CIS Market Daily - November 23, 2021
MARKET COMMENT - SHARPEST P/E DISCOUNT SINCE 4Q14 ON POLITICAL NEWS, GLOBAL DECLINESThe RTS saw its sharpest one-day decline in 19 months, falling 5.5% to reach 1,628. The forward P/E discount to the MSCI EM at circa 55% has now grown to its highest level since a brief time in 2Q19, a level previously not sustained since 4Q14. Meanwhile, retreating equity and other indicators globally suggest another weak morning for Russia, though it is worth noting that the developing global environment favors cyclicals and yielders over growth stocks.STORIES> Lukoil 3Q21 IFRS preview: Strong quarter expected> InterRAO 3Q21 IFRS preview: Another solid quarter> RusHydro 3Q21 IFRS preview: Stronger electricity output and pricing to support EBITDAPJSC RusHydro is a hydro-generating company based in Russia. Co. is engaged in the generation and sale of electricity and capacity on the Russian wholesale and retail markets, as well as generation and sale of heat energy. The main activity of Co. is production of power from renewable energy sources, developing power generation using water flows, tidal, wind and geothermal energy. It has an installed electricity generation capacity of 38.5 GW; and heat capacity of 16.2 GCal/h.
Inter RAO UES PJSC is a functioning operator of electricity exports and imports in the territory of Russia. Co. represents the interests of two Russian power sector participants: RAO UES of Russia and Rosenergoatom concern, which possess 60 and 40% of the shares respectively. Co. is engaged in arranging transboundary electricity supplies, to provide both domestic and foreign consumers with electric power. Co. is also engaged in pursuing effective investment activities. Co. is developing several areas of activity, including: electric power export and import supplies; electricity sales in home and foreign markets; investment activities; and foreign asset management.
PJSC Lukoil is a vertically-integrated oil company engaged in the exploration and production of crude oil and natural gas. Co. is engaged in all main sectors of the modern oil business including supplies, refining, marketing, transportation, petrochemicals and oil-related activities. Co.'s operations are divided into five business segments: Exploration and Production; Refining, Marketing and Distribution; Chemicals; Power Generation and Other Business Segments. Co. owns and operates refineries in Bulgaria (LUKOIL Neftochim Bourgas AD) and Romania (Petrotel-LUKOIL).
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.
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