reports
Raiffeisen Research Institutional Equity Daily 14.06.2022
AT: Flughafen Wien - Significant hike of FY 22 guidance (positive) AT: IMMOFINANZ - Starting share buyback programme for up to 1% of share capital (positive) AT: STRABAG - Resignation of Peter Krammer became effective as of June 12 (neutral) RO: Medlife - Medlife opens a new clinic in Targu Mures, and expands its regional presence through two acquisitions (positive) RU: Transneft, RusHydro - Government decree provides for RUB 23.3 bn in 2021 dividends from RusHydro and RUB 76 bn from T...
Raiffeisen Research Institutional Equity Daily 25.05.2022
AT: CA Immo - Q1 ahead of expectations, additional valuation effects (positive) AT: EVN - Q2 operating result above expectations, net income affected by goodwill impairment, net guidance confirmed though (positive) AT: IMMOFINANZ - Solid Q1, no new guidance or dividend announcement yet (neutral) AT: UBM Development - Relatively uneventful Q1 with results in line with pre pandemic years HU: OTP - OTP bought 100k of its shares (neutral) PL: CCC - Interview with HalfPrice CEO (neutral) RO: BRD-GSG,...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 9, 2022
MARKET COMMENT - MOSCOW TRADING REMAINS HALTED WHILE EYES REMAIN ON UKRAINERussian stocks continued to see only slight trading through Russia's long weekend. That will not change today, with the CBR having decided yesterday not to allow Moscow equity trading, continuing the halt since February 25 for a sixth business day.STORIES> How the crisis is evolving> US and UK seeking to embargo Russian oil and gas imports> Gazprom's export flows remain very strong> Rostelecom posts neutral 4Q21 IFRS resu...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 9 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗСША и Великобритания вводят эмбарго на импорт нефти и газа из России, экспортные доходы Газпрома растут, Ростелеком, HeadHunter, Магнит и М. Видео представили отчетность.НОВОСТИ> Как развивается кризис> США и Великобритания вводят эмбарго на импорт нефти и газа из России> Экспортные доходы Газпрома растут> Ростелеком представил нейтральные результаты за 4К21 по МСФО> Вопрос о погашении облигаций Яндекса и Ozon> HeadHunter: результаты за 4К21 несколько ниже прогнозов, выкуп а...
- Anna Kurbatova
Rostelecom: Rostelecom reports firm 4Q21 results, 2021 DPS at RUB6.0
Rostelecom (RTKM RX; RTKMP RX; N/R) reported solid 4Q21 numbers, which came slightly above consensus estimates on revenue and EBITDA. Incremental mobile revenue growth of RUB3.5bn is still higher than those posted by VEON in Russia (RUB3.2bn), which suggests that Tele2 continues to gain market share. The company had RUB568bn in debt as of end-2021, which is 100% denominated in rubles. Overall, Rostelecom’s 2021 performance came slightly ahead of the company’s guidance. The company expectedly ...
- Research Team
WOOD Daily: OTP HB; MTSS RX; RTKM RX; VKCO LI; AST PW; CDR PW; 4IG HB;...
HEADLINES: • OTP Bank: 4Q21 results largely in line, but near-term outlook very uncertain due to geopolitics • Mobile TeleSystems: 4Q21 results review - OIBDA up 6% yoy, in line with the consensus • Rostelecom: 4Q21 results review - OIBDA up 10% yoy, in line with the consensus • VK: 4Q21 results broadly in line with guidance • Astarta Holding: current operations • CD Projekt: suspension of sales in Russia and Belarus NEGATIVE • 4iG: finalises agreement with Rheinmetall on purchase of 25.12%...
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
OTP OTP BANK NYRT
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
TRP TERAPLAST
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
4IG 4IG NYRT
- Research Team
WOOD Flash – Russian coverage universe: under review
Russia’s invasion of Ukraine has led to unprecedented dislocations of capital and resources, on top of human tragedies. The sanctions imposed, by the world’s key nations, on Russia, its politicians, institutions, companies and businessmen, as well as the counter-measures introduced by the Russian government, are wide-ranging and continue to be imposed on a daily basis. The most severe sanctions are related to the freezing of the CBR’s FX reserves, as well as the freezing of non-residents’ assets...
