reports
- Research Team
The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
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.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 24.05.2022
CZ: CEZ - CEZ not to bid for RWE's storage assets in Czechia, press (neutral) PL: PKO BP - 9% wage hike offered to half of staff (neutral) RU: Polyus - New shareholder may add its representative to the board (neutral) RU: Tatneft - Proposed final DPS revealed weaker than expected payout for 2021 (negative)
- Research Team
WOOD Daily: DOAS TI; FROTO TI; TOASO TI; TEN PW; FMF PW; DAT PW; FP RO...
HEADLINES: • Turkish automotive: ready for the ride (Ford Otosan and Tofas stay BUY, Dogus Otomotiv stays HOLD) • Ten Square Games: 1Q22 adjusted EBITDA in line with our and market's expectations NEUTRAL • Famur: 1Q22 EBITDA in line with expectations NEUTRAL • DataWalk: actual 1Q22 numbers fully in line with the preliminaries NEUTRAL • Fondul Proprietatea: takeaways from the call with Hidroelectrica's management NEUTRAL • Kofola: key takeaways from CEO interview with Seznam Zpravy NEUTRAL • Cyf...
FROTO FORD OTOMOTIV SANAYI A.S.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
DAT DATAWALK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ATAD TATNEFT (GDR)
TEN TEN SQUARE GAMES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
- 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...
- Research Team
WOOD Daily: KRU PW; OMV AV; TPEIR GA; HB CY; ATAD LI; EME Macro/Strate...
HEADLINES: • Kruk: solid trends prevail in annual results (in line with preliminary net profit guidance) NEUTRAL • OMV: strategy update - net zero by 2050 • Piraeus Bank: delivery of transformation plan on track • Hellenic Bank: exposure to Russia/Ukraine NEUTRAL • Tatneft: FY21 results released • EME Macro/Strategy: Germany ZEW index signals another 2008 crisis ahead • Hungary macro: another survey signalling potential Orban win
- 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
- Andrey Gromadin
- Konstantin Samarin
Oil and Gas - Strong 4Q21 Results Expected, 1Q22 Outlook Even Brighter
The 4Q21 earnings season is about to kick off starting with Rosneft on Friday, followed by Novatek (February 16) and Gazprom Neft (February 17) next week. Lukoil, Tatneft and Gazprom will report 4Q21 financials in March-April. We expect sector EBITDA to rise again, particularly in the gas segment amid record high European gas prices. Dividend distributions should rise across the sector as well. Based on our estimates for 4Q21, most of the companies should see their full-year financials bounce ba...
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)
TATNEFT (PREF A)
GAZPROM NEFT (GDR)
- Alessio Chiesa
- Pawel Wieprzowski
- PhD
EME Strategy: where’s the yield? In EME!
In late-2020, the value of bonds trading with negative yields reached an all-time high value of USD 18trn. Since then, yields have started growing worldwide, and the sum halved to c.USD 9trn as of the end of January 2022. Although rising bonds yields do not usually favour high-dividend yielding stocks (HDY), we still believe that the latter may remain an attractive investment opportunity. As these equities usually tend to have strong balance sheets (low leverage, solid cash holdings), combined w...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
CEZ CEZ AS
PETG PETROL D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
ANY ALLAMI NYOMDA
DOM DOM DEVELOPMENT SA
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
ALRS ALROSA PJSC
OTOEL AUTOHELLAS S.A.
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
COTE CONPET SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ATAD TATNEFT (GDR)
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
ADKO ADDIKO BANK
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OAO TATNEFT sees an upgrade to Slightly Positive due to a better funda...
The general evaluation of OAO TATNEFT (RU), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 4, 2022, the closing price wa...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Konstantin Samarin
- Research Team
- Yaroslav Lissovolik
CIS Market Daily - December 14, 2021
MARKET COMMENT - RUSSIAN RISK-OFFRussian stocks sold off sharply nearly across the board yesterday and have moved lower still so far this morning. This comes amid lingering geopolitical anxiety and concern of impending policy tightening from central banks this week. STORIES> US official visiting Moscow today for talks on Russia-Ukraine standoff> Budget continues to show strong revenue growth in November> Russian oil and gas: Solid upside remains after good run
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
- 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
- Andrey Gromadin
- Konstantin Samarin
Russian Oil and Gas. December 2021 - Solid Upside Remains After Good R...
Russian oil and gas shares have risen by 40% YTD, outperforming the MSCI EM Energy Index by 20% on the back of improving financials, driven by stronger oil and gas prices. We still see material upside in Russian oil and gas names, which we believe offer sustainable double-digit dividend yields - more than double the average for global peers.> There were no material surprises in 2021 either on the regulatory front or in terms of corporate news flow. Stronger oil and gas prices are reducing potent...
