reports
Raiffeisen Research Institutional Equity Daily 15.06.2022
AT: KapschTrafficCom - FY 21/22 beats consensus, management calls turnaround, sees better revenues and EBIT for 22/23e (positive) AT: Mayr-Melnhof - Preliminary indication reveals blowout earnings in Q2 (positive) AT: Real Estate - Q1 shows continued growth in residential valuations (neutral) PL: Bank Pekao - Management board members incl. CEO reappointed for next 3 years (neutral) PL: LPP - Strong Q1 22/23 excluding Russian operations (positive) RO: OMV Petrom - The Executive Board ...
Raiffeisen Research Institutional Equity Daily 08.06.2022
ATX indices review - FFF and NoS changes in IMMOFINANZ and Marinomed Biotech AT: Flughafen Wien, Austrian State Holding - Head of state holding's supervisory board to step down, Flughafen Wien CFO Ofner rumoured to take the helm (neutral) AT: voestalpine - FY 21/22 EBITDA in line with guidance, improved CF in Q4, DPS of EUR 1.20; FY 22/23 EBITDA range of EUR 1.8-2.0 bn below headline consensus which however was rather sticky throughout spring (neutral) HU: OTP Bank - Windfall tax estimat...
Raiffeisen Research Institutional Equity Daily 04.04.2022
HU: Hungarian elections - Fidesz party led by PM Orban won the parliamentary elections with clear margin (neutral) RS: Serbian elections - Preliminary election results point to no change in parliamentary majority, President Vucic re-elected, city of Belgrade a tight race (neutral) RU: NLMK - The company will likely cancel dividends for Q4 2021 and Q1 2022e (negative)
Raiffeisen Research Institutional Equity Daily 31.03.2022
Oil&Gas: Oil price - A potential announcement of another release of US oil reserves puts pressure on the oil price ahead of today's OPEC meeting PL: PKN - The 2021 DPS proposal of PLN 3.50 is fully in line with previous guidance and market expectation (neutral) RU: Fertilisers - Essential goods incl. fertilizers are exempted from any U.S. anti-Russia sanctions (positive) RU: NLMK - NLMK continues steel supplies to Europe and USA (neutral) RU: Petropavlovsk - Loan from Gazprombank may ...
Raiffeisen Research Institutional Equity Daily 15.03.2022
AT: CA Immo - No regular dividend for FY 21 (negative) AT: Flughafen Wien - January passenger statistics (neutral) AT: Mayr-Melnhof - FY 21 ended on a much stronger than expected note, DPS of EUR 3.50 ahead of forecasts (positive) CZ: CEZ - FY 21 above expectations, lower dividend policy on higher base and 2022 EBITDA guidance way above RBIe and the street (positive) RU: NLMK - EU steel import ban does not apply to slabs (neutral)
Raiffeisen Research Institutional Equity Daily 14.03.2022
AT: Verbund - Press reports on windfall profit politics, special dividend in discussion (neutral) CEE: Banks - Deutsche Bank and Commerzbank announced withdrawal from Russia (neutral) CZ: CEZ - Tender for new block at Dukovany nuclear power plant to be launched this week (neutral) RU: Russia - Stock market to stay frozen another week (neutral) RU: Russian Steel - EU bans steel import from Russia (negative) RU: Russian Steel - Government plans to reduce domestic steel prices by restri...
PEO BANK POLSKA KASA OPIEKI SA
CEZ CEZ AS
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
NLMK NOVOLIPETSK STEEL
CHMF SEVERSTAL PAO
OTP OTP BANK NYRT
MAGN MAGNITOGORSK IRON & STEEL WORKS PJSC
ALR ALIOR BANK SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
NLMK initiated at BUY, TP RUB 35.5 - Strike while the iron is hot
- NLMK is a top Russian steel producer with 100% integration in iron ore and a wide geographical diversification of assets - The company should fully enjoy current favorable steel price environment thanks to one of the lowest unit cash costs in the global steel industry - Export-oriented structure of NLMKs steel sales should protect the companys financials from harsh antitrust fines of FAS - The stock provides attractive double-digit dividend yields of 17% for 2022e and 14% for 2023e - NLMK also...
