reports
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 9, 2022
MARKET COMMENT - MOSCOW TRADING REMAINS HALTED WHILE EYES REMAIN ON UKRAINERussian stocks continued to see only slight trading through Russia's long weekend. That will not change today, with the CBR having decided yesterday not to allow Moscow equity trading, continuing the halt since February 25 for a sixth business day.STORIES> How the crisis is evolving> US and UK seeking to embargo Russian oil and gas imports> Gazprom's export flows remain very strong> Rostelecom posts neutral 4Q21 IFRS resu...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 9 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗСША и Великобритания вводят эмбарго на импорт нефти и газа из России, экспортные доходы Газпрома растут, Ростелеком, HeadHunter, Магнит и М. Видео представили отчетность.НОВОСТИ> Как развивается кризис> США и Великобритания вводят эмбарго на импорт нефти и газа из России> Экспортные доходы Газпрома растут> Ростелеком представил нейтральные результаты за 4К21 по МСФО> Вопрос о погашении облигаций Яндекса и Ozon> HeadHunter: результаты за 4К21 несколько ниже прогнозов, выкуп а...
- Andrey Gromadin
- Cole Akeson
- Ekaterina Usanova
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - February 7, 2022
MARKET COMMENT - SANCTIONS, POLITICS, MSCI, US CPI, CBR ON THIS WEEK'S AGENDAA much stronger than expected US payroll report pushed US indexes higher on Friday after a lukewarm day elsewhere. However, investors also interpreted the report as another signal to the Fed to be more hawkish. The RTS gained 0.3% to reach 1,436. Russia indicators are higher this morning, while global indicators are more mixed. The week's agenda is already heavy with relevant political events, company releases, and Russ...
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Ekaterina Usanova
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 7 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - АМЕРИКАНСКИЙ РЫНОК АКЦИЙ В ПЯТНИЦУ ВЫРОС НА ФОНЕ ДАННЫХ ПО ЗАНЯТОСТИ И ОТЧЕТНОСТИ КОМПАНИЙВ пятницу фондовые индексы в США начали расти после выхода январских данных по занятости, которые оказались намного сильнее прогнозов. В то же время инвесторы решили, что эта статистика - еще один аргумент в пользу более существенного ужесточения политики ФРС. Индекс РТС в пятницу поднялся на 0,3% до 1 436 пунктов. НОВОСТИ> Котировки нефти достигли новых максимумов с начала года, в ц...
- Evgeniy Kipnis
- Olesya Vorobyeva
Magnit: 4Q21 IFRS financials – MODERATELY POSITIVE
Magnit (MGNT RX / MGNT LI: O/W; TP RUB 7,570 / $20.2) reported 4Q21 IFRS results, which came slightly better than our and consensus expectations on profitability. Q4 revenue grew 34% y/y with an EBITDA margin of 7.4% (+0.4pp y/y), resulting in 19.5% revenue growth and 7.2% margin (+0.1pp y/y) in FY21. The company managed to further improve working capital and achieve a RUB18.5bn cash release, which is also a positive surprise, helping to keep net debt / EBITDA at a comfortable level of 1.5x. ...
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - February 2, 2022
MARKET COMMENT - GLOBAL, RUSSIA RALLY CONTINUE; SENATORS SAY US BILL STILL IMMINENTAfter mixed indicators early in the day, the MSCI ACWI gained 0.9% on bullish trends across regions. Russia was among the best performing EMs, the RTS rising 1.6% to reach 1,458 as top politicians and diplomats made constructive but noncommittal remarks. Indicators look bullish this morning, while US senators continue to tell journalists that a new, harsher sanctions bill is imminent.STORIES> Magnit to report dece...
- Anton Chernyshev
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 2 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РОСТ ПРОДОЛЖИЛСЯ И НА ГЛОБАЛЬНЫХ РЫНКАХ, И В РОССИИВчера утром рыночные индикаторы изменялись разнонаправленно. Индекс MSCI ACWI поднялся на 0,9% на фоне позитивной динамики в разных регионах. Россия была в числе лидеров среди развивающихся рынков, индекс РТС вырос на 1,6% до 1 458 пунктов, т. к. ведущие политики и дипломаты выступили с конструктивными, но ни к чему не обязывающими комментариями. Сегодня утром настрой позитивный. НОВОСТИ> Рынок нефти стабилен в преддверии...
