brazil stock market

JAN 07/ General Comments

JAN 07/ General Comments
do u want to make money . then try to short swiss small mid caps like sulzer . beta hiugher than smi

faber , inflation stagflation , buy gold , usd 480 possible if downturn in asset prices.
soft precious and industrial commodities
global warming , soft comm up, buy farmland in brazil/argentina very inexpensive in a world of inflated asset prices.
yen and asian currenciues undervalued. asian/ russian real estate
go long yen through call options . check singapore stock market real estate and stocks. thai market lower if foreigners out, wait couple of months.
2007 volatility would go up substantially.





In the meantime , rates scare , the fed does not cut ! oil dips down , nickel too, pharma and telecom are resilient . in china impressive utilities. dollar is up, short time ?

http://www.ft.com/indepth/sparklingtrades
Amazing story , gas trader , 32 years old , usd 3 bio aum, 150% performance 06.
http://www.ft.com/cms/s/69b7daf0-9c26-11db-9c9b-0000779e2340.htmlUpdate 2
or warnnats on the emrging markets linked to gdp growth paying off stellar retirns, see rgentina and bosnia.

Historsy of stock markets
http://www.ft.com/cms/s/ef2bc4c2-91b7-11db-a945-0000779e2340.html
History repeats itself.....a bit too simple according to
Anatomy of the Bear: Lessons from Wall Street’s Four Great Bottoms PIC by Russell Napier (CLSA Books; December 2005) as the best investment-related read of the year.
Martin Dickson, deputy editor of the FT, says the investment book he most enjoyed reading this year was actually written 35 years ago.
He chose Do You Sincerely Want To Be Rich? Bernard Cornfeld and IOS: an international swindle by Charles Raw, Bruce Page and Godfrey Hodgson (Andre Deutsche; 1971)
Freud in the City PIC by David Freud (Bene Factum Publishing; May 2006) rated as the top choice of Jeremy Tighe, manager of the Foreign & Colonial investment trust. The book is a biographical account by former FT journalist, David Freud, of his work in the City throughout the mid to late 1980s and 1990s.
Hedge Hogging by Barton Biggs (John Wiley & Sons; January 2006).
Our Iceberg is Melting: Changing and Succeeding Under Any Conditions PiC by John Kotter and Holger Rathgeber (Pan; September 2006). This short story uses allegory to illustrate how to cope with change and show change as an opportunity not a threat.
One Up on Wall Street (Simon & Schuster; revised edition August 2000), Peter Lynch

WHAT TO SAY , MARKETS STAGE AN IMPRESSIVE BEGINNINg , valuations ought to be high claim the brokers , hence prices are bidding up. of course, news are good : it is a perfect world . financials up , they are going to cut interest rates, the stage is applauding, and the press reminds us the incoming buzz of M&A. champagne cork popping, the investment professionals are back pouring a small but significant slice of their bonuses on what keeps making them, rich, the markets , a virtuous cycle for mutual growth. or ratehr vicous? the audience applauds ,what a macabre spectacle??

you really don't get it, who is right ....http://www.bloomberg.com/apps/news?pid=20601109&sid=a3KQjbeQBK0c&refer=home
emerging markets up this year again ? and what about secular trends, they teach you not to follow the sirens and here they go, again , cfo's pulling out of their hat the magic wod, secular trend , it is infrastructure stupid !!!! Bharat Heavy Electricals Ltd. since 3 years heard about how the hell do you buy it in India?
looks there is a consoloation though : "The Middle East had nine of the 10 worst performing stock markets, imploding after a three-year, 267 percent surge in the Dow Jones DIFC Arabia Titans 50 Index. The Tadawul All-Share Index in Saudi Arabia, the region's biggest market, lost 53 percent, the steepest slide of 81 indexes tracked by Bloomberg" The question is WHY did this happen in the Middle East ???????? Cant u answer?

The miracle of liquidity after a continuous debacle over the past 40 years of the emerging stock markets gives some gloss to the shareholder value or capitalist ideals . u make business also with adrs not only with bribes and monopolies from commodities exports. the true revolution of capital markets is shining over truculent past fascist and comunist dictatorships .

back to serious stuff , very instructive report from cs, finally some pedagogical epistemological quality investment paper without recurring to the finacial metrical rethoric void of any sense employed by the overwhelmingly boring routinary analysts afflicted by a total disenchantment and existential angst early morning when they sit in front of their pc to punch in the data and chart their beautiful pictures , to eventually toss a coin to decide where their stocks are heading.
https://investor-circle.credit-suisse.ch/csfs/research/m/s/pdf/area_02/06/12/29/F06122900134.pdf

quite interesting given the history of mining industry , its evolution throughout the collapse of the soviet union and its renaissance with the emergence of the chinese claygiant, the chinese golem. the quest for raw amterials mainly driven by demand but also, and we hope so, by a better supply management and stronger consolidation , ie verticalisation. is it the sunset of agast heavy industry path ? quite preoccupying however the environment threat and the high consumption of energy that these colossal operations require. hence , electricity price it's up!!! uranium usage too, suez lyonaise and erw have skyrocketed !!!!!!! and where the hell do we dig in the radioactive waste.

