Report
Alex Fak ...
  • Alexander Kudrin
  • Andrew Keeley
  • Andrey Kuznetsov
  • Cole Akeson
  • Elena Tsareva
  • Igor Vasilyev
  • Valery Nesterov

CIS Market Daily - April 2, 2018

MARKET COMMENT - WEEK'S AGENDA FULL OF RUSSIAN AND US MACRO, POTENTIAL POLITICAL CATALYSTS
Volumes were low on Good Friday, as expected. More UK diplomats are to be expelled from Russia – as yet, we see no big change for political sentiment. This week is chock full of events, including Russian GDP and CPI releases, three key US labor reports, and political events including a meeting of the global chemical weapons watchdog due to the Skripal case on Wednesday.

STORIES
> Fund flows: Active funds leading passive YTD
> Surgutneftegaz posts 2017 results, could pay R1.38 per preferred share
> Transneft reports 2017 results, might stick to 25% payout for now
> VTB 2m18 IFRS results: Decent start to the year
> Russian gencos: Modernization on the agenda
Underlyings
Surgutneftegas PJSC

Surgutneftegaz is vertically integrated oil company based in Russia. Co.'s activities include prospecting and exploration of hydrocarbons, oil and oil and- gas fields development and construction; oil products and petrochemicals manufacturing and marketing; power generation; gas processing and gas products marketing. Co.'s operations expand beyond Western Siberia in 3 oil production centers, two of which, in Eastern Siberia and Timano- Pechora, are to be built up within the next 3 years. Co. operates in 16 constituent territories of the Russian Federation from Republic of Sakha (Yakutia) to Kaliningradskaya Oblast. Co.'s mineral resource base comprises 134 license areas of 120,000 sq. km.

Surgutneftegas PJSC Pfd

Transneft PJSC Pref.

Transneft is an oil pipeline group based in the Russian Federation. Co. and its subsidiaries operate a crude oil pipeline system totalling 50,142 km. Co. transport millions of tons of crude oil to domestic and export markets. Co. produces a substantial majority of the crude oil in the territory of the Russian Federation. In addition, Co., through Group Transnefteproduct operates an oil products pipeline system in the Russian Federation and in the Republics of Belarus and Ukraine totalling 18,746 km. Through its associate OOO LatRosTrans, Co. operates an interconnected system in the Latvian Republic.

VTB Bank (GDR)

VTB Bank PJSC

Bank VTB PAO is a Russia-based bank engaged in the provision of financial services. The Bank reports five segments: Corporate-Investment banking includes operations with corporate customers that are large business customers and banking financial institutions, as well as operations on the securities market; Mid-Corporate banking covers operations with medium business corporate customers; Retail business includes operations with individuals and small business corporate customers, and offers operations on Internet and mobile Point-of-Sale acquiring, plastic cards, payroll services and financial consulting, among others; Treasury comprises operations to manage liquidity, operations on financial and interbank markets, cash flow management and debit financing operation; as well as Other business includes two business: Construction and development involves operations undertaken by Company in the construction and development industry, and Other activities represent non-banking business.

Provider
Sberbank
Sberbank

​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.

Analysts
Alex Fak

Alexander Kudrin

Andrew Keeley

Andrey Kuznetsov

Cole Akeson

Elena Tsareva

Igor Vasilyev

Valery Nesterov

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