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
Raiffeisen Research Institutional Equity Daily 02.12.2021
STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe AT: BAWAG Group - Completion of Hello Bank acquisition (neutral) AT: UNIQA - Preliminary results of bond tender offer (neutral) PL: mBank - Interview with the CEO for Parkiet (neutral) PL: PGNiG - Downward revision of mid-term domestic gas production guidance (negative) RO: Digi Communications - Digi sells its Hungarian subsidiaries for EUR 625 mn (positive) RU: Russian O&G statistics - Daily...
Raiffeisen Research Institutional Equity Daily 01.12.2021
AT: CA Immo - Exraordinary dividend approved at EGM (neutral) AT: Lenzing - Lenzing returned to dividend payments, proposed DPS of EUR 4.35 for 2021 (positive) RU: Petropavlovsk - UGC to appeal the sale of the IRC stake in a UK court (negative) RU: Tatneft - Company plans to raise upstream capex more than threefold yoy in 2022e (negative) SI: NLB Group - Signing deal with MIGA to optimize capital (neutral)
- Research Team
WOOD Daily: ELPE GA; MOH GA; IIA AV; PPC GA; ALPHA GA; TENERGY GA; IGN...
HEADLINES: • Greek oil & gas: a more refined business model (Hellenic Petroleum upgraded to BUY, Motor Oil Hellas stays BUY) • Immofinanz: 3Q21 - recurring in line, retail faring well, guiding for EUR 135m pre-tax 2023E FFO I • Public Power Corporation: weak 3Q21 results on power macro headwinds NEGATIVE • Alpha Bank: 3Q21 - solid delivery • Terna Energy: 9M21 numbers - no major surprises • Ignitis Group: 3Q21 results - 4% EBITDA miss, but 2021E guidance stands NEUTRAL • Echo Investment: 3Q...
PPC PUBLIC POWER CORPORATION S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
5M71 MAGNIT PJSC SPONSORED GDR REGS
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
- Research Team
WOOD Daily: ATRS AV; KRU PW; CPS PW; PETG SV; CDR PW; OGZD LI; ATAD LI...
HEADLINES: • Atrium: Gazit's EUR 3.63 offer - attractive (downgraded to SELL) • Kruk: harder, better, faster, stronger (BUY - reinitiation of coverage) • Cyfrowy Polsat: awaiting the new strategy... (downgraded to HOLD) • Petrol Group: delivering, expanding, distributing (stays BUY) • CD Projekt: 3Q21 results miss our expectations, focus on improving sentiment on CP77 NEGATIVE • Gazprom: 3Q21 results and conference call takeaways NEUTRAL • Tatneft: 3Q21 results review NEUTRAL • Wizz Air: s...
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
PETG PETROL D.D.
CDR CD PROJEKT S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
CIE CIECH S.A.
AFKS SISTEMA PJSFC
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
ALRS ALROSA PJSC
SKK SIRMA GROUP HOLDING JSC
OGZD GAZPROM (GDR)
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ATAD TATNEFT (GDR)
IIA IMMOFINANZ AG
NLBR NLB GROUP
GR6 GRADUS
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
SHO SHOPER
- Andrey Gromadin
- Anton Chernyshev
- Cole Akeson
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
- Sergey Donskoy
CIS Market Daily - 30 ноября 2021
КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ ВЧЕРА ВЫРОСЛИ, А СЕГОДНЯ СНИЗИЛИСЬ: ИНВЕСТОРЫ АНАЛИЗИРУЮТ ВОЗМОЖНОЕ ВЛИЯНИЕ НОВОГО ШТАММА КОРОНАВИРУСАВчера лидировали рынки России (индекс РТС поднялся на 3,1% дo 1 639 пунктов) и США (S&P 500 прибавил 1,3%) - инвесторы реагировали на неоднозначные сообщения о новом штамме коронавируса. Впрочем, сегодня утром пессимистичная оценка компании Moderna спровоцировала волну продаж на биржах AТР и рынках фьючерсов. Эта новость больше повлияла на рынок, чем оптимистичные и...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
- Rodion Lomivorotov
- Sergey Donskoy
CIS Market Daily - November 30, 2021
MARKET COMMENT - GAINS YESTERDAY, FRESH DECLINES TODAY AS MARKETS WEIGH OMICRONRussia (RTS up 3.1% to 1,639) and the US (S&P 500 1.3%) were among leading markets as stocks reacted to a more mixed batch of headlines regarding the Omicron Covid-19 strain. However, a pessimistic assessment from Moderna has triggered a fresh selloff in APAC stocks and global futures this morning, pushing aside more bullish headlines on Chinese PMIs and possible delays to central bank tightening. Investors will likel...
Tatneft Q3 21 - WC and banking effects pushed FCF above estimates
EBITDA close to our estimates, but slightly below consensus NOCF beat forecasts propped up by positive WC and banking effects As a result, even with higher than expected capex, Tatnefts FCF was above estimates Q3 21 results are considered as marginally positive for the stock
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