EME Strategy: MSCI May 2018 SAIR predictions
The MSCI is due to announce the results of its semi-annual index review (SAIR) on 14 May 2018, and the changes will be effective from the 1 June opening. The MSCI will choose one of the last 10 business days of April for the price calculations for the coming index review (we do not know which one). Here is what we expect for our EME region:1. MSCI Russia index: we expect X5 to be added to the index, and we see a chance of increasing free floats (FF) at Inter RAO and RusHydro, by 5ppts in each case.
2. MSCI Greece index: we see a chance of Motor Oil Hellas being added to the index, and Folli Follie to be removed from the index, as well as Jumbo’s FF being lifted by 5ppts.
3. MSCI Czech Republic index: we expect no changes.
4. MSCI Poland index: we expect no changes, but we advise to monitor AmRest.
5. MSCI Hungary index: we expect no changes.
6. MSCI Turkey index: we expect no changes.
7. MSCI Romania index: we expect no changes.
AmRest is a holding company. Through its subsidiaries, Co. is an international fas-foods and casual dining restaurant operator in Central and Eastern Europe. Co. has been building a portfolio of well recognized power brands such as KFC, Pizza Hut, Burger King, Applebee's and Starbucks based on solid franchise and joint venture partnerships. Co. owns La Tagliatella brand which is being developed as Co. operated restaurants as well as franchised stores. Co. operates almost 700 category Quick Service and Casual Dining restaurants. Co. is based in Wroclaw and operates in Poland, Czech Republic, Hungary, Russia, Bulgaria, Serbia, Croatia, Spain, France and the United States.
Autohellas is a Hertz national franchisee. Co. is engaged in the rent-a-car segment, comprising of renting (short-term lease) and fleet management (long-term lease and fleet management) in Greece, Bulgaria, Cyprus, Romania, Serbia and Montenegro. Renting covers the needs of both individuals and companies for occasional, small duration rentals up to 1 year long.
Folli Follie is an international fashion group, active in more than 28 countries defining new trends in all sectors. Co. designs, produces and markets on a global level its own brands: Folli Follie and British jeweler Links of London (jewelry, watches, accessories and giftware). Co. operates exclusively in the Greek travel retail sector, through Hellenic Duty Free Shops, whereas Folli Follie and Links of London products are also available in-flight on major international airlines. Co.'s brands include Ermenegildo Zegna, Juicy Couture, UGG Australia, Nike, Converse, Calvin Klein Jeans, G-Star Raw, Samsonite, Guess, Franklin Marshall and Technogym.
X5 Retail Group is a holding company. The main activity of Co. is the development and operation of grocery retail stores. Co. operates a retail chain of soft-discount, supermarket and hypermarket stores under the brand names "Pyaterochka", "Perekrestok" and "Karusel" in major population centres in Russia, including but not limited to Moscow, St. Petersburg, Nizhniy Novgorod, Rostov-on-Don, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg and Kiev, Ukraine.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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