Moscow Exchange

Moskovskaya Birzha MMVB-RTS PAO. Moskovskaya Birzha MMVB-RTS PAO (MMVB-RTS OAO) is a Russia-based integrated stock exchange that provides electronic trade organization, clearing and settlements on trades, depository and information services. The Company provides trading and settlement services in such segments of the financial market as foreign exchange (FX) market, federal bonds market, market of derivative financial instruments, cash equities market, corporate and regional fixed income market, commodities market, as well as market for state and municipal orders. The Company was established as a result of the merger between MMVB ZAO and RTS OAO. It operates through six branches and three representative offices. As of February 27, 2013, the Company's major shareholder was the Central bank of the Russian Federation with a stake of 22.47%. In January 24, 2014, the Company sold its whole stake in MMVB-IT ZAO.
  • TickerMOEX
  • ISINRU000A0JR4A1
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorFinancial Services
  • CountryRussia
Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - July 13, 2020

STORIES> The Russian Eagle: Now that the tide has lifted all boats...> Moderate capital flight helped ruble rebound in 2Q20> Russia Inflation Monitor: Modified inflation stabilizes in June> Gazprom BoD approves management's participation in charter capital> Alrosa's sales remain very weak in June, as expected> Aviation fuel leaks from pipeline operated by Nornickel> Moscow Exchange: Marketplace law passes, without biometry for now> 2Q20 Sberbank CIB Ivanov Consumer Confidence Tracker release> Video, gaming and online grocery benefited from lockdown the most> InterRAO may sell its stake in Russ...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - 13 июля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НОВЫЙ ВИТОК ОПТИМИЗМАГлобальные рынки выросли благодаря улучшению настроя инвесторов. В преддверии заседания комитета ОПЕК+ котировки Брент восстановились до $43/барр. Азиатские рынки утром выросли.НОВОСТИ> Российский орел. Как может выглядеть следующий этап переоценки рынка> Отток капитала из российской экономики в 2К20 был умеренным> Модифицированная инфляция в России стабилизировалась в июне> Совет директоров Газпрома одобрил участие менеджмента в уставном капитале> Продажи АЛРОСА в июне, как и ожидалось, остались очень слабыми> На трубопроводе Норникеля произошла ут...

Moscow Exchange confirmed at BUY, TP RUB 150 - Strong year carries on

In view of exceptionally strong yoy operating statistics this year, we confirm our BUY recommendation for ordinaries and raise our DCF target price to RUB 150 from RUB131 on the back of lower risk-free rates. The business segments of Moscow Exchange look well-balanced against business cycles long-term, yet the company benefits from anything out of ordinary raising market volatility and trading, thus boosting fees, such as the pandemic or oil market panic. Furthermore, lower interest rates are also beneficial for top line growth and especially the lucrative Securities segment. Based on 1H 20, e...

Andrew Keeley ...
  • Kirill Rogachev

Moscow Exchange - Marketplace Law Passes, but Without Biometry For Now

The CBR has published a statement saying that the "Law on Financial Marketplaces" has been approved by the Duma. The marketplace project is being undertaken by Moscow Exchange (MOEX) and represents an important element in its strategy through 2024 in terms of contributing to delivering around 10% annual fee income growth. The initial focus will be online retail deposits. While at first glance this looks like a much-awaited development, we note that the law does not incorporate single biometric log-in, which we think is a central tenet to the long-term success of the marketplace. It is expected...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 9 июля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НАЧАЛО СЕЗОНА ДИВИДЕНДНЫХ ВЫПЛАТВчера торги на российском рынке акций проходили в узком диапазоне на фоне неоднозначной динамики глобальных рынков. В Китае продолжается рост. На российском рынке в центре внимания отсечка дивидендов у крупных компаний. НОВОСТИ> SberIndex указывает на значительный рост потребительских расходов с29 июня по 5 июля> В июне годовая инфляция в России ускорилась до 3,2%> Норникель оспаривает штраф на сумму $2 млрд за утечку дизельного топлива> МосБиржа: новая информация о планах начать торги акциями американских компаний

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Moscow Exchange confirmed at BUY, TP RUB 150 - Strong year carries on

In view of exceptionally strong yoy operating statistics this year, we confirm our BUY recommendation for ordinaries and raise our DCF target price to RUB 150 from RUB131 on the back of lower risk-free rates. The business segments of Moscow Exchange look well-balanced against business cycles long-term, yet the company benefits from anything out of ordinary raising market volatility and trading, thus boosting fees, such as the pandemic or oil market panic. Furthermore, lower interest rates are also beneficial for top line growth and especially the lucrative Securities segment. Based on 1H 20, e...

Andrew Keeley ...
  • Kirill Rogachev

Moscow Exchange - Marketplace Law Passes, but Without Biometry For Now

The CBR has published a statement saying that the "Law on Financial Marketplaces" has been approved by the Duma. The marketplace project is being undertaken by Moscow Exchange (MOEX) and represents an important element in its strategy through 2024 in terms of contributing to delivering around 10% annual fee income growth. The initial focus will be online retail deposits. While at first glance this looks like a much-awaited development, we note that the law does not incorporate single biometric log-in, which we think is a central tenet to the long-term success of the marketplace. It is expected...

