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
- 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
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Research Team
- Sergey Kolesnikov
- FRM
Debt Markets Today - January 19, 2022. Russian Current Account, PIK Gr...
CIS EUROBOND MARKETAlthough demand is starting to return for Russian sovereign Eurobonds maturing after 2035, these issues still closed 2.0-2.5 pp lower in price yesterday. Mid-dated paper, meanwhile, remains under selling pressure. GOVERNMENT DEBTYesterday, the OFZ market was highly volatile, as we had expected. By the middle of the day, OFZ yields had risen 5-10 bps relative to Monday's closing levels, but by the end of the day yields had fallen to reach 5-7 bps lower than the previous close. ...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Долговые рынки сегодня - 19 января 2022. В 2021 году профицит счета те...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера начал восстанавливаться спрос на российские суверенные еврооблигации со сроками погашения после 2035 года, в то время как среднесрочные выпуски по-прежнему остаются под давлением из-за продаж. Впрочем, длинные выпуски вчера подешевели на 2-2,5 п. п. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИВчера на рынке ОФЗ, как мы и ожидали, наблюдалась высокая волатильность. К середине дня доходности выросли на 5-10 б. п. относительно уровней понедельника, однако по итогам дня снизилис...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - January 19, 2022
MARKET COMMENT - RUSSIA DRAGGED BY GEOPOLITICAL CONCERNS, GLOBE BY RATES AND INFLATIONGlobal markets saw significant declines on rate and inflation concerns, the MSCI ACWI falling 1.6% with weakness particularly in growth stocks. Despite relatively better appetites for energy and other cyclicals, Russia was the worst performing EM with a 7.3% drop on the RTS to 1,367. Geopolitical headlines will likely remain in focus for the Russian market, as detailed in our stories below, while inflation and ...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 19 января 2022
КОММЕНТАРИЙ И ПРОГНОЗ - НА РОССИЙСКИЙ АКЦИИ ОКАЗЫВАЮТ ДАВЛЕНИЕ ГЕОПОЛИТИЧЕСКИЕ РИСКИ, НА ГЛОБАЛЬНЫЕ РЫНКИ - ОПАСЕНИЯ НАСЧЕТ СТАВОК И ИНФЛЯЦИИГлобальные рынки вчера понесли большие потери из-за обеспокоенности ростом ставок и инфляцией. Индекс MSCI ACWI снизился на 1,6%, сильнее всего пострадали акции роста. Несмотря на относительно неплохой спрос на бумаги нефтегазового и прочих циклических секторов, Россия завершила вчерашние торги хуже всех развивающихся рынков: индекс РТС упал на 7,3% до 1 36...
- Dmitry Troshin
- Georgiy Ivanin
PIK Group - 4Q21 Trading Update: Housing Prices Continued to Grow
PIK Group posted its 4Q21 operating results yesterday. The results missed our forecasts but exceeded the company's 2021 guidance. PIK confirmed its upbeat outlook for 2022 given the strong demand and the material increase in its backlog in 2021. We decreased our target price for PIK by 2% to R1,500/share, but we upgrade the stock to a BUY. The stock is down around 20% since our initiation in mid-September 2021 and looks more attractive at the current levels.> Below our expectations on sales volu...
PIK-SPETSIALIZIROVANNYI sees an upgrade to Positive due to a better fu...
The general evaluation of PIK-SPETSIALIZIROVANNYI (RU), a company active in the Home Construction industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 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 1...
- Anastasia Khakhaeva
- Andrew Keeley
- Arthur Cherkesov
- Fedor Kornachev
- Georgiy Ivanin
- Igor Vasilyev
- Mikhail Krasnoperov
Потребительский индекс Иванова. Ноябрь 2021 - Ускорение инфляции не по...
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...
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
- Cole Akeson
MSCI Russia - November 2021 Rebalancing Preview
MSCI will release the results of the November semiannual rebalancing after markets close tomorrow, November 11. The rebalancing comes into effect after markets close on Tuesday, November 30. In this rebalancing, we expect MSCI to use a baseline market cap threshold for Russia of $4.5-4.7 bln. We also expect Rusal to be included in the MSCI Russia Standard Index, while below we discuss the very low but non-zero probabilities for entry for PIK Group and MMK. We anticipate no exclusions. In the MSC...
- Research Team
The Rear-View Mirror – EME markets: Most markets end October in the bl...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFKS SISTEMA PJSFC
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.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
TNB NLB BANKA
HUGE HUUUGE
4IG ALRO SLATINA
SHO 4IG NYRT
GDEV SHOPER
NEXTERS
- Research Team
WOOD Daily: TL Food Retail; EME Macro/Strategy – UZB; ARNT CZ; MOEX RX...
