Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We temporarily terminate coverage of Acron due to an interdepartmental transfer of coverage of the fertilizer sector. Coverage of the sector will be resumed by Senior Analyst Anastasia Egazaryan. - We withdraw our 12MF TP of Rb3,126/share and Sell recommendation - Our previous financial forecasts withdrawn and … … should no longer be relied upon in making investment decisions Kirill Chuyko, Managing Director, Head of Research, For more details, please contact: Oleg Achkasov ( / /...
Brent recoups, China virus angst, Fed-speak Ahead: Playing momentum. As fears of coronavirus contagion ebb and flow, so too will the market. To the downside, the virus has now taken more than 130 lives, has continued to spread and more countries are placing bans on travel (to or from) / evacuating citizens from China. To the upside, none of the 106 deaths has been outside China and all but six have been in the central city of Wuhan, where the virus emerged, and which is now quarantined. Against...
‘Big picture’ AND prudence at play: Modicum of profit taking The ‘big picture’ is still supportive. The US-Sino trade deal (albeit not ideal, it removes some uncertainty and offers a ray of hope for future negotiations) and a likely Brexit elevate speculation that core causes of slowing global growth are being addressed and the economy may be en route to a recovery. That said, markets retain a healthy prudence – irrational exuberance is not operative – and after the recent uptick tr...
Quiet on the Western front Ahead: Little upward momentum. With Trump signing the bill supporting the Hong Kong protesters into law (expected, but still a spanner in the works of the trade talks) and the US out for today (and half of tomorrow) for Thanksgiving, there is little momentum for growth – rather, favorable conditions for a downtrend. That said, even in the face of uncertainty, bulls are still likely to provide a little support. US up, Asia mixed. US (S&P 500 +0.42%, DJIA +0.15%, NA...
US-China angst, Brent slips Ahead: Early caution; looking for driver. Contrary to yesterday, the session brings news that US-China trade negotiations may require more time to smooth out the issues as well as the venue and that Presidents Trump and Xi may not sign off on the ‘Phase 1’ trade deal until December. In turn, and further pressured by rising US crude stockpiles, Brent has retreated. US, Asia mixed. US (S&P 500 +0.07%, DJIA -0.00%, NASDAQ -0.29%). Asia this morning (Hang Seng -0....
Trade optimism v Brexit angst Ahead: Yet more crosscurrents. The US-China trade front offers fodder for the bulls – Chief economic adviser Kudlow said it is possible that the threatened 15 December tariff hikes may be lifted if trade talks continue to go well. Sentiment will continue to be tempered as the Brexit saga continues – UK PM Johnson has submitted the Withdrawal Agreement Bill to Parliament for a vote; passage would set the stage for Brexit, albeit passage and exit by the 31 Octob...
ACRON JSC (RU), a company active in the Specialty Chemicals industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 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 September 13, 2019, the closing price was RUB 4,994.00 and its potential was estim...
Our outlook for M&M names has mostly worsened – we now have fewer Buys, while those remaining are mostly macro-driven. - Buys: No high-conviction ideas, only valuation calls this time o TMK with a strong trigger, IPSCO sale; ALRS on stronger market in 2020 - Holds: PLZL – No upside left; HGM, MNOD showed strong 1H19 - Sells: EVR and AKRN – the highest conviction; POLY looks overheated - M2M Valuations: RUAL, KAZ, TMKS – the most attractive Kirill Chuyko, Managing Director, Head of Res...
US-China trade joust in focus Ahead: Searching for drivers. A heavy degree of prudence will be at play as players attempt to get a handle on the course of the US-China trade war. The recent tit-for-tat trade threats were followed by a softer tone from Trump yesterday, who implied the US was not abandoning efforts to secure a deal, adding that China also really wants a trade deal and that Beijing informed the US it was ready to return to the negotiating table. The headlines may be accurate, but,...
Growth challenged … Fed, Oil the buffers Ahead: Bearish bias. A parade of protracted sagas will likely test any inclination to be Bullish. The US-China trade saga shows no signs of a breakthrough, although some glimmer of hope may be raised by White House talks with US tech executives regarding the ban against Huawei Technologies and potential face-to-face meet of US trade negotiators with Chinese counterparts in China next week. Meanwhile, the UK has elevated Boris Johnson to Prime Minister,...
Putin-Xi strike $20bn in deals; Brent rises on trade, central bank doves Ahead: Digesting trade dynamics. The $20bn in strategic deals agreed by Russia and China and their target to increase bilateral trade to $200bn per year (vs $108bn in 2018) cut both ways – they would offer an economic boost to each party, which, in turn, could embolden China to harden its negotiating position vis-à -vis the US, suggesting a prolongation of the US-China trade war. Rising Brent, headlines that the US may ...
Trump trade quips – Japan sooner, China later Ahead: Posturing tests risk trade. Whether it is a matter of being fickle, schizophrenic, irresponsible or genius, Trump’s comments on trade vis-à -vis Japan and China will both soothe and aggravate the risk trade. Trump has predicted a deal with Japan is near, while upping the ante with China by saying the US is “not ready†to sign a deal with Beijing. Rhetoric aside, markets have been betting that the fundamental fact of slowing global...
Same backdrop, no fresh driver Ahead: Caution operative. The backdrop has little changed. Markets are both increasingly anticipating a decent trade deal between the US and China and allowing some hope that the US sanction threat has the potential to subside – to remind, Putin-Kim meet today to discuss denuclearization of Pyongyang, which has eluded the US; an assist from Russia could be a card that allows Trump to ease off on sanctions. Still, these variables cannot continue to run without f...
We upgraded our S-T commodity price forecasts for MM&Fs, but our L-T view for each segment remains unchanged – we favor only the best.  PLZL remains our Top Pick, now also positive on diamonds, ALRS  RUAL added to Most Preferred – strong upside, further rerating expected  Other Buys: TMK becoming a dividend story  Holds: SVST, MMK, POLY, PHOR  Sells: Steel, MNOD, HGM, POG and AKRN  M2M Valuations: Confirm our recommendations Key Changes: Upgrades on all fronts, L-T outloo...
Growth woes again center stage Ahead: No conviction. Expect the Russia trade to exhibit a lack of conviction. Brent has pierced the $68/bbl mark and China’s Biege Book suggests a beat, but the red flags of slowing economic growth worldwide as well as lingering uncertainty over a US-China deal and Brexit will temper any enthusiasm. The Mueller report has had its day in the sun, for now. US up, Asia mixed. US (S&P 500 +0.72%, DJIA +0.55%, NASDAQ +0.71%). Asia this morning (Hang Seng +0.53%; ...
Growth risk amplified Ahead: Caution the watchword. The backdrop remains little changed, suggesting yet more caution and very select bargain hunting. Uncertainty remains the overarching driver given some natural angst over the approaching US-China trade talks, the posture of the US Fed on rate hike and US growth outlook, and heightened geopolitical risks. Not helping, Brent has retreated, now trading at c$60/bbl, as the specter of slowing global growth cautions markets. Adding to slower growth...
MM&F continue to face headwinds, which will both test most constituent names and buoy the precious metals (PLZL, HGM), ALRS and TMK. - Key Changes: Base metals forecast worsened, diamonds to recover in ‘19 - Buys: PLZL, HGM, TMK are still favorites, Alrosa added - Holds: SVST declined enough, Polymetal grew enough - Sells: Norilsk added to the list on robust, unfair outperformance - M2M Valuation: Fully supportive of our L-T calls Key Changes: Negative for all, save for gold Our main chang...
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