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http://www.investegate.co.uk/Article.aspx?id=20120202123000Z1278

Background Until 2009, the 35.3 percent stake in Taas-Yuryakh Neftegazodobycha was held by Urals Energy, which in the course of the financial crisis in 2008-2009 had to hand over the asset to Sberbank Capital to cover overdue loans. The remaining stakes are held by Yakut Energy Limited (37.4 percent) and Finfund Limited (16.8 percent) as well as Limenitis Holding Limited (10.5 percent). The latter is part of the Ashmore Investment Management Group.

"The acquisition is a major step forward in strengthening Rosneft's world-class reserve base in Eastern Siberia and ensuring deliveries to the Eastern Siberia - Pacific Ocean pipeline. Together with the Yurubcheno- Tokhomsk field, these projects will form the foundation of the Company's East-Siberian production cluster within the next few years. After closing the deal with Sberbank, Rosneft will be working with other shareholders of Taas-Yuryakh Neftegazodobycha to ensure the success of the project. The company will also reach out to federal authorities to make sure that necessary fiscal conditions are in place for the project to be profitable," said Rosneft President Eduard Khudainatov. Commenting on the agreement, Herman Gref, President and Chairman of the Management Board at Sberbank said: "We are glad to see the Srednebotuobinsk project gain a strategic investor. I am certain that we will keep working with Rosneft to expand our cooperation - on this project and beyond."

OSNEFT AND SBERBANK REACH AGREEMENT IN PRINCIPLE ON TAAS-YURYAKH PROJECT February 02, 2012, Moscow:Rosneft and Sberbank signed a tentative agreement on the acquisition by Rosneft of a 35.3 percent stake in Taas-Yuryakh Neftegazodobycha. Taas-Yuryakh Neftegazodobycha holds production licences for the Srednebotuobinsk oil and gas condensate field, which is situated 160 km north of the ESPO pipeline. Recoverable oil reserves of the field are estimated at 90.9 million tonnes of C1 and 38.9 million tonnes of С2 category. Due to its size the field was put on the list of Fields of Federal Importanceon March 18, 2010. The deal price was set at $444 million, which equals to the historical cost incurred by Sberbank.

http://www.investegate.co.uk/Article.aspx?id=201202021303457052W

01/02/12 Specialist Energy Group (SEGR) reported that trading levels in the six months to December significantly exceeded those achieved in the first six months of the year. The energy firm said order intake for the full year came in at 31.6 million pound, 5% ahead of 2010, and added that its move to strengthen the management team, with the addition of an operating officer and supply chain director has allowed it to develop a more flexible manufacturing operation and reliable supply chain.

1/2/12 Speciality chemicals company Johnson Matthey (JMAT) announced year-on-year sales growth of 22% to 649 million pounds (excluding precious metals) for the quarter ended 31st December 2011, with underlying pre-tax profits up 34% to 104.3 million pounds. The firm's environment technologies division enjoyed good growth in Asia and North America, while the precious metals division had a more subdued performance, due to falling platinum prices. The group noted concern over the trading environment in the UK and Europe, which constitutes 35% of its revenues, but believes that better conditions elsewhere will help drive performance

Carpetright (CPR) shares remain a "sell" for Singer Capital, with a reduced target price of 315p, from 385p. In light of the flooring specialist's poor third quarter performance, the broker downgraded its full year UK EBIT forecasts from 6.1 million pounds to 2.5 million pounds, but would not be surprised if it ended up making a loss. Additionally, Singer Capital expects the group to cut its final dividend to 2.6p in order to be able to fund its debt reduction programme.

Air filtration company Porvair (PRV) retained its "buy" recommendation from Daniel Stewart, with an increased target price of 159p, from 110p. The broker sad that the group's pre-tax profit growth of 44% to 4.5 million pounds for the 2011 financial year was significantly ahead of its expectations, attributing the performance to higher margin products. With similar products scheduled for sale in 2012, Daniel Stewart believes that the cash generative business could lead to an increased dividend

Panmure Gordon reiterated its "buy" recommendation for Innovation Group (TIG), with a 28p target price. The software developer will host a teach-in on 2nd February and the broker believes that this will show investors the quality of the group's technology. The broker is also looking forward to the reinstatement of the dividend in 2013, forecasting a 0.3p per share payment - offering a yield of 1.5% - which is expected to rise in-line with earnings.

