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Raiffeisen Research Institutional Equity Daily 14.06.2022

 AT: Flughafen Wien - Significant hike of FY 22 guidance (positive)  AT: IMMOFINANZ - Starting share buyback programme for up to 1% of share capital (positive)  AT: STRABAG - Resignation of Peter Krammer became effective as of June 12 (neutral)  RO: Medlife - Medlife opens a new clinic in Targu Mures, and expands its regional presence through two acquisitions (positive)  RU: Transneft, RusHydro - Government decree provides for RUB 23.3 bn in 2021 dividends from RusHydro and RUB 76 bn from T...

Raiffeisen Research Institutional Equity Daily 24.05.2022

CZ: CEZ - CEZ not to bid for RWE's storage assets in Czechia, press (neutral) PL: PKO BP - 9% wage hike offered to half of staff (neutral) RU: Polyus - New shareholder may add its representative to the board (neutral) RU: Tatneft - Proposed final DPS revealed weaker than expected payout for 2021 (negative)

Raiffeisen Research Institutional Equity Daily 12.05.2022

 AT: Verbund - Soaring Q1 results, but only in line adjusted for hedging, lower end of guidance range lifted as expected (neutral)  AT: Wienerberger - Q1 results confirmed strong trading statement a month ago, confident wording on Q2 trading conditions, FY EBITDA guidance again reiterated (neutral)  CEE: Banks - UniCredit in talks to sell Russia  DE: Encavis - Final Q1 22 results in line with very strong preliminaries, FY 22 guidance confirmed (neutral)  HU: Magyar Telekom - Upbeat Q1 22 p...

Cole Akeson ... (+4)
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Research Team

CIS Market Daily - March 23, 2022

MARKET COMMENT - RSPP PROPOSES STRIPPING MINORITY RIGHTS, EU AND US OFFICIALS CONSIDER MORE SANCTIONS AND EXPELLING RUSSIA FROM THE G20The Russian Union of Industrialists and Entrepreneurs proposed to the government to strip nonresident minority shareholders of their shareholder rights on a temporary basis, according to RBC and other sources. Top EU and US officials remarked that more sanctions would be considered Thursday. Equity trading remains suspended in Russia. STORIES> RSPP proposes to st...

Anton Chernyshev ... (+5)
  • Anton Chernyshev
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Research Team

CIS Market Daily - 23 марта 2022

КОММЕНТАРИЙ И ПРОГНОЗ - РСПП ПРЕДЛАГАЕТ ВРЕМЕННО ОГРАНИЧИТЬ В ПРАВАХ ИНОСТРАННЫХ МИНОРИТАРИЕВ, ЕС И США РАССМАТРИВАЮТ ВОЗМОЖНОСТЬ ВВЕДЕНИЯ НОВЫХ САНКЦИЙРоссийский союз промышленников и предпринимателей предложил правительству временно ограничить в правах иностранных миноритариев, сообщают РБК и другие источники. ЕС и США рассмотрят в четверг возможность введения новых санкций. Торги акциями на МосБирже по-прежнему не проводятся. НОВОСТИ> Цены на нефть после ралли начали стабилизироваться в предд...

Andrey Gromadin ... (+8)
  • Andrey Gromadin
  • Cole Akeson
  • Dmitry Troshin
  • Ekaterina Usanova
  • Georgiy Ivanin
  • Konstantin Samarin
  • Mikhail Krasnoperov
  • Research Team

CIS Market Daily - March 16, 2022

MARKET COMMENT - POLYMETAL TUMBLES 33% AS FTSE EXCLUSION FURTHERS RUSSIA'S ISOLATION FROM GLOBAL MARKETSMoscow equity trading remains closed by the CBR. Among the only instruments still trading, Polymetal's London listing fell 33%, while FTSE announced the exclusion of the shares from its indexes, eliminating one of the last examples of Russia being included in global markets. STORIES> Oil and gas: Not benefiting much from strong Brent, but gaining from weak ruble> Tatneft: Moderate miss in 4Q2...

