reports
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Research Team
CIS Market Daily - March 14, 2022
MARKET COMMENT - MOSCOW EQUITIES TO BE CLOSED ANOTHER WEEK WHILE VALUE STOCKS OUTPERFORMThe CBR has announced that equity trading will be closed another week. Possible negotiations between Russia and Ukraine are the focal point for Russia investors this week, while main themes elsewhere include resumed rotation to value stocks and above $100/bbl oil prices, all of which would be benefiting Russia in a normal market environment, but not this one.STORIES> Government allocates R1 trln to support th...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Research Team
CIS Market Daily - 14 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ТОРГИ В МОСКВЕ НЕ БУДУТ ПРОВОДИТЬСЯ ЕЩЕ НЕДЕЛЮ; НА ГЛОБАЛЬНОМ РЫНКЕ ОПЕРЕЖАЮЩУЮ ДИНАМИКУ ПОКАЗЫВАЮТ АКЦИИ СТОИМОСТИЦБ РФ принял решение еще неделю не возобновлять торги на МосБирже в секции фондового рынка. На текущей неделе в центре внимания будут возможные переговоры между Россией и Украиной. НОВОСТИ> Правительство выделило 1 трлн руб. на поддержку экономики> Нефтяные котировки консолидировались около минимумов прошлой недели в преддверии многочисленных событий на этой ...
- Anastasia Khakhaeva
- Andrey Gromadin
- Cole Akeson
- Dmitry Troshin
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - March 4, 2022
MARKET COMMENT - RUSSIAN MARKETS REMAIN CLOSED, RUSSIA-UKRAINE TALKS CONTINUERussian securities markets remained closed yesterday, while the London Stock Exchange finally suspended trading in Russian GDRs. The RSX ETF fell another 19%. The ruble was quite volatile, plunging to USD/RUB 118 at the beginning of yesterday's trading, and then strengthening to 106 toward the end of the session in the lead-up to the second round of negotiations between Russia and Ukraine. STORIES> MTS posts neutral 4Q2...
- Anastasia Khakhaeva
- Anton Chernyshev
- Cole Akeson
- Dmitry Troshin
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - 4 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗВчера котировки Брент вплотную приблизились к $120/барр., но затем начали снижаться и достигли внутридневного минимума $109,4/барр. на фоне сообщений о том, что Иран, возможно, вскоре подпишет соглашение по ядерной программе. МТС, VK и Global Ports опубликовали результаты за 4К21. Яндекс представил информацию по последним событиям. Segezha Group объявила, что намерена придерживаться дивидендной политики.НОВОСТИ> Цены на нефть стабилизировались на фоне перспектив ядерной сдел...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - March 2, 2022
MARKET COMMENT - RDX DOWN MORE THAN IN 1998, MSCI RUSSIA THE MOST SINCE 2008 AS MOSCOW TRADING REMAINS CLOSEDWhile Moscow stock trading remains closed, offshore and composite indexes dropped another 6-57%. The RDX offshore DR index has now fallen 91% since its October decade-long peak, a fall sharper than that of 1998 or 2008. The government announced plans to support the market with share purchases, while capital restrictions and supply shocks have also been in the news.STORIES> Government mull...
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - 2 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗСегодня утром котировки Брент выросли до $111/барр., и, вероятно, поднимутся еще выше, хотя МЭА объявило, что страны ОЭСР скоординированно выведут на рынок 60 млн барр. нефти из своих стратегических резервов. После объявлений ВР и Equinor, сделанных ранее на этой неделе, еще несколько крупных международных нефтяных компаний сообщили о решении продать свой бизнес в России или выразили серьезную обеспокоенность сложившейся ситуацией.НОВОСТИ> Нехватка предложения начала сказыва...
- Research Team
WOOD Flash – Russian coverage universe: under review
Russia’s invasion of Ukraine has led to unprecedented dislocations of capital and resources, on top of human tragedies. The sanctions imposed, by the world’s key nations, on Russia, its politicians, institutions, companies and businessmen, as well as the counter-measures introduced by the Russian government, are wide-ranging and continue to be imposed on a daily basis. The most severe sanctions are related to the freezing of the CBR’s FX reserves, as well as the freezing of non-residents’ assets...
QIWI QIWI PLC SPONSORED ADR CLASS B
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON OZON HOLDINGS
GDEV NEXTERS INC
HHR HEADHUNTER GROUP PLC
- Research Team
WOOD Daily: MOL HB; TRP RO; EME Macro/Strategy; ELPE GA; M RO; TGN RO;...
