reports
Raiffeisen Research Institutional Equity Daily 16.05.2022
AT: Erste Group - CEO Spalt will not extend his contract which ends in June 2023 (negative) CEE: Banks - UniCredit and Citi considering asset swaps with Russian financial institutions RO: Electrica - Dark cloud on the Electrica Q1 22 result, bottom line in red (negative) RO: One United Properties - Q1 22 revenues from sales of RON 197 mn, up 19% yoy, and a net profit of RON 166 mn, up 320% yoy (positive) RO: Purcari Wineries - Q1 22 net profit increased by 16.51% yoy (positive) RU: P...
PEO BANK POLSKA KASA OPIEKI SA
EBS ERSTE GROUP BANK AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
ROSN ROSNEFT OIL CO.
ALR ALIOR BANK SA
PLZL POLYUS (GDR)
EL SOCIETATEA COMERCIALA DE DISTRIBUTIE SI FURNIZARE A ENERGIEI ELECTRICE ELECTRICA
WINE PURCARI WINERIES PCL
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 29.04.2022
AT: AMAG - Q1 results in line with RBIe but above consensus, major cash drain from NWC, FY 22 EBITDA guidance of > EUR 200 mn heralds (expected) upside to estimates (neutral) AT: Andritz - Record order backlog, in-line results and guidance confirmed (positive) AT: Erste Group - Q1 22 net profit beating expectations / strong core revenues offset by higher opex and weak trading result / guidance for 2022 marginally tweaked upwards / CET1 drop should be only temporary (positive) AT: Oester...
OMV OMV AG
PAL PALFINGER AG
SEM SEMPERIT HOLDING AG
LKOH OIL COMPANY LUKOIL PJSC
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
SIBN GAZPROM NEFT PJSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HT-R-A HRVATSKI TELEKOM DD
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ENRU ENEL RUSSIA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
SFG SPHERA FRANCHISE GROUP SA
ADRS2-R-A ADRIS GRUPA D.D. PFD.
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
WINE PURCARI WINERIES PCL
Raiffeisen Research Institutional Equity Daily 23.03.2022
Oil&Gas: Oil price - Repair of the storm-damaged CPC oil pipeline to put additional pressure on an already tight oil market AT: Semperit - FY 21 results and DPS in line with RBIe, resumption of disposal process for Sempermed (neutral) AT: voestalpine - Former CEO Eder elected as new chairman of the supervisory board, green light for initial works for EAF cosntruction (neutral) DE: Encavis - Encavis connected 120 MWp to the grid in Q1 2022 (positive) HU: Makro - MNB hikes key rate by 1...
PKO PKO BANK POLSKI S.A.
VOE VOESTALPINE AG
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
SEM SEMPERIT HOLDING AG
LTS GRUPA LOTOS S.A.
ROSN ROSNEFT OIL CO.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
CAP ENCAVIS AG
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 28.02.2022
MSCI February Index Review - No changes in constituents in our Coverage Universe AT: Erste Group - Q4 21 net profit slightly ahead of expectations / DPS proposal of EUR 1.6 below RBIe and double digit ROTE guidance for 2022 (neutral) EU: Utilities - German Ministry of the Economy to examine the delay of nuclear power plant shutdowns, German utilities object (neutral) RO: Electrica - Significant increase in electricity expenses, 101% yoy, led to a loss of RON 625 mn in Q4 21 (negative) ...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - February 28, 2022
MARKET COMMENT - NONRESIDENT SECURITY SALES FROZEN; POSSIBLE RUSSIA-UKRAINE NEGOTIATIONS IN FOCUSThe RTS finished the week with a 33% decline to 937 and valuations at levels not seen since 2008 or earlier. This morning, the CBR froze security sales for nonresidents and delayed the opening of stock trading until at least 13:00 Moscow time. Negotiations scheduled between Russia, Ukraine and Belarus are the obvious focal point for markets, as well as any other news flow on market restrictions or sa...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - 28 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ЗАПРЕТ ДЛЯ НЕРЕЗИДЕНТОВ НА ПРОДАЖУ РОССИЙСКИХ ЦЕННЫХ БУМАГ; В ЦЕНТРЕ ВНИМАНИЯ ПЕРЕГОВОРЫ МЕЖДУ УКРАИНОЙ И РОССИЕЙИндекс РТС по итогам прошлой недели упал на 33% до 937 пунктов, рыночные оценки достигли уровней, которые не наблюдались как минимум с 2008 года. Сегодня утром Банк России ввел запрет для нерезидентов на продажу российских ценных бумаг и отложил начало торгов на рынке акций до 15:00 мск. В центре внимания сейчас, конечно, переговоры между Россией и Украиной, а ...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 24, 2022
MARKET COMMENT - MILITARY CONFLICT WITH UKRAINE ERUPTS; RUBLE AND FUTURES DOWN MORE THAN 9%Russia entered a military conflict with Ukraine overnight. Prior to the Moscow Exchange halting trading, RTS futures were down more than 9%, with the median stock having fallen 19%. The ruble has declined more than 9% in interbank trading to its weakest level since 1998. The European Council and G7 are to hold emergency summits today, and US President Joe Biden has promised "severe sanctions." STORIES> Rus...
