Rosneft Oil

OJSC OC Rosneft is a vertically-integrated Russian oil and gas company with upstream and downstream operations in each of Russia's oil-producing regions. Headquartered in Moscow, Co. operates ten oil and gas producing enterprises across Russia and is involved in over ten exploration projects. In addition to its upstream operations, Co. also owns two refineries, which have a combined capacity of 10 million tons per year, as well as four main oil export terminals and a nationwide network of over 600 service stations. Co.'s downstream operations consist of its crude oil export structure, refining operations and nationwide network of marketing subsidiaries.
  • TickerROSN
  • ISINRU000A0J2Q06
  • ExchangeMoscow Exchange MICEX-RTS
  • SectorOil & Gas Producers
  • CountryRussia
Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 23 октября 2020

НОВОСТИ> ФБР США распространило пресс-релиз о российских хакерских атаках> Прибыли нефтегазовых компаний в 3К20 должны значительно вырасти с минимумов 2К20> Роснефть обсуждает строительство крупного завода СПГ на Таймыре> Северсталь представила хорошие показатели по МСФО за 3К20> Показатели ММК за 3К20: денежные потоки лучше, чем ожидалось; скорректирован прогноз капиталовложений на 2020 год> Хорошие операционные показатели Polymetal за 3К20 позволяют рассчитывать на более высокий, чем ожидается, объем производства по итогам 2020 года> Полюс представил первую оценку запасов для Сухого Лога> Оп...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - October 23, 2020

MARKET COMMENT - GLOBAL INDICATORS JUST BARELY POSITIVE THIS MORNINGGlobal markets averaged slight gains (MSCI ACWI +0.1%), with help later in the day from positive US macro data. Russia nearly topped EMs; the RTS gained 1.0% to 1,155. However, indicators this morning suggest yesterday's catalysts have been largely exhausted, with global indicators just barely positive and those most relevant to Russia flat or moderately down.STORIES> US FBI distributes press release regarding Russian hacking> China sees strong net inflow, Russia slight net outflow this week> Oil and gas: 3Q20 earnings to boun...

Andrey Gromadin ...
  • Anna Kotelnikova

Oil and Gas - 3Q20 Earnings to Bounce Back Nicely from 2Q20 Trough

We expect Russian oil and gas companies to report solid improvements in their 3Q20 financials, with sector EBITDA jumping 82% Q-o-Q and FCF reaching $4 bln, above the 1H20 level. We believe that Rosneft, Gazprom and Gazprom Neft are best placed to outperform in terms of Q-o-Q EBITDA growth, as the base from 2Q20 was relatively low. Overall, we see 3Q20 as a turning point for sector financial performance: despite a moderate increase in leverage mainly due to dividend payments, FCF generation looks sustainable, and we expect further improvements next year across the sector, and for gas exporters...

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

CIS Market Daily - 13 октября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НОВОСТИ ПО ТЕХНОЛОГИЧЕСКИМ КОМПАНИЯМ США, РОСТ ИМПОРТА В КИТАЙ, САНКЦИИ И МВФВчера мировой рынок акций был на подъеме, но наиболее заметный рост все же наблюдался в отдельных странах и секторах (например, на рынке Китая и в акциях американского высокотехнологичного сектора). Российский рынок показал динамику на уровне аналогов, индекс РТС снизился на 0,1% до 1 163 пунктов. Сегодня утром большинство индикаторов благоприятны для российских акций, главными событиями дня будут публикация экономического прогноза от МВФ и комментарии высокопоставленных представителей ЦБ РФ. Н...

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

CIS Market Daily - October 13, 2020

MARKET COMMENT - US TECH FROTH, CHINESE IMPORT SURGE, SANCTIONS AND THE IMFStocks rallied globally yesterday, but with gains focused in a few countries and segments, like US tech and China. Russia performed in line with peers, the RTS edging down 0.1% to mark 1,163. Most indicators are slightly positive this morning, while the World Economic Outlook release and remarks from top CBR officials are among the top items on today's agenda.STORIES> The Russian Eagle: Positioning for policy unknowns> Rosneft's buyback activity slows in October> NLMK: Good 3Q20 trading update; earnings preview> 3Q20 Sb...

Andrey Gromadin ...
  • Anna Kotelnikova

Oil and Gas - 3Q20 Earnings to Bounce Back Nicely from 2Q20 Trough

We expect Russian oil and gas companies to report solid improvements in their 3Q20 financials, with sector EBITDA jumping 82% Q-o-Q and FCF reaching $4 bln, above the 1H20 level. We believe that Rosneft, Gazprom and Gazprom Neft are best placed to outperform in terms of Q-o-Q EBITDA growth, as the base from 2Q20 was relatively low. Overall, we see 3Q20 as a turning point for sector financial performance: despite a moderate increase in leverage mainly due to dividend payments, FCF generation looks sustainable, and we expect further improvements next year across the sector, and for gas exporters...

