Stakhaniv Wagon Increases Output 50% yoy in 2M08
17 March 2008
According to Interfax, Stakhaniv Wagon (SVGZ: BUY) increased output of freight railcars by 50% yoy to 1,190 units in 2M08. Inna Perepelytsya: The company’s first two months’ output are in line with our full-year forecast of 7,000 wagons. Along with Konstantin Zhevago’s (controller of Finance & Credit Group, which holds an 88% stake in SVGZ) announcement last week about conducting IPOs for companies he controls on international exchanges, this news reinforces our positive view on Stakhaniv Wagon. We reiterate our BUY recommendation and target of USD 12.5 per share.
