reports
- Maria Sukhanova
- Svetlana Sukhanova
TMT Quarterly - Internet over Telecom
This is the inaugural issue of TMT Quarterly. This new publication is mainly aimed at updating the investment community on our sector views and sharing our most and least preferred stocks for the coming quarter. Since our stock preferences in this report are for a shorter horizon than our typical 12-month recommendations, there may be some deviation. Our preference for the next three months is internet stocks. Both Yandex (48% upside to our target price) and Mail.ru Group (67% upside) continue t...
QIWI QIWI PLC SPONSORED ADR CLASS B
MKY MOBILE TELESYSTEMS PJSC SPONSORED ADR
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
35V VIMPELCOM LTD. ADS
KCEL KCELL JOINT STOCK COMPANY
MFOYY MEGAFON PJSC
MFON MEGAFON
VIMP VEON
RTKMP ROSTELECOM (PREF A)
- Maria Sukhanova
- Svetlana Sukhanova
Wire Tap - E-Sports and Other News
The focus of the sixth edition of Wire Tap is the e-sports market, where Mail.ru Group and MTS recently gained exposure, although their entry costs differ substantially. We also touch on Mail.ru Group's development in the ad and gaming markets, VK's functionality, Yandex's effort to integrate Alisa into its navigation app, the new Digital Development Ministry and Rostelecom's support from state contracts.
- Aleksey Ryabushko
- Alexander Kudrin
- Andrew Keeley
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Elena Tsareva
- Igor Vasilyev
- Julia Gordeyeva
- Maria Sukhanova
- Mikhail Krasnoperov
- Rodion Lomivorotov
- Sergei Konygin
- Svetlana Sukhanova
CIS Market Daily - May 16, 2018
MARKET COMMENT - FEW REASONS FOR CHEER, BUT ALSO FEW FOR FEARGeneral malaise persisted throughout the day yesterday and arguably continues this morning in markets, with many key indicators drifting back toward major moving averages on little news flow. Remarks on sanctions from both Russia and the US did not help, but also offered little new material information. The highlights today for Russia and EM investors include remarks from Draghi and Merkel, Brazil's rate decision, Russian company event...
- Aleksey Ryabushko
- Alexander Kudrin
- Andrew Keeley
- Andrey Krylov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Elena Tsareva
- Julia Gordeyeva
- Maria Sukhanova
- Mikhail Krasnoperov
- Rodion Lomivorotov
- Sergei Konygin
CIS Market Daily - 16 Ð¼Ð°Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - ПРИЧИРДЛЯ ОПТИМИЗМРМÐЛО, ÐО И БОЯТЬСЯ ОСОБО ÐЕЧЕГОÐа рынке вчера веÑÑŒ день было неÑпокойно, и такое положение дел, похоже, ÑохранÑетÑÑ Ð¸ ÑÐµÐ³Ð¾Ð´Ð½Ñ ÑƒÑ‚Ñ€Ð¾Ð¼. Многие ключевые индикаторы рынка в отÑутÑтвие значимых новоÑтей движутÑÑ Ðº уровнÑм, ÑоответÑтву...
BCS GM Equity Daily: Economics, EVRAZ, MMK, Inter RAO, Megafon
Trump’s Iran gambit ... double edged sword Ahead: Can’t ignore c$78/bbl. Heading back from Victory Day, the session for locals will be one of catch up – namely, tracking higher on the back of Brent. The latter has jumped to c$78/bbl on supply disruption from Venezuela but, more so, from Iran – the US withdrew from the Iran nuclear deal and levied new sanctions on OPEC’s third-largest producer. The prospect of higher Brent bodes quite well for the Russia-risk trade, but the sanction al...
BCS GM Equity Daily: Economics, Unipro, Megafon, Real Estate
Putin’s list / decree, Brent wobble Ahead: Victory Day mode. Expect markets to retreat heading into Victory Day (9 May) and as it digests President Putin’s proposed Cabinet list and ‘National Goals’ decree. Most notably, markets may price in some disappointment that market liberal Alexei Kudrin was not tapped for Deputy PM, which casts doubt on the pace and degree of vital economic reforms. Dmitry Medvedev was again offered up as PM, which suggested status quo rather than reform. Putinâ...
