reports
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 15, 2022
MARKET COMMENT - RUBLE FLAT IN MOSCOW, UP 10% ABROAD ON EPHEMERAL NEGOTIATION HOPESThe third week of the market's forced suspension continues. Headlines suggesting some progress in Russia-Ukraine negotiations yesterday supported the ruble and dragged on oil, though no material outcomes have yet been reached. Global markets were generally risk-off. STORIES> Halyk Bank 4Q21 IFRS: Very strong year, awaiting thoughts on outlook> Russian retail: Food inflation outlook> Sovcomflot 4Q21 IFRS review: Su...
- Andrew Keeley
- Anton Chernyshev
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 15 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - КУРС РУБЛЯ НА МОСБИРЖЕ НЕ ИЗМЕНИЛСЯ, А НА ВНЕШНЕМ РЫНКЕ - УКРЕПИЛСЯ НА 10% БЛАГОДАРЯ СЛАБЫМ НАДЕЖДАМ НА ПЕРЕГОВОРЫ УКРАИНЫ И РОССИИРоссийский фондовый рынок закрыт уже третью неделю. Котировки бумаг российских компаний, торги по которым еще проводятся на зарубежных площадках, вчера просели на 1,8-4,8%. НОВОСТИ> Нефть продолжает дешеветь из-за усиления карантинных мер в Китае> Результаты Халык Банка за 4К21 по МСФО: очень сильный год, ждем оценки дальнейших перспектив> Рос...
- Andrew Keeley
- Andrey Gromadin
- Arthur Cherkesov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - January 14, 2022
MARKET COMMENT - A 6% CORRECTION ON DIPLOMAT QUOTES, BUT THE OVERALL BACKDROP IS MORE COMPLEXThe RTS saw its sharpest fall since April 2020, coinciding with negative remarks from diplomats regarding recent days' negotiations. However, the broader picture even on that issue is more complex. Meanwhile, Russia indicators have bounced back overnight. Global stock markets are under pressure separately, largely due to hawkish remarks from Fed officials that are of particular concern for growth stocks....
- Andrew Keeley
- Arthur Cherkesov
Halyk Bank - Where From Here?
The tumultuous events over the new year in Kazakhstan raise questions about the extent and duration of the impact they will have on the country. As some form of stability is gradually returning, the banking system has started coming back on line, albeit services have not been fully restored in Almaty. While it's still early days in terms of gauging the full impact on the banks, at this stage it doesn't appear that the operational impact will extend much beyond 1Q22. Looking further out, the poli...
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Konstantin Samarin
- Research Team
- Yaroslav Lissovolik
CIS Market Daily - December 13, 2021
MARKET COMMENT - MONETARY POLICY IN FOCUSG7 WARNS RUSSIA ON STANDOFF WITH UKRAINEAsian and European stock indexes traded modestly down on Friday. However, the US session provided substantial support, with both the S&P 500 and NASDAQ closing 0.7-1.0% higher, as the high inflation data was already in line with the market estimates. Russian stocks traded down on Friday after a strong rebound on Thursday. The RTS declined 1.2% on low volumes.STORIES> Tighter monetary policy to help disinflation in 2...
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - 13 декабря 2021
КОММЕНТАРИЙ И ПРОГНОЗНефтяные котировки повысились в преддверии ежемесячного отчета ОПЕК и на фоне снижения обеспокоенности омикрон-штаммом.НОВОСТИ> Ужесточение ДКП будет способствовать дезинфляции в 2022 году> Нефтяные котировки повысились в преддверии ежемесячного отчета ОПЕК и на фоне снижения обеспокоенности омикрон-штаммом> ЛУКойл согласовал новые условия участия в проекте "Шах-Дениз"> Транснефть в 2022 году начнет выплачивать дивиденды на полугодовой основе; планируется дробление акций> Ka...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - December 3, 2021
MARKET COMMENT - MARKETS DELIVER MORE OPTIMISTIC MESSAGES THAN DIPLOMATSThe RTS edged up 0.2% to 1,690 versus a 0.8% gain for the MSCI EM. Markets grew more optimistic amid strong macro data and stock performances in the US session, but that has led to a more mixed picture in markets this morning, as detailed below. Top Russian and US officials reported no breakthroughs in short talks yesterday, and investors will likely continue to watch Eastern European politics through the weekend.STORIES> Ru...
