by 7 times compared with the year 2009 - up to 600 million rubles. This amount does not include the possible revenue from the placement of free funds. According to him, coming in 2010 will be for OGK-3 the most severe, in particular because of low tariffs. However, through the implementation of programs to reduce costs will get the effect of the order of 1 billion rubles. Secondly, it became known that in 2009 operating profit of OGK-3 will be 4.2 billion rubles, the CEO noted that in 2009, failed to obtain substantial additional income from the placement of free funds, as it was in 2008. Nevertheless, management of OGK-3 plans to offer shareholders of net profits to send to dividends. Thirdly, it was confirmed the intention in the near future to sell the share of OGK-3 RUSIA Petroleum. We believe that the statements could have a positive impact on share prices OGK-3. Put across by the likely deterioration in financial performance of the company market speculations, as approved in 2010 the dynamics of electricity tariffs and the power behind the dynamics of fuel prices and inflation forecast. At the same time set goals to reduce costs, demonstrate the commitment of management OGK-3 to enhance the effectiveness of the company. Intention to send a portion of the net profit on dividends is somewhat unexpected. We estimate the potential dividend yield will likely not be interested in investors. However, this indicates an improvement of corporate governance, which is also confirmed plans to sell noncore assets.
More information on these and other analysts” comments Finam You can read in the section “Investments”
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