Lukoil-Holding

PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).
  • TickerLKOH
  • ISINRU0009024277
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorOil & Gas Producers
  • CountryRussia
ING
Egor Fedorov ...
  • Oleksiy Soroka, CFA
  • Trieu Pham

EM Credit Spark/Trade Ideas update: new risks and scandals

The first week of July brought mixed results in the CIS & Turkey space with Ukraine's sovereign bond spread curve shifting up by c.40bp following the resignation of NBU head Yakiv Smoliy, which saw the sovereign cancelling its Eurobond placement. Turkey's sovereign spread curve also suffered with spreads widening by 10-20bp over the week. AZERBJ/KAZAKS tightened by up to 10bp while RUSSIA bonds treaded water, floating within the +/-4bp range. Recent headlines out of Ukraine remain little comforting. Potential US sanctions risks on Russia dominated the headlines, however, it has not yet materia...

Alexander Golinsky ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov

Долговые рынки сегодня - 8 июля 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГНа рынке российских суверенных еврооблигаций вчера продолжалась коррекция. В отстающих снова оказался выпуск Россия-43, снизившись в цене на 0,4 п. п., бумаги Россия-35 подешевели на 0,2 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ во вторник большую часть дня торговая активность была низкой в ожидании объявления Минфина о размещении выпусков на аукционах в среду. Впоследствии, когда Минфин предложил "защитный вариант" - флоутер ОФЗ-29014, начались активные покупки со стороны локальных инвесторов. Больше всего снизилась доходность среднесрочных выпусков - на 10-...

Raiffeisen Centrobank Equity Daily 03.07.2020

AT: Atrium - 38.9% of shareholders chose to receive 2Q dividend as scrip dividend (neutral) ◾AT: UNIQA - Placement of senior notes of EUR 600 mn and subordinated notes of EUR 200 mn concluded (neutral) ◾PL: Cyfrowy Polsat - UOKiK gives the go ahead for Interia purchase (neutral) ◾PL: Santander Bank Polska - Securitisation agreement concluded with EIB (neutral) ◾RU: Detskiy Mir - AGM approved dividends of RUB 3 per share (neutral) ◾RU: Petropavlovsk - Temporary boards' mandate challenged at court (negative) ◾RU: Russian O&G statistics - Daily oil and condensate production decreased by 0.8% mom,...

ING
Egor Fedorov ...
  • Oleksiy Soroka, CFA
  • Trieu Pham

EM Credit Spark/Trade Ideas update: closing PLNIJ and KZTGKZ

The second half of June saw optimism waning a bit in EM credit with debt flows stalling and the JPM EMBI Global spread 11bp wider over the last week. We identify new debt supply, end of quarter technicals and persisting concerns on Covid-19 as key drivers. Also, the IMF downgraded the global growth outlook. Notwithstanding, today's performance points to a strong start into July. We remain constructive and see room for further spread tightening in the EM corporate and sovereign space. We still see some attractive ideas in Ukraine and Turkey where our top picks are bonds of Metinvest and Tupras...

BCS Fixed Income Daily: Economics, Gazprom, LUKOIL

IMF downgrade, US jobs weakness, COVID resurgence Ahead: Cautious trade at play. The IMF again downwardly revised its global growth forecast, projecting 2020 GDP of -4.9%, lower than the -3% predicted in April. Enthusiasm will be further tempered ahead of US jobless claims, which are expected to remain extraordinarily high, while a resurgence in confirmed COVID-19 cases in the US (as well as Germany, LatAm), linked to the reopening of businesses, is also dimming the economic recovery outlook. In turn, Brent has retreated, albeit is finding some support from US-China trade hopes. Mark S Bra...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US dollar (DXY), which has been great news for EM equities. As outlined in our 12/19/19 Int'l Compass an...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and Japan...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook (at best)... see page 2. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today's report we highlight actionable country- and Sector-specific themes: • Norway and India are leadership. Norway's Oslo OBX and India's SENSEX remain global leaders. Overweight these markets... see below and page 3 for overviews and actionable country-specific stocks. • Austral...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Global Energy shares breaking out; Technology remains attractive The MSCI ACWI and S&P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a bullish trend change. Combine this with improving market internals and we are becoming incrementally more bullish. For the MSCI ACWI, one of the more concerning breadth indicators has been the percentage of stocks above their 200-day moving average. This indicator recently hit a higher high (see below, left), a positive development that confirms the market's recent advance. • Major themes: O...

Raiffeisen Centrobank Equity Daily 03.07.2020

AT: Atrium - 38.9% of shareholders chose to receive 2Q dividend as scrip dividend (neutral) ◾AT: UNIQA - Placement of senior notes of EUR 600 mn and subordinated notes of EUR 200 mn concluded (neutral) ◾PL: Cyfrowy Polsat - UOKiK gives the go ahead for Interia purchase (neutral) ◾PL: Santander Bank Polska - Securitisation agreement concluded with EIB (neutral) ◾RU: Detskiy Mir - AGM approved dividends of RUB 3 per share (neutral) ◾RU: Petropavlovsk - Temporary boards' mandate challenged at court (negative) ◾RU: Russian O&G statistics - Daily oil and condensate production decreased by 0.8% mom,...

