LSR Group - Strong 1Q19 Driven by ZILART
LSR Group has published 1Q19 operating results. The numbers were good, with a 22% y-o-y increase in new contract sales on the back of a 20% y-o-y rise in the average sales price. Growth in 1Q19 was mainly driven by the Moscow area, with a very strong performance from LSR's flagship project, ZILART, the growing prominence of which should support the average price and margins going forward. In addition, the Construction Ministry is expected to publish a bill this week outlining the criteria for selling apartments under the old model, i.e. without escrow accounts, which should be an additional positive for the company. We reiterate our BUY rating on the stock and $2.50 target price.Group LSR PJSC is involved real estate development in Saint Petersburg, Munich, Yekaterinburg and Moscow, prefabricated panel construction in Saint Petersburg, Moscow and Yekaterinburg, commercial real estate development in Saint Petersburg and Moscow and Yekaterinburg, the production of building materials at plants located in Russia and Ukraine, the extraction and processing of aggregates in Leningrad region, and the provision of construction services. These products and services are sold mainly in Russia. As of Dec 31 2015, Co. had five reportable segments: LSR.Building Materials; LSR. Construction; LSR.Project management; LSR.Cranes; and LSR.Real Estate.
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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