BCS Global Markets is Global Markets and Investment Banking division of BCS Financial Group which was launched to build institutional business on its existing strengths in the Russian markets and, since June 2012, offers prime services and global markets business lines to institutional clients in Russia and internationally.
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Yuri Golban
- Yuri Golban
BCS Placement Preview: Sibur (Baa3/BBB-/BBB-) – Fair YTM for new 5Y ...
Sibur – a Russian petrochemical company – is marketing new 5Y USD-denominated Eurobonds. We see fair YTM at 2.75-2.85%. – Sibur is one of Russia’s largest vertically integrated petrochemical firms … … with a well-diversified product portfolio – 1Q20 – Weaker EBITDA led to marginal net leverage growth to 2.2x … … but refinancing risks remain low – 2020 – Lower EBITDA, Amur GCC project, dividends to raise leverage … … but ZapSib ramp up, market recovery t...
BCS Fixed Income Daily: Sibur
China Mfg beats vs WHO alarm, pressured Brent Ahead: Prudence entering holiday. China official June manufacturing PMI beat (50.9 vs 50.4 expected), signaling economic recovery is continuing and, hence, demand from the world’s largest importer of oil is, for now, intact – fodder for the Bullish generally and oil Bulls in particular. However, any upside will be capped by WHO’s foreboding assessment that the COVID-19 pandemic “is not even close to being over… [and] the worst is yet to c...
BCS Equity Daily: Transneft, NLMK, MTS, RusHydro
China Mfg beats vs WHO alarm, pressured Brent Ahead: Prudence entering holiday. China official June manufacturing PMI beat (50.9 vs 50.4 expected), signaling economic recovery is continuing and, hence, demand from the world’s largest importer of oil is, for now, intact – fodder for the Bullish generally and oil Bulls in particular. However, any upside will be capped by WHO’s foreboding assessment that the COVID-19 pandemic “is not even close to being over… [and] the worst is yet to c...
Elena Tsareva ... (+2)
- Elena Tsareva
- Veronika Yan
BCS Update: TCS – Valuations rich; 2020 financials weakish
We increased our 12MF TP to $24/GDR and Rb1640/sh, helped by lower RFR and updated forecasts. However, the TP upgrade still implies -1% Excess Return and current valuations are rich – we retain our Hold call on TCS. – April-May lockdown pressured activity, positive signs in June – TCS strong, set to navigate downturn – 36% of revenue now non-credit – L-T story remains intact –2021-23 NI CAGR 23%, ROE avg 30% – Yet, valuations look rich – 2020e P/E 10.7x, a 30% premium to histo...
Slava Smolyaninov ... (+3)
- Slava Smolyaninov
- Vasiliy Mordovtsev
- Yulia Goldina
BCS Equity Strategy (View): Best S-T stocks to Out/Underperform
We stay neutral on Russia – key economic data this week (China, EZ, US mfg; US, EZ labor data; Fed minutes) could sway the direction of trade. – S-T Market View: Neutral on Russia – Outperformers – No sectors, only stocks… ... Stocks – HYDR, RSTI, GMKN, MTS, MOEX, DSKY, SNGSp (new), MAIL (new) – Underperformers: Sector – O&G, select M&M and Transport … … Stocks – ROSN, TRNFp, RTKM, AFLT and VTBR – Neutral – Utilities, TMT, select M&M, Retail, Banks and Fer...