QIWI QIWI PLC SPONSORED ADR CLASS B
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON OZON HOLDINGS
GDEV NEXTERS INC
HHR HEADHUNTER GROUP PLC
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 1, 2022
MARKET COMMENT - MSCI RUSSIA -27% D-O-D WHILE RUSSIA-UKRAINE, SANCTIONS NEWS CONTINUE TO DOMINATE INVESTOR ATTENTIONEquity trading in Moscow was canceled for yesterday and today. The government announced a range of measures to stabilize the Russian financial environment, but the measures also create risks for institutional investors. The MSCI Russia fell 27% yesterday, while Russia-Ukraine developments, sanctions news and the OPEC+ discussion are the obvious areas of focus today.STORIES> MSCI to...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 1 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ИНДЕКС MSCI RUSSIA ЗА ДЕНЬ УПАЛ НА 27%, В ЦЕНТРЕ ВНИМАНИЯ СИТУАЦИЯ НА УКРАИНЕ И НОВОСТИ О САНКЦИЯХТорги на фондовом рынке в Москве вчера не проводились, и сегодня пауза продолжается. Правительство объявило ряд мер, нацеленных на стабилизацию финансовой ситуации в России, однако эти меры также создают риски для институциональных инвесторов. Индекс MSCI Russia упал на 27%. Сегодня в центре внимания остаются геополитические события. НОВОСТИ> Меры, принимаемые монетарными вла...
Raiffeisen Research Institutional Equity Daily 25.02.2022
AT: EVN - Q1 21/22 EBITDA in line, net better than expected, EUR 200-240 mn net income guidance confirmed (neutral) AT: IMMOFINANZ - CPI reaches 53.3% stake in IMMOFINANZ (neutral) AT: Rosenbauer - Company intends to increase stake in its American subsidiary (positive) AT: Wienerberger - Divestment of French plastic piping business planned (positive) HR: Ericsson Nikola Tesla - Good performance in Q4 21 at all levels (positive) HR: Hrvatski Telekom - EBITDA margin set to further impr...
ROS ROSENBAUER INTERNATIONAL AG
WIE WIENERBERGER AG
TRNFP TRANSNEFT PJSC PREF.
RTKM ROSTELECOM PJSC
GAZP GAZPROM PJSC
ALRS ALROSA PJSC
HT-R-A HRVATSKI TELEKOM DD
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
IIA IMMOFINANZ AG
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 21, 2022
MARKET COMMENT - GRIM DONBASS HEADLINES, HOPES FOR A PRESIDENTS' SUMMITThe RTS fell 4% on Friday to 1,391 following bearish headlines from southern Russia and eastern Ukraine late in the afternoon. Global markets were also soft, the MSCI ACWI slipping 0.9%. Russia assets are higher early this morning, corresponding with news of a more mixed global environment and hopes for a summit between the Russian and US presidents. STORIES> Sharp escalation in tensions ahead of diplomatic meetings this week...
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 21 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ПЕССИМИСТИЧНЫЕ СООБЩЕНИЯ О СИТУАЦИИ НА ДОНБАССЕ, НАДЕЖДЫ НА САММИТ ПРЕЗИДЕНТОВ РФ И СШАИндекс РТС в пятницу упал на 4% до 1 391 пункта после появления к вечеру пессимистичных сообщений о ситуации на востоке Украины. Глобальные рынки также снижались, индекс MSCI ACWI отступил на 0,9%. Сегодня утром российские активы растут в цене на фоне сообщений о неоднозначной ситуации на глобальных рынках и надежд на саммит президентов России и США. НОВОСТИ> ВВП России в 2021 году увел...
- Alessio Chiesa
- Dmitry Vlasov
- Ildar Davletshin
- CFA
WOOD Flash – Russian strategy: thoughts on the latest sell-off – key s...
The Russian stock market has declined over 11% since the start of the year and is off 27% since its highs in October 2021, on the new phase of geopolitical escalation. Assuming that open military conflict is avoided, Russian stocks are attractively priced, especially in the context of rising commodity prices. It is hard, if not impossible, to call the bottom in this market, and we do not attempt to forecast if and when the process of de-escalation could start. Generally, we have observed, many t...