Andrew Keeley ...
  • Kirill Rogachev

Moscow Exchange - More Details on US Equities Plans

Moscow Exchange has released more details about its plans to start trading US equities. We think this latest step should add another leg to the increasing appetite for equities among Russian retail investors. Longer-term, we think that boosting the share of equities in revenues from the current modest levels (including 9%/14% of fee income in 2019/1Q20) could be a major positive driver for MOEX's investment case and valuation multiples. > First set of US stocks to be traded in August. MOEX plans to start trading 20 US stocks on August 17, with a further 30 names to follow in November, and pot...

Andrey Kuznetsov ...
  • Cole Akeson

Retail Investor Statistics - Record Flows into Stocks in June

Moscow Exchange has published the June statistics on retail brokerage accounts. Individual investors bought R65.1 bln ($950 mln) worth of stocks over the month, which is the highest number on record. Retail investors also continued to put money into mutual funds. Russian asset managers saw inflows of R14 bln in June. Part of this money went into the bond market, although we estimate that around half was invested in equities. This brings the size of inflows into the local market to $1.05 bln.Given that the market barely moved in June (RTS edged down 0.6%), other market participants - companies ...

Austrian, CEE & Russian Favourite Stock List July 2020

AUSTRIA: - CA Immo, Buy, TP EUR 39.0 - Frequentis, Buy, TP EUR 22.0 - OMV, Buy, TP EUR 37.0 - Telekom Austria, Buy, TP EUR 7.50 CEE: - Lotos, Buy, TP PLN 75.0 - Digi Communications, Buy, TP RON 47.0 RUSSIA: - Detskiy Mir, Buy, TP RUB 129.0 - Moscow Exchange, Buy, TP USD 131.0

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - July 13, 2020

STORIES> The Russian Eagle: Now that the tide has lifted all boats...> Moderate capital flight helped ruble rebound in 2Q20> Russia Inflation Monitor: Modified inflation stabilizes in June> Gazprom BoD approves management's participation in charter capital> Alrosa's sales remain very weak in June, as expected> Aviation fuel leaks from pipeline operated by Nornickel> Moscow Exchange: Marketplace law passes, without biometry for now> 2Q20 Sberbank CIB Ivanov Consumer Confidence Tracker release> Video, gaming and online grocery benefited from lockdown the most> InterRAO may sell its stake in Russ...

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - 13 июля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НОВЫЙ ВИТОК ОПТИМИЗМАГлобальные рынки выросли благодаря улучшению настроя инвесторов. В преддверии заседания комитета ОПЕК+ котировки Брент восстановились до $43/барр. Азиатские рынки утром выросли.НОВОСТИ> Российский орел. Как может выглядеть следующий этап переоценки рынка> Отток капитала из российской экономики в 2К20 был умеренным> Модифицированная инфляция в России стабилизировалась в июне> Совет директоров Газпрома одобрил участие менеджмента в уставном капитале> Продажи АЛРОСА в июне, как и ожидалось, остались очень слабыми> На трубопроводе Норникеля произошла ут...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 9 июля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НАЧАЛО СЕЗОНА ДИВИДЕНДНЫХ ВЫПЛАТВчера торги на российском рынке акций проходили в узком диапазоне на фоне неоднозначной динамики глобальных рынков. В Китае продолжается рост. На российском рынке в центре внимания отсечка дивидендов у крупных компаний. НОВОСТИ> SberIndex указывает на значительный рост потребительских расходов с29 июня по 5 июля> В июне годовая инфляция в России ускорилась до 3,2%> Норникель оспаривает штраф на сумму $2 млрд за утечку дизельного топлива> МосБиржа: новая информация о планах начать торги акциями американских компаний

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - July 9, 2020

MARKET COMMENT - ENTERING DIVIDEND SEASONThe Russian equity market is trading sideways on a mixed global picture and with large caps set to go ex-div. China continues to rally. STORIES> SberIndex shows strong uptick in consumer spending for June 29-July 5> Inflation in Russia picks up to 3.2% y-o-y in June> Nornickel challenges $2 bln fuel spill damages estimate> Moscow Exchange: More details on US equities plans

Alexey Kirichok ...
  • Anastasia Khakhaeva
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Svetlana Sukhanova
  • Vladimir Lezhnev

CIS Market Daily - 6 июля 2020

КОММЕНТАРИЙ И ПРОГНОЗ - РУБЛЬ ОСЛАБЛЕН НА ФОНЕ ПОВЫШЕНИЯ ДОХОДНОСТИ ОФЗ; РЫНОК АКЦИЙ УШЕЛ ВНИЗ Индекс РТС отступил на 1% до 1 235 пунктов на фоне ослабления рубля до 71,40 относительно доллара (минимальной отметки с мая). Доходность долгосрочных ОФЗ выросла после того, как Минфин заявил о планах увеличить объем госзаимствований в 2020 году до 5 трлн руб. НОВОСТИ> Третью неделю подряд наблюдается чистый отток капитала из России> Экономика России. До восстановления далеко> В 1К20 экономический рост в России был обусловлен повышением потребительского спроса> Япония переходит с угля на возобновля...

With a more favourable environment, MOSCOW EXCHANGE OJSC improves to Positive

MOSCOW EXCHANGE OJSC (RU), a company active in the Speciality Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date June 23, 2020, the closing price was RUB 115.40 and its potential was estimated at RUB 131.04.

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