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Maria Sukhanova
- Rodion Lomivorotov
- Sergei Konygin
CIS Market Daily - 8 Ð¼Ð°Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - ПОСЛЕ СПОКОЙÐОЙ И ПОЗИТИВÐОЙ ТОРГОВОЙ СЕССИИ ПОÐЕДЕЛЬÐИКРСЕГОДÐЯ Ð’ ЦЕÐТРЕ Ð’ÐИМÐÐИЯ ИÐВЕСТОРОВ - СОГЛÐШЕÐИЕ ПО ИРÐÐСКОЙ ЯДЕРÐОЙ ПРОГРÐММЕПока торговые площадки в Лондоне были закрыты, Ð¸Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ прибавил 0,6%, а MSCI EM - 0,3%. Ð¡ÐµÐ³Ð¾Ð´Ð½Ñ Ð² центре Ð²Ð½Ð¸Ð¼Ð°Ð½Ð¸Ñ Ð±ÑƒÐ...
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Vasilyev
- Irina Lapshina
- Julia Gordeyeva
- Maria Sukhanova
- Mikhail Krasnoperov
- Nikolay Minko
- Rodion Lomivorotov
- Sergei Konygin
- Svetlana Sukhanova
CIS Market Daily - May 3, 2018
MARKET COMMENT - DECLINES OVER THE HOLIDAYS, MIXED INDICATORS THIS MORNINGThe RTS has fallen 0.9% since our last comment, versus a 0.6% gain for the MSCI EM. Last night's Fed meeting offered no surprises, while this morning oil is higher but APAC markets are mixed.STORIES> New OFAC guidance released> Russian basic sector output growth slows to 0.4% y-o-y in March> CBR Review: As expected, rate left unchanged> Rosneft seeks to deleverage, initiates a buyback> Surgutneftegaz cash balance breaks $1...
- Aleksey Ryabushko
- Alex Fak
- Alexander Kudrin
- Andrey Krylov
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Igor Vasilyev
- Irina Lapshina
- Julia Gordeyeva
- Maria Sukhanova
- Mikhail Krasnoperov
- Nikolay Minko
- Rodion Lomivorotov
- Sergei Konygin
CIS Market Daily - 3 Ð¼Ð°Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - Ð’ ВЫХОДÐЫЕ КОТИРОВКИ СÐИЖÐЛИСЬ; УТРЕÐÐИЕ ИÐДИКÐТОРЫ ÐЕОДÐОЗÐÐЧÐЫС публикации нашего поÑледнего ÐºÐ¾Ð¼Ð¼ÐµÐ½Ñ‚Ð°Ñ€Ð¸Ñ Ð¸Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ упал на 0,9%, MSCI EM прибавил 0,6%. ЗаÑедание ФРС СШРзавершилоÑÑŒ вчера предÑказуемо. Ð¡ÐµÐ³Ð¾Ð´Ð½Ñ ÑƒÑ‚Ñ€Ð¾Ð¼ нефть дорожает, рынки ÐТРдемонÑтри...
- Maria Sukhanova
- Svetlana Sukhanova
Wire Tap - E-Commerce and Other News
The focus of the fifth edition of Wire Tap is the fragmented e-commerce market and its imminent consolidation. We also touch on fresh internet usage data from Mediascope, the Federal Telecommunications Inspection Service's blocking a number of Google's IP addresses, OK's user growth, the penetration of Yandex.News, details on the Yarovaya law, Russia's 5G auctions, telecom churn, MVNOs and the penetration of carriers' mobile video and music services in their subscriber bases.