Andrey Gromadin ...
  • Anna Kotelnikova

Oil and Gas - Tax Overhaul Spells Higher Risks

In the second half of September, the Duma passed four bills that materially change the structure of tax incentives in the sector. To a large extent, the changes simply represent a shift of the tax burden within the sector. However, they will impact the companies differently and require boosting investment, weighing on sector FCF, and could be followed by another tax increase moving forward. Taking into account these tax changes, we have updated our models, raising our equity risk premiums by 1-2 pp and reducing sector target prices accordingly. We have upgraded Rosneft to a BUY, the company to...

Raiffeisen Centrobank Equity Daily 18.09.2020

ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 indices review - No change in constituents AT: FACC - Informing employees today regarding layoffs, up ...

Raiffeisen Centrobank Equity Daily 17.09.2020

AT: Agrana - Preliminary 2Q EBIT in line, but FY guidance below RCBe and consensus (negative) AT: Raiffeisen Bank International - No dividend proposed for 2019, but flagging potential for extraordinary distribution in 2021 AT: Utilities - Draft renewables law published (neutral) CZ: CEZ - CEZ kicks off sale of Polish assets (neutral) HR: Valamar Riviera - Imperial Riviera submitted a binding offer for the purchase of 63% stake in the company HTP Orebic (positive) PL: Bank Pekao - Return to double digit ROEs appears difficult (neutral) RO: Fondul Proprietatea - FP sold 3% stake in OMV Petrom ...

Raiffeisen Centrobank Equity Daily 03.09.2020

 ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group  PL: Cyfrowy Polsat - Company expresses interest in expanding into radio (neutral)  RU: Detskiy Mir, Sistema - Sistema and RCIF sold their entire stakes in Detskiy Mir (neutral)  RU: Lenta - Vladimir Sorokin replaces Herman Tinga as CEO (neutral)  RU: Russian O&G statistics - Daily oil and condensate output up by 5.1% mom in August due to OPEC+ limits' easing (neutral)  RU: Russian O&G statistics - Gas production in August down by 4.1% yoy, but the recovery is already visible (p...

BCS Fixed Income Daily: Economics, Rosneft

Markets in a world of their own Week Ahead: Choppy, but range-bound. Despite last week’s weaker performance, the dissonance between the markets and the global economy remains wide and performance may continue to exceed fundamental support. Optimism comes from the lifting of lockdowns. Indeed, quarantine restrictions may be easing, but this may not reflect the epidemiological situation on the ground – a return to normal is still far off (people will not soon be rushing to malls, restaurants and holidays abroad and businesses will continue to feel the hit). Indeed, the economic damage is no...

BCS Fixed Income Daily: Rosneft, Eurotorg

Fed-Fauci warnings, Powell on deck Ahead: Guarded amid recovery uncertainty. As yesterday, the session will exhibit a lack of conviction as the outlook for an economic recovery remains clouded. The uncertainty was reinforced by cautionary comments from several US Fed officers (e.g., St Louis Fed President Bullard warned of the risk of a depression; Dallas Fed President Kaplan highlighted the unprecedented labor data, signaling more fiscal anti-COVID stimulus will be needed) and Anthony Fauci (key member of White House COVID task force and head of National Institute of Allergy and Infectious D...

Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Gromadin
  • Anna Kotelnikova
  • Ekaterina Sidorova
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Sheybe
  • Nikolay Minko
  • Research Team

Долговые рынки сегодня - 10 апреля 2020

РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера рынок российских суверенных еврооблигаций был довольно волатильным, однако по итогам дня длинные выпуски выросли в цене на 2 п. п., средне-срочные - на 0,4-0,5 п. п.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИПеред заседанием ОПЕК+ доходности ОФЗ снижались. Ð’ роли покупателей выступали как локальные, так и иноÑ...

Alexander Golinsky ...
  • Alexander Sychev
  • Alexey Bulgakov
  • Alisa Zakirova
  • Andrew Keeley
  • Andrey Gromadin
  • Anna Kotelnikova
  • Ekaterina Sidorova
  • Fedor Kornachev
  • Kirill Rogachev
  • Mikhail Sheybe
  • Nikolay Minko
  • Research Team

Debt Markets Today - April 10, 2020

CIS EUROBOND MARKETRussian sovereign Eurobonds had a fairly volatile day yesterday. When the dust settled, long-dated paper managed to climb 2 pp, while issues in the belly of the curve added 0.4-0.5 pp. GOVERNMENT DEBTOFZ yields declined yesterday ahead of the OPEC+ meeting later in the day. Nonresidents and locals were buying, while selling was dominated by locals. Volumes were up considerably. Volatility surged with the start of the meeting, but yields closed at the same levels they had reached prior to the meeting, 9-11 bps lower on the day in issues up to 5y and 3-6 bps lower further alon...