- Andrew Keeley
- Andrey Gromadin
- Arthur Cherkesov
- Cole Akeson
- Research Team
CIS Market Daily - November 22, 2021
MARKET COMMENT - ANTI-CYCLICAL MOVES, POLITICAL TENSIONS MAKE RECOVERY DIFFICULTHawkish remarks from FOMC members, poor sentiment toward cyclicals, and political tensions have made a recovery difficult to achieve for the Russian market. The RTS fell 2.2% on Friday to 1,724, and futures are down this morning on a mixed global backdrop. Results and central bank and political events loom this week.STORIES> US Senator Menendez authors new sanctions legislation> Inflow to Russia-dedicated funds after...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Research Team
CIS Market Daily - August 23, 2021
MARKET COMMENT - INVESTORS BUY THE DIP DESPITE NO MATERIAL CATALYSTSA weak first half to the day for global markets improved as the US came online on Friday, resulting in a 0.4% gain for the MSCI ACWI mostly driven by the US. The RTS declined 0.7% to 1,624, but a positive backdrop from US and APAC performances and gains in commodities and futures suggest a stronger morning today. Results and DM PMIs are in focus today. STORIES> US announces new CBW, NS2 sanctions; neutral for the market> EPFR: G...
Moody's announces completion of a periodic review of ratings of Halyk ...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Halyk Savings Bank of Kazakhstan. Global Credit Research- 25 Jun 2021. London, 25 June 2021-- Moody's Investors Service has completed a periodic review of the ratings of Halyk Savings Bank of Kazakhstan and other ratings that are associated with the same analytical unit.
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Cole Akeson
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 19 мая 2021
КОММЕНТАРИЙ И ПРОГНОЗ - СИТУАЦИЯ НА ГЛОБАЛЬНЫХ РЫНКАХ НЕУСТОЙЧИВАЯ, В ЦЕНТРЕ ВНИМАНИЯ ВСТРЕЧА ГЛАВ МИД РОССИИ И США, ДАННЫЕ ПО РЫНКУ НЕФТИ И ПРОТОКОЛ ЗАСЕДАНИЯ ФРСВчера рынки в основном росли, пока не началась торговая сессия в США, в ходе которой фондовые индексы снизились на 0,6-0,9%. Опасения относительно перспектив роста и инфляции продолжали оказывать давление на американский рынок. Россия опередила аналоги: индекс РТС вырос на 1,5% до 1 575 пунктов. Сегодня в центре внимания инвесторов буд...
MGNT MAGNIT PJSC
MTSS MOBILE TELESYSTEMS PJSC
SIBN GAZPROM NEFT PJSC
GAZP GAZPROM PJSC
BSPB BANK ST PETERSBURG PJSC
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
5M71 MAGNIT PJSC SPONSORED GDR REGS
OGZD GAZPROM (GDR)
HSBK HALYK SAVINGS BANK OF KAZAKHSTAN JSC
BSPBP BANK OF ST PETERSBURG
GZPFY GAZPROM NEFT (GDR)
OZON OZON HOLDINGS
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Cole Akeson
- Lyudmila Melnikova
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - May 19, 2021
MARKET COMMENT - RUSSIA-US MEETING, OIL DATA, FED MINUTES AMID FRAGILE GLOBAL MARKETSMarkets saw mostly gains until a weak US session, where key indexes declined 0.6-0.9%. Concerns about growth and inflation again dragged on the US. Russia outperformed, the RTS rising 1.5% to 1,575. Meanwhile, in focus today are several results releases, a likely meeting between Russia's and the US's top diplomats, oil data and news flow, and the Fed minutes. STORIES> Media: Biden to waive sanctions for now agai...
MGNT MAGNIT PJSC
TBCB TBC BANK JOINT STOCK CO
MTSS MOBILE TELESYSTEMS PJSC
SIBN GAZPROM NEFT PJSC
GAZP GAZPROM PJSC
TBCG TBC BANK GROUP
BSPB BANK ST PETERSBURG PJSC
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
5M71 MAGNIT PJSC SPONSORED GDR REGS
OGZD GAZPROM (GDR)
HSBK HALYK SAVINGS BANK OF KAZAKHSTAN JSC
BSPBP BANK OF ST PETERSBURG
GZPFY GAZPROM NEFT (GDR)
OZON OZON HOLDINGS
- Andrew Keeley
Halyk Bank - Set for Another Profitable Year
Halyk Bank's 1Q21 results lay a solid foundation for another profitable year. We see net income on track to top the KZT400 bln guidance for this year, for 26% ROE, and we think 25% or so ROE is sustainable over the next couple of years. Efforts at digitalization are starting to bear fruit, albeit coming from a low base. Increasing dividends also remain an important part of the investment case, and we model a 15% 2021 dividend yield. Halyk Bank trades on just a 1.1 2021 P/BV and 4.3/4.0 2021/22 P...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Research Team
- Rodion Lomivorotov
CIS Market Daily - 17 мая 2021
КОММЕНТАРИЙ И ПРОГНОЗ - СЕГОДНЯ УТРОМ РЫНКИ ДВИЖУТСЯ РАЗНОНАПРАВЛЕННОИндекс MSCI ACWI прибавил 1,5% за счет существенного роста на рынках Китая, США и в других странах. Россия была в числе отстающих: индекс РТС поднялся только на 0,1% до 1 549 пунктов. Сегодня утром ключевые индикаторы для российского и глобального рынков нейтральны. НОВОСТИ> Данные по российским инвесторам: рекордный приток в апреле> Восстановление нефтегазовых доходов оказывает поддержку российскому бюджету> Результаты Роснефт...