- Andrew Keeley
- Andrey Krylov
- Igor Vasilyev
- Julia Gordeyeva
- Mikhail Krasnoperov
- Svetlana Sukhanova
Sberbank CIB Ivanov Consumer Confidence Tracker. April 2018 - Shopping...
We continued to track the Ivanovs' savings and spending patterns, as well as their perceptions, to get an indication of how entire sectors and individual companies are performing and might perform in the future. We also looked at competition among Russia's public food retailers.
OKEY O KEY GROUP
AFLT AEROFLOT RUSSIAN AIRLINES
DIXY DIXY GROUP OJSC
MGNT MAGNIT PJSC
LNTA LENTA INTERNATIONAL 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
SVAV SOLLERS
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
PIK GROUP GDR
DSKY DETSKY MIR
PYATY X5 RETAIL GROUP
OBUV OR PSJC
MBT MTS
- Alexander Kudrin
- Cole Akeson
- Maria Sukhanova
- Mikhail Krasnoperov
- Svetlana Sukhanova
CIS Market Daily - April 20, 2018
MARKET COMMENT - MARKETS LOOK UNENTHUSIASTIC, WHILE OPEC+, IMF AND WB MEETThe RTS's recent recovery took a pause with a 0.1% slip to 1,154 yesterday. Markets look a bit soft globally this morning after a weak US session, though catalysts are few and far between. The OPEC+ monitoring committee meeting, continuing IMF and World Bank meetings in DC, and a number of scheduled Russian corporate events are on today's agenda.STORIES> Government finalizes Yarovaya law data storage requirements> Kcell Bo...
- Alexander Kudrin
- Alexander Sychev
- Alexey Bulgakov
- Alisa Zakirova
- Ekaterina Sidorova
- Maria Sukhanova
- Svetlana Sukhanova
Долговые рынки ÑÐµÐ³Ð¾Ð´Ð½Ñ - 20 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
РЫÐОК Ð’ÐЕШÐЕГО ДОЛГРСТРÐРСÐГДинамика роÑÑийÑких Ñуверенных выпуÑков была разнонаправленной. Лучше рынка выглÑдел выпуÑк РоÑÑиÑ-29, который Ð²Ñ‹Ñ€Ð¾Ñ Ð² цене на 0,2 п. п. до 96,7% (4,8%, Z+182). Сильнее прочих выпуÑков Ñегмента подешевели РоÑÑиÑ-47, ÑнизившиÑÑŒ на 0,5 п. п. до 97,1% (5,4%, Z+247).ГОСУД...
- Alexander Kudrin
- Alexander Sychev
- Alexey Bulgakov
- Alisa Zakirova
- Ekaterina Sidorova
- Maria Sukhanova
- Svetlana Sukhanova
Debt Markets Today - April 20, 2018
CIS EUROBOND MARKETRussian sovereign Eurobonds showed a mixed dynamic yesterday. Outperforming the market was the Russia 29, which climbed 0.2 pp to 96.7% (YTM 4.8%, Z-spread 182 bps). The Russia 47 was the underperformer, dropping 0.5 pp to 97.1% (YTM 5.4%, Z-spread 247 bps). GOVERNMENT DEBTDemand from Asian investors for OFZs with maturity in 8-15y continued to be seen yesterday. Yields on these issues moved 6-9 bps lower. Local demand was the predominant factor in other issues, which closed 3...
- Alex Fak
- Alexander Kudrin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Maria Sukhanova
- Rodion Lomivorotov
- Sergei Konygin
- Svetlana Sukhanova
CIS Market Daily - April 12, 2018
MARKET COMMENT - SHARP SWINGS IN THE MARKET ON TRUMP, MNUCHIN COMMENTS An intraday gain on the RTS turned to a decline after a tweet from US President Donald Trump warning of missile strikes in Syria – which, since then, appears to have been premature. On the positive side, reassurance from Treasury Secretary Steven Mnuchin that the US is not eager to sanction Russian sovereign debt has lifted sentiment heading into this morning’s open. STORIES > Russian prices rise 0.1% last week > Novatek...