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

Debt Markets Today - April 7, 2020

CIS EUROBOND MARKETRussian sovereign Eurobond quotes rose again yesterday, led by the Russia 26 (+0.7 pp) and the Russia 29 (+0.6 pp). The Russia 42 and 32 added slightly less than 0.6 pp.GOVERNMENT DEBTThe OFZ market was not particularly active yesterday. Yields continued to ease following Friday's statement by CBR Governor Elvira Nabiullina. They sank 12-15 bps at the short end and 4-6 bps in the belly. Long-dated paper saw limited activity. Turnover was just R13 bln.STORIES> Inflation climbs to 2.5% y-o-y in March and is set to rise further> Finance Ministry could place new OFZ issue soon> ...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 23 октября 2020

НОВОСТИ> ФБР США распространило пресс-релиз о российских хакерских атаках> Прибыли нефтегазовых компаний в 3К20 должны значительно вырасти с минимумов 2К20> Роснефть обсуждает строительство крупного завода СПГ на Таймыре> Северсталь представила хорошие показатели по МСФО за 3К20> Показатели ММК за 3К20: денежные потоки лучше, чем ожидалось; скорректирован прогноз капиталовложений на 2020 год> Хорошие операционные показатели Polymetal за 3К20 позволяют рассчитывать на более высокий, чем ожидается, объем производства по итогам 2020 года> Полюс представил первую оценку запасов для Сухого Лога> Оп...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - October 23, 2020

MARKET COMMENT - GLOBAL INDICATORS JUST BARELY POSITIVE THIS MORNINGGlobal markets averaged slight gains (MSCI ACWI +0.1%), with help later in the day from positive US macro data. Russia nearly topped EMs; the RTS gained 1.0% to 1,155. However, indicators this morning suggest yesterday's catalysts have been largely exhausted, with global indicators just barely positive and those most relevant to Russia flat or moderately down.STORIES> US FBI distributes press release regarding Russian hacking> China sees strong net inflow, Russia slight net outflow this week> Oil and gas: 3Q20 earnings to boun...

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

CIS Market Daily - 13 октября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НОВОСТИ ПО ТЕХНОЛОГИЧЕСКИМ КОМПАНИЯМ США, РОСТ ИМПОРТА В КИТАЙ, САНКЦИИ И МВФВчера мировой рынок акций был на подъеме, но наиболее заметный рост все же наблюдался в отдельных странах и секторах (например, на рынке Китая и в акциях американского высокотехнологичного сектора). Российский рынок показал динамику на уровне аналогов, индекс РТС снизился на 0,1% до 1 163 пунктов. Сегодня утром большинство индикаторов благоприятны для российских акций, главными событиями дня будут публикация экономического прогноза от МВФ и комментарии высокопоставленных представителей ЦБ РФ. Н...

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

CIS Market Daily - October 13, 2020

MARKET COMMENT - US TECH FROTH, CHINESE IMPORT SURGE, SANCTIONS AND THE IMFStocks rallied globally yesterday, but with gains focused in a few countries and segments, like US tech and China. Russia performed in line with peers, the RTS edging down 0.1% to mark 1,163. Most indicators are slightly positive this morning, while the World Economic Outlook release and remarks from top CBR officials are among the top items on today's agenda.STORIES> The Russian Eagle: Positioning for policy unknowns> Rosneft's buyback activity slows in October> NLMK: Good 3Q20 trading update; earnings preview> 3Q20 Sb...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Andrey Krylov
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Mikhail Krasnoperov
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 7 октября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НЕОПРЕДЕЛЕННОСТЬ ВОКРУГ ПЕРЕГОВОРОВ О ПАКЕТЕ СТИМУЛИРУЮЩИХ МЕР В СШАДля большинства рынков вчерашняя торговая сессия сперва проходила умеренно позитивно, однако вечером индекс S&P 500 упал более чем на 2% после того, как президент США распорядился приостановить переговоры о новом пакете стимулирующих мер. Сегодня в центре внимания - отчет Организации по запрещению химического оружия (ОЗХО), финансовая отчетность Сбера по РСБУ и макроэкономические публикации, в том числе доклад МВФ по перспективам развития мировой экономики и протокол последнего заседания ФРС США. НОВОСТ...

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