Raiffeisen Centrobank Equity Daily 24.06.2020

 AT: Andritz - Large pulp mill order from Sun Paper (neutral)  AT: Erste Group, Raiffeisen Bank International - Slovak bank tax to be abolished (positive)  AT: S IMMO - Nearly all properties open again, shopping mall footfall more than 70% of pre-crisis levels (positive)  CZ: Czech Banks - With Slovakia abolishing the bank tax, the probability of a Czech levy fades (positive)  HU: Hungarian Banks - Central Bank unexpectedly cut the base rate by 15 bps (negative)  RO: Electrica - Electrica will acquire a 100% stake in a small photovoltaic farm (neutral)  RU: LUKoil - Shareholders approve...

Ronald Smith ...
  • Vasiliy Mordovtsev

BCS Initial Coverage: Oil & Gas – L-T Bullish, S-T Savvy

We are L-T bullish on the entire Russian Oil & Gas sector, projecting $50/bbl in the M-T – albeit cautious that oil prices may have recovered too much, too soon. Top Picks – LKOH, SNGSP on a risk-minimizing view. – L-T Bullish: Valuations underpinned by historically low risk-free rate … … our conviction that oil will return to $50/bbl in the medium term – S-T Savvy: Be ready to play – Oil prices could give up gains this summer … … falling back to the $30-$35/bbl range for a time – LKOH (Buy): A Top Pick – Low-beta, high-yield play but material upside – SNGSp (Buy): Most defensive, Expec...

Kirill Chuyko

BCS Coverage Update: Oil & Gas Sector – Transfer of Coverage

We are pleased to announce that Ronald Smith has joined the BCS GM Research Team as Lead Oil & Gas Analyst. Ron brings a wealth of experience, which will strengthen BCS research product and services. Ron will take over coverage from Kirill Tachennikov, who will move to another role within BCS Research – we sincerely thank Kirill for his contributions as an O&G analyst. Commencing immediately, Ron will be providing continuous and timely coverage and assessments of important events and news flow on the sector and companies. To ensure a seamless Transfer of Coverage, Ron will publish his Init...

Kirill Tachennikov ...
  • Vasiliy Mordovtsev

BCS O&G Monthly Digest: Oil price outpaces demand – Stay cautious

International – OPEC+ 9.7mbd cut extended through July – IEA upgraded 2020 oil demand forecast to 91.7mbd Russia – Oil producers posted weak 1Q20 IFRS – EBITDA falls almost 2x q/q – Novatek reported 1Q20 IFRS – EBITDA -33% q/q, as expected; FCF positive – Gazprom published 4Q19 IFRS – Negative FCF, EBITDA flat q/q – Surgutneftegas reported 2H19 IFRS – P&L in line, net cash exceeds c$50bn – Transneft – 2019 DPS may be paid in installments – Lukoil¬ BoD recommends 2H19 DPS of Rb350/sh – Lukoil diamond asset sale may be invalidated – $700mn loss – Gazprom owed $2bn from Turkish gas importers Ki...

ING
Egor Fedorov ...
  • Oleksiy Soroka, CFA
  • Trieu Pham

EM Credit Spark/Trade Ideas update: new risks and scandals

The first week of July brought mixed results in the CIS & Turkey space with Ukraine's sovereign bond spread curve shifting up by c.40bp following the resignation of NBU head Yakiv Smoliy, which saw the sovereign cancelling its Eurobond placement. Turkey's sovereign spread curve also suffered with spreads widening by 10-20bp over the week. AZERBJ/KAZAKS tightened by up to 10bp while RUSSIA bonds treaded water, floating within the +/-4bp range. Recent headlines out of Ukraine remain little comforting. Potential US sanctions risks on Russia dominated the headlines, however, it has not yet materia...

ING
Egor Fedorov ...
  • Oleksiy Soroka, CFA
  • Trieu Pham

EM Credit Spark/Trade Ideas update: closing PLNIJ and KZTGKZ

The second half of June saw optimism waning a bit in EM credit with debt flows stalling and the JPM EMBI Global spread 11bp wider over the last week. We identify new debt supply, end of quarter technicals and persisting concerns on Covid-19 as key drivers. Also, the IMF downgraded the global growth outlook. Notwithstanding, today's performance points to a strong start into July. We remain constructive and see room for further spread tightening in the EM corporate and sovereign space. We still see some attractive ideas in Ukraine and Turkey where our top picks are bonds of Metinvest and Tupras...

BCS Fixed Income Daily: Economics, Gazprom, LUKOIL

IMF downgrade, US jobs weakness, COVID resurgence Ahead: Cautious trade at play. The IMF again downwardly revised its global growth forecast, projecting 2020 GDP of -4.9%, lower than the -3% predicted in April. Enthusiasm will be further tempered ahead of US jobless claims, which are expected to remain extraordinarily high, while a resurgence in confirmed COVID-19 cases in the US (as well as Germany, LatAm), linked to the reopening of businesses, is also dimming the economic recovery outlook. In turn, Brent has retreated, albeit is finding some support from US-China trade hopes. Mark S Bra...

