Reports
- 06.08.10
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Georgian Railway Eurobond. Fresh Georgia exposure
Georgian Railway issued its debut US$ 250mn Eurobond in July, Georgia’s first corporate quasi-sovereign paper, and only the third in the country’s debt universe. The issuer is Georgia’s monopoly railway carrier and its largest employer. With an ambitious modernization program, the company is aiming to capitalize on its strategically located rail lines, which offer the shortest route from the Caspian Basin to Black Sea ports. Georgian Railway’s history of strong cash generation leaves us upbeat on its ability to comply with the Eurobond’s debt covenants and service its debt on schedule... - 07.07.10
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Motor Sich Initiating Coverage. Thirst for Thrust
We initiate coverage of Motor Sich, the top CIS name in aviation engines and one of the most profitable and fastest growing global aerospace firms. Its joint advantages of a strong personnel base thanks to success in preventing a post-Soviet “brain drain” and a focus on R&D allow the company to offer competitive products to global aviation markets. With a 12M target price of US$ ... - 14.06.10
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Luhanskteplovoz Initiating Coverage. Chugging to New Orders
We initiate coverage of locomotive producer Luhanskteplovoz with a HOLD recommendation, as positive and negative stock price drivers look broadly balanced. LTPL currently trades at heavy premiums to local peers, whereas expectations of privatization-linked upward price movements and bright longer-term prospects leave us mildly positive on the stock’s path. We recommend looking at the stock either as a speculative privatization play or as a long-term investment...