MSNG MOSENERGO
LKOH OIL COMPANY LUKOIL PJSC
OGKB OGK-2
ROSN ROSNEFT OIL CO.
H4L1 ROSNEFT OIL CO. SPONSORED GDR REGS
MOEX HALYK SAVINGS BANK OF KAZAKHSTAN GDR
LKODN MOSCOW EXCHANGE MICEX-RTS PJSC
HSBK OIL COMPANY LUKOIL PJSC SPONSORED ADR
FLOT HALYK SAVINGS BANK OF KAZAKHSTAN JSC
SOVCOMFLOT
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Research Team
- Rodion Lomivorotov
CIS Market Daily - May 17, 2021
MARKET COMMENT - MIXED OUTLOOK THIS MORNING AFTER FRIDAY'S BARGAIN HUNTINGThe MSCI ACWI gained 1.5%, fueled by substantial gains in China, the US and elsewhere. Russia lagged, the RTS rising only 0.1% to 1,549. This morning's backdrop is neutral for key Russia and global indicators. STORIES> Russian investor statistics: Record inflows in April> Recovery of oil and gas revenues supporting budget> Rosneft 1Q21: Weak P&L, stronger than expected FCF> Rosneft 1Q21 conference call and presentation hig...
MSNG MOSENERGO
LKOH OIL COMPANY LUKOIL PJSC
OGKB OGK-2
ROSN ROSNEFT OIL CO.
H4L1 ROSNEFT OIL CO. SPONSORED GDR REGS
MOEX HALYK SAVINGS BANK OF KAZAKHSTAN GDR
LKODN MOSCOW EXCHANGE MICEX-RTS PJSC
HSBK OIL COMPANY LUKOIL PJSC SPONSORED ADR
FLOT HALYK SAVINGS BANK OF KAZAKHSTAN JSC
SOVCOMFLOT
- Andrew Keeley
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Mikhail Krasnoperov
- Research Team
- Rodion Lomivorotov
- Yuri Popov
CIS Market Daily - 16 марта 2021
КОММЕНТАРИЙ И ПРОГНОЗ - БЛАГОПРИЯТНАЯ ГЛОБАЛЬНАЯ КОНЪЮНКТУРА ОКАЗАЛА ПОДДЕРЖКУ РЫНКАМ АКЦИЙВчерашний день начался спадом на рынке Китая (минус 1,1%), но затем ситуация улучшилась. В течение дня глобальный фон был в целом благоприятным, акции высокотехнологичного сектора в США подорожали примерно на 1%. Россия вчера оказалась среди лидеров роста, индекс РТС повысился на 1,6% до 1 544 пунктов. Сегодня в центре внимания макростатистика из России и США, глобальные и российские индикаторы утром в осн...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Mikhail Krasnoperov
- Research Team
- Rodion Lomivorotov
- Yuri Popov
CIS Market Daily - March 16, 2021
MARKET COMMENT - BENIGN GLOBAL ENVIRONMENT HELPS STOCKS RISE FURTHERAlthough the day started with a weak session for China (-1.1%), performances improved over the day on the generally benign global backdrop, culminating with a circa 1% gain for US tech. Russia was among the best performers globally, the RTS rising 1.6% to 1,544. Russian and US macro releases are in focus on today's lighter than average schedule, while global and Russian indicators mostly point higher this morning.STORIES> Annual...
- Andrew Keeley
- Andrey Gromadin
- Andrey Kuznetsov
- Anna Kotelnikova
- Cole Akeson
- Research Team
CIS Market Daily - March 15, 2021
MARKET COMMENT - RATE DECISIONS, RESULTS, OIL DATA, US/CHINA RELATIONS IN FOCUS THIS WEEKThe RTS (1,520) gained 0.9%, with telecoms, O&G and financials in the lead. Global markets were more conservative, the MSCI ACWI edging down 0.1% as value stocks performed best and internet stocks lagged. A busy week ahead holds central bank decisions from the Fed, CBR and more; company and oil market data; and a top-level meeting of US and Chinese diplomats.STORIES> Novatek reportedly reviewing Ob LNG plans...
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