russian stocks valuations

Key Stocks Information

Ticker Company Last Price, USD Target Price, USD Rating Changed from and TP(Change) Up/ Down Side % EV/EBITDA PE EV/ Sales P/B MktCap. USD mln '05E '06E '07E '05E '06E '07E '06 '07 Oil & Gas 2.70 7.33 6.12 5.61 12.8 10.3 9.93 2.15 1.93 2.35 534,134.3 GAZP Gazprom 10.8 9.40 HOLD Sell TP(13.94%) 12/20/2006 -13.0 7.00 6.10 5.50 12.5 9.60 9.00 2.80 2.50 2.10 245,689.0 ROSN Rosneft 8.50 9.75 BUY Buy TP(-4.41%) 12/20/2006 14.7 11.0 8.10 7.80 18.4 13.0 13.3 2.20 2.10 4.30 90,084.5 LKOH LUKOIL 78.7 83.3 HOLD Buy TP(-11.10%) 12/20/2006 5.80 5.30 5.10 5.10 8.00 8.30 8.80 0.90 0.90 2.00 65,153.9 TNBP TNK-BP Holding 2.28 2.87 BUY Buy TP(-3.37%) 12/20/2006 26.2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 37,037.0 SNGS Surgutneftegas 1.37 2.13 BUY Buy TP(-2.29%) 12/20/2006 55.8 2.80 2.80 2.60 9.00 10.9 10.9 0.80 0.80 1.10 32,653.1 SIBN Gazprom Neft 4.30 3.80 SELL Sell TP(-8.21%) 12/20/2006 -11.6 3.10 3.10 3.20 4.30 5.00 5.80 0.90 0.90 1.90 20,387.6 NVTK Novatek 5.80 6.28 HOLD Hold TP(24.36%) 12/20/2006 8.28 17.1 12.5 9.00 29.1 22.7 16.4 6.50 4.80 6.60 17,610.6 TRNF Transneft Pref. 2,376.0 -- BUY -- 4.10 4.10 3.70 6.60 6.70 5.60 2.20 2.00 1.20 14,441.7 TATN Tatneft 4.20 4.80 HOLD Hold TP(-15.34%) 12/20/2006 14.3 4.20 3.00 2.80 8.10 7.60 9.00 0.50 0.40 0.90 8,732.6 O2C C.A.T. oil AG 24.4 36.2 BUY 48.0 22.6 11.8 8.20 40.8 20.5 14.5 3.70 2.80 5.60 1,194.3 YUKO YUKOS 0.53 -- not rated -- neg neg nm neg neg neg 1.40 1.40 neg 1,150.0 Metals & Mining 17.5 6.02 5.75 5.89 7.39 10.8 11.9 2.49 2.38 2.32 83,682.9 GMKN Norilsk Nickel 145.0 165.0 BUY Hold TP(7.14%) 11/30/2006 13.8 3.70 3.90 4.00 5.90 6.70 7.70 2.40 2.30 2.40 27,635.8 NLMK NLMK 2.35 2.60 BUY Ur TP(103.13%) 4/24/2006 10.6 4.70 4.30 4.00 7.30 7.90 7.90 1.90 1.80 2.20 14,084.1 CHMF Severstal 11.0 14.5 BUY Buy TP(1.40%) 3/8/2006 31.8 4.00 3.80 3.80 7.20 7.50 8.70 0.90 0.80 1.40 11,074.6 EVR Evraz Group 25.4 -- UR -- 4.30 4.50 4.30 5.50 6.30 6.60 1.30 1.20 2.80 8,907.8 PLZL Polyus Gold 45.1 55.0 BUY Buy TP(-15.38%) 9/19/2006 22.0 17.3 16.7 19.5 7.30 37.2 44.0 7.40 7.40 2.20 8,596.1 TRMK TMK 8.00 9.43 BUY Buy TP(-75.00%) 12/21/2006 17.8 9.40 7.20 5.80 16.3 11.2 9.20 2.00 1.70 3.20 6,988.2 MTL Mechel Group 23.9 -- -- -- -- -- -- -- -- -- -- -- 3,314.9 VSMO VSMPO-Avisma 290.0 -- not rated -- -- -- -- -- -- -- -- -- -- 3,081.4 Telecoms 6.42 7.00 6.00 5.72 17.2 14.4 14.2 2.23 2.11 3.72 73,174.5 MBT MTS 47.6 60.0 BUY Buy TP(33.33%) 11/7/2006 26.0 6.60 4.90 4.10 13.2 9.70 8.40 2.50 2.10 4.50 18,988.4 VIP VimpelCom 76.3 95.0 BUY Buy TP(13.10%) 11/30/2006 24.4 7.10 5.10 4.10 18.5 12.1 9.40 2.70 2.10 4.20 15,659.2 SSA Sistema 30.2 35.0 BUY Buy TP(9.38%) 12/18/2006 15.9 4.00 3.30 -- 11.4 10.3 -- 1.30 -- -- 14,571.5 RTKM Rostelecom 7.26 1.19 SELL Sell TP(-32.00%) 8/4/2006 -83.6 