13 October 2011
Stakhaniv Wagon (UX: SVGZ UK, BUY) produced 5,458 freight railcars in 9M11, up 19% y-o-y, portal Promishlennie Gruzi reported yesterday. In August, output was 543 freight railcars, down 16% m-o-m. Vitaly Gorovoy: We have seen a gradual decline in production at Stakhaniv Wagon since June 2011. In August, we attributed the decrease in output to a one-week work stoppage and we think Russian ruble devaluation was partially responsible for the drop in September, because devaluation increases the attractiveness Russian railcars. Stakhaniv Wagon’s key customer is Russia’s VTB-Leasing.
Stakhaniv Wagon’s Output
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9M11 9M10 y-o-y,% Sept.2011 Aug.2011 m-o-m,%
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Stakhaniv Wagon 5,458 4,584 19% 543 550 -1%
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Source: Promishlennie Gruzi, Concorde Capital