reports
Ros Agro: 1 director
A director at Ros Agro sold 9,867,995 shares at 0.000USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
- Anna Kurbatova
- Olesya Vorobyeva
RusAgro: Reports strong 4Q21 IFRS, $1.02/GDR final 2021 dividend - POS...
RusAgro (AGRO LI: O/W, TP $16.9) reported strong 4Q21 IFRS results, which came 31-44% above the Bloomberg consensus estimates on the top line and EBITDA. The adj. EBITDA margin came 3.0% higher y/y driven by a substantial improvement of profitability in the Sugar and Crop segments amid market price improvements. As a result, 2021 EBITDA of RUB48bn was a record high for the company and was projected by management a year ago – yet that still outperformed the current Bloomberg consensus estimate...
- Anastasia Khakhaeva
- Andrey Gromadin
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - February 1, 2022
MARKET COMMENT - MARKETS MELTING UP; NEW US SANCTIONS BILL IMMINENTThe MSCI ACWI climbed 1.7% as global markets continued to climb on the last day of the month, with consumer discretionary and tech names in the lead. Easing US futures and a lack of fundamental drivers signal the global rally needs a new catalyst to push further. Russia melted up yesterday, the RTS climbing 2.0% to 1,435, while a new US sanctions bill and diplomatic headlines appear imminent today, as detailed below.STORIES> Luko...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 1 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - НАСТРОЙ НА РЫНКАХ УЛУЧШИЛСЯ, В США ОЖИДАЕТСЯ НОВЫЙ ЗАКОНОПРОЕКТ О САНКЦИЯХИндекс MSCI ACWI вчера прибавил 1,7%, глобальные рынки в последний день января продолжали расти, при этом больше всего поднялись котировки потребительских и высокотехнологичных компаний. Снижение фьючерсов на фондовые индексы США и нехватка фундаментальных драйверов свидетельствуют о том, что для продолжения ралли на глобальных рынках необходим новый катализатор. На российском рынке вчера настрой ул...
- Anna Kurbatova
- Olesya Vorobyeva
The court freezes RUB22bn of assets of Rusagro and its shareholders – ...
Vedomosti reports citing an official filing that the Arbitration Court of the Saratov Region imposed interim measures freezing RUB21.9bn of cash, tangible and intangible assets of Rusagro’s (AGRO LI: O/W, TP $16.9) major shareholder Vadim Moshkovich (57% interest), ex-CEO and the owner of an 8% stake Maxim Basov as well as the Company’s assets.
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - November 29, 2021. Kernel Holding Results, Kazakh...
CIS EUROBOND MARKETCIS Eurobonds retreated amid the wave of global risk-off sentiment on Friday, although trading was thin with many US investors still away for the Thanksgiving holiday. However, by the end of the session local investors started buying (especially the Russia 43), which helped push quotes back close to their previous levels. GOVERNMENT DEBTYields on OFZs jumped 10-11 bps at the open on Friday amid mounting concern over the new South African Covid variant. However, they later reve...
- Anna Kurbatova
- Olesya Vorobyeva
Ex-Power Machines CEO Timur Lipatov to replace Maxim Basov as Rusagro ...
Rusagro (AGRO LI: O/W, TP $16.9) has officially announced its decision on a replacement for CEO Maxim Basov, who has headed the company for 12 years and will be replaced from 1 January 2022. Timur Lipatov, a top manager from the power utilities industry, has been appointed as the new CEO and will take up the position on 1 January 2022. He was previously the CEO of Power Machines (owned by Alexei Mordashov) during 2018-21 and the CEO of an Inter RAO subsidiary, Inter RAO – Power Generation Ma...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - November 16, 2021
MARKET COMMENT - SPACE WEAPONS, PRESIDENTIAL SUMMITS AND AN AMBIVALENT GLOBAL BACKDROPGlobal stock markets have lacked clear direction yesterday and today, with top-down discussions tending to focus on the debate about inflation and central bank responses. The MSCI EM edged up 0.1%, while the RTS managed an only 0.4% rebound to 1,791 after Friday's sharp drop. Russia is now generally at its lowest valuations of the year, while political risk impressions are unlikely to be helped by yesterday's t...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 16 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - ОБЩИЙ ФОН СКОРЕЕ НЕЙТРАЛЬНЫЙ, НО ПОЛИТИЧЕСКИЕ РИСКИ СОХРАНЯЮТСЯВчера и сегодня четкой динамики на глобальных рынках акций не наблюдалось. В центре внимания были инфляция и реакция центробанков на ее ускорение. Индекс MSCI EM прибавил 0,1%, а индекс РТС после пятничного обвала сумел восстановиться только на 0,4%. Сейчас оценочные коэффициенты российского рынка находятся на минимумах с начала года, что обусловлено политическими рисками. Впрочем, сегодня утром индикаторы рос...