15.2 17.7 17.6 40.7 50.6 56.6 3.00 3.10 3.40 6,164.8 CMST Comstar-UTS 8.12 9.00 UR Ur TP(12.50%) 12/12/2006 10.8 7.20 5.70 4.70 16.7 10.9 8.80 2.20 1.80 1.90 3,136.6 MGTS MGTS 24.4 18.5 SELL Hold TP(0.00%) 12/26/2006 -24.2 5.60 4.20 3.50 12.5 9.70 8.40 1.80 1.60 -- 2,308.7 URSI UralSvyazinform 0.059 0.050 SELL Sell TP(25.00%) 12/26/2006 -15.3 7.10 5.50 4.90 14.9 10.2 8.80 2.10 2.00 2.60 2,265.3 GLDN Golden Telecom 50.2 43.0 HOLD Buy TP(0.00%) 12/18/2006 -14.4 8.10 6.80 5.70 20.9 17.3 13.9 1.90 1.60 2.50 1,837.7 NNSI Volga Telecom 5.83 4.29 SELL Hold TP(0.00%) 12/26/2006 -26.4 6.80 5.70 4.50 15.8 13.0 9.20 2.10 1.80 2.40 1,765.0 SPTL North West Telecom 1.59 1.81 BUY Buy TP(38.17%) 12/12/2006 14.2 8.40 6.60 5.80 22.4 15.0 12.2 2.30 2.10 1.90 1,696.9 ENCO Siberia Telecom 0.10 0.090 SELL Hold TP(0.00%) 12/26/2006 -12.6 6.40 5.30 4.50 15.4 10.6 8.40 1.90 1.70 2.20 1,581.0 ESMO Center Telecom 0.75 0.76 HOLD Buy TP(0.00%) 12/26/2006 1.33 6.30 5.10 4.30 19.2 11.0 8.80 1.90 1.70 3.20 1,493.8 KUBN South Telecom 0.18 0.15 HOLD Hold TP(25.00%) 12/12/2006 -16.7 7.90 5.60 4.90 neg 14.7 10.3 1.90 1.70 2.00 657.4 ESPK Far East Telecom 3.91 5.18 BUY Buy TP(20.75%) 12/12/2006 32.5 5.70 4.00 3.40 15.1 8.60 6.40 1.40 1.30 1.90 520.4 BISV Bashinformsvyaz 0.23 0.16 HOLD -29.7 5.50 5.10 4.70 29.1 23.1 19.0 1.40 1.40 -- 222.0 MOCC Moscow Cablecom 10.4 10.8 HOLD Buy TP(-20.00%) 12/18/2006 3.65 neg 55.5 12.1 neg neg 30.7 5.60 3.10 8.50 216.7 CNTL Central Telegraph 0.38 0.40 SELL Buy TP(-31.03%) 8/4/2006 5.26 5.60 4.60 3.80 12.6 13.2 9.10 1.10 1.00 -- 89.2 Banking 18.1 -- -- -- 27.4 21.1 15.3 -- -- 7.85 66,167.4 SBER Sberbank 3,280.0 3,876.0 BUY Buy TP(34.68%) 1/11/2007 18.2 -- -- -- 27.3 21.2 15.4 -- -- 7.90 64,995.0 VZRZ Vozrozhdenie Bank 56.5 64.0 HOLD Hold TP(53.48%) 1/11/2007 13.3 -- -- -- 33.9 16.5 10.2 -- -- 5.10 1,172.4 Second Tier Oils 20.1 -- -- -- -- -- -- -- -- -- 36,739.0 SLAV OAO Slavneft 1.50 1.75 HOLD Hold TP(52.17%) 2/27/2006 16.7 -- -- -- -- -- -- -- -- -- 7,131.4 MFGS Megionneftegaz 52.0 69.2 BUY Sell TP(113.77%) 2/27/2006 33.1 -- -- -- -- -- -- -- -- -- 6,110.5 PFGS Purneftegas 42.5 -- -- -- -- -- -- -- -- -- -- -- 4,502.6 ORNB Orenburgneft 40.5 50.3 BUY 24.2 -- -- -- -- -- -- -- -- -- 3,426.6 BANE Bashneft 15.5 9.45 SELL Sell TP(34.23%) 2/27/2006 -39.0 -- -- -- -- -- -- -- -- -- 3,016.7 UDMN Udmurtneft 730.0 568.0 BUY -22.2 -- -- -- -- -- -- -- -- -- 2,384.8 SKGZ Sakhalinmoreneftegaz 20.5 -- -- -- -- -- -- -- -- -- -- -- 1,579.4 JNOS YaroslavlNOS 1.21 1.90 BUY Sell TP(265.38%) 2/27/2006 57.0 -- -- -- -- -- -- -- -- -- 1,330.6 SNOZ SalavatNOS 62.2 110.5 BUY Sell TP(220.78%) 2/27/2006 77.7 -- -- -- -- -- -- -- -- -- 1,153.9 UNPZ UfaNPZ 1.85 1.63 SELL Sell TP(39.32%) 2/27/2006 -11.9 -- -- -- -- -- -- -- -- -- 1,090.0 NUNZ Novo-UfaNPZ 1.23 1.41 SELL Sell TP(85.53%) 