reports
- Andrey Gromadin
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 16, 2022
MARKET COMMENT - POLYMETAL TUMBLES 33% AS FTSE EXCLUSION FURTHERS RUSSIA'S ISOLATION FROM GLOBAL MARKETSMoscow equity trading remains closed by the CBR. Among the only instruments still trading, Polymetal's London listing fell 33%, while FTSE announced the exclusion of the shares from its indexes, eliminating one of the last examples of Russia being included in global markets. STORIES> Oil and gas: Not benefiting much from strong Brent, but gaining from weak ruble> Tatneft: Moderate miss in 4Q2...
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 16 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - АКЦИИ ПОЛИМЕТАЛЛА УПАЛИ В ЦЕНЕ НА 33% ПОСЛЕ ИСКЛЮЧЕНИЯ ИЗ ИНДЕКСОВ FTSEТорги акциями на Московской бирже по-прежнему не проводятся по решению ЦБ РФ. Бумаги Полиметалла с листингом в Лондоне - один из немногих российских инструментов, остававшийся на глобальных рынках, - упали в цене на 33% после того, как FTSE объявила об их исключении из своих индексов. Рубль торгуется около 105-110 за доллар. НОВОСТИ> Цены на нефть под давлением перед публикацией ежемесячного отчета МЭА...
- Evgeniy Kipnis
Detsky Mir: 4Q21 IFRS results
Detsky Mir (DSKY RX: U/R) reported its 4Q21 IFRS results, which came 3% above our conservative estimates on EBITDA. The EBITDA margin declined 3.0pp y/y in Q4 on the back of higher price investments and logistical costs, higher staff costs, as well as a less favorable product mix on y/y basis. As a result, 2021 EBITDA grew 16% y/y (11.4% margin, flat y/y), nearly in line with our estimate. The company did not provide any decision on the 2021 final dividend or guidance for 2022 and there will ...
- 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
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
- Yuri Popov
CIS Market Daily - January 26, 2022
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...
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
- Yuri Popov
CIS Market Daily - 26 января 2022
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...
- Evgeniy Kipnis
Detsky Mir: 4Q21 trading update – NEUTRAL-to-NEGATIVE
Detsky Mir (E/W; TP RUB 145/sh) reported its 4Q21 trading update. 4Q21 revenue grew 6.3% y/y, decelerating vs 3Q, as the lockdown in October and November in Russia, as well as continuing Covid-related restrictions negatively affected traffic. As a result, 2021 revenue increased 15% y/y, slightly below our and consensus estimates of 15.7% y/y growth. Overall, we see results as neutral, however, the ability to sustain the top-line growth into 2022 and beyond, as well as the required pace of pri...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Usanova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - January 20, 2022
MARKET COMMENT - PARTIAL REBOUND AND HEFTY TURNOVER FOLLOWING TECHNICAL, POLITICAL SIGNALSThe RTS rallied 3.5% to 1,415, offsetting half of the previous day's decline in response to technical and potential political signals. Global markets have turned from a mixed day yesterday to a rally today, adding another tailwind for the Russian market. A meeting of core NATO members is in focus today, along with NLMK trading numbers and a variety of global rates and macro releases.STORIES> Less bearish po...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Ekaterina Usanova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 20 января 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РЫНОК ЧАСТИЧНО ВОССТАНОВИЛСЯ НА ФОНЕ ТЕХНИЧЕСКИХ ФАКТОРОВ И ПОЛИТИЧЕСКИХ СИГНАЛОВИндекс РТС вчера вырос на 3,5% до 1 415 пунктов, наполовину отыграв потери предыдущего дня на фоне технических факторов и политических сигналов. На глобальных рынках динамика вчера была неоднозначной, а сегодня наблюдается рост, что оказывает дополнительную поддержку российскому рынку акций. Сегодня в центре внимания встреча основных членов НАТО, операционная отчетность НЛМК, а также ряд макр...
- Ekaterina Usanova
- Mikhail Krasnoperov
Russian Retail Results Preview - Mixed 4Q21 Trading, but Low Valuation...
