TMK: Steel In; Oil Out

We reinitiate coverage of TMK, one of Russia’s leading producers of pipes and related premium equipment and services, with a BUY rating and target prices of RUB75.90/local share and $4.40/GDR. We believe the market overestimates the degree of the business's exposure to falling oil prices, and does not give enough credit to the company's robust operations in Russia.

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