- Anna Kurbatova
- Olesya Vorobyeva
RusAgro: Reports solid 3Q21 IFRS numbers – POSITIVE
RusAgro (AGRO LI: O/W, TP $16.9) reported somewhat mixed 3Q21 IFRS results: while revenue growth accelerated to 45% y/y, the adj. EBITDA margin deteriorated 6.5pp y/y to 16% mainly affected by the Oil & Fats and Meat segments. At the same time, the Sugar segment’s margin was flat y/y and in the Crops segment profitability came as high as 53%. Leverage was virtually flat q/q at a comfortable 1.6x. Overall, we see the results as supportive for the stock and do not expect a negative reaction to ...
- Research Team
The Rear-View Mirror – EME markets: Most markets end October in the bl...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
TNB NLB BANKA
HUGE HUUUGE
4IG ALRO SLATINA
SHO 4IG NYRT
GDEV SHOPER
NEXTERS
- Andrew Keeley
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Igor Vasilyev
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - November 1, 2021
MARKET COMMENT - CONSTRUCTIVE GLOBAL BACKDROP, UKRAINE WORRIES IN FOCUS BEFORE FEDMost markets saw declines on Friday, the MSCI ACWI edging down 0.2%. A better US session with index gains of 0.2-0.3%, a mixed but mostly positive APAC session, and higher EMEA and US futures are more bullish for global markets this morning. However, the ruble has slipped above USD/RUB 71 since Friday night, and tensions regarding Ukraine may hold back some investors.STORIES> Ukraine, international relations return...
- Research Team
WOOD Daily: TL Food Retail; EME Macro/Strategy – UZB; ARNT CZ; MOEX RX...
HEADLINES: • Turkish food retail: severe penalties announced by the Competition Authority NEGATIVE • EME Macro/Strategy: Uzbekistan - new dawn for the reform agenda • Arena Hospitality Group: delivers strong 3Q results POSITIVE • Moscow Exchange: 3Q21 results in line with the consensus NEUTRAL • AmRest: 3Q21 preliminary sales up by 21% yoy NEUTRAL • NLB Banka: 3Q21 results review - solid quarter, on the back of low COR • Siauliu Bankas: 3Q21 - another strong quarter, with a positive outlook ...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
FMF FAMUR SA
SAB1L SIAULIU BANKAS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ARNT-R-A ARENATURIST D.D.
TNB NLB BANKA
- Research Team
WOOD Daily: MONET CP; SBER RX; MAIL LI; KMB MS; LTS PW; OMV AV; MGNT L...
HEADLINES: • MONETA Money Bank: strong 3Q21 bottom line on LLPs releases, 2021E net profit outlook upgraded POSITIVE • Sberbank: 3Q21 highlights - solid quarter • VK (formerly Mail.ru): 3Q21 results review • Komercijalna Banka: 3Q21 results review - strong figures, 2021E beat now likely POSITIVE • Lotos: 3Q21 results - strong downstream results, upstream weak due to maintenance • OMV: 3Q21 results - strong EBITDA, disappointing bottom line • OMV Petrom: 3Q21 results - EBITDA in line, net in...
OMV OMV AG
SBER SBERBANK RUSSIA PJSC
EEG1T EKSPRESS GRUPP A.S.
LTS GRUPA LOTOS S.A.
