reports
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)
- 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
- 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...
- 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...
LKOH OIL COMPANY LUKOIL PJSC
SIBN NOVATEK JSC
GAZP GAZPROM NEFT PJSC
ROSN GAZPROM PJSC
NVTK ROSNEFT OIL CO.
LKODN ROSNEFT OIL CO. SPONSORED GDR REGS
OGZD NOVATEK JSC SPONSORED GDR REGS
TATNP OIL COMPANY LUKOIL PJSC SPONSORED ADR
GZPFY GAZPROM (GDR)
TATNEFT (PREF A)
GAZPROM NEFT (GDR)
OAO TATNEFT sees an upgrade to Slightly Positive due to a better funda...
The general evaluation of OAO TATNEFT (RU), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 4, 2022, the closing price wa...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
- Yaroslav Lissovolik
CIS Market Daily - December 14, 2021
MARKET COMMENT - RUSSIAN RISK-OFFRussian stocks sold off sharply nearly across the board yesterday and have moved lower still so far this morning. This comes amid lingering geopolitical anxiety and concern of impending policy tightening from central banks this week. STORIES> US official visiting Moscow today for talks on Russia-Ukraine standoff> Budget continues to show strong revenue growth in November> Russian oil and gas: Solid upside remains after good run
TRNFP TRANSNEFT PJSC PREF.
LKOH OIL COMPANY LUKOIL PJSC
SIBN NOVATEK JSC
GAZP GAZPROM NEFT PJSC
ROSN GAZPROM PJSC
NVTK ROSNEFT OIL CO.
LKODN ROSNEFT OIL CO. SPONSORED GDR REGS
OGZD NOVATEK JSC SPONSORED GDR REGS
TATNP OIL COMPANY LUKOIL PJSC SPONSORED ADR
GZPFY GAZPROM (GDR)
TRNF TATNEFT (PREF A)
GAZPROM NEFT (GDR)
TRANSNEFT
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - 14 декабря 2021
КОММЕНТАРИЙ И ПРОГНОЗ - ИНВЕСТОРЫ ПРОДАЮТ РОССИЙСКИЕ АКТИВЫРоссийский рынок акций вчера резко упал на фоне геополитических опасений и ожиданий, что на этой неделе ведущие центробанки ужесточат денежно-кредитную политику. НОВОСТИ> В ноябре доходы бюджета России продолжали расти> Снижение цен на нефть продолжится> Российский нефтегазовый сектор. Декабрь-2021: акции заметно подорожали, но высокий потенциал роста сохраняется
TRNFP TRANSNEFT PJSC PREF.
LKOH OIL COMPANY LUKOIL PJSC
SIBN NOVATEK JSC
GAZP GAZPROM NEFT PJSC
ROSN GAZPROM PJSC
NVTK ROSNEFT OIL CO.
LKODN ROSNEFT OIL CO. SPONSORED GDR REGS
OGZD NOVATEK JSC SPONSORED GDR REGS
TATNP OIL COMPANY LUKOIL PJSC SPONSORED ADR
GZPFY GAZPROM (GDR)
TRNF TATNEFT (PREF A)
GAZPROM NEFT (GDR)
TRANSNEFT
- Andrey Gromadin
- Konstantin Samarin
Russian Oil and Gas. December 2021 - Solid Upside Remains After Good R...
Russian oil and gas shares have risen by 40% YTD, outperforming the MSCI EM Energy Index by 20% on the back of improving financials, driven by stronger oil and gas prices. We still see material upside in Russian oil and gas names, which we believe offer sustainable double-digit dividend yields - more than double the average for global peers.> There were no material surprises in 2021 either on the regulatory front or in terms of corporate news flow. Stronger oil and gas prices are reducing potent...
TRNFP TRANSNEFT PJSC PREF.
LKOH OIL COMPANY LUKOIL PJSC
SIBN NOVATEK JSC
GAZP GAZPROM NEFT PJSC
ROSN GAZPROM PJSC
NVTK ROSNEFT OIL CO.
LKODN ROSNEFT OIL CO. SPONSORED GDR REGS
OGZD NOVATEK JSC SPONSORED GDR REGS
TATNP OIL COMPANY LUKOIL PJSC SPONSORED ADR
GZPFY GAZPROM (GDR)
TRNF TATNEFT (PREF A)
GAZPROM NEFT (GDR)
TRANSNEFT
Raiffeisen Research Institutional Equity Daily 02.12.2021
STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe AT: BAWAG Group - Completion of Hello Bank acquisition (neutral) AT: UNIQA - Preliminary results of bond tender offer (neutral) PL: mBank - Interview with the CEO for Parkiet (neutral) PL: PGNiG - Downward revision of mid-term domestic gas production guidance (negative) RO: Digi Communications - Digi sells its Hungarian subsidiaries for EUR 625 mn (positive) RU: Russian O&G statistics - Daily...
