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08/11/08 BRD (Romanian Bank for Development)
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Undeservedly batterd back to 2006 price levels, the BRD with SG majority shareholder will suffer in 2009 with different earnings scenarios possible.
However, given the outstanding profitability of the bank, the remarkable cost control and risk management and a loan/deposit ratio that is just above 100%, the bank is well placed to absorb the increases in cost of funding, relying on retail deposits and very little wholesale funding from the parent company SG. We recommend buy at RON 8.5 with target price RON 13.
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8/11/08 SNP
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Back in the market I am starting coverage again on SNP PETROM SA, the national oil company, now trading below the privatisation price paid by OMV. With a stabilised production output in E&P, despite oil prices plunging, I am recommending a buy at RON 0.21 with target price 0.35
Double digit growth in sales determined by fundamental factors in the domestic market is a clear suport for future earnings growth despite adverse international market conditions.
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08/10/06 OMV
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OMV buy at price EUR 38. Oil price outlook over 60$ due to OPEC pressure and good results expected on 2007 will keep price above 52 wks minimum.
Target price EUR 50. Attractive valuation with Petrom having profitability reserves still to be priced in.
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24/6/06 Raiffeisen International Bank Holding (RIBH)
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Buy Raiffeisen International Bank Holding (RIBH) price 61.5 EUR - target price EUR 80 (see equity research report)
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14/05/06 - Petrom (SNP)
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SNP sell at 0.054 RON
target price 0.42 RON
Analysis in section "Equity research"
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21/4/06 Gas de France (GDF - Paris Stock Exchange)
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Atractive valuation at PER 14 pe 2006, the European gas crisis making this sector attractive.
Buy at 26 EUR suport, target price EUR 30 strong resistence shown there. For long term investors wait for developments with Suez deal and 2006 FY results.
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21/4/06 General Motors (GM - NYSE)
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GM bull run de +10%, speculative opportunity. Sell la 22.5$ target price 20$
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24/4/06 Conoco-Phillips (COP symbol - NYSE)
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With an extremely attractive valuation at PER 6 trailing 12 months, and rich oil reserves (200% replacement ratio) fundamental buy for COP at 60$ suport. Price target 90$
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