Report
Andrew Keeley ...
  • Arthur Cherkesov
  • Cole Akeson
  • Fedor Kornachev
  • Georgiy Ivanin
  • Research Team

CIS Market Daily - November 12, 2021

MARKET COMMENT - UKRAINE AND BELARUS TENSIONS, WEAKER OIL WEIGH ON THE MARKETThe MSCI ACWI edged up 0.1% and the RTS (1,854) was flat. Focus is more on events later in the day, as media reports claim US government officials have told their EU counterparts that the US is increasingly concerned about the potential for Russian military action regarding Ukraine. The ruble has weakened more than peers overnight, and RTS futures are down 0.7%, implying underperformance against other global markets. We note that improved implied political risk indicators this year may suggest equity investors could become more sensitive to political headlines than in the recent past.STORIES> MSCI Russia: November 2021 rebalancing review> Bank of Georgia 3Q21 IFRS: Strong quarter as economy rebounds further> Visa reduces fees for accepting cards for large online retailers> SCF 3Q21 IFRS preview: Weakest quarter of the year, but spot tanker rates have started to recover in 4Q21> Potential introduction of QR codes for air travel likely to slow passenger traffic recovery
Underlyings
Aeroflot Russian Airlines

PJSC Aeroflot Russian Airlines is an international air transport company which is engaged in operations in Russia. The principal activity of Co. is the provision of passenger and cargo air transportation services both domestically and internationally and other aviation services from its base at Moscow Sheremetevo Airport. Co. and its subsidiaries also includes activities comprising airline catering, the operation of a hotel and insurance services. Associated undertakings mainly comprise hotel and duty-free retail businesses. The principal business segments are airline operations, airline catering, hotel operations and other.

Bank of Georgia GDR

Bank of Georgia Group

BGEO Group is a holding company. Together with its subsidiary, JSC Bank of Georgia (the Bank) and other subsidiaries, Co. makes up a group of companies that provide banking, insurance, real estate, utility, leasing, beverage production and distribution, brokerage and investment management services to corporate and individual customers. Co. has two operating segments: banking business, which comprises: retail banking and payment services, corporate investment banking and wealth management operations and banking operations in Belarus; and investment business, which comprises Co.'s stakes in Georgia Healthcare Group PLC, Georgia Global Utilities, m2 Real Estate, Aldagi and Teliani Valley.

Ozon Holdings

Sovcomflot

Yandex NV Class A

Yandex is an internet and technology company that operates an internet search engine in Russia. Co. builds intelligent products and services powered by machine learning. Co.'s products and services are based on complex, unique technologies that are not easily replicated. Co. generates substantially all of its revenues from online advertising. Co. also generates revenues from its e-commerce offerings, classifieds and e-hailing service. Co.'s businesses are organized in the following operating segments: Search and Portal; E-commerce; Taxi; Classifieds and Experimental businesses.

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
Andrew Keeley

Arthur Cherkesov

Cole Akeson

Fedor Kornachev

Georgiy Ivanin

Research Team

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