Sumy Frunze to fulfill USD 7 mln order in November

Sumy Frunze (SMASH) will deliver USD 7 mln worth of gas pumping aggregates to Russia’s Gazprom Transgas Yukhta in November, Interfax reported yesterday. The new units will replace old aggregates at Russia’s Sindor and Mikun gas compressor stations. Yegor Samusenko: The contract is only one of several Gazprom orders for Sumy Frunze’s equipment; Gazprom’s annual purchases from the company for 2009E are estimated in the USD 200-300 mln range. We see this news as neutral for the stock and retain our hold recommendation on SMASH (see our flash note from yesterday).