- Alex Fak
- Alexander Kudrin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Maria Sukhanova
- Rodion Lomivorotov
- Sergei Konygin
CIS Market Daily - 12 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - МЕЖДУ ТРÐМПОМ И ÐœÐУЧИÐЫМ РоÑÑ‚ индекÑа РТС вчера в течение Ð´Ð½Ñ ÑменилÑÑ Ð¿Ð°Ð´ÐµÐ½Ð¸ÐµÐ¼ поÑле заÑÐ²Ð»ÐµÐ½Ð¸Ñ Ð”Ð¾Ð½Ð°Ð»ÑŒÐ´Ð° Трампа в ÑоцÑети Twitter о готовÑщихÑÑ Ñ€Ð°ÐºÐµÑ‚Ð½Ñ‹Ñ… ударах по Сирии. Ð—Ð°Ð²ÐµÑ€ÐµÐ½Ð¸Ñ Ð¼Ð¸Ð½Ð¸Ñтра финанÑов СШРСтивена Мнучина об отÑутÑтвии ÑÑ‚Ñ€ÐµÐ¼Ð»ÐµÐ½Ð¸Ñ Ð²Ð²ÐµÑти Ð...
- Maria Sukhanova
- Svetlana Sukhanova
Wire Tap - Symbiosis of Internet and TV
This is the fourth edition of Wire Tap, a product highlighting interesting local news. The focus of this edition is on trends in the Russian ad market and the support that TV ad revenues are deriving from internet companies. Other news include Yandex’s signing up Avito to its ad network and the increasing take rate for its taxi service, VK’s progress in monetization, rising telecom frequency costs, crypto-currency mining in Russia, the Russian e-commerce market overall and color on Wildberri...
BCS GM Equity Daily: Economics, Lukoil, Russian Grids, Megafon
3-hike Fed, steady global growth, oil rebalancing Ahead: Sweet spot … save for trade war angst. Were it not for trade war posturing by the US and China that is threatening to escalate, markets would enjoy a sweet spot. US data points largely missed (factory orders, services PMI) to suggest a 3-, not a 4-rate hike play by the Fed this year, which supports the risk trade and oil. The US numbers also remained relatively solid, implying steady economic growth and, hence, no slippage in demand f...
- Alexander Kudrin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Maria Sukhanova
- Rodion Lomivorotov
- Sergei Konygin
- Svetlana Sukhanova
- Yuri Popov
CIS Market Daily - April 5, 2018
MARKET COMMENT - RISK ASSETS IN DEMAND WHILE INTERNATIONAL POLITICAL BACKDROP UNSTEADY Russia performed better than peers yesterday, the RTS up 0.3% versus a 1.2% drop for the MSCI EM. A positive shift in global sentiment after the US open provided support. Meanwhile, international political developments continue to drive mostly negative attention; for instance, news reports out of the US last night indicate that new sanctions could come as soon as today. STORIES > OPCW meeting offers no concl...
- Alexander Kudrin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Maria Sukhanova
- Rodion Lomivorotov
- Sergei Konygin
- Yuri Popov
CIS Market Daily - 5 Ð°Ð¿Ñ€ÐµÐ»Ñ 2018
КОММЕÐТÐРИЙ И ПРОГÐОЗ - РИСКОВÐÐÐЫЕ ÐКТИВЫ ПОЛЬЗУЮТСЯ СПРОСОМ, Ð’ÐЕШÐЕПОЛИТИЧЕСКИЙ ФОРÐЕСТÐБИЛЕРРоÑÑÐ¸Ñ Ð²Ñ‡ÐµÑ€Ð° показала опережающую динамику по Ñравнению Ñ ÑопоÑтавимыми рынками: Ð˜Ð½Ð´ÐµÐºÑ Ð Ð¢Ð¡ прибавил 0,3%, тогда как MSCI EM ÑнизилÑÑ Ð½Ð° 1,2%. ПоÑле начала торгов на американÑких пÐ...
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