Raiffeisen Research Institutional Equity Daily 01.12.2021
AT: CA Immo - Exraordinary dividend approved at EGM (neutral) AT: Lenzing - Lenzing returned to dividend payments, proposed DPS of EUR 4.35 for 2021 (positive) RU: Petropavlovsk - UGC to appeal the sale of the IRC stake in a UK court (negative) RU: Tatneft - Company plans to raise upstream capex more than threefold yoy in 2022e (negative) SI: NLB Group - Signing deal with MIGA to optimize capital (neutral)
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
- Sergey Donskoy
CIS Market Daily - 30 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ ВЧЕРА ВЫРОСЛИ, А СЕГОДНЯ СНИЗИЛИСЬ: ИНВЕСТОРЫ АНАЛИЗИРУЮТ ВОЗМОЖНОЕ ВЛИЯНИЕ НОВОГО ШТАММА КОРОНАВИРУСАВчера лидировали рынки России (индекс РТС поднялся на 3,1% дo 1 639 пунктов) и США (S&P 500 прибавил 1,3%) - инвесторы реагировали на неоднозначные сообщения о новом штамме коронавируса. Впрочем, сегодня утром пессимистичная оценка компании Moderna спровоцировала волну продаж на биржах AТР и рынках фьючерсов. Эта новость больше повлияла на рынок, чем оптимистичные и...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
- Rodion Lomivorotov
- Sergey Donskoy
CIS Market Daily - November 30, 2021
MARKET COMMENT - GAINS YESTERDAY, FRESH DECLINES TODAY AS MARKETS WEIGH OMICRONRussia (RTS up 3.1% to 1,639) and the US (S&P 500 1.3%) were among leading markets as stocks reacted to a more mixed batch of headlines regarding the Omicron Covid-19 strain. However, a pessimistic assessment from Moderna has triggered a fresh selloff in APAC stocks and global futures this morning, pushing aside more bullish headlines on Chinese PMIs and possible delays to central bank tightening. Investors will likel...
Tatneft Q3 21 - WC and banking effects pushed FCF above estimates
EBITDA close to our estimates, but slightly below consensus NOCF beat forecasts propped up by positive WC and banking effects As a result, even with higher than expected capex, Tatnefts FCF was above estimates Q3 21 results are considered as marginally positive for the stock
Raiffeisen Research Institutional Equity Daily 24.11.2021
AT: EVN - EVN to raise Austrian gross household price by 11% in 2022 (neutral) HR: Valamar Riviera - Expansion of business activities in Austria (neutral) PL: Santander Bank Polska - Interview with the CEO for PAP (neutral) RO: Digi Communications - Digi buys spectrum in Romanian auction for EUR 42.7 mn (positive) RU: Tatneft - Board proposed interim DPS of RUB 9.98 for Q3 21 (neutral)
- Andrew Keeley
- Andrey Gromadin
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - November 24, 2021
MARKET COMMENT - ACUTE POLITICAL RISK PERCEPTIONS CALM ON LITTLE NEWS; OIL, RUBLE RALLYThe RTS rallied 2.1% to 1,662 on well-elevated turnover, versus the previous day's 5.5% decline also on double the usual turnover. Futures are up another 2% this morning. A more than 3% rally in oil has provided background support, while the ruble rallied more than 1% in the late evening after news emerged that top Russian and US military commanders had held a phone call. Global stock market trends also provid...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - 24 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - РЕЗКОЕ ВОСПРИЯТИЕ ПОЛИТИЧЕСКИХ РИСКОВ СМЯГЧИЛОСЬ НА ФОНЕ ОТСУТСТВИЯ НОВОСТЕЙ; РУБЛЬ И НЕФТЬ ПОДОРОЖАЛИИндекс РТС во вторник повысился на 2,1% дo 1 662 пунктов на фоне значительно возросших объемов торгов после падения на 5,5% в понедельник, когда объемы торгов также были вдвое больше обычного. Сегодня утром котировки фьючерсов на индекс РТС поднялись еще на 2%. Поддержку российскому рынку оказал рост цен на нефть более чем на 3%. Рубль вчера вечером укрепился более чем на...
Tatneft Q3 21 Earnings Preview - Q3 21 is expected to bring a marginal...
Lower qoq oil products output should put pressure on Q3 21e revenue and EBITDA However, net income is expected to be stronger qoq maintained by higher other income Besides, Q3 21e FCF is forecasted to go up to USD 483 mn Tatneft is to release its Q3 2021e IFRS results on November 29
Raiffeisen Research Institutional Equity Daily 03.11.2021
AT: Addiko Bank - Q3 earnings below expectations, 2021 guidance reiterated (neutral) AT: CA Immo - Sale of hotel in Vienna (neutral) AT: EVN - EVN raised the FY 2020/21 net profit guidance to EUR 325 mn on valuation effects and better operations in Q4 (positive) AT: Lenzing - Q3 results in line with RBI but below consensus, guidance confirmed (neutral) AT: Raiffeisen Bank International - Q3 net profit well ahead of consensus,FY 21 guidance upgraded, 2022 risk costs seen at around 40 b...
CEZ CEZ AS
EVN EVN AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
CAI CA IMMOBILIEN ANLAGEN AG
CCC CCC SA
TATN TATNEFT PJSC
LKOH OIL COMPANY LUKOIL PJSC
NVTK NOVATEK JSC
SIBN GAZPROM NEFT PJSC
GAZP GAZPROM PJSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
ADKO ADDIKO BANK
Raiffeisen Research Institutional Equity Daily 02.11.2021
AT: Erste Group - Q3 21 net profit 10% ahead of expectations, modest 2021 guidance upgrade mainly on lower risk costs and strong fees in Q3, no 2022 outlook at this stage (positive) AT: OMV - Speculation about a potential split of the company (neutral) HU: Wizz Air - October capacity similar to 2019, load-factor of 80% (neutral) PL: AmRest - Preliminary Q3 21 sales grow by 20.9% yoy to EUR 533.6 mn (neutral) PL: mBank - 2025 KPIs announced / CMD takes place on November 16 (positive) ...
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