Raiffeisen Research Institutional Equity Daily 18.02.2022
AT: Rosenbauer - Preliminary FY 21 results in line with reduced guidance and RBIe but weaker than expected margin outlook for FY 22 (negative) AT: Vienna Insurance Group - Headline FY 21 figures to exceed guidance and expectations (positive) HU: MOL - Clean Q4 earnings slightly above consensus, but lower 2022 earnings and sFCF guidance (neutral) RU: Novatek - Capex program is set at RUB 200 bn for 2022e (neutral) RU: Russian Steel - FAS fines should be based on 2020 revenue (positive)
Raiffeisen Research Institutional Equity Daily 11.02.2022
AT: Andritz - Andritz received minor order for two heat recovery chains (neutral) HU: Macro - No rating changes expected in Hungary (S&P) today PL: Banks - Favourable decision from EU Court of Justice regarding FX loans (positive) PL: Lotos - Strong Q4 preliminaries earnings in both upstream and downstream (positive) RU: Russian Steel - FAS decided to impose antitrust fines on key Russian steel producers (negative)
- Anastasia Khakhaeva
- Cole Akeson
- Fedor Kornachev
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 4, 2022
MARKET COMMENT - POLITICAL EVENTS, US PAYROLLS LIKELY TO GUIDE MARKETS TODAYA hawkish turn from the BoE and ECB and weak US tech results saw markets ease. Russia fared a bit worse than peers, the RTS declining 2.2% to 1,432 after recent days' rebound. Better US tech results released last night and a strong post-holiday performance in Asia have set up the morning to look more bullish, while political events (including a potential, long-promised unveiling of a new US sanctions bill) and US nonfarm...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
Debt Markets Today - February 4, 2022. NLMK 4Q21/2021 Financials, Mark...
CIS EUROBOND MARKETIn the Russian sovereign Eurobond market, offers in the morning gave way to bids from local investors around mid-day yesterday. However, the sharp increase in US Treasury and Bund yields in the second half of the session put pressure on the market. As a result, the Russia 43 and Russia 47 posted losses of 1.1 pp and 1.4 pp, the worst results along the curve.GOVERNMENT DEBTOFZ yields rose 1-3 bps yesterday as the ruble slightly eased against the dollar. During the day, local ac...
- Anastasia Khakhaeva
- Anton Chernyshev
- Cole Akeson
- Fedor Kornachev
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 4 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - В ЦЕНТРЕ ВНИМАНИЯ ПОЛИТИЧЕСКИЕ СОБЫТИЯ И ДАННЫЕ ПО РЫНКУ ТРУДА В СШАВчера рынки отступали на фоне жесткой риторики Банка Англии и ЕЦБ, а также слабой отчетности американских технологических компаний. Динамика на российском рынке была немного хуже, чем у аналогов. Индекс РТС снизился на 2,2% до 1 432 пунктов после роста на предыдущих сессиях. Сегодня утром рынки настроены более оптимистично, т. к. опубликованные вчера вечером результаты компаний технологического сектора ок...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
Долговые рынки сегодня - 4 февраля 2022. НЛМК опубликовал отчетность з...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГНа рынке российских суверенных еврооблигаций продажи утром быстро сменились покупками со стороны локальных инвесторов в первой половине дня. Впрочем, резкое повышение доходности гособлигаций США и германских бундов во второй половине сессии оказало давление на рынок. Как следствие, выпуск Россия-43 снизился в цене на 1,1 п. п., а Россия-47 - на 1,4 п. п., показав худший результат. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИДоходности ОФЗ вчера повысились на 1-3 б. п., т. к. рубл...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Sidorova
- Igor Rapokhin
- Maria Martynova
- Research Team
- Rodion Lomivorotov
- Sergey Donskoy
Debt Markets Today - January 31, 2022. NLMK Results, Sanctions Update
CIS EUROBOND MARKETOn Friday, investors trimmed their positions after Thursday's rally and ahead of the weekend, as geopolitical sentiment remained volatile. The Russia 47 lost 1.0 pp, the worst result in the Russian sovereign segment, followed by the Russia 43, which posted a 0.7 pp loss.GOVERNMENT DEBTOFZs finished Friday's trading session little changed relative to Thursday, as the ruble's recovery halted. EM peers traded mixed. The daily yield swings in 10y benchmarks ranged from -3 bps (Col...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Maria Martynova