HEADLINES: • MOL: prices, pumps, and polyol (upgraded to BUY) • TeraPlast: waiting for demand to boost margins (stays HOLD) • EME Macro/Strategy: forecasts revision guidance • Hellenic Petroleum: 4Q21 results - big beat on net income; EUR 0.4 dividend • MedLife: 4Q21 earnings miss on third-party costs and drug distribution NEGATIVE • Transgaz: 4Q21 results - better than expected on higher financial gains • Alro: 4Q21 results - better-than-expected net profit • Conpet: 4Q21 results - close ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SAR GR. SARANTIS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
AFLT AEROFLOT RUSSIAN AIRLINES
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
SKK SIRMA GROUP HOLDING JSC
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
3LSA LSR GROUP (GDR)
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
M MED LIFE
ELPE HELLENIC PETROLEUM
NLBR NLB GROUP
ALR ALRO SLATINA
- Anastasia Khakhaeva
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - February 22, 2022
MARKET COMMENT - RTS PLUNGES, RUSSIA RECOGNIZES DNR AND LNR, EYES ON FURTHER DEVELOPMENTS TODAYThe RTS yesterday fell 13.2% to 1,208. Such a sharp fall had not been seen since 2008, and before that 1999. Yesterday's market collapse coincided with public discussions and the after-market announcement of the Russian government's recognition of the independence of the DNR and LNR. STORIES> RTS declines most since 2008, 1999; DNR/LNR recognition> VTB 4Q21 IFRS review: Modest end to year of ...
- Anastasia Khakhaeva
- Andrew Keeley
- Anton Chernyshev
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 22 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - СИЛЬНЕЙШЕЕ С 2008 ГОДА СНИЖЕНИЕ ИНДЕКСА РТС СВЯЗАНО С ПРИЗНАНИЕМ РОССИЕЙ НЕЗАВИСИМОСТИ ДНР И ЛНРВчера индекс РТС снизился на 13,2% до 1 208 пунктов. Это самое значительное снижение с 2008 года, а до этого рынок проседал так сильно лишь в 1999 году. Торговый оборот в анализируемых нами бумагах достиг $9,6 млрд. Вчерашний обвал на рынке связан с объявлением о признании российскими властями независимости ДНР и ЛНР. НОВОСТИ> Нефть дорожает на фоне роста напряженности в связи ...
- 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...
- 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...
- Research Team
The Rear-View Mirror – EME markets: Russia’s equities down, while Turk...
EME Equity Market – January 2022 Market performance – Russia’s equities lost 9.3%, while Turkish and Hungarian stocks advanced 8.6% and 9.3%, respectively, in January. The MSCI EM Europe Index declined 4.5% in EUR terms and 5.9% in USD. Hungary’s equities were the best performers in January, adding 9.3% in EUR and 5.4% in HUF terms; followed by Turkish equities, with an 8.6% gain in EUR and an 8.8% gain in TRY. In Greece, the ASE Index added 4.9%, while the PX Index, the Czech benchmark, gained ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
ECH ECHO INVESTMENT
FMF FAMUR SA
GPW WARSAW STOCK EXCHANGE
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TELEC O2 CZECH REPUBLIC A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
TNB NLB BANKA
INPST INPOST S.A.
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
GDEV NEXTERS INC
- 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
- Research Team
WOOD Daily: BELA GA; PKN PW; ARCLK TI; WIZZ LN; CEZ CP; US Macro; SNG ...
HEADLINES: • Jumbo: discounter at a discount (stays BUY) • PKN Orlen: 4Q21 results - strong net income • Arcelik: 4Q21 results - operationally in line, bottom line beats expectations NEUTRAL • Wizz Air: 3Q FY22 - strong capacity rebound amidst difficult operating environment • CEZ: no auctions for new solar capacity NEGATIVE • US macro: Fed on track for a speedy tightening cycle • Romgaz: budget and 2021E estimates • 4iG: signs package of contracts for the acquisition of 25.12% ownership in...
- Jakub Caithaml
WOOD Flash – LSR: 2021 KPIs – prices offset weak volumes; buyback, hot...
LSR sold only c.613k sqm NSA in 2021 (down 26% yoy). However, in value terms, the volumes sold were stable yoy, thanks to the strong price momentum, which was also supportive for margins. During 2021, LSR delisted the GDRs, bought back part of its own stock, and started to invest in hospitality assets, hoping they would provide diversification and a stable stream of cash flow. Along with the ongoing transition to escrow accounts, all these steps drove the leverage higher. The stock is inexpensiv...
- Research Team
WOOD Daily: WIZZ LN; ETLN LI; AST PW; STH PW; HU Macro; ADKO AV; KRKG ...
HEADLINES: • Wizz Air: 3Q FY22 - miss on revenues, on lower ticket prices, EBIT largely in line NEUTRAL • Etalon: 2021 KPIs - prices drive higher yoy volumes sold; leverage down due to SPO, cash collections • Astarta Holding: 4Q21 trading update indicates 2021E revenues broadly in line with the consensus NEUTRAL • STS Group: PLN 3m fine for AML NEGATIVE • Hungary macro: MNB increases rates by 50bps, as inflation exceeds forecast • Addiko Bank: Slovenia to vote on a retroactive CHF loans law NE...
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