Savings and Magnitka pleased - peer review of the market

After yesterday's bulls pause again today moved the market to new heights against the backdrop of global indices and lift oil prices. Favorite trades of the chips is likely to again be Gazprom shares, which yesterday had already confirmed their dynamics better than the market. In terms of evaluation by the discounted cash flow fair value of shares of the holding gas is 7-9 dollars we expect a positive opening of the Russian index of 1%. The current year should be a year of recovery of the Russian stock market and bonds next year - the real economy. Today, Dmitry Medvedev and Kazakh President Nursultan Nazarbayev will participate in the Sixth Interregional Cooperation Forum in Orenburg. Sberbank reported second-quarter better than expected. German Chancellor Angela Merkel has said that Opel will be sold Savings Bank and Magna. GM representatives reaffirmed their intention to give Opel is a Canadian-Russian consortium. Magna and the Savings Bank were able to have his own and gain access to intellectual property Opel. Purchase cost a consortium of 500 million euros. Magnitogorsk Metallurgical Combine has published a strong financial reporting under IFRS for the second quarter. Net income for the second quarter was $ 59 million, although the market had expected a loss. However, the growth potential of Magnitogorsk securities at current levels is limited. Yesterday, documents governing the work of a joint venture between the Venezuelan state company PDVSA and Russia's national oil consortium, it includes Rosneft, Gazprom Neft, LUKOIL, TNK-BP and Surgut. Home fiddle among the Russian participants is likely to play Rosneft. After creating a joint company which will earn by the end of the year, Russian companies should have access to the block Huinin-6 in the delta of the Orinoco River. Possible reserves - 53 billion barrels. On the development of the block will take at least 40 years, and the likely investment will amount to $ 30 billion in projects in Venezuela is very capital intensive, and the oil crisis of limited investment. Except, perhaps, is the Surgut with its cash position, which exceeds $ 20 billion, however, to invest billions of Surgut abroad need a political decision of Russian authorities. Another source of funding will be a joint Russian-Venezuelan bank with a capital of $ 4 billion, the Russian part of the money should make Gazprombank and VTB. Establishment of a Joint Bank is a standard course for major international projects. From our point of view, probably in the next few years rise in oil prices would allow oil companies to expand their investment programs without external sources. Probably, the Russian company will convert the extracted oil in Venezuela for Venezuelan oil refinery. Accordingly, the Russians will have access to the second link of the chain will be able to supply petroleum products and earn more than the production of crude oil. News for Oil Projects in Venezuela is undoubtedly positive for the Russian oil companies, which are largely confined to the West in foreign expansion, however, is hardly yet be reflected in the capitalization of our oil chips. We reaffirm our target for the current year in 1300-1500 points on the RTS index. Continued global monetary pumping must preserve comfort in commodity prices, and hence the positive dynamics of Russian indexes. Toward the end of trades can be some profit taking by speculators, however, the decisive factor is of course the American statistics. For the portal Bank.ru Alexander Razuvaev Head of Research IR Gallion Capital