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...
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 ...
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 ...
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 ...
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 ...
MARKET COMMENT - MARKETS CAUTIOUS AHEAD OF FED; RUSSIA MORE BULLISH EARLY ONGrowth stocks have been under pressure due to rates concerns ahead of tonight's Fed decision. The RTS gained 0.7% to 1,297 for its first rise in three sessions. Oil, the ruble and pre-market indicators look bullish today. The Fed commentaries will likely guide global markets, while geopolitical news remains a key driver for Russia. STORIES> IMF downgrades 2022 GDP growth forecasts> Federal Reserve Preview: Poised for a h...
КОММЕНТАРИЙ И ПРОГНОЗ - ГЛОБАЛЬНЫЕ РЫНКИ ПРОЯВЛЯЮТ ОСТОРОЖНОСТЬ, ОЖИДАЯ ИТОГОВ ЗАСЕДАНИЯ ФРС; РОССИЙСКИЙ РЫНОК УТРОМ НАСТРОЕН БОЛЕЕ ОПТИМИСТИЧНОАкции роста (growth stocks) вчера испытывали давление - рынки ждут итогов заседания ФРС и опасаются повышения ставок. Индекс РТС вчера продемонстрировал рост впервые за три сессии, поднявшись на 0,7% до 1 297 пунктов. Сегодня нефть и рубль дорожают, и утренние индикаторы для российского рынка также выглядят оптимистично. Для глобального рынка основным со...
LSR Group posted its 4Q21 and full-year 2021 trading update. Though the company missed our expectations, it exceeded its guidance. Overall, the numbers reflect the same trends we saw in the 4Q21 trading updates from other listed homebuilders - namely, strong seasonal Q-o-Q sales growth accompanied by higher selling prices, which indicates that demand for real estate remains strong despite elevated mortgage rates. > Full-year sales ahead of guidance... In 2021, new sales dropped 26% y-o-y to 613...
Мы продолжаем изучать динамику и структуру расходов и сбережений Ивановых, а также их восприятие экономической ситуации, чтобы прогнозировать перспективы развития различных секторов российской экономики и отдельных компаний. В этом выпуске мы также анализируем конкуренцию между российскими публичными продуктовыми розничными сетями. Выводы по итогам нашего исследования изложены ниже.> Опросы для данного обзора проводились с 3 по 20 сентября, когда число инфицированных коронавирусом в России продо...
MARKET COMMENT - NEW DM RECORDS ON IMPROVED MACRO SENTIMENT; MORE CONSERVATIVE OUTLOOK TODAYUS and European indexes set new records, and cyclicals clearly led the day. The lack of material new catalysts suggests the gains were mainly driven by improved macro sentiment following Friday's US jobs numbers. The RTS climbed 0.9% to 1,865, led by TCS and metals stocks, while real estate lagged. An indecisive APAC session and slightly lower futures point to consolidation early this morning, while resul...
MARKET COMMENT - GAS STOCKS RISE, GLOBAL MARKETS FALL AHEAD OF BUSY BANKING, OIL AGENDA TODAYMajor indexes saw their sharpest declines in months as the US Senate failed to take action on the debt ceiling impasse. The MSCI ACWI fell 1.9%. Russia was a slight outperformer, its MSCI index declining only 0.7% while Russia's gas stocks were scooped up by investors on highly elevated turnover. EMEA and US futures look bullish this morning, but oil remains under pressure and other relevant indicators a...
We reinitiate our coverage of the Russian real estate sector and expand it to include PIK Group. While the long-term fundamentals are strong, the sector has entered a period of uncertainty, with rising interest rates and less government support. In this environment, we favor companies with a clear strategy, less reliance on mortgages, an attractive valuation, and predictable and high dividends. Hence, our preferred exposure to the sector is Etalon Group.> Market outlook. The housing market has e...
MARKET COMMENT - SLIGHTLY HIGHER INDICATORS AHEAD OF AGENDA FULL OF MSCI, CALLSMarkets generally rose. For instance, the S&P 500 climbed to another record high and the RTS gained 1.2% to reach 1,685, five points shy of the more than nine-year high set two weeks earlier. APAC markets are mixed today in part on weak Chinese PMI data and regulatory news, but indicators elsewhere among APAC, EMEA and US markets look better. The MSCI rebalancing, several results calls and releases, and CPI and oil in...
MARKET COMMENT - RTS SETS A (NEARLY) 10-YEAR RECORD HIGHAlthough plenty of markets saw gains yesterday, weakness in major markets like the US (S&P 500 -0.7%) and China (MSCI -2.8%) dragged on overall performances. Russia ignored the more dour performances and reached a nearly 10-year high on the RTS at just below 1,690. Results, Russian inflation, US oil data and FOMC minutes are in focus. STORIES> Gazprom Neft 2Q21 preview: Robust FCF expected> Bank of Georgia 2Q21 IFRS: A very strong quarter, ...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of LSR Group PJSC. Global Credit Research- 09 Aug 2021. London, 09 August 2021-- Moody's Investors Service has completed a periodic review of the ratings of LSR Group PJSC and other ratings that are associated with the same analytical unit.
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 - JULY ENDS ON A WEAK NOTE; GLOBAL OUTLOOK BETTER, RUSSIA FLAT TODAYGlobal markets ended July on a low note, the MSCI ACWI down 0.7% and RTS (1,626) down 0.8%. US-China and tech sector concerns drove declines, perhaps along with monthly window-dressing. Global indicators are better this morning, but Russia numbers are flat heading into the open. STORIES> Finance Ministry provides general update on oil tax changes> Tatneft reports solid 2Q21 update> CBR increases risk weights for h...
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 public retailers. The main conclusions from our most recent survey are as follows:> Consumer confidence improved to -17% in 2Q21 from -19% in 1Q21. The fieldwork for this survey took place mainly over June, when Covid cases were on the rise but were not critica...
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