- 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 - 24 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ВОЕННЫЙ КОНФЛИКТ В ДОНБАССЕ; КУРС РУБЛЯ И КОТИРОВКИ ФЬЮЧЕРСОВ ТЕРЯЮТ БОЛЕЕ 9%Россия начала специальную военную операцию в Донбассе. До приостановки торгов на Московской бирже индекс РТС успел потерять более 9%, а медианная цена акций опустилась на 19%. Курс рубля снизился более чем на 9%. Европейский совет и страны "большой семерки" проведут сегодня экстренные саммиты, а президент США Джо Байден пообещал "жесткие санкции". НОВОСТИ> На прошлой неделе потребительские цены в...
Raiffeisen Research Institutional Equity Daily 23.02.2022
AT: Kapsch TrafficCom - Q3 below expectations on higher one-offs, better on adj. basis, FY guidance cut as expected (neutral) AT: OMV - Germany halted the certification of Nord Stream 2 gas pipeline (neutral) AT: S IMMO - Evax Holding withdraws request for EGM to resolve voting rights cap (neutral) AT: Wienerberger - Q4 revenues and earnings ahead of expectations, more upbeat FY 22 outlook flags EBITDA of EUR 750-770 mn (positive) CZ: CEZ - Belviport to buy up to 9 mn (1.67% of capital...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Rapokhin
- Konstantin Samarin
- Research Team
- Yuri Popov
CIS Market Daily - February 14, 2022
MARKET COMMENT - SHARP RETREAT ON US REPORTS REGARDING UKRAINE, GLOBAL RATES CONCERNSThe RTS fell 5.0% on Friday to reach 1,470, while early morning futures signal another 4.5% drop early today. US media reports and officials' remarks regarding Ukraine have weighed on Russia assets, but the global market environment is also weak due to rates and inflation concerns. The MSCI ACWI retreated 1.5% on Friday, and global markets are mostly still in retreat today. We expect high volatility today both i...
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - 14 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РЕЗКИЙ СПАД НА РЫНКАХ ИЗ-ЗА ОПАСЕНИЙ НАСЧЕТ ПОВЫШЕНИЯ СТАВОК И КОММЕНТАРИЕВ США ПО УКРАИНЕИндекс РТС в пятницу упал на 5,0% до 1 470 пунктов. Давление на российские активы оказали сообщения американских СМИ и комментарии официальных представителей США по Украине. Глобальные рынки отступали из-за опасений, что процентные ставки будут расти на фоне высокой инфляции. Индекс MSCI ACWI отступил в пятницу на 1,5%. Мы полагаем, что сегодня в России и на глобальных рынках сохрани...
Rosneft Q4 21 - Strong oil prices translate into record 2021 DPS of RU...