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
DIGI DIGI COMMUNICATIONS NV
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - October 26, 2021
MARKET COMMENT - RUSSIA SURGES ON CYCLICAL APPETITES, STILL CONSERVATIVE VALUATIONGlobal stock markets returned to growth, the MSCI ACWI edging up 0.3%. Cyclicals were in favor, though US tech also fared well, and defensive stocks were in the rear globally. The RTS soared 2.2% to a new 10-year high of 1,920, Russia benefiting from global appetites for cyclicals, rising EPS estimates and still-conservative valuations. APAC markets are mixed on China concerns today, while EMEA, US and Russia indic...
- Research Team
WOOD Daily: WIZZ LN; HMX1R LR; LTS PW; PGN PW; HU Macro; PPC GA; TNB M...
HEADLINES: • Wizz Air: float like a butterfly (upgraded to BUY) • HansaMatrix: shortages crimp top line; but down, not out (stays BUY) • Lotos: 3Q estimates - net income above expectations • PGNiG: operating estimates for 3Q21 - production volumes up 13% • Hungary macro: MNB signals protracted tightening cycle, stretching out to 2022E • Public Power Corporation: EGM approves capital hike and HEDNO disposal NEUTRAL • NLB Banka: proposes dividends from 2019 and 2020 profits yielding c.6.5% P...
- Research Team
The Rear-View Mirror – EME markets: Energy names outperform all other ...
EME Equity Market – September 2021 Market performance – Turkish equities performed the worst, followed by Greek stocks. The MSCI EM Europe Index advanced 4.5% in EUR terms and 2.4% in USD terms in September. Turkey’s ISE30 Index declined by 9.7% in EUR terms and lost 5.2% in TRY terms, while the Greek ASE Index declined 6.3% in EUR terms. In Poland, the WIG20 Index declined by 4.3% in EUR terms and 2.4% in local currency. The Hungarian BUX Index fell by 1.3% in EUR terms, but advanced 1.7% in lo...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
BHW BANK HANDLOWY W WARSZAWIE S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
ENKAI ENKA INSAAT VE SANAYI A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TABAK PHILIP MORRIS CR AS
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
NLBR NLB GROUP
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
OZON OZON HOLDINGS
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
- Research Team
WOOD Daily: BELA GA; CZG CP; OTP HB; CPS PW; KCEL KZ; AUG1L LH; CCOLA ...
HEADLINES: • Jumbo: the noose is tightening (stays BUY) • Ceska zbrojovka Group: 1H21 results and conference call takeaways POSITIVE • OTP Bank: signs memorandum with Uzbek government on targeted purchase of strategic stake in Ipoteka • Cyfrowy Polsat: to vote on PLN 2.93bn buyback on 16 November 2021 NEUTRAL • Kcell: Kazakhtelecom plans to sell 24% stake NEUTRAL • AUGA Group: presents its new sustainable, green, hybrid tractor POSITIVE • Coca-Cola Icecek: completes acquisition of CCBU
- Andrey Kuznetsov
- Cole Akeson
- Fedor Kornachev
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - September 15, 2021
MARKET COMMENT - MIXED US CPI INTERPRETATIONS, CHINA CONCERNS AS RTS NEAR DECADE HIGHMost markets saw declines (MSCI ACWI -0.3%) as ambiguous read-throughs for US CPI and record highs for many indexes gave investors excuses to fix profits. Russia was an exception, the RTS edging up 0.2% to 1,754.6, 0.2 points below a ten-year record. Weaker than expected Chinese macro data and negative but hardly material US-China headlines have given additional reasons for caution this morning. Nearer to our ma...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - September 3, 2021
MARKET COMMENT - INDICATORS LESS OPTIMISTIC TODAY THAN YESTERDAY AHEAD OF US NONFARM PAYROLLSThe MSCI ACWI gained 0.3%, with a bit of support late in the day Moscow time from better than expected US employment data. The RTS gained 0.7% to 1,727, placing it less than 2% away from a ten-year high. Russia indicators are slightly down and global indicators mixed ahead of today's important US nonfarm payroll report.STORIES> Government reviewing Rosneft's request to export gas> Moscow Exchange 8m21 tr...
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