2/27/2006 14.6 -- -- -- -- -- -- -- -- -- 1,038.0 VJGZ Varyoganneftegaz 45.0 58.5 BUY 30.0 -- -- -- -- -- -- -- -- -- 1,003.8 UFNC Ufaneftekhim 3.15 3.59 SELL Sell TP(86.01%) 2/27/2006 14.0 -- -- -- -- -- -- -- -- -- 973.2 MNPZ MoscowNPZ 130.0 352.9 BUY Buy TP(196.01%) 2/27/2006 171.4 -- -- -- -- -- -- -- -- -- 936.1 KRKN SaratovNPZ 375.0 83.6 SELL -77.7 -- -- -- -- -- -- -- -- -- 350.3 SNFG Saratovneftegaz 100.0 170.0 BUY 70.0 -- -- -- -- -- -- -- -- -- 314.0 ORFE OrskNOS 61.0 99.5 BUY Sell TP(193.88%) 2/27/2006 63.1 -- -- -- -- -- -- -- -- -- 265.8 RNPZ RyazanNPZ 37.0 23.0 SELL Sell TP(-18.30%) 2/27/2006 -37.8 -- -- -- -- -- -- -- -- -- 74.4 KNPR KomsomolskNPZ 49.0 -- -- -- -- -- -- -- -- -- -- -- 56.7 Consumer/Retail/Real Estate 14.2 12.7 8.20 6.28 25.0 18.8 13.6 1.53 1.23 4.53 26,711.0 PKBA Baltika 44.3 55.0 BUY Buy TP(30.95%) 3/20/2006 24.3 9.90 8.30 7.30 16.4 13.0 11.2 2.80 2.40 3.90 7,441.4 FIVE X5 Retail Group 26.2 27.0 HOLD Hold TP(58.82%) 12/12/2006 3.05 9.70 4.20 2.40 nm 26.6 17.8 0.40 0.20 2.30 5,671.8 WBD Wimm-Bill-Dann 62.4 67.0 BUY Buy TP(29.84%) 12/1/2006 7.29 13.8 9.50 7.70 31.9 17.0 13.9 1.40 1.10 5.70 2,747.6 MGNT Magnit 35.7 41.5 BUY Buy TP(26.91%) 11/28/2006 16.3 23.8 13.5 9.90 48.2 27.7 19.7 0.80 0.70 9.50 2,570.4 OIVS Open Investments 215.9 -- -- -- -- -- -- -- -- -- -- -- 2,090.5 SCON Seventh Continent 26.8 30.5 BUY Buy TP(0.33%) 2/6/2006 14.0 16.3 10.0 7.10 32.4 17.0 12.3 1.20 0.90 4.40 2,006.3 LEKZ Lebediansky 77.5 92.0 BUY Buy TP(6.98%) 12/13/2006 18.7 12.0 9.50 7.00 17.7 14.5 10.9 1.90 1.40 7.70 1,581.9 CHE Cherkizovo 12.6 16.5 BUY 30.6 10.1 5.80 3.50 17.6 7.00 3.90 1.10 0.80 3.50 749.5 KLNA Kalina 49.8 56.0 BUY Hold TP(0.00%) 5/8/2006 12.6 10.2 8.60 7.80 17.2 14.2 12.9 1.30 1.10 2.10 485.2 APTK Pharmacy Chain 36.6 57.0 53.8 HOLD Buy TP(0.00%) 11/27/2006 -5.61 26.2 11.6 6.80 10.1 27.3 2.30 0.80 0.50 5.00 456.0 GRAZ Razgulay Group 4.00 4.70 BUY 17.5 7.00 5.70 4.50 26.8 18.4 10.1 0.80 0.70 0.90 424.0 VRPH Veropharm 31.8 28.0 HOLD Buy TP(-6.67%) 11/24/2006 -11.8 11.1 8.60 6.90 16.5 12.4 9.80 2.40 2.00 4.20 317.5 EPH Eastern Property Holdings Ltd 100.0 -- -- -- -- -- -- -- -- -- -- -- 169.0 Automotive & Airlines -- -- -- -- -- -- -- -- -- -- 12,674.2 AFLT Aeroflot 2.25 -- -- -- -- -- -- -- -- -- -- -- 2,499.8 AVAZ AvtoVAZ 68.0 -- -- -- -- -- -- -- -- -- -- -- 2,031.7 KMAZ KAMAZ 1.94 -- -- -- -- -- -- -- -- -- -- -- 1,520.4 GAZA GAZ 94.5 -- -- -- -- -- -- -- -- -- -- -- 1,337.6 SVAV SeverstalAvto 28.5 -- -- -- -- -- -- -- -- -- -- -- 976.7 NMTP Port Novorossiysk 0.044 -- -- -- -- -- -- -- -- -- -- -- 847.4 FESH Far East Shipping Company 0.49 -- -- -- -- -- -- -- -- -- -- -- 797.6 ZMZN Zavolzhsky Motors 3.40 -- -- -- -- -- -- -- -- -- -- -- 450.9 UAZA UAZ 0.11 -- -- -- -- -- -- -- -- -- -- -- 425.5 AVSI Sibir (S7) Airline 3,010.0 -- -- -- -- -- -- -- -- -- -- -- 308.4 AMTL Amtel-Vredestein 4.55 -- -- -- -- -- -- -- -- -- -- -- 307.1 TMAT UTair Aviation 0.39 -- -- -- -- -- -- -- -- -- -- -- 225.1 VOPT Port Vostochny 100.0 -- -- -- -- -- -- -- -- -- -- -- 212.5 AVKA KrasAir 420.0 -- -- -- -- -- -- -- -- -- -- -- 197.4 NKSH Niznekamskshina 1.70 -- -- -- -- -- -- -- -- -- -- -- 111.3 OMSH OmskShina 85.0 -- -- -- -- -- -- -- -- -- -- -- 85.9 NFAZ Neftekamski plant 9.50 -- -- -- -- -- -- -- -- -- -- -- 76.4 MSCP Murmansk Commercial Sea Port 557.5 -- -- -- -- -- -- -- -- -- -- -- 73.6 YASH Yarshina 6.70 -- -- -- -- -- -- -- -- -- -- -- 68.3 VLTP Voltyre-Prom 7.10 -- -- -- -- -- -- -- -- -- -- -- 58.2 NATP Nakhodka Commercial Sea Port 1.28 -- -- -- -- -- -- -- -- -- -- -- 57.5 PRIM PRISCO 0.22 -- -- -- -- -- -- -- -- -- -- -- 4.76 Chemicals 24.9 7.30 6.75 6.16 11.9 10.8 9.59 2.80 2.55 3.08 11,713.0 URKA Uralkali 1.54 1.84 BUY 19.5 8.90 8.30 7.50 13.9 12.5 10.9 4.10 3.80 3.80 3,324.7 SILV Silvinit 280.0 336.0 BUY Buy TP(1.51%) 11/6/2006 20.0 8.10 7.10 6.30 12.1 10.9 9.80 3.50 3.10 4.00 2,660.8 AKRN Acron 29.0 27.8 HOLD Hold TP(5.17%) 3/9/2006 -4.14 6.50 6.20 5.60 9.70 9.50 8.50 1.80 1.60 3.50 1,382.9 PGHO Priargunsk Mining & Chemical Plant 433.5 637.0 BUY Hold TP(0.00%) 9/7/2006 46.9 -- -- -- -- -- -- -- -- -- 811.4 NEAZ Azot Nevinnomyssk 1.77 2.13 SELL Hold TP(47.92%) 3/9/2006 20.3 5.50 6.30 8.00 7.00 7.90 9.50 1.50 1.60 1.30 608.1 NKNC Nizhnekamskneftekhim 0.35 -- UR -- 4.50 4.00 2.70 4.90 4.80 3.00 0.70 0.50 0.60 585.8 MASZ Machine Plant Electrostal 355.0 615.0 BUY Buy TP(42.03%) 6/6/2006 73.2 6.70 5.50 3.80 17.4 11.6 6.90 1.70 1.30 1.20 532.9 NMAZ Azot Novomoskovsk 455.0 632.0 HOLD Hold TP(105.86%) 3/9/2006 38.9 3.20 3.30 4.00 4.40 4.90 6.00 1.00 1.10 1.60 484.6 NZHK Novosibirsk Chemical Concentrates Plant 15.8 24.9 BUY Buy TP(24.50%) 6/6/2006 58.1 7.70 7.10 6.60 28.2 24.3 21.7 2.30 2.10 1.40 441.1 DGBZ Dorogobuzh 0.36 0.50 BUY Buy TP(28.21%) 3/9/2006 38.9 5.70 5.60 5.50 6.60 6.80 6.80 1.40 1.50 3.30 305.9 AMMO Ammophos 35.2 53.5 HOLD 52.0 4.20 3.90 3.40 6.80 7.60 6.80 0.70 0.60 1.60 305.2 AZKM Azot Kemerovo 38.5 42.3 HOLD 9.87 -- -- -- -- -- -- -- -- -- 269.5 Engineering -13.3 10.6 8.15 6.59 18.8 13.9 9.84 1.47 1.25 2.64 4,805.9 SILM Power Machines 0.19 0.091 HOLD Buy TP(0.00%) 3/8/2006 -51.2 16.7 12.4 8.80 34.8 20.5 13.5 2.00 1.60 3.60 1,346.0 IRKT Irkut 1.01 -- UR -- 8.60 6.00 4.70 10.3 6.20 4.40 1.30 1.10 3.60 987.9 UFMO Ufa Motors 2.10 2.05 HOLD Buy TP(-21.37%) 11/28/2005 -2.16 4.90 4.40 4.50 8.20 7.30 7.60 1.40 1.40 1.30 558.8 SATR NPO Saturn 0.10 0.15 BUY Buy TP(0.05%) 10/10/2006 45.6 9.40 8.50 6.70 nm 31.2 16.5 1.80 1.40 1.20 410.3 OMZZ OMZ 10.6 -- HOLD -- 9.80 9.00 8.50 15.3 13.2 12.5 0.80 0.80 1.80 390.9 RKKE Energia 267.0 129.2 HOLD -51.6 -- -- -- -- -- -- -- -- -- 300.0 KHEL Kazan