Wire Tap - Bread and Circuses
In this 12th edition of Wire Tap, we have modified our product to focus on four themes. The first is how food delivery is becoming a part of Russians' everyday life. We also look at how Yandex.Eats has nearly caught up with Delivery Club in Moscow, and how the latter responded with heavy discounts. The second theme is the Russian e-commerce market, which we expect to grow at a 20% or higher CAGR over 2018-21E. We also discuss why the strongest players are increasing their share in the online retail market. In the third section, we focus on e-sports, looking at how both Russia in general and Mail.ru's ESforce in particular strengthened their global positions last year. Finally, our fourth theme is why growth in the Moscow taxi market slowed last year to single digits. In addition, we cover the growing share of the Yandex.Taxi JV in that market. Other news in this edition includes: the performance of Mail.ru mobile games; an increase in Yandex developer headcount; Yandex producing its own online TV series; the new Yandex HQ; possible benefits for Yandex from mandatory pre-installation of Russian software on smartphones in Russia; online cinema growth; Avito's consolidation by Naspers and its engagement compared with that of Youla; MTS tariff pricing; and Rostelecom data centers.Mail.Ru Group is an Internet company based in the Russian Federation. Co. operates the email service [email protected] and two IM networks in Russia - Mail.Ru Agent and ICQ. Co. operates two Russian-language online social networking sites: Moi [email protected] and Odnoklassniki.ru, and owns a strategic minority equity stake in the social network Vkontakte. Co. is also engaged in developing projects in E-commerce and operating more than 40 thematic vertical sites, targeting various user categories. Co. is also Russia's predominant online games company. Co. maintains a portfolio of online games which includes 34 MMO games and over 30 games for social networking sites.
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.
Rostelecom PJSC provides communication services (including local, intra-zone, long-distance domestic and international fixed-line telephone services, mobile services), data transmission, Internet, Pay TV, VPN and data centers services, rent of communication channels and radio communication services in the territory of Russian Federation. Co. operates the main intercity network and the international telecommunications gateways of the Russian Federation, carrying voice and data traffic that originates in its own network and other national and international operators' networks to other national and international operators for termination.
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.
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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