MSCI Russia - May 2021 Rebalancing Preview
MSCI will release the results of the May semiannual rebalancing after markets close on Tuesday, May 11. The results will take effect after global markets close on Friday, May 28. > Ozon due to enter. In even our more conservative scenarios, we see Ozon comfortably above our expected minimum levels for entry into the indexes this month. Our base-case 25% float scenario would imply the stock taking a 1.3% position in the MSCI Russia Standard Index.> No exclusion risks now. The smallest constituent in the index, VTB, is more than 35% above the level we would expect to be the exclusion line, after a sharp rally in the month leading up to MSCI's pricing for this index rebalancing.> Polymetal and NLMK due for float increases. Following placements over the past year, we reiterate our view that the two stocks will see float increases in MSCI's annual review of float coefficients. Our numbers imply Polymetal's weight in the MSCI Russia Standard Index rising from 2.0% to 3.0%, and NLMK's rising from 1.7% to 2.1%.Further details regarding the scenarios for each stock may be found inside the note.
Novolipetsk Steel is a vertically integrated steel manufacturing and production group based in Russia. Co. specializes in the manufacturing of high-quality hot and cold rolled steel in a variety of grades and sizes. Co. is also engaged in production and sales of flat steel products including slabs, hot rolled and cold rolled sheet, electrical steel, galvanized steel, cold rolled sheet with polymeric coatings. In addition, Co.'s areas of manufacturing include sintering, coke production, blast furnace production, steel-making, hot and cold-rolled flat steel production, galvanized and prepainted steel production. Co. exports its products to 70 countries around the world.
Polymetal International is the ultimate parent entity of Polymetal Group, a precious metals mining group operating in Russia, Kazakhstan and Armenia. Co. has five reportable segments: Magadan; Ural; Khabarovsk; Kazakhstan; and Armenia. Each segment is engaged in gold, silver or copper mining and related activities, including exploration, extraction, processing and reclamation.
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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