Kryukiv Wagon increases output by 72% y-o-y in 5M11

Kryukiv Wagon (UX: KVBZ UK) produced more than 3.8 ths freight railcars in 5M11, up 72% y-o-y, Interfax reported yesterday. Production volume equaled UAH 2.4 bln in monetary terms, up 13% y-o-y. Exports accounted for 86% of output. Vitaly Gorovoy: The 5M11 production figure is generally in line with our projections for the company. We estimate 2011E output at 8,500 freight railcars, which is more conservative than management’s target of 9,000.