Andrey Gromadin ... (+11)
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Dmitry Troshin
  • Ekaterina Usanova
  • Georgiy Ivanin
  • Konstantin Samarin
  • Mikhail Krasnoperov
  • Research Team

CIS Market Daily - 16 марта 2022

КОММЕНТАРИЙ И ПРОГНОЗ - АКЦИИ ПОЛИМЕТАЛЛА УПАЛИ В ЦЕНЕ НА 33% ПОСЛЕ ИСКЛЮЧЕНИЯ ИЗ ИНДЕКСОВ FTSEТорги акциями на Московской бирже по-прежнему не проводятся по решению ЦБ РФ. Бумаги Полиметалла с листингом в Лондоне - один из немногих российских инструментов, остававшийся на глобальных рынках, - упали в цене на 33% после того, как FTSE объявила об их исключении из своих индексов. Рубль торгуется около 105-110 за доллар. НОВОСТИ> Цены на нефть под давлением перед публикацией ежемесячного отчета МЭА...

UNIPRO JSC sees a downgrade to Neutral on account of less fundamental ...

The independent financial analyst theScreener just lowered the general evaluation of UNIPRO JSC (RU), active in the Conventional Electricity industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date March 11, 2022, the closing price was USD 0.01 and its targe...

Raiffeisen Research Institutional Equity Daily 09.03.2022

 AT: Addiko Bank - Low Q4 21 profits above expectations, strong CET1 but no dividends, moderate nominal exposure to RU/UA/BY (neutral)  AT: UNIQA - S&P confirms A rating, revises outlook to negative (neutral)  CEE: Banks - UniCredit indicates negative impact from Russia at 200 bps in an extreme scenario  CZ: CTP - FY 21 valuation result of EUR 1.1 bn drives earnings beat (positive)  EU: Utilities - EU proposed to publish plans on how to reduce dependence on Russian gas by two thirds befor...

Andrew Keeley ... (+10)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - March 2, 2022

MARKET COMMENT - RDX DOWN MORE THAN IN 1998, MSCI RUSSIA THE MOST SINCE 2008 AS MOSCOW TRADING REMAINS CLOSEDWhile Moscow stock trading remains closed, offshore and composite indexes dropped another 6-57%. The RDX offshore DR index has now fallen 91% since its October decade-long peak, a fall sharper than that of 1998 or 2008. The government announced plans to support the market with share purchases, while capital restrictions and supply shocks have also been in the news.STORIES> Government mull...

Andrew Keeley ... (+11)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - 2 марта 2022

КОММЕНТАРИЙ И ПРОГНОЗСегодня утром котировки Брент выросли до $111/барр., и, вероятно, поднимутся еще выше, хотя МЭА объявило, что страны ОЭСР скоординированно выведут на рынок 60 млн барр. нефти из своих стратегических резервов. После объявлений ВР и Equinor, сделанных ранее на этой неделе, еще несколько крупных международных нефтяных компаний сообщили о решении продать свой бизнес в России или выразили серьезную обеспокоенность сложившейся ситуацией.НОВОСТИ> Нехватка предложения начала сказыва...

Andrew Keeley ... (+14)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Ekaterina Sidorova
  • Georgiy Ivanin
  • Igor Rapokhin
  • Konstantin Samarin
  • Maria Martynova
  • Research Team
  • Sergey Donskoy

CIS Market Daily - February 24, 2022

MARKET COMMENT - MILITARY CONFLICT WITH UKRAINE ERUPTS; RUBLE AND FUTURES DOWN MORE THAN 9%Russia entered a military conflict with Ukraine overnight. Prior to the Moscow Exchange halting trading, RTS futures were down more than 9%, with the median stock having fallen 19%. The ruble has declined more than 9% in interbank trading to its weakest level since 1998. The European Council and G7 are to hold emergency summits today, and US President Joe Biden has promised "severe sanctions." STORIES> Rus...

Andrew Keeley ... (+13)
  • Andrew Keeley
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Arthur Cherkesov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Maria Martynova
  • Research Team
  • Sergey Donskoy

CIS Market Daily - 24 февраля 2022

КОММЕНТАРИЙ И ПРОГНОЗ - ВОЕННЫЙ КОНФЛИКТ В ДОНБАССЕ; КУРС РУБЛЯ И КОТИРОВКИ ФЬЮЧЕРСОВ ТЕРЯЮТ БОЛЕЕ 9%Россия начала специальную военную операцию в Донбассе. До приостановки торгов на Московской бирже индекс РТС успел потерять более 9%, а медианная цена акций опустилась на 19%. Курс рубля снизился более чем на 9%. Европейский совет и страны "большой семерки" проведут сегодня экстренные саммиты, а президент США Джо Байден пообещал "жесткие санкции". НОВОСТИ> На прошлой неделе потребительские цены в...

