Stakhaniv Wagon posts net loss of UAH 56 mln in 2009

Stakhaniv Wagon (UX: KVBZ UK) ran a net loss of UAH 56.3 mln in 2009 (vs. net profit of UAH 95.2 mln in 2008), according to information released with in its May 11 shareholder AGM agenda. The company said it plans to make about 6 ths railcars in 2010, after about 2 ths in 2009.  Yegor Samusenko: This is fully in line with our forecasts. Given the current recovery in the demand for railcars (Stakhaniv’s February output was 550 wagons, ~1/3 of 2009 annual production), we don’t think the disappointing 2009 financials will bear negatively on the stock. For 2010, we expect Stakhaniv to increase sales by 2.7x yoy to USD 192 mln thanks to more than doubling railcar output and project 33% growth in prices for railcars. We estimate USD 13.5 mln in net income for Stakhaniv Wagon in 2010.