RusGidro - Favorite non-

Today, correction on the Russian stock market continued. Accordingly, the market participants the opportunity to buy paper cheaper. The main factor is the reduction of the shares fall in oil prices. However, this factor is local, cash flows of companies, which are the current prices, gives a good potential for growth in market capitalization.

Rosneft net profit for the RAS in the first half amounted to 81.3 billion rubles. for the same period last year - 161.25 billion rubles. In the first quarter of the Rosneft was 5.8 billion losses. Rub. In the past quarter profit 87.01 billion rubles. Improved results in the second quarter of the company explains the growth of world and domestic prices of petroleum and petroleum products, increased production, as well as the formation of a positive exchange rate differences due to the weakening of the dollar. News, of course, pleased some investors, but the main thing is the financial results for the standard US GAAP, which we hope will please the market.

In his analysis and comments in news agencies, we have recommended to rely on fundamental analysis of companies and the market as a whole. It is a fundamental assessment of factors determine the dynamics of the market in the long term. From our point of view, the Russian stock market has considerable potential for growth fundamentals and the main driver of the implementation capacity should be the inflow of nonresidents to the Russian stock market. Templeton Asset Management is planning for two years to increase the assets of 50 billion dollars, up to 20% will be invested in Russia. Now Templeton investments in Russia amount to about $ 2 billion Templeton may increase the share of the Rusgidro from the current 0.5% to 10%.

From our point of view RusGidro most interesting feature in the power industry. And we are not much surprised if in the current year, the paper reaches the corridor 1.8-2 rubles. per share.

We continue to anticipate achieving the RTS index in the current year 1300-1500 Corridor items. Although note that the risks are significantly higher than in non-crisis period. Patience is bitter but its fruit is sweet.

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