A director at Ros Agro sold 9,867,995 shares at 0.000USD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
RusAgro (AGRO LI: O/W, TP $16.9) reported strong 4Q21 IFRS results, which came 31-44% above the Bloomberg consensus estimates on the top line and EBITDA. The adj. EBITDA margin came 3.0% higher y/y driven by a substantial improvement of profitability in the Sugar and Crop segments amid market price improvements. As a result, 2021 EBITDA of RUB48bn was a record high for the company and was projected by management a year ago – yet that still outperformed the current Bloomberg consensus estimate...
MARKET COMMENT - MARKETS MELTING UP; NEW US SANCTIONS BILL IMMINENTThe MSCI ACWI climbed 1.7% as global markets continued to climb on the last day of the month, with consumer discretionary and tech names in the lead. Easing US futures and a lack of fundamental drivers signal the global rally needs a new catalyst to push further. Russia melted up yesterday, the RTS climbing 2.0% to 1,435, while a new US sanctions bill and diplomatic headlines appear imminent today, as detailed below.STORIES> Luko...
КОММЕНТАРИЙ И ПРОГНОЗ - НАСТРОЙ НА РЫНКАХ УЛУЧШИЛСЯ, В США ОЖИДАЕТСЯ НОВЫЙ ЗАКОНОПРОЕКТ О САНКЦИЯХИндекс MSCI ACWI вчера прибавил 1,7%, глобальные рынки в последний день января продолжали расти, при этом больше всего поднялись котировки потребительских и высокотехнологичных компаний. Снижение фьючерсов на фондовые индексы США и нехватка фундаментальных драйверов свидетельствуют о том, что для продолжения ралли на глобальных рынках необходим новый катализатор. На российском рынке вчера настрой ул...
Vedomosti reports citing an official filing that the Arbitration Court of the Saratov Region imposed interim measures freezing RUB21.9bn of cash, tangible and intangible assets of Rusagro’s (AGRO LI: O/W, TP $16.9) major shareholder Vadim Moshkovich (57% interest), ex-CEO and the owner of an 8% stake Maxim Basov as well as the Company’s assets.
CIS EUROBOND MARKETCIS Eurobonds retreated amid the wave of global risk-off sentiment on Friday, although trading was thin with many US investors still away for the Thanksgiving holiday. However, by the end of the session local investors started buying (especially the Russia 43), which helped push quotes back close to their previous levels. GOVERNMENT DEBTYields on OFZs jumped 10-11 bps at the open on Friday amid mounting concern over the new South African Covid variant. However, they later reve...
Rusagro (AGRO LI: O/W, TP $16.9) has officially announced its decision on a replacement for CEO Maxim Basov, who has headed the company for 12 years and will be replaced from 1 January 2022. Timur Lipatov, a top manager from the power utilities industry, has been appointed as the new CEO and will take up the position on 1 January 2022. He was previously the CEO of Power Machines (owned by Alexei Mordashov) during 2018-21 and the CEO of an Inter RAO subsidiary, Inter RAO – Power Generation Ma...
MARKET COMMENT - SPACE WEAPONS, PRESIDENTIAL SUMMITS AND AN AMBIVALENT GLOBAL BACKDROPGlobal stock markets have lacked clear direction yesterday and today, with top-down discussions tending to focus on the debate about inflation and central bank responses. The MSCI EM edged up 0.1%, while the RTS managed an only 0.4% rebound to 1,791 after Friday's sharp drop. Russia is now generally at its lowest valuations of the year, while political risk impressions are unlikely to be helped by yesterday's t...
КОММЕНТАРИЙ И ПРОГНОЗ - ОБЩИЙ ФОН СКОРЕЕ НЕЙТРАЛЬНЫЙ, НО ПОЛИТИЧЕСКИЕ РИСКИ СОХРАНЯЮТСЯВчера и сегодня четкой динамики на глобальных рынках акций не наблюдалось. В центре внимания были инфляция и реакция центробанков на ее ускорение. Индекс MSCI EM прибавил 0,1%, а индекс РТС после пятничного обвала сумел восстановиться только на 0,4%. Сейчас оценочные коэффициенты российского рынка находятся на минимумах с начала года, что обусловлено политическими рисками. Впрочем, сегодня утром индикаторы рос...
RusAgro (AGRO LI: O/W, TP $16.9) reported somewhat mixed 3Q21 IFRS results: while revenue growth accelerated to 45% y/y, the adj. EBITDA margin deteriorated 6.5pp y/y to 16% mainly affected by the Oil & Fats and Meat segments. At the same time, the Sugar segment’s margin was flat y/y and in the Crops segment profitability came as high as 53%. Leverage was virtually flat q/q at a comfortable 1.6x. Overall, we see the results as supportive for the stock and do not expect a negative reaction to ...
