reports
Raiffeisen Research Institutional Equity Daily 01.06.2022
AT: IMMOFINANZ - CPI Property Group raises stake in IMMOFINANZ to 76.9% during additional acceptance period (neutral) AT: Wienerberger - Moody's affirmed Ba1 rating, outlook changed to positive from stable (neutral) PL: Bank Pekao - Increasing interest rate offer for deposits with maturity (neutral) PL: mBank - Demerger of mBank's mortgage bank arm with no share issue requirement (neutral) RU: InterRAO - Shareholders approve 2021 dividends (positive) RU: OGK-2 - Board recommends 2021...
Raiffeisen Research Institutional Equity Daily 18.05.2022
AT: OMV - OMV and ADNOC announce intention to float 10% stake in Borouge (neutral) AT: Semperit - Q1 results well ahead of RBIe and consensus (positive) CZ: CTP - Strong growth dynamics in Q1, but inflation shows effect on yield on cost (neutral) PL: Orange Polska - Competitors are pressing regulator to impose conditions of access to fiber optic network built using EU funds (negative) RU: OGK-2 - Q1 22: EBITDA marginally below expectations, FCF propped up by temporarily lower capex, no dividend ...
Raiffeisen Research Institutional Equity Daily 11.03.2022
AT: Oesterreichische Post - Q4 21 in line, muted outlook wording (neutral) AT: OMV - Borealis declined the binding offer of EuroChem for the acquisition of its fertilizer business (neutral) AT: OMV - OMV is considering building a waste sorting plant in Germany (neutral) CZ: Komercni Banka, Erste Group - Central bank to increase counter-cyclical capital buffer to 2.5% from April 22 (negative) HR: Hrvatski Telekom - Dividend proposal od HRK 8.00 per share (neutral) HR: Valamar Riviera ...
- 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...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 21, 2022
MARKET COMMENT - GRIM DONBASS HEADLINES, HOPES FOR A PRESIDENTS' SUMMITThe RTS fell 4% on Friday to 1,391 following bearish headlines from southern Russia and eastern Ukraine late in the afternoon. Global markets were also soft, the MSCI ACWI slipping 0.9%. Russia assets are higher early this morning, corresponding with news of a more mixed global environment and hopes for a summit between the Russian and US presidents. STORIES> Sharp escalation in tensions ahead of diplomatic meetings this week...
- 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 - 21 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ПЕССИМИСТИЧНЫЕ СООБЩЕНИЯ О СИТУАЦИИ НА ДОНБАССЕ, НАДЕЖДЫ НА САММИТ ПРЕЗИДЕНТОВ РФ И СШАИндекс РТС в пятницу упал на 4% до 1 391 пункта после появления к вечеру пессимистичных сообщений о ситуации на востоке Украины. Глобальные рынки также снижались, индекс MSCI ACWI отступил на 0,9%. Сегодня утром российские активы растут в цене на фоне сообщений о неоднозначной ситуации на глобальных рынках и надежд на саммит президентов России и США. НОВОСТИ> ВВП России в 2021 году увел...
- 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
- 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
- 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...
OGK-2 confirmed at BUY, TP RUB 0.80 - Strong FCF and DY ensured by fin...
Final years of CSA-1 payments ensure high FCFY (26-30%) and DY (13%) in 2021-24e Excluding new guaranteed-return investments (neutral for DCF valuation), FCF in 2021-24e could exceed the current market cap by over 50% combined 50% discount to MSCI RU on EV/EBITDA 22e, related to expiration of CSA-1 guaranteed returns after 2024e (to be later mitigated by CSA-2 guaranteed returns) BUY confirmed, target price down to RUB 0.8 on higher risk-free rates, fuel costs and capex
- Andrey Gromadin
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - November 15, 2021
MARKET COMMENT - WORST UNDERPERFORMANCE IN 19 MONTHS AS ALL EYES ON UKRAINE, BELARUSThe RTS tumbled 3.8% to 1,784 in the worst day of underperformance in 19 months. Ukraine and Belarus news flow was and remains at the center of attention, while improved indicators of implied political risk and the strong outperformance this year have left the market arguably more sensitive to negative news flow regarding international relations. Meanwhile, global and Russian indicators are mixed this morning, wh...