EBITDA slightly exceeded estimates, while NI below forecast on higher impairment expenses Total DPS for 2021 should reach a record high level of RUB 41.7 Higher than expected capex put Q4 21 FCF below projections We treat the results as neutral for the stock
- 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)
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Rapokhin
- Konstantin Samarin
- Research Team
- Yuri Popov
CIS Market Daily - February 9, 2022
MARKET COMMENT - FALLING RISK PERCEPTIONS, CYCLICAL APPETITES BENEFIT RUSSIAN STOCKSThe RTS soared 3.0% to 1,489. Despite a fall in oil (circa $3/bbl intraday), apparently easing risk perceptions and global appetites for cyclical stocks fueled a strong rally. Global markets leaned slightly positive, the MSCI World (DM) and MSCI EM ex-China gaining 0.5-0.6%. Global indicators point higher with Russia indicators outperforming this morning ahead of Rusal numbers, the MSCI decision, Russian CPI and ...
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - 9 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - УСИЛЕНИЕ ИНТЕРЕСА К РИСКОВАННЫМ АКТИВАМ И СПРОС НА АКЦИИ ЦИКЛИЧЕСКИХ КОМПАНИЙ ПОМОГЛИ РОССИЙСКОМУ РЫНКУИндекс РТС вчера поднялся на 3,0% дo 1 489 пунктов. Несмотря на снижение цен на нефть (примерно на $3/барр. в ходе торгов), благодаря ощутимому улучшению восприятия рисков и мировому спросу на акции циклических компаний российский рынок значительно вырос. Динамика мировых бирж была умеренно позитивной: индекс развитых рынков MSCI World и развивающихся рынков MSCI EM (без...
Rosneft Q4 21 Earning Preview - High oil prices to ensure strong Q4 21...
Rosneft is to be the first among Russian O&G companies to report IFRS results for Q4 2021e Stronger qoq oil prices to maintain revenue and EBITDA in Q4 21e Yet, Q4 21e net income to be pressed by negative FX effect and impairment expenses Final DPS for 2021e is estimated at RUB 24.4
Raiffeisen Research Institutional Equity Daily 02.02.2022
AT: Atrium - Announcement of the amount and payment dates of dividends based on adj. FFO (neutral) AT: Palfinger - Contract of CFO Strohbichler extended until the end of 2027 (neutral) AT: Raiffeisen Bank International - Q4 2021 consolidated net profit of EUR 317 mn 24% ahead of consensus / FY 22 guidance announced and proposed EUR 1.15 DPS from 2021 HU: MOL - January model refinery and petchem margins lower mom mainly due to higher gas prices (negative) PL: AmRest - Development agree...
RBI RAIFFEISEN BANK INTERNATIONAL AG
ARHOF AMREST HOLDING
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
PAL PALFINGER AG
CCC CCC SA
LNTA LENTA INTERNATIONAL PJSC
OTP OTP BANK NYRT
EUR EUROCASH S.A.
NVTK NOVATEK JSC
SIBN GAZPROM NEFT PJSC
GAZP GAZPROM PJSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
Raiffeisen Research Institutional Equity Daily 19.01.2022
AT: Andritz - Andritz received an effluent and sludge treatment line order (neutral) AT: AT&S - AT&S bought back EUR 133.6 mn of EUR 175 mn old hybrid (neutral) HU: MOL - Exercising call options with UniCredit Bank and increasing the number of treasury shares (neutral) RU: Utilities - Rosneft's CEO proposes reforming the Utilities sector to curb electricity price growth for manufacturers (neutral)
NK ROSNEFT' PAO sees an upgrade to Positive due to a better fundamenta...
The general evaluation of NK ROSNEFT' PAO (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 defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date January 4, 2022, the closing price was RUB 613.50...
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - 22 декабря 2021
КОММЕНТАРИЙ И ПРОГНОЗ - ВОССТАНОВЛЕНИЕ В ПРЕДДВЕРИИ РОЖДЕСТВЕНСКИХ КАНИКУЛСпрос на риск на глобальных рынках вчера восстанавливался. Рынки в США выросли на 1,8-2,4%, в Европе - приблизительно на 1,5%. Позитивная динамика индекса РТС была менее выраженной: по итогам дня он прибавил 1,0%. Сегодня утром на торговых площадках сохраняется позитивный настрой, оптимизм постепенно усиливается, а повышение цен на нефть обеспечивает поддержку российскому рынку. НОВОСТИ> Нефть подорожала в преддверии ежене...
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