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May 5, 2015

We expect mixed performance for transport stocks in May

We expect transport stocks to put in a mixed performance in May. Rail gondolas operators could underperform the broader market mainly due to weak industry conditions. At the same time, we anticipate that Aeroflot shares could outperform the market, as we anticipate that the airline should continue to gain market share and become the main beneficiary of the VAT reduction for domestic flights over the summer high season.