Date updated:08-16-2008
The conflict with Georgia makes Russian stocks cheap -- but dangerous.

-
RSX
Mkt Vctr Russia S - $31.35
- -0.60%
- $31.14
For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

-
LETRX
Ing Russia Fund C - $32.34
- -0.71%
- $N/A
For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

-
VIP
Vimpel Commun - $20.66
- +0.54%
- $20.21
For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

-
WBD
Wimm Bill Dann Ad - $19.70
- -1.99%
- $20.34
For those attracted to Russia, there are several options, including the Market Vector Russia ETF (RSX), the successful ING Russia mutual fund (LETRX) and Russian stocks, some of which are listed in the U.S., including Lukoil, VimpelCom (VIP) a wireless operator, and Wimm-Bill-Dann (WBD), a food company.

-
LUKOY.PK
Lukoil Co Spons A - $60.40
- -2.58%
- $59.98
One reason for Russia's low P/E multiple is a heavy weighting in energy stocks. Lukoil , the most independent Russian major, has U.S.-listed shares (ticker: LUKOY) that trade for 80, roughly five times projected 2008 profits. That's a low P/E, but Western oil majors like ExxonMobil (XOM) and Chevron (CVX) trade at about a seven multiple, while Petrobras (PBR), the well-regarded Brazilian oil giant, has a 2008 P/E of 10.

-
OGZPY.PK
Oao Gazprom Adr - $24.65
- -2.57%
- $24.60
Ian Hague, a partner at Firebird Management, whose firm has about $3.5 billion invested in Russia and nearby countries, says that he's "starting to see value" in Russian shares. Credit Suisse's Russian strategist wrote last week that "at a time of increased political risks," it pays to stick with "state-friendly" stocks, including Gazprom , the natural-gas monopoly, and Sberbank, a large savings bank. Each has significant government ownership, and American depositary shares are traded over the counter, under the respective pink-sheet ticker symbols OGZPY and SBRBF.

-
SBRBF.PK
Sberbk Rossi Reg - $271.55
- 0.00%
- $N/A
Ian Hague, a partner at Firebird Management, whose firm has about $3.5 billion invested in Russia and nearby countries, says that he's "starting to see value" in Russian shares. Credit Suisse's Russian strategist wrote last week that "at a time of increased political risks," it pays to stick with "state-friendly" stocks, including Gazprom , the natural-gas monopoly, and Sberbank, a large savings bank. Each has significant government ownership, and American depositary shares are traded over the counter, under the respective pink-sheet ticker symbols OGZPY and SBRBF.

-
89VS.L
N/a - $29.715
- -5.085
- $29.715
Hague warns, however, that the management of state-controlled companies is often weak. He prefers consumer plays like X-5 Retail Group, whose shares (FIVE.U.K.) trade in London, and VimpelCom.
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