OREANDA-NEWS. August 20, 2010. MirLand published its 1H10 IFRS results and portfolio valuation, reported the press-centre of OTKRITIE Financial Corporation.

Portfolio value was USD696m, which represented a 12% increase from YE09 and is in line with our estimate of USD697m

NAV was USD 463m, reflecting a 2% decrease from YE09 that the company explains as a function of an additional investment of USD 19.2m in portfolio assets

Net income was USD 8.1m, a strong improvement over the - USD 18.1 figure posted a year ago (we forecast USD 6m)

View: The results are mostly in line with our estimates. There were no significant catalysts in 1H10. We expect the company’s NAV to increase slightly to USD 468 by the end of the year due to yields compression and the opening of the Triumph Mall in Saratov, which was previously expected to open in June and is now anticipated to open in October.

Valuation and Action: The stock trades at a 38% discount to its last reported (30 June 2010) NAV, while EM peers trade at a 3% average discount.