Marked round-up
• RTS: Max one-day drop in 3 months.
• Indexes fell third day to 3 weeks lows.
• Is the uptrend over?
• Market extraoptimism dissipates.
• Large amount of waiters for jump in telecoms.
• SPb economic forum may bring new wave of optimism

• Power sector outperformed. IFX reported that energy capacity market will be started next month.
• MosEnergoSbyt soared 16% without any reason.
• Heavy selling pressure in oil stocks. All names lost 3-5%.
• URKA +1%.
• SVAV and SCON are among smallcaps, which outperformed the market

• VIP, 2-nd largest mobile phone operator, posted results that exceeded analyst expectations
o Net profit more than doubled in 1Q to $601M, 12% above consensus
o Unlike MTS, which posted one month ago, VIP surprised with EBITDA margin growth to 53.4% from 51.5% in 4Q.
o VIP sank on NYSE in the first trading hour more than 2%

• LKOH, Russia’s №2 oil firm tumbled more than 6% after 1Q results missed analyst expectations
o The slump was magnified by common oil sector weakness and sharp drop of intl peers
o Net rose 2.4 times to $3.16B vs $3.2B (Rtrs cons) vs $3.35 (Bbg cons)
o The price for Urals Crude rose in the 1Q 71%y/y to $90.
o Revenue was $25.084, missed expectations by $1.21B
o For the first 5 moths LKOH’s oil production fell 2.9%y/y.
o Troika sees weakness in oil shares because of absence of stimulus for growth
o Troika doesn’t like LKOH because of huge capital spending need for the maintenance oil production levels
o Usichinko says that the key factor for Russian oil industry is a deep of tax reductions

• NLMK, 4th largest steelmaker, reported 1Q net profit rose 35% to $617.7M, beating consensus by10%.
o Revenue and EBITDA came slightly lower analysts forecast.
o EBITDA margin dropped to 37% from 42% in 4Q due to rising costs and ruble appreciation.
o NLMK forecasts steel prices to flatten in 2008
o NLMK said its expects 60% revenue growth ant 35-40% EBITDA growth in 2008 on the back of rising volumes, price growth and consolidation of Maxi-Group.
o Analysts said that results were unsurprising.
o Merrill wrote that NLMK trade with a 22% discount to its global peers based on EV/EBITAD basis, but deserves a premium because of its iron ore assets.
o Merrill sees upside 28% from current levels.
o Last week analyst pointed out, that NLMK, Mechel and MMK are more vulnerable than CHMF and EVR to probable export steel duties.

• PLZL management told the board that an acceptation of Onexim offer reduces shareholders’ value and brings to excess cash on the balance