Report
Aleksey Ryabushko ...
  • Alexey Kirichok
  • Andrew Keeley
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Nikolay Minko
  • Oksana Mustiatsa
  • Rodion Lomivorotov
  • Svetlana Sukhanova

CIS Market Daily - March 20, 2019

MARKET COMMENT - US/CHINA, FED, KAZAKHSTAN AND BREXIT NEWS AMID MARKET CONSOLIDATIONOverall market gains continued yesterday but at a slower pace for global equities. The MSCI EM and World (DM) edged up 0.2% and 0.1%, respectively. The RTS climbed 0.5% to 1,220, and Russia was in the top quintile of EMs, bettered by Brazil (+0.7%) and Mexico (+1.0%) among the more liquid markets. DMs saw Europe (MSCI index up 0.8%) fare better than the US (S&P 500 flat at 2,833). Risk assets including EM and Russian equities, oil and more saw gains until the US open, after which markets switched to consolidation. Headlines last night and this morning suggest China may have retreated on some of the trade concessions it had offered the US in their ongoing negotiations, though as usual there is nothing material in these stories. With few other catalysts, markets appear more focused on pre-positioning for tonight's Fed meeting.STORIES> Public investment to become an important growth factor> CBR set to leave rate unchanged, confirm recent dovish comments> Novatek to pay total dividend of R260.6 per GDR for 2018> Norilsk Nickel: Strong fundamentals> Rusal: Returning to normality> Court allows Vale to reopen 30 mtpa iron ore mine, timing still unclear> President Nazarbayev resigns> MTS: 4Q18 above forecast, but guidance conservative for 2019> First round of modernization bids 2.8-fold above volume to be allocated
Underlyings
Halyk Savings Bank of Kazakhstan GDR

Halyk Savings Bank of Kazakhstan JSC

MMC Norilsk Nickel PJSC

MMC Norilsk Nickel PJSC is a global producer of nickel, palladium, platinum and copper. Co. also produces by-products, such as cobalt, chromium, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur. Co. is involved in prospecting, exploration, extraction, refining and metallurgical processing of minerals, as well as in production, marketing and sale of base and precious metals. Co.'s production facilities are located in five countries: Russia, Australia, Botswana, Finland, and South Africa. Co.'s production units are integrated and include: the Polar Division (the Taimyr Peninsula); and the Kola Mining and Metallurgical Company (Kola MMC or the Kola Peninsula).

Mobile TeleSystems PJSC

Mobile Telesystems is a provider of mobile cellular communications services in the Russian Federation, Ukraine, Uzbekistan and Turkmenistan to consumers and corporate customers, employing technology based primarily on Global System for Mobile Communications (GSM). Co. had a mobile subscriber base of around 102.5 million (77.3 million in Russia, 20.4 million in Ukraine, 2.1 million in Turkmenistan, 1.6 million in Uzbekistan and 1.1 million in Armenia). In addition to standard voice services, Co. provides improved services, including voice mail, short message service, general packet radio service, and various SMS- and GPRS-based information and entertainment services.

Mobile TeleSystems PJSC Sponsored ADR

NOVATEK JSC

Novatek is an independent gas producer and natural gas producer in Russia. Co. is engaged in the exploration, production, and processing of natural gas and liquid hydrocarbons. Co.'s upstream activities are concentrated in the Yamal-Nenets region, which is a natural gas producing area and accounts for a significant part of Russia's natural gas production. Co.'s three core fields are located in the regions of Yurkharovskoye, East Tarkosalinskoye and Khancheyskoye. Co. maintains natural gas reserves of approximately 1,144 bcm. Co.'s total net proved reserves totals around 8,088 million barrels of oil equivalent (boe).

NOVATEK JSC Sponsored GDR RegS

United Company RUSAL international PJSC

United Company Rusal is a producer of aluminium and alloys. Co.'s production chain include bauxite and nepheline ore mines, alumina refineries, aluminium smelters and casting houses, foil mills and packaging production centres. Co. operates in four reportable segments: Aluminium, which is involved in the production and sale of primary aluminium; Alumina, which involved in the mining and refining of bauxite into alumina and the sale of alumina; Energy, which include the mining and sale of coal and the generation and transmission of electricity; Mining and Metals, which includes the equity investment in Co.'s joint venture, PJSC MMC Norilsk Nickel.

Provider
Sberbank
Sberbank

​Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

Analysts
Aleksey Ryabushko

Alexey Kirichok

Andrew Keeley

Andrey Kuznetsov

Andrey Gromadin

Anna Kotelnikova

Anton Stroutchenevski

Artem Vinogradov

Cole Akeson

Fedor Kornachev

Irina Lapshina

Nikolay Minko

Oksana Mustiatsa

Rodion Lomivorotov

Svetlana Sukhanova

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