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Zahlen lt. Analysten im Rahmen - aber der Ausblick trügt - .......weiter beobachten
Chelyabinsk Zinc released its 9M/3Q11 IFRS results today (19 Dec). The 9M11 figures were expectedly strong YoY on the back of improved zinc prices and higher sales volumes. At the same time, the 3Q11 results came in expectedly weak QoQ despite good sales volumes on the domestic market.
Bottom line
We view the 9M results as marginally positive while negative QoQ dynamics raise concerns over a profitability decline going forward. We expect 2012 to be weak in terms of zinc demand in Russia and Europe, which may trigger further price weakness. This underlines our SELL rating on the shares of Chelyabinsk Zinc (PT: $2/share).
www.atonbroker.com/research/news_flow/..._9m3q11_ifrs_results/