Broker tips: AstraZeneca, Kazakhmys, Imperial Tobacco Panmure Gordon has reiterated its buy recommendation for drugs giant AstraZeneca after the group's fourth quarter results came broadly in line with forecasts. However, the broker says the results were "overshadowed" by Astra's lowering of its mid-term guidance contribution from recently launched and pipeline products to $2-4bn, down from a previous estimate of $3-5bn. Nevertheless, Panmure seems pleased by the announcement of a 7,300 headcount reduction and share buyback programme of $4.5bn in 2012, well above its own $1.5bn estimate. The broker keeps its 3,600p target price, saying that the stock is trading (based on 2012 full-year forecasts) at a 33% price-to-earnings discount to sector peer GlaxoSmithKline.

WH Ireland maintained its "speculative buy" recommendation for LonZim (LZM) following the recommended appointment of four new directors. The broker says that this demonstrates the Zimbabwe focused investment company's ability to stand on it's own feet, without the support of major shareholder Lonrho (LONR). WH Ireland points to the strong development potential of Zimbabwe, which the African Development Bank expects to achieve GDP growth of 9.4% in 2012.

Group Compass has had a good first quarter and our expectations for the full year remain positive and unchanged. We have seen good levels of new business wins and the improved level of retention we achieved in the second half of last year has continued into the new financial year. As expected, like for like volumes in North America and the Fast Growing & Emerging Markets continue to be robust, whilst in Europe they have been impacted by the continuing challenging macro economic environment. Excluding the one-off impact of the NBA strike in the US (which is now resolved and impacted organic revenue growth by approximately 1%), organic revenue growth in the first quarter was almost 5%; including the impact of acquisitions, overall revenue growth was over 8% on a constant currency basis. Using our performance management framework, MAP, we are continuing to drive efficiencies across the business. These efficiencies are being partially re-invested in the business to support the exciting growth opportunities around the world as well as underpinning our expectations that we can continue to deliver further improvement in the operating margin. Free cash flow conversion remains strong.

Financial Position On 20 December 2011, the Group pre-paid the $450 million US Private Placement notes that were due for repayment in May 2012. On 27 January 2012, the Group launched a 7 year €600 million Eurobond with a coupon of 3.125%. The proceeds from the bond issue will be received on 13 February 2012. Other than this, there has been no significant change in the strong financial position of the Group in the period since 30 September 2011.

http://www.investegate.co.uk/Article.aspx?id=201202020700176487W

Commenting on the fourth quarter, Olivier Bohuon, Chief Executive Officer of Smith & Nephew, said: "I am pleased to report that we grew revenue and exceeded our Q4 trading profit margin expectation. Our Endoscopy and Advanced Wound Management businesses delivered strong revenue growth and excellent trading profit margins, with Advanced Wound Management growing at more than twice the market rate. In Orthopaedics, our rigorous management actions led to a significant improvement in Q4 profitability. "We also made good progress delivering against our strategic priorities, reaching important milestones in finalising management teams and streamlining our operations. We are building momentum every day and I am confident that the result will be a business that is stronger, growing faster, better balanced and fit and effective for the future."

Q4 Highlights · Revenue $1,106 million, up 4% on a reported and 3% on an underlying basis · Trading profit was $279 million · Trading profit margin of 25.2%, exceeding Q4 expectation of 24% · Orthopaedics delivered significant improvement in profitability quarter-on-quarter · Endoscopy delivered good revenue growth and excellent trading profit margin · Advanced Wound Management grew at more than twice the market rate · EPSA was up at 21.9¢ · Proposed final dividend up 10% to 10.8 cents per share Full Year Commentary · Reported revenue of $4,270 million, up 8% on a reported and 4% on an underlying basis · Reported trading profit was $961 million · Trading margin 22.5% · EPSA increased 1.2% to 74.5¢ · Strong cash generation, net debt reduced by $354 million to $138 million

http://www.investegate.co.uk/Article.aspx?id=201202020700196500W

and the link for those who missed it http://www.investegate.co.uk/Article.aspx?id=201202010700125395W

Meanwhile in the Telegraph, Questor’s eyes are lighting up at weakness in the diamond sector. The column has been banging on for a while about Petra Diamonds which released strong production numbers yesterday. Stocks in diamond companies have tumbled as the price of precious stones has fallen recently but analysts believe demand will pick up as the global recovery gets going. Trading at just 7.2 times forward earnings, Questor says Petra is a buy.