HEADLINES: • Turkish food retail: severe penalties announced by the Competition Authority NEGATIVE • EME Macro/Strategy: Uzbekistan - new dawn for the reform agenda • Arena Hospitality Group: delivers strong 3Q results POSITIVE • Moscow Exchange: 3Q21 results in line with the consensus NEUTRAL • AmRest: 3Q21 preliminary sales up by 21% yoy NEUTRAL • NLB Banka: 3Q21 results review - solid quarter, on the back of low COR • Siauliu Bankas: 3Q21 - another strong quarter, with a positive outlook ...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
MGROS MIGROS TICARET A.S
FMF FAMUR SA
SAB1L SIAULIU BANKAS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ARNT-R-A ARENATURIST D.D.
TNB NLB BANKA
- Research Team
WOOD Daily: MONET CP; SBER RX; MAIL LI; KMB MS; LTS PW; OMV AV; MGNT L...
HEADLINES: • MONETA Money Bank: strong 3Q21 bottom line on LLPs releases, 2021E net profit outlook upgraded POSITIVE • Sberbank: 3Q21 highlights - solid quarter • VK (formerly Mail.ru): 3Q21 results review • Komercijalna Banka: 3Q21 results review - strong figures, 2021E beat now likely POSITIVE • Lotos: 3Q21 results - strong downstream results, upstream weak due to maintenance • OMV: 3Q21 results - strong EBITDA, disappointing bottom line • OMV Petrom: 3Q21 results - EBITDA in line, net in...
OMV OMV AG
SBER SBERBANK RUSSIA PJSC
EEG1T EKSPRESS GRUPP A.S.
LTS GRUPA LOTOS S.A.
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
DIGI DIGI COMMUNICATIONS NV
- Research Team
WOOD Daily: WIZZ LN; HMX1R LR; LTS PW; PGN PW; HU Macro; PPC GA; TNB M...
HEADLINES: • Wizz Air: float like a butterfly (upgraded to BUY) • HansaMatrix: shortages crimp top line; but down, not out (stays BUY) • Lotos: 3Q estimates - net income above expectations • PGNiG: operating estimates for 3Q21 - production volumes up 13% • Hungary macro: MNB signals protracted tightening cycle, stretching out to 2022E • Public Power Corporation: EGM approves capital hike and HEDNO disposal NEUTRAL • NLB Banka: proposes dividends from 2019 and 2020 profits yielding c.6.5% P...
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Research Team
- Sergey Donskoy
CIS Market Daily - October 19, 2021
MARKET COMMENT - US RECOVERY, DOLLAR DECLINE SET UP A BETTER OUTLOOK THAN YESTERDAY'SMost markets were weak earlier in the day, but a recovery in the US set up a brighter outlook this morning. Weak US industrial production and some reversal in energy prices appeared to ease the most immediate of inflation and rates concerns for stock investors, and growth stocks have tended to lead in the US yesterday and in Asia this morning. The RTS declined 0.8% to 1,877, while today most Russian and global i...
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Research Team
CIS Market Daily - October 13, 2021
MARKET COMMENT - CAUTIOUS MOOD AHEAD OF US AND RUSSIAN CPI, HEAVY CONFERENCE SCHEDULEGlobal equities trimmed back for a third consecutive day, the MSCI ACWI declining 0.3%. A mixed picture from the latest IMF outlook and slightly bearish remarks from two top Fed officials added to the recent string of inflation and growth concerns. Russia slightly underperformed, the RTS declining 0.7% to 1,870. Most global and Russian indicators are slightly down this morning ahead of US and Russian CPI reports...
- Georgiy Ivanin
PIK Group - 2021 Sales Guidance Reiterated
PIK Group posted its 3Q21 operating results on Monday and held a conference call to discuss them yesterday. While the results were only okay given the worsened backdrop for the sector, the company reiterated its 2021 sales guidance and even saw some upside risk. > While the 3Q21 operating results showed a slowdown in y-o-y sales growth in monetary terms (to 19% from 89% in 2Q21), new contract sales were up 2% Q-o-Q (and 6% in m2 terms) despite higher mortgage rates and less generous terms for th...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Ekaterina Sidorova
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - October 12, 2021
MARKET COMMENT - CLIMBING COMMODITIES LEAVE INDEXES UNSTEADY, RUSSIA RESILIENTIndexes trended flat to higher early in the day, but a fresh round of worries about inflation and growth unsteadied the US session. That combined with local regulatory news has left APAC indexes weak this morning, and overall the picture looks unfavorable for risk assets early today, with key futures and indexes down 0.5-1.6%. Meanwhile, Russia was resilient yesterday with a 1.2% gain on the RTS to 1,882, though slight...
- Evgeniy Kipnis
PIK Group PJSC: Post-SPO volatility unjustified
PIK shares were exposed to volatility following the 4.3% SPO on September 29 – October 1. The downward pressure was not justified, in our view, considering that housing market fundamentals remain strong and that PIK is a key beneficiary. The company has a solid growth profile, business efficiency, a comfortable debt position, and new initiatives that are potentially game-changing for the real estate market. The 3Q21 operating results (October 14) and potential inclusion into the MSCI Russia I...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.