- Anastasia Khakhaeva
- Andrew Keeley
- Arthur Cherkesov
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Igor Vasilyev
- Mikhail Krasnoperov
Sber CIB Ivanov Consumer Confidence Tracker. January 2022 - E-Commerce...
We continue to track the Ivanovs' savings and spending patterns, as well as their perceptions, to get an idea of how entire sectors and individual companies are performing and might perform in the future. We also look at competition among the public retailers. The main conclusions from the most recent survey are as follows:> The fieldwork took place from November 22 to December 10, when the number of new Covid-19 cases in Russia was close to a historic high, inflation was on the rise, the ruble ...
AFLT AEROFLOT RUSSIAN AIRLINES
MGNT MAGNIT PJSC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
PIKK PIK GROUP
2ET ETALON GROUP (GDR)
LSRG LSR GROUP
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
PIK GROUP GDR
DSKY DETSKY MIR
OZON OZON HOLDINGS
FIXP FIX PRICE GROUP LTD
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Usanova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - January 20, 2022
MARKET COMMENT - PARTIAL REBOUND AND HEFTY TURNOVER FOLLOWING TECHNICAL, POLITICAL SIGNALSThe RTS rallied 3.5% to 1,415, offsetting half of the previous day's decline in response to technical and potential political signals. Global markets have turned from a mixed day yesterday to a rally today, adding another tailwind for the Russian market. A meeting of core NATO members is in focus today, along with NLMK trading numbers and a variety of global rates and macro releases.STORIES> Less bearish po...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Usanova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 20 января 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РЫНОК ЧАСТИЧНО ВОССТАНОВИЛСЯ НА ФОНЕ ТЕХНИЧЕСКИХ ФАКТОРОВ И ПОЛИТИЧЕСКИХ СИГНАЛОВИндекс РТС вчера вырос на 3,5% до 1 415 пунктов, наполовину отыграв потери предыдущего дня на фоне технических факторов и политических сигналов. На глобальных рынках динамика вчера была неоднозначной, а сегодня наблюдается рост, что оказывает дополнительную поддержку российскому рынку акций. Сегодня в центре внимания встреча основных членов НАТО, операционная отчетность НЛМК, а также ряд макр...
- Ekaterina Usanova
- Mikhail Krasnoperov
Russian Retail Results Preview - Mixed 4Q21 Trading, but Low Valuation...
Based on our Ivanov survey and recent macro data, we expect positive trends, as inflation is being passed on to the consumer, trading down has not intensified, while Covid-related restrictions are benefitting the large players. This should all bode well for the food sector, less so for non-food. We expect Magnit and X5 Group to see 9% LFLs and outpace the consensus, whereas Fix Price is set to miss the consensus, and Detsky Mir could prompt concern over pressure from marketplaces. We expect a po...
- Evgeniy Kipnis
Magnit: New Year sales – Positive
Magnit (MGNT RX / MGNT LI: O/W; TP RUB 7,570 / $20.2) reported sales during 17-31 December, 2021, which have a direct impact on 4Q results. In the last two weeks of December, Magnit’s sales grew by 13.2% y/y (+30.2% incl. Dixy), broadly in line with 3Q21 dynamics (+13%/+27.7%). LfL sales grew 7.4% (vs 8.6% in Q3) mostly driven by growth of the average LFL ticket. The best sales dynamics were demonstrated by hard and soft cheeses (+12% y/y and +20% y/y respectively), New Year confectionary gif...
- Anastasia Khakhaeva
- Andrew Keeley
- Arthur Cherkesov
- Fedor Kornachev
- Georgiy Ivanin
- Igor Vasilyev
- Mikhail Krasnoperov
Потребительский индекс Иванова. Ноябрь 2021 - Ускорение инфляции не по...
Мы продолжаем изучать динамику и структуру расходов и сбережений Ивановых, а также их восприятие экономической ситуации, чтобы прогнозировать перспективы развития различных секторов российской экономики и отдельных компаний. В этом выпуске мы также анализируем конкуренцию между российскими публичными продуктовыми розничными сетями. Выводы по итогам нашего исследования изложены ниже.> Опросы для данного обзора проводились с 3 по 20 сентября, когда число инфицированных коронавирусом в России продо...