- Andrey Gromadin
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - 15 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - СНИЖЕНИЕ РОССИЙСКОГО РЫНКА В ПЯТНИЦУ БЫЛО САМЫМ ЗНАЧИТЕЛЬНЫМ ЗА 19 МЕСЯЦЕВ, В ЦЕНТРЕ ВНИМАНИЯ МЕЖДУНАРОДНЫЕ НОВОСТИИндекс РТС в пятницу упал на 3,8% до 1 784 пунктов, показав самую слабую динамику за 19 месяцев. В центре внимания остаются международные новости. Глобальные и российские индикаторы сегодня утром неоднозначны, рынок может отреагировать на отчетность компаний и макростатистику. НОВОСТИ> Финансовые результаты Роснефти за 3К21 превзошли прогнозы> ЛУКойл планируе...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Research Team
CIS Market Daily - November 11, 2021
MARKET COMMENT - RISING US, CHINESE INFLATION HIT RISK SENTIMENT, BUT TODAY'S OUTLOOK IS MORE AMBIGUOUSA mixed session turned more cautious after US CPI numbers came in higher than expected. These combined with the day's earlier, high Chinese numbers to stir up investors' inflation concerns. The RTS finished down 0.6% at 1,854, a result in line with peers'. Positive and negative political headlines were prominent but not market-moving. This morning, the global backdrop is mixed, but the Russian ...
Raiffeisen Research Institutional Equity Daily 12.10.2021
AT: EVN - Local investments of EUR 360 mn until 2030 mn announced, part of annual capex of EUR 450 mn (neutral) AT: FACC - Expanding business jet services (positive) AT: Zumtobel - CMD starts today at 1 pm (neutral) HU: OTP - OTP mulls buying Home Credit in Russia from Czech PPF (neutral) RU: ALROSA - September sales result in line with the pre-Covid average (neutral) RU: Novatek - 9M 2021 shows higher than expected production growth of both gas and liquids (positive) RU: OGK-2 - ...
Raiffeisen Research Institutional Equity Daily 13.08.2021
AT: Rosenbauer - Cost inflation hurts, FY 21 margin guidance maintained with the help of a sizeable one-off gain in Q2 (negative) AT: Telekom Austria - Completion of Croatian spectrum auction (neutral) DE: Encavis - Q2 21 above RBIe and consensus expectations, guidance confirmed (positive) RO: Conpet - Q2 21 net profit above our expectations on higher than expected revenues (positive) RO: Digi Communications - Q2 21 net profit of EUR 34 mn on the back of lower financial expenses (posit...
ROS ROSENBAUER INTERNATIONAL AG
OGKB OGK-2
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
PLZL POLYUS (GDR)
DIGI DIGI COMMUNICATIONS NV
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CAP ENCAVIS AG
Raiffeisen Research Institutional Equity Daily 10.08.2021
CZ: CEZ - Q2 results below expectations, but more optimistic FY 21 guidance (neutral) PL: Allegro - Amazon users drop 35% in June vs May (positive) RU: LUKoil - Q2 21 preliminary operating results were in line with estimates (neutral) RU: OGK-2 - Q2 21 Conference call: Cherepovetskaya CCGT to be relaunched by end-Q3 (neutral)
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Georgiy Ivanin
- Research Team
- Rodion Lomivorotov
CIS Market Daily - August 10, 2021
MARKET COMMENT - RUSSIA INDICATORS UP, GLOBAL STOCKS MIXED AMID DOLLAR STRENGTH, COMMODITY VOLATILITYMajor indexes saw slight moves yesterday, the MSCI ACWI ending flat. Russia mildly outperformed, the RTS gaining 0.5% to 1,641. Relevant commodities saw higher volatility, with temporary declines of more than 4% for both gold and Brent before benchmarks rebounded. Alrosa sales numbers, regional political headlines and US oil data are in focus today.STORIES> How higher real rates will affect the e...
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