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Russian Shares Offer Valuation Opportunity-Goldman

Russian Shares Offer Valuation Opportunity-Goldman
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Δευ, 24 Αυγούστου 2009 - 16:50
Russian stocks have underperformed other emerging markets this summer, leaving them cheaper but offering superior earnings growth, Goldman Sachs says. "We recommend investors take advantage of what we believe is a mispricing opportunity," it says
Russian stocks have underperformed other emerging markets this summer, leaving them cheaper but offering superior earnings growth, Goldman Sachs says.

"We recommend investors take advantage of what we believe is a mispricing opportunity," it says.

"We expect a macro pickup in 2H, driven mainly by external factors, with 2Q reporting season in August-September providing an early catalyst." Top picks are Gazprom (GAZP.RS), MTS (MBT), VimpelCom (VIP), Sberbank (SBER.RS), X5 (FIVE.LN) and Lukoil (LKOH.RS). Benchmark RTS +2.9% at 1,080.74. (AJL)

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