AFLT AEROFLOT RUSSIAN AIRLINES
MGNT MAGNIT PJSC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
PIKK PIK GROUP
2ET ETALON GROUP (GDR)
LSRG LSR GROUP
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
PIK GROUP GDR
DSKY DETSKY MIR
OZON OZON HOLDINGS
FIXP FIX PRICE GROUP
- Andrew Keeley
- Andrey Gromadin
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - November 19, 2021
MARKET COMMENT - HIGHER INDICATORS THIS MORNING AFTER POLITICAL REMARKS, MAGNIT DEAL DOMINATED NEWS FLOWA 2.3% drop on the RTS left Russia the globe's weakest EM yesterday, coinciding with weakness across the EM basket in the late hours of Moscow's main session and foreign policy remarks from President Vladimir Putin. Markets elsewhere were mixed, the MSCI ACWI ending flat. Global and Russia indicators are mixed this morning, while investors will be digesting the stock and index implications of ...
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 19 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - УТРЕННИЕ ИНДИКАТОРЫ УКАЗЫВАЮТ НА РОСТ НА ФОНЕ ПОЛИТИЧЕСКИХ КОММЕНТАРИЕВ И НОВОСТИ О ПРОДАЖЕ АКЦИЙ МАГНИТАИндекс РТС вчера снизился на 2,3%, Россия по итогам дня выглядела слабее прочих развивающихся рынков. В последние часы основной московской сессии в сегменте развивающих рынков началось снижение. Кроме того, инвесторы отреагировали на комментарии российского президента по внешней политике. В целом динамика вчера рынков оказалась неоднородной, индекс MSCI ACWI завершил д...
Raiffeisen Research Institutional Equity Daily 11.11.2021
AT: Erste Group - Erste may buy Hungarian unit of Commerzbank (neutral) AT: Oesterreichische Post - Q3 21 slightly topping market expectations, moderate increase of FY EBIT guidance (positive) AT: Polytec - Q3 revenues and EPS in line with RBIe but miss on operating profit, unconvincing cash flow, vague outlook of positive EBIT maintained (negative) AT: RBI - EGM approves EUR 0.75 per share dividend PL: Alior Bank - Triple change in the management board (neutral) PL: AmRest - Q3 21 ...
- Andrey Gromadin
- Andrey Kuznetsov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - October 29, 2021
MARKET COMMENT - GLOBAL, RUSSIA INDICATORS SIGNAL CONSOLIDATION AMID FEW DEFINITIVE CATALYSTSDMs managed gains, with US indexes setting new records, while US GDP data came in weak and EMs and commodity stocks declined. The RTS fell 0.6% to 1,880. Global indicators lean more negative than not this morning, but markets lack definitive catalysts. Moscow Exchange's results and monthly socioeconomic data are due. STORIES> Highlights from Novatek's 3Q21 conference call> VEON 3Q21 IFRS results: Strong,...
Magnit Company News - Revenue surge was driven by LFL sales and Dixy a...
-Revenue grew by 27.7% yoy helped by Dixy acquisition and strong LFL sales of 8.2% at Magnit stores -EBITDA margin remained unchanged yoy as the decrease in gross margin yoy was offset by SG&A cost control helped by positive operating leverage -Net income margin improved yoy to 2.6% -We consider the results to be positive
- Evgeniy Kipnis
- Olesya Vorobyeva
Magnit (O/W): 3Q21 IFRS financials – Neutral-to-positive
Magnit (MGNT RX / MGNT LI: O/W, TP RUB6,670 / $19) released its 3Q21 unaudited IFRS results. Revenue accelerated to 28% y/y (1% above consensus, 13% y/y adjusted for the Dixy acquisition) amid the consolidation of Dixy and an acceleration both on LfL (despite unchanged q/q and y/y promo activity) and store openings. Despite some dilutive effect from the consolidation of lower-margin Dixy business, the company managed to keep EBITDA margin at 7.2% (flat y/y and +0.1pp q/q). We see the result...
With a more favourable environment, MAGNIT PAO improves to Positive
MAGNIT PAO (RU), a company active in the Food Retailers & Wholesalers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date October 26, 2021, the closing price was RUB 6,570.50 and its potential w...
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