Stakhaniv Wagon plans to make 500 wagons/month in 4Q09

Stakhaniv Wagon (KVBZ) plans to make 500 railcars per month in 4Q09 and turn out 2 ths railcars this year, according to Interfax, which cited company sources. Stakhaniv reportedly received a new 1 ths railcar order from an unspecified foreign customer that must be fulfilled by end-2009. Yegor Samusenko: We see Stakhaniv Wagon slightly overestimating its order book, since we believe it is only working on two contracts: these 1 ths railcars for the unnamed buyer and 250 railcars for Ukrzaliznytsya. We forecast Stakhanig Wagon to produce 1,600 wagons in 2009E and 2,000 in 2010E. We expect a positive reaction from the market to the news since planned 4Q09 output exceeds amounts produced in 9M09.