Sumy Frunze's management targets 10% yoy sales increase in 2009

Sumy Frunze’s (SMASH) sales will increase 10% yoy in dollar terms, said Viktor Choban, vice president of Energy Standard, the majority shareholder of Sumy Frunze, in an interview with daily Kommersant published this morning. Choban said that Sumy Frunze will benefit from Gazprom’s investment program, though the details of its spending this year have not been confirmed. But Choban confirmed that the company will not experience sales growth like it did in 2007-2008.  Yegor Samusenko: Sales growth of 10% in US dollars, as stated by management is more than we expected from the company in 2009 (USD 323 mln). If company meets the management’s target, Sumy Frunze would post USD 513 mln in sales this year. We see short-term stock appreciation due to market reaction to the management’s announcement.