Helicopter Plant 1.51 1.94 BUY Buy TP(30.20%) 9/7/2006 28.5 6.10 4.70 4.80 7.40 6.00 6.20 1.10 1.00 1.30 232.7 RTVL Rostvertol PLC 0.12 0.16 HOLD Hold TP(6.67%) 9/8/2006 31.2 7.70 4.10 4.80 9.70 5.00 5.70 0.50 0.50 1.30 136.6 UUAZ Ulan-Ude Aviation Plant 0.47 0.77 BUY Buy TP(50.98%) 10/10/2006 63.8 6.10 5.10 7.30 8.60 5.00 6.50 0.60 0.50 1.60 125.6 MVZM Moscow Helicopter Plant Milya 38.9 -- not rated -- -- -- -- -- -- -- -- -- -- 121.6 BALZ Baltic plant 91.0 115.4 BUY 26.8 -- -- -- -- -- -- -- -- -- 100.1 VASO VASO 14.1 15.0 HOLD 6.49 4.50 4.30 4.00 8.00 7.40 6.20 0.60 0.50 3.70 62.1 PRPM Proton PM 0.11 0.15 HOLD 32.7 -- -- -- -- -- -- -- -- -- 33.2 Oil&Gas Alternatives 93.5 -- -- -- -- -- -- -- -- -- 4,680.2 SBE Sibir Energy Plc 8.13 14.7 BUY Hold TP(19.82%) 6/16/2006 80.4 -- -- -- -- -- -- -- -- -- 2,399.0 WSIB West Siberian Resources 0.98 1.73 BUY Buy TP(4.66%) 6/16/2006 76.3 -- -- -- -- -- -- -- -- -- 1,078.2 UEN Urals Energy 6.92 14.5 BUY Buy TP(22.68%) 6/16/2006 109.0 -- -- -- -- -- -- -- -- -- 600.2 IEC Imperial Energy 12.1 22.9 BUY Buy TP(-16.72%) 6/16/2006 88.8 -- -- -- -- -- -- -- -- -- 476.9 VOG Victoria Oil & Gas 1.09 5.84 BUY Buy TP(-14.04%) 6/16/2006 434.8 -- -- -- -- -- -- -- -- -- 126.0 Media & IT 0.92 23.1 16.3 12.4 38.1 26.3 19.2 4.90 3.80 8.10 1,810.3 RBCI RosBusinessConsulting 10.9 11.0 HOLD 0.92 23.1 16.3 12.4 38.1 26.3 19.2 4.90 3.80 8.10 1,253.5 RMG Rambler Media 37.2 -- not rated -- -- -- -- -- -- -- -- -- -- 556.8 Ticker Company Common shares Preferred shares MktCap. USD mln Last Price, USD Target Price, USD Up/Down side,% Rating Last Price, USD Target Price, USD Up/Down side,% Rating Utilities 108,035.3 EESR Unified Energy System 1.03 -- -- 0.93 -- -- 44,202.9 MSNG Mosenergo 0.20 -- -- -- -- -- 5,678.1 OGKD OGK 4 0.083 -- not rated -- -- -- 4,053.3 OGKC OGK 3 0.13 -- not rated -- -- -- 3,921.9 OGKE OGK 5 0.13 -- not rated -- -- -- 3,844.5 IRGZ Irkutskenergo 0.78 -- not rated -- -- -- 3,694.3 OGKB OGK 2 0.14 -- not rated -- -- -- 3,672.9 OGKF OGK 6 0.13 -- -- -- -- -- 3,475.0 MSRS Moscow Regional Electricity Distribution Company 0.12 -- not rated -- -- -- 3,248.7 SSHG Sayano-Shushenskaya GES 1.24 -- -- 1.01 -- -- 2,493.6 MGRS Moscow City Electricity Distribution Company 0.077 -- not rated -- -- -- 2,175.2 BEGY Bashkirenergo 1.47 -- not rated 1.12 -- -- not rated 1,588.8 KZBE Kuzbassenergo 2.60 -- not rated -- -- -- 1,576.0 TGKI TGK 9 0.00 -- not rated -- -- -- 1,448.5 TGKH TGK 8 0.00100 -- not rated -- -- -- 1,307.8 KRSG Krasnoyarskaya GES 3.15 -- -- -- -- -- 1,232.0 LSNG Lenenergo 1.50 -- not rated 1.15 -- -- not rated 1,145.0 VLGS Zhigulevskaya GES 0.29 -- -- 0.25 -- -- 1,136.6 VOLG Volzhskaya GES 0.39 -- -- 0.33 -- -- 1,124.7 TGKF TGK 6 0.00100 -- not rated -- -- -- 1,047.3 TGKE TGK 5 0.00100 -- not rated -- -- -- 900.5 NVNG