Based on our Ivanov survey and recent macro data, we expect positive trends, as inflation is being passed on to the consumer, trading down has not intensified, while Covid-related restrictions are benefitting the large players. This should all bode well for the food sector, less so for non-food. We expect Magnit and X5 Group to see 9% LFLs and outpace the consensus, whereas Fix Price is set to miss the consensus, and Detsky Mir could prompt concern over pressure from marketplaces. We expect a po...
- 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
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - November 9, 2021
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...
Detskiy Mir Company News - Solid profitability despite personnel costs...
-EBITDA margin remained unchanged yoy at 13.4% -Net profit margin improved yoy to 8.3% thanks to lower FX loss -Dividends of RUB 5.2 per share (60% of RAS net profit for Q1-3 21) were recommended -We consider the results to be neutral
- Evgeniy Kipnis
Detsky Mir: 3Q21 IFRS results – Neutral-to-negative
Detsky Mir (DSKY RX: E/W; TP RUB145/share) reported its 3Q21 financials. Adj. EBITDA grew 12% y/y, with the margin contracting just 0.2pp y/y. On a positive note, the company managed to sustain its gross margin despite challenges related to growing competition and transportation costs, as that was offset by a favorable product mix. At the same time, the decision to step down from a historical dividend payout run-rate (9M21 DPS of RUB5.2, 3.7% yield, 60% of adj. RAS net income) might be taken ...
- Andrey Gromadin
- Andrey Kuznetsov
- Cole Akeson
- Georgiy Ivanin
- Igor Rapokhin
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - October 20, 2021
MARKET COMMENT - GLOBAL RALLY LACKS CLEAR CATALYSTS TO CONTINUE TODAYGlobal stock markets continued to rally, supported by strong US earnings and mixed macro reports. The MSCI ACWI gained 0.7%. Russia was one of the best performing global markets, the RTS climbing 1.3% to close at 1,900 for the first time in a decade. Meanwhile, the global rally lacks clear catalysts to continue today, with markets moving primarily on regional factors, EMEA and US futures suggesting consolidation, and Russia ind...
NLMK NOVOLIPETSK STEEL
LKOH OIL COMPANY LUKOIL PJSC
HYDR FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO PJSC
SIBN NOVATEK JSC
GAZP GAZPROM NEFT PJSC
ROSN GAZPROM PJSC
NVTK ROSNEFT OIL CO.
N7MG ROSNEFT OIL CO. SPONSORED GDR REGS
DSKY NOVATEK JSC SPONSORED GDR REGS
LKODN NLMK (GDR)
OGZD DETSKY MIR
TATNP OIL COMPANY LUKOIL PJSC SPONSORED ADR
GZPFY GAZPROM (GDR)
TATNEFT (PREF A)
GAZPROM NEFT (GDR)
Detskiy Mir Company News - Key highlights from meeting with Altus Capi...
-Altus Capital is a long-term investor -Altus Capital considers Detskiy Mir an attractive investment due to decent EBITDA growth, dividend yield and resistance to competition -Altus Capital is happy with the companys management and BoD
- Andrey Gromadin
- Andrey Kuznetsov
- Cole Akeson
- Georgiy Ivanin
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - October 15, 2021
MARKET COMMENT - BULLISH US, CHINA HEADLINES PUSHING MARKETS HIGHERDriven by strong DM performances, the MSCI ACWI climbed 1.4%, the global index's biggest one-day gain since May. Russia was among the better performing EMs, the RTS climbing 1.1% to 1,876. Positive US and China headlines have driven demand for risk, with cyclicals faring a bit better than other market segments.STORIES> EPFR: EM equity inflows sharply decelerate, Russia inflow keeps pace> Rosneft closes 5% stake sale in Vostok Oil...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - September 17, 2021. Gazprom Expands 2021 Capex Pr...
CIS EUROBOND MARKETThe Russian sovereign Eurobond market was flaccid yesterday. The only movements came at the long end of the curve, where prices ticked up 0.2-0.3 pp on the day. Local investors continue to buy euro-denominated issues, though quotes were basically flat.GOVERNMENT DEBTOFZs opened yesterday with yields falling 1-3 bps as the market priced in Wednesday's weekly inflation print that showed a w-o-w slowdown. However, a subsequent correction in US Treasury yields (the 10y surged 4 bp...
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.