OREANDA-NEWS  On 09 October was announced, that Azovmash Holding, which incorporates Mariupol Heavy Machinery Plant and Azovzahalmash, increased sales by 60% y-o-y to UAH 4.8 bln in 9M08. As in previous months, sales increased 53% owing to selling price growth and 7% as a result of output growth of freight railcars. It is positive for the company, as Azovmash is showing no signs of a deterioration in output volumes despite production volumes that were slightly below the planned figures for 2008. The company’s revenues reached a record high of UAH 680 mln in September, while Azovmash Holding’s MCap (the combined MCap of AZGM and MZVM) totaled UAH 1,098 mln. Azovmash’s ratio of MCap to September sales was only 1.6x. This shows just how undervalued stocks on the PFTS currently are.