Novosibirskenergo 50.0 -- not rated 40.0 -- -- not rated 778.2 MSSV Moscow City Heat Distribution Company 0.027 -- not rated -- -- -- 748.6 SVER Sverdlovenergo 1.10 -- not rated 0.87 -- -- not rated 727.0 KRNG Krasnoyarskenergo 0.90 -- not rated 0.69 -- -- not rated 647.6 HBEN Khabarovskenergo 0.18 -- not rated 0.15 -- -- not rated 537.0 KUBE Kubanenergo 29.9 -- not rated -- -- -- 534.3 MSSB Moscow Supply Company 0.018 -- not rated -- -- -- 508.5 ZAGR Zagorskaya GAES (ex-Mosenergo) 0.018 -- not rated -- -- -- 508.5 OMGR Omsk Generating Company 117.0 -- not rated 102.8 -- -- not rated 495.8 PMNG Permenergo 11.0 -- not rated 7.40 -- -- not rated 482.3 CHNG Chelyabenergo 0.080 -- not rated 0.065 -- -- not rated 427.6 YAEN Yakutskenergo 0.046 -- not rated 0.012 -- -- not rated 382.9 NNGE Nizhnovenergo 76.5 -- not rated 60.1 -- -- not rated 363.8 DAGR Dagestan Regional Generating Company 0.067 -- not rated -- -- -- 353.6 ZYGS Zeiskaya GES 0.34 -- -- 0.30 -- -- 346.0 RTSE Rostovenergo 0.088 -- not rated 0.074 -- -- not rated 342.5 CLGR Chelyabinsk generating company 0.065 -- not rated -- -- -- not rated 302.1 DALE Dalenergo 0.015 -- not rated 0.027 -- -- not rated 294.2 KOEN Komienergo 0.059 -- not rated 0.017 -- -- not rated 269.7 AMEN Amurenergo 0.47 -- not rated 0.44 -- -- not rated 269.4 VGEN Volgogradenergo 0.65 -- not rated 0.55 -- -- not rated 250.7 VOTG Votkinskaya GES 0.53 -- -- 0.57 -- -- 241.3 TLEN Tulenergo 0.15 -- not rated -- -- -- 229.5 STRG Stavropolenergo 0.18 -- not rated 0.15 -- -- not rated 193.9 ALTE Altaienergo 31.5 -- not rated 26.5 -- -- not rated 193.1 STGR Stavropol Electricity Generating Company 0.18 -- not rated 0.11 -- -- not rated 180.0 VDGR Vladimir generating company 6.00 -- not rated -- -- -- 175.0 KIRE Kirovenergo 0.067 -- not rated 0.042 -- -- not rated 173.3 VZEN Voronezhenergo 2.20 -- not rated 1.90 -- -- not rated 159.1 UDME Udmurtenergo 0.85 -- not rated 0.72 -- -- not rated 158.2 IVGR Ivanovo generating company 0.14 -- not rated -- -- -- not rated 153.6 OMNG Omskenergo 35.0 -- not rated 26.0 -- -- not rated 144.4 DGEN Dagenergo 0.027 -- not rated -- -- -- 142.3 PZGR Penza generating company 1.00 -- not rated -- -- -- not rated 142.2 VLEN Vladimirenergo 4.75 -- not rated -- -- -- 138.5 TOME Tomskenergo 0.032 -- not rated 0.031 -- -- not rated 137.9 KUEN Kurskenergo 0.10 -- not rated 0.077 -- -- not rated 135.8 TORS Tomsk Distribution Company 0.031 -- not rated 0.025 -- -- not rated 132.8 BLRS Belgorodenergo 145.0 -- not rated -- -- -- not rated 130.0 CHIE Chitaenergo 0.065 -- not rated 0.054 -- -- not rated 129.2 SMOE Smolenskenergo 0.58 -- not rated 0.30 -- -- not rated 125.8 RZEN Ryazanenergo 0.57 -- not rated -- -- -- 118.0 TVRE Tverenergo 0.26 -- not rated 0.21 -- -- not rated 115.1 KLEN Kalugaenergo 1.60 -- not rated -- -- -- 