ROSTELEKOM PAO sees an upgrade to Positive due to a better fundamental...
The general evaluation of ROSTELEKOM PAO (RU), a company active in the Integrated Telecommunications 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 18, 2022, the closing price was R...
- 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....
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - 14 января 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РОССИЙСКИЙ РЫНОК ПРОСЕЛ НА 6% ПОСЛЕ ЗАЯВЛЕНИЙ ДИПЛОМАТОВИндекс РТС вчера понес самые значительные потери с апреля 2020 на фоне негативных комментариев дипломатов по итогам переговоров, прошедших в последние дни. Тем не менее за ночь индикаторы российского рынка восстановились. Глобальные фондовые рынки остаются под давлением, в основном из-за жестких комментариев представителей ФРС США. НОВОСТИ> Рынок нефти стабилизировался, инвесторы анализируют очередные комментарии ФРС...
With a more favourable environment, TRANSNEFT improves to Positive
TRANSNEFT (RU), a company active in the Pipelines industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date January 7, 2022, the closing price was RUB 160,000.00 and its potential was estimated at RUB...
- Research Team
The Rear-View Mirror – EME markets: Mixed performance on generally low...
EME Equity Market – December 2021 Market performance – despite most markets being in the black, MSCI EM Europe declined by 1.7%. The MSCI EM Europe Index declined by 1.7% in EUR terms and 1.0% in USD terms. The Czech PX Index continued with its solid performance and advanced by 7.7% in EUR terms and 5.1% in CZK. The Romanian BET Index added 7.1% in both EUR and local currency. Turkish equities, represented by the ISE30 Index, grew 5.3% in EUR and 4.2% in TRY. Poland’s WIG20 Index gained 4.8% in ...
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFKS SISTEMA PJSFC
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
ILRA-R-A ILIRIJA D.D.
TNB NLB BANKA
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
SHO SHOPER
GDEV NEXTERS INC
- Research Team
WOOD Daily: KTY PW; RO Utilities; TEN PW; HUGE PW; EAT PW; CZ Macro; P...
HEADLINES: • Kety: strong 4Q21 preliminary figures, reassuring 2022E forecasts POSITIVE • Romanian regulated utilities: monopoly tax expired at end-2021 POSITIVE • Ten Square Games: USD 8m bookings in December 2021 vs. USD 7m in November 2021 POSITIVE • Huuuge Games: December bookings estimate at USD 18m, +6% mom NEUTRAL • AmRest: new long-term incentive plan approved NEUTRAL • Czech Republic macro: ending the year with a bang • Polish residential real estate: TAG buys Robyg for c.EUR 550m • A...
ACP ASSECO POLAND SA
KTY GRUPA KETY SA
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
FMF FAMUR SA
CPS CYFROWY POLSAT SA
RTKM ROSTELECOM PJSC
WPL WIRTUALNA POLSKA HOLDING SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
TNB NLB BANKA
HUGE HUUUGE
ALR ALRO SLATINA
4IG 4IG NYRT
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
CIS Market Daily - 14 декабря 2021
КОММЕНТАРИЙ И ПРОГНОЗ - ИНВЕСТОРЫ ПРОДАЮТ РОССИЙСКИЕ АКТИВЫРоссийский рынок акций вчера резко упал на фоне геополитических опасений и ожиданий, что на этой неделе ведущие центробанки ужесточат денежно-кредитную политику. НОВОСТИ> В ноябре доходы бюджета России продолжали расти> Снижение цен на нефть продолжится> Российский нефтегазовый сектор. Декабрь-2021: акции заметно подорожали, но высокий потенциал роста сохраняется
TRNFP TRANSNEFT PJSC PREF.
LKOH OIL COMPANY LUKOIL PJSC
SIBN NOVATEK JSC
GAZP GAZPROM NEFT PJSC
ROSN GAZPROM PJSC
NVTK ROSNEFT OIL CO.
LKODN ROSNEFT OIL CO. SPONSORED GDR REGS
OGZD NOVATEK JSC SPONSORED GDR REGS
TATNP OIL COMPANY LUKOIL PJSC SPONSORED ADR
GZPFY GAZPROM (GDR)
TRNF TATNEFT (PREF A)
GAZPROM NEFT (GDR)
TRANSNEFT
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