- Research Team
- Rodion Lomivorotov
- Sergey Donskoy
Долговые рынки сегодня - 31 января 2022. Экономика России. Отличные ма...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГИнвесторы в пятницу после роста на рынке днем ранее сокращали позиции в преддверии выходных и с учетом по-прежнему высоких геополитических рисков. Выпуски Россия-47 и Россия-43 потеряли в цене соответственно 1,0 п. п. и 0,7 п. п., показав худший результат в сегменте. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИПо итогам торгов в пятницу изменения на рынке ОФЗ были незначительными по сравнению с уровнями закрытия четверга, поскольку остановилось укрепление рубля. Аналоги с развиваю...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Usanova
- Maria Martynova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - January 31, 2022
MARKET COMMENT - FOURTH STRAIGHT DAY OF GAINS FOR RUSSIA AND A POSITIVE GLOBAL OUTLOOKAlthough markets were weaker earlier in the day on Friday (e.g. MSCI EM -0.1%), a solid rally in the US (S&P 500 +2.4%) led by growth stocks has fueled a positive global outlook this morning. Russia assets point higher, while news on international relations has been mixed. STORIES> Media: News on US, EU, UK sanctions packages likely this week> Russia Economic Monthly: Excellent macro performance, but geopolitic...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Usanova
- Maria Martynova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - 31 января 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РОССИЙСКИЙ РЫНОК В ПЯТНИЦУ ВЫРОС ЧЕТВЕРТЫЙ ДЕНЬ ПОДРЯДВ пятницу рынки акций отступали (MSCI EM снизился на 0,1%), однако затем фондовый рынок США продемонстрировал быстрый рост: S&P 500 прибавил 2,4%. Сегодня рынки, в том числе российский, похоже, настроены оптимистично. НОВОСТИ> Ежемесячный обзор. Отличные макропоказатели и слишком высокие геополитические риски> Цены на нефть консолидируются вблизи максимумов с начала года на фоне неблагоприятной статистики из США и Кита...
Raiffeisen Research Institutional Equity Daily 21.01.2022
AT: IMMOFINANZ - Conversion of convertible bond, increased number of shares (neutral) AT: Palfinger - Cost inflation and supply chain disruptions trigger profit warning for FY 22, EBIT outlook implies almost 20% downside to RBIe (negative) AT: Telekom Austria - Increasing tensions in Belarus (negative) AT: Vienna Insurance Group - EU Commission says Hungary had no grounds to veto Aegon deal (neutral) RO: Digi Communications - Digi repaid EUR 272 mn from the group's debt (positive) RU...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Долговые рынки сегодня - 21 января 2022. Операционные результаты НЛМК ...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера в российском суверенном сегменте сохранялось давление со стороны нерезидентов, и только в последний час торгов начались покупки после падения котировок на 0,5-1,75 п. п. в течение дня. Слабее других участков по-прежнему выглядели выпуски с погашением в 2026-2035 годах. В выпусках, номинированных в евро, также преобладали продажи, за исключением выпуска с погашением в 2032 году, поддержку которому обеспечили локальные инвесторы. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИНес...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Olga Sterina
- Research Team
- Sergey Kolesnikov
- FRM
Debt Markets Today - January 21, 2022. Lavrov-Blinken Meeting; Global ...
CIS EUROBOND MARKETIn the Russian sovereign segment, selling pressure from nonresidents continued yesterday and only in the final hour of trading did bids emerge (after a drop in prices of 0.5-1.75 pp) over the course of the day. The main pressure continued to be seen in issues maturing over 2026-35. Selling also predominated in euro-denominated paper, although the 2032 euro issue was an exception thanks to bids from locals. GOVERNMENT DEBTFollowing a brief rebound on Wednesday, OFZs took losses...
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