108.3 PNZE Penzaenergo 0.65 -- not rated 0.45 -- -- not rated 107.1 BUEN Buryatenergo 0.40 -- not rated -- -- -- 103.6 NGNR Novgorodenergo 0.50 -- not rated 0.39 -- -- not rated 101.1 KOLE Kolenergo 0.21 -- not rated 0.22 -- -- not rated 101.1 TAEN Tambovenergo 0.057 -- not rated 0.050 -- -- not rated 97.9 PSEN Pskovenergo 0.89 -- not rated -- -- -- 97.3 YARE Yarenergo 3.94 -- not rated 5.50 -- -- not rated 92.3 BREN Bryanskenergo 7.50 -- not rated 6.00 -- -- not rated 90.2 IVEN Ivenergo 0.070 -- not rated 0.058 -- -- not rated 85.6 OREN Orelenergo 0.34 -- not rated 0.30 -- -- not rated 78.8 ASRE Astrakhanenergo 0.100 -- not rated -- -- -- 77.4 ARHE Arhenergo 0.036 -- not rated 0.040 -- -- not rated 75.8 SLEN Sakhalinenergo 0.23 -- not rated -- -- -- 67.7 KOSG Kostromaenergo 0.100 -- not rated 0.100 -- -- not rated 54.5 LIEN Lipetskenergo 0.33 -- not rated -- -- -- 51.3 VOLE Vologdaenergo 2.50 -- not rated -- -- -- 50.8 MRGC Mordoviya generating company 0.038 -- not rated -- -- -- 50.4 MREN Mordovenergo 0.033 -- not rated -- -- -- 44.4 DASB Dagestan Supply Company 0.0080 -- not rated -- -- -- 42.2 TASB Tambov supply company 0.027 -- not rated -- -- -- not rated 40.4 MAGE Magadanenergo 0.070 -- not rated 0.046 -- -- not rated 39.2 PMSB Perm Supply Company 0.60 -- not rated 1.53 -- -- not rated 39.0 MIEN Marienergo 0.25 -- not rated 0.35 -- -- not rated 34.2 KCHE Kamchatskenergo 0.035 -- not rated 0.015 -- -- not rated 33.7 TLSB Tula supply company 0.018 -- not rated -- -- -- 28.2 BLSB Belgorod supply company 30.0 -- not rated -- -- -- not rated 26.6 CHSB Chita Supply Company 0.015 -- not rated -- -- -- not rated 24.4 KLSB Kaluga supply company 0.28 -- not rated -- -- -- 18.7 VDSB Vladimir supply company 0.63 -- not rated -- -- -- 18.2 TVSB Tver supply company 0.050 -- not rated -- -- -- not rated 17.3 UDSB Udmurtiya supply company 0.100 -- not rated -- -- -- not rated 16.8 SEVG Sevkavkazenergo 180.0 -- not rated -- -- -- 16.4 YRSB Yaroslavl supply company 0.90 -- not rated -- -- -- not rated 15.4 LPSB Lipetsk supply company 0.090 -- not rated -- -- -- 14.0 RZSB Ryazan supply company 0.060 -- not rated -- -- -- 12.4 BENR Corporate Service Systems 10.5 -- not rated 8.50 -- -- not rated 11.8 KUSB Kursk supply company 0.010 -- not rated -- -- -- not rated 11.4 KABE Kabbalkenergo 0.023 -- not rated -- -- -- not rated 11.2 NGSB Novgorod supply company 0.063 -- not rated -- -- -- not rated 10.4 OMSB Omsk Supply Company 2.10 -- not rated 1.50 -- -- not rated 8.62 SMSB Smolensk supply company 0.040 -- not rated -- -- -- not rated 7.97 PZSB Penza supply company 0.055 -- not rated -- -- -- not rated 7.82 BNSB Bryansk supply company 0.67 -- not rated -- -- -- not rated 6.37 RENGEN1 Renshares utilities 2.43 -- -- -- -- -- 0.00 RENNET1 Renshares Utilities - RENNET 0.33 -- --