MARKET COMMENT - RUSSIA SURGES ON CYCLICAL APPETITES, STILL CONSERVATIVE VALUATIONGlobal stock markets returned to growth, the MSCI ACWI edging up 0.3%. Cyclicals were in favor, though US tech also fared well, and defensive stocks were in the rear globally. The RTS soared 2.2% to a new 10-year high of 1,920, Russia benefiting from global appetites for cyclicals, rising EPS estimates and still-conservative valuations. APAC markets are mixed on China concerns today, while EMEA, US and Russia indic...
MARKET COMMENT - MIXED US CPI INTERPRETATIONS, CHINA CONCERNS AS RTS NEAR DECADE HIGHMost markets saw declines (MSCI ACWI -0.3%) as ambiguous read-throughs for US CPI and record highs for many indexes gave investors excuses to fix profits. Russia was an exception, the RTS edging up 0.2% to 1,754.6, 0.2 points below a ten-year record. Weaker than expected Chinese macro data and negative but hardly material US-China headlines have given additional reasons for caution this morning. Nearer to our ma...
High soft commodity prices and a weaker ruble benefited Rusagro during the 2020-21 harvest season. While the tailwinds will ease in the 2021-22 season, we anticipate strong full-year 2021 results, with the EBITDA margin at a still decent 19%. We raise our 2021 and 2022 EBITDA forecasts by 62% and 33% in light of higher sugar, oil and wheat prices. This lifts our target price to $17.80 per GDR, and we reiterate our BUY recommendation. We like the company's fundamentals, though soft commodity pric...
MARKET COMMENT - HINTS OF DIP-BUYING, MSCI, MERKEL'S VISIT AND RESULTS ON THE AGENDARising chances for a near-term tapering of Fed asset purchases sent stock markets downward yesterday, the MSCI EM and RTS (1,636) declining 2.3-2.4%. APAC markets remain weak today, though other index futures and commodities offer some hints of investors stepping back in to buy the dip. MSCI's 10-40 decision (Novatek replacing Nornickel), German Chancellor Angela Merkel's visit to Moscow and company results are i...
MARKET COMMENT - CHINESE, US CONCERNS DRAG ON INDEXES; RUSSIA OUTPERFORMSSluggish Chinese growth indicators and talk of the Fed tapering asset purchases provided markets with plenty of reasons for caution. The MSCI ACWI slipped 0.2%. Russia was an outperformer with a 0.5% gain on the RTS to 1,674. Internet and energy stocks fared best, with particular gains for Yandex (+2.3%) and Novatek (+2.2%). Indicators look weak across the globe this morning.STORIES> European gas prices hit new records on r...
RusAgro (AGRO LI: O/W, TP $16.9) reported solid 2Q21 IFRS results: adj. EBITDA margin improved 2.5pp y/y to 20.1%, mainly driven by substantially higher profitability in the Crops segment and slight improvement of Oil & Fats margin y/y. The sugar segment’s margin was under pressure due to expensive sugar beet. In Meat, profitability was affected by sales mix (increased sales of less profitable livestock). Leverage was virtually flat q/q at a comfortable 1.6x. Given a solid performance in 1H2...
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....
MARKET COMMENT - CHINA UNDER PRESSURE, DMS AND RUSSIA UP YESTERDAY AND MIXED TODAYChinese stocks remained under pressure from domestic and foreign policy headlines, but other markets are getting over the initial shock. The MSCI EM ex-China declined 0.5%, major DM indexes edged up 0.2-0.3%, and the RTS gained 0.4% to reach 1,603. This morning sees China under further pressure, slightly lower DM futures, higher oil (Brent $74.79/bbl) and flattish Russia indicators. STORIES> CBR publishes 1H21 sect...
КОММЕНТАРИЙ И ПРОГНОЗ - КИТАЙСКИЕ ИНДЕКСЫ ПОД ДАВЛЕНИЕМ; РАЗВИТЫЕ РЫНКИ И РОССИЯ ВЧЕРА ПРИБАВИЛИ В ЦЕНЕ, А СЕГОДНЯ ДЕМОНСТРИРУЮТ НЕОДНОЗНАЧНЫЙ НАСТРОЙКитайские фондовые индексы резко упали под влиянием негативных локальных и внешнеполитических новостей, прочие рынки оправляются от первых потрясений. Индекс MSCI EM, если не учитывать Китай, отступил всего на 0,5%, основные индексы развитых рынков подросли на 0,2-0,3%, индекс РТС вырос на 0,4% - до 1 603 пунктов. Сегодня утром китайский рынок прод...
MARKET COMMENT - GLOBAL AND RUSSIAN INDICATORS POINTING UPWARD, DOLLAR PULLING BACKMost markets saw gains yesterday, but inflation and growth concerns saw major US indexes decline 0.3-0.4%. However, Fed reassurances, a weakening dollar and select regional stories (like a more than 5% surge in Taiwan) have set up a positive outlook today.STORIES> Russian GDP down 1.0% y-o-y in 1Q21> Rusagro 1Q21 IFRS: Adjusted EBITDA margin increases 7 pp y-o-y> Kazakh economy improves in April due to low base
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