Unipro Q4 21 - Above expectations except a negative non-cash one-off

EBITDA growth above expectations supported by Berezovskaya Unit 3 and market fundamentals Dividend guidance reiterated (16% DY expected in 2022-24e) The Berezovskaya sale is not in the companys plans, yet the interest in renewables remains We treat the results as moderately positive

Dmitry Troshin ... (+2)
  • Dmitry Troshin
  • Georgiy Ivanin

Unipro - Solid 2021 IFRS Results, Robust 2022 EBITDA guidance

Unipro has reported a solid set of 2021IFRS results, which beat our and the consensus estimates. The bottom line suffered from a sizable impairment at Berezovskaya GRES in 4Q21, though it should not have any impact on 2022 dividends. The company confirmed its dividend plans and provided a R34-36 bln 2022 EBITDA guidance, and we see some upside risk for our and the consensus forecasts. We reiterate our BUY rating on the stock and still see it as an attractive dividend story. > Robust performance ...

Andrey Gromadin ... (+8)
  • Andrey Gromadin
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - February 18, 2022

MARKET COMMENT - NEW RUSSIA-US DIPLOMATIC MEETING EASES SOME MARKET CONCERNSThe RTS sank 4.9% to 1,450 yesterday, sharply underperforming peers after a series of concerning political headlines in the afternoon. However, the announcement of a meeting next week between the top Russian and US diplomats has helped ease the tensions, and RTS futures are up 1.8% early this morning. The global backdrop has also improved to mixed after a weak day for global stock markets.STORIES> EPFR: Russia sees bette...

Andrey Gromadin ... (+9)
  • Andrey Gromadin
  • Anton Chernyshev
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Dmitry Troshin
  • Georgiy Ivanin
  • Konstantin Samarin
  • Research Team

CIS Market Daily - 18 февраля 2022

КОММЕНТАРИЙ И ПРОГНОЗ - НОВАЯ ЗАПЛАНИРОВАННАЯ ВСТРЕЧА ПРЕДСТАВИТЕЛЕЙ РОССИИ И США НЕСКОЛЬКО УСПОКОИЛА РЫНОКИндекс РТС вчера снизился на 4,9% до 1 450 пунктов, сильно отстав от других развивающихся рынков после ряда тревожных политических новостей. Однако сообщение о запланированной на следующую неделю встрече российских и американских дипломатов немного сгладило ситуацию, и сегодня утром фьючерсы на индекс РТС прибавили 1,8%. Ситуация на глобальных фондовых рынках также немного улучшилась. НОВОС...

Dmitry Troshin ... (+2)
  • Dmitry Troshin
  • Georgiy Ivanin

Russian Utilities - Following Interest Rate Trend

The shares of Russian power-generating companies (gencos) dropped 12% in ruble terms in 2021, underperforming the broader market by 27 pp amid an acceleration in inflation and rise in interest rates in Russia, which dimmed the dividend outlooks and the increased capex risks. Given the depressed current share prices, most of the stocks offer attractive returns. We expect to see investors become a bit more interested in the sector during the dividend season in June-July, but we do not anticipate a...

Unipro Q4 21 Earnings Preview - New unit, strong demand and prices to ...

EBITDA to be propped up by Berezovskaya Unit 3 and the yoy recovery in electricity demand and electricity prices Electricity production up by 14% yoy Positive market reaction possible

Andrey Gromadin ... (+2)
  • Andrey Gromadin
  • Konstantin Samarin

Oil and Gas - Strong 4Q21 Results Expected, 1Q22 Outlook Even Brighter

The 4Q21 earnings season is about to kick off starting with Rosneft on Friday, followed by Novatek (February 16) and Gazprom Neft (February 17) next week. Lukoil, Tatneft and Gazprom will report 4Q21 financials in March-April. We expect sector EBITDA to rise again, particularly in the gas segment amid record high European gas prices. Dividend distributions should rise across the sector as well. Based on our estimates for 4Q21, most of the companies should see their full-year financials bounce ba...

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