The Russian Eagle. July 16, 2018 - Dreaming of a Blue Sky
The Russian market was hit in 1H18 by new sanctions and the broad GEM selloff. Meanwhile, the oil rally has been little priced into the Russian stocks, with our analysis showing that the consensus is still pricing in $65/bbl Brent and ignoring the weak ruble. We dig further in this report into the factors that have limited the market YTD, thus also pointing to factors that could set the market back on track. Moreover, Russia appears a more stable and fundamentally sound market in terms of politics, macro and the current account than many GEM peers. In this environment, we favor exporters, especially oil and gas, while also looking at select domestic picks.
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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