ING
Egor Fedorov ...
  • Oleksiy Soroka, CFA
  • Trieu Pham

EM Credit Spark/Trade Ideas update: LUKOIL' 23, SIBNEF'23

Interest in EM risk assets has returned over the past 7 days as more countries across the globe continued to ease or lift lockdowns or other barriers for business and international trade. JPM EMBI Global spread tightened by 2bp over the week. We remain constructive and see room for further spread tightening in the EM corporate and sovereign space, notably in higher yielding Ukraine and Turkey where our top picks are bonds of Metinvest and Tupras. Key risks to the ideas here are: (1) Still uncertain pattern of Covid-19, with a flattening in the case curve in Ukraine while Turkey is opening its ...

BCS Fixed Income Daily: Oil, Lukoil

Re-openings, OPEC+, ECB bets v Econ prints, OPEC+ Ahead: Caution at play. Signs point to cautious trade. To the upside, trade will again be buoyed by the hoped for improving global economic outlook, prospect of an OPEC+ extension and largess from yet another central bank (ECB expected to reveal a stimulus package). Still, as has been typical in the current environment, any enthusiasm will be held in check by pending economic data points (today) that are certain to remind of the fallout from COVID-19. Headlines that signaled OPEC+ may backpedal on the preliminary agreement to extend the curre...

Alexander Golinsky ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov

Долговые рынки сегодня - 8 июля 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГНа рынке российских суверенных еврооблигаций вчера продолжалась коррекция. В отстающих снова оказался выпуск Россия-43, снизившись в цене на 0,4 п. п., бумаги Россия-35 подешевели на 0,2 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ во вторник большую часть дня торговая активность была низкой в ожидании объявления Минфина о размещении выпусков на аукционах в среду. Впоследствии, когда Минфин предложил "защитный вариант" - флоутер ОФЗ-29014, начались активные покупки со стороны локальных инвесторов. Больше всего снизилась доходность среднесрочных выпусков - на 10-...

Alexander Golinsky ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov

Debt Markets Today - June 18, 2020

CIS EUROBOND MARKETTrading in Russian sovereign Eurobonds was cautious yesterday, in line with the global trend. All issues closed unchanged in price.GOVERNMENT DEBTActivity in the OFZ market was fairly subdued leading up to yesterday's auctions, and yields barely budged. The auctions turned out well for the Finance Ministry, especially the placement of the 5y OFZ 26234 (July 2025). Immediately afterward, yields dropped 3 5 bps, though they later pulled back to previous levels.STORIES> Russian consumer prices rise 0.1% in week to June 15> 1Q20 GDP growth driven by agriculture, manufacturing, t...

Alexander Golinsky ...
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov

Долговые рынки сегодня - 18 июня 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВолатильность на глобальных рынках обусловила осторожную динамику российских суверенных еврооблигаций. Все выпуски завершили торги на уровнях предыдущего закрытия.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИДо проведения аукционов активность на рынке ОФЗ была невысокой, доходности существенно не изменялись. Хорошие результаты аукционов, в частности по размещению пятилетнего выпуска ОФЗ-26234 (июль 2025), способствовали резкому снижению доходности, на 3-5 б. п. вдоль кривой, однако к вечеру оно было нивелировано.НОВОСТИ> На прошлой неделе потребительские цены в России выросли на ...

Alexander Golinsky ...
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yuri Popov

Долговые рынки сегодня - 8 июня 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГСильная макростатистика в Соединенных Штатах на прошлой неделе (в частности, пятничный отчет по занятости за май) способствовала резкому росту доходности гособлигаций США, что оказало давление на российские суверенные еврооблигации. По итогам торгов выпуски с погашением в 2042-2047 годах подешевели на 2,2-2,5 п. п., среднесрочные ограничились снижением котировок на 1,3 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНа рынке ОФЗ в пятницу с утра продолжились продажи, вызванные в основном слабыми результатами аукционов в среду. После прессконференции главы ЦБ РФ Эльвиры Набиулли...

Alexander Golinsky ...
  • Alexey Bulgakov
  • Alexey Kirichok
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Ekaterina Sidorova
  • Irina Lapshina
  • Kirill Rogachev
  • Nikolay Minko
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev
  • Yuri Popov

Debt Markets Today - June 8, 2020

CIS EUROBOND MARKETLast week's strong US macro data, and Friday's nonfarm payrolls figure in particular, fueled a sharp uptick in US Treasury yields on Friday, which put pressure on Russian sovereign Eurobonds. The Russia 42 and 47 finished down 2.2-2.5 pp in price, while the losses near the middle of the curve were limited to 1.3 pp.GOVERNMENT DEBTSelling in the OFZ market, triggered by the fairly weak auction on Wednesday, continued from the get-go on Friday. It abated somewhat following CBR Governor Elvira Nabiullina's press conference at which she indicated that there was "significant scop...

An unfavourable environment weighs on PJSC LUKOIL 144A ADR, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of PJSC LUKOIL 144A ADR (RU), active in the Integrated Oil & Gas industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date April 10, 2020, the closing price was USD 69.51 and its target price was estimated at USD 56.13.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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