vk.com/id446425943 |
Week Endnotes |
Russia |
|
Equities |
|
Appendix
Figure 4: Operating and earnings reports – 3Q18 (unless stated otherwise)
Company |
|
|
Earnings data |
|
Report link |
Operating data |
|
Report link |
|
|
|
(Beat / In line |
/ |
|
(Strong / Neutral |
/ |
|
|
|
|
Miss) |
|
|
Weak) |
|
|
Week 42 |
|
|
|
|
|
|
|
|
Severstal |
|
|
In line |
Severstal – 3Q18 earnings; earnings in line, dividend |
Neutral |
Severstal – 3Q18 trading update; mixed; downgrade to Hold post |
||
|
|
|
|
|
surprise, of 19 October, by Dmitry Glushakov et al |
|
|
outperformance, of 11 October, by Dmitry Glushakov et al |
Week 43 |
|
|
|
|
|
|
|
|
Novatek* |
|
|
Beat |
Novatek – 3Q18 IFRS; strong, as expected, of 25 |
|
|
|
|
|
|
|
|
|
October, by Dmitry Loukashov et al |
|
|
|
X5 Retail |
|
|
In line |
X5 Retail Group – 3Q18 IFRS results; robust, of 25 |
Strong |
X5 Retail Group – 3Q18 trading update; solid, of 18 October, by Maria Kolbina |
||
|
|
|
|
|
October, by Maria Kolbina et al |
|
|
et al |
Mail.ru Group |
|
|
Miss |
Mail.ru Group – 3Q18; good growth, margins still on |
|
|
|
|
|
|
|
|
|
the agenda, of 25 October, by Vladimir Bespalov et al |
|
|
|
NLMK |
|
|
Beat |
NLMK – 3Q18 earnings; strong outperformance on |
Neutral |
NLMK – 3Q18 trading update; supportive for earnings, but US tariffs put |
||
|
|
|
|
|
EBITDA, but FCFE in line, of 25 October, by Dmitry |
|
|
pressure on, of 15 October, by Dmitry Glushakov et al |
|
|
|
|
|
Glushakov et al |
|
|
|
Week 44 |
|
|
|
|
|
|
|
|
Yandex |
|
|
Beat |
Yandex – 3Q18; well above consensus, of 29 October, |
|
|
|
|
|
|
|
|
|
by Vladimir Bespalov et al |
|
|
|
Detsky Mir |
- |
|
Detsky Mir – 3Q18 IFRS; robust – continued |
Strong |
Detsky Mir – 3Q18 trading update; robust, of 18 October, by Maria Kolbina et al |
|||
|
|
|
|
|
improvement in profitability, of 29 October, by Maria |
|
|
|
|
|
|
|
|
Kolbina et al |
|
|
|
Sberbank |
|
|
Beat |
Sberbank – 3Q18 IFRS; solid numbers with surprising |
|
|
|
|
|
|
|
|
|
NIM resilience, of 1 November, by Mikhail Shlemov et |
|
|
|
|
|
|
|
|
al |
|
|
|
Enel Russia |
|
|
In line |
Enel Russia – Strategic view - to SPO or not to SPO?, |
|
|
|
|
|
|
|
|
|
of 6 November, by Vladimir Sklyar et al |
|
|
|
EPAM |
|
|
Beat |
EPAM – 3Q18; positive numbers – and updated |
|
|
|
|
|
|
|
|
|
profitability guidance, of 1 November, by Vladimir |
|
|
|
|
|
|
|
|
Bespalov et al |
|
|
|
MMK |
|
|
Beat |
MMK – 3Q18 earnings; positive surprise on costs, |
Strong |
MMK – 3Q18 trading update; robust volumes signal attractive quarterly |
||
|
|
|
|
|
dividends, but capex raised, of 2 November, by Dmitry |
|
|
dividend, of 16 October, by Dmitry Glushakov et al |
|
|
|
|
|
Glushakov et al |
|
|
|
Week 45 |
|
|
|
|
|
|
|
|
Rosneft |
|
|
In line |
Rosneft – 3Q18 IFRS; strong tax reliefs, of 7 |
|
|
|
|
|
|
|
|
|
November, by Dmitry Loukashov et al |
|
|
|
Polyus |
|
|
In line |
Polyus – 3Q18 earnings; better costs and capex, |
Neutral |
Polyus – 3Q18 trading update; slightly positive, despite delayed Natalka ramp- |
||
|
|
|
|
|
supportive for 2018F, of 7 November, by Dmitry |
|
|
up, of 16 October, by Dmitry Glushakov et al |
|
|
|
|
|
Glushakov et al |
|
|
|
MoEx |
|
|
In line |
lMoscow Exchange – 3Q18 IFRS; uninspiring, but well |
|
|
|
|
|
|
|
|
|
in the price, of 7 November, by Mikhail Shlemov et al |
|
|
|
Alrosa |
|
|
In line |
Alrosa – 3Q18 earnings; slightly better results, lower |
Strong |
Alrosa – 3Q18 trading update; positive as price surprise on the upside, of 23 |
||
|
|
|
|
|
volumes to be offset by prices, of 8 November, by |
|
|
October, by Dmitry Glushakov et al |
|
|
|
|
|
Dmitry Glushakov et al |
|
|
|
TGK-1 |
|
|
In line |
TGK-1 – 9mo18 IFRS; profits on track, dividends not in |
|
|
|
|
|
|
|
|
|
sight, of 9 November, by Vladimir Sklyar et al |
|
|
|
Week 46 |
|
|
|
|
|
|
|
|
Mosenergo |
|
|
12-Nov |
|
|
|
|
|
Rusagro |
|
|
12-Nov |
|
Strong |
Rusagro – 3Q18 trading update; robust, of 23 October, by Nikolay Kovalev |
||
Unipro |
|
|
13-Nov |
|
Weak |
Unipro – 9mo18 electricity production down 8.3% YoY, of 23 October, by |
||
|
|
|
|
|
|
|
|
Vladimir Sklyar et al |
Qiwi |
|
|
14-Nov |
|
|
|
|
|
InterRAO |
|
|
14-Nov |
|
|
|
|
|
Acron |
|
|
14-Nov |
|
|
|
|
|
Gazprom Neft* |
|
|
15-Nov |
|
|
|
|
|
Gazprom* |
|
|
15-Nov |
|
|
|
|
|
TMK* |
|
|
15-Nov |
|
Weak |
TMK – 3Q18 operating update; below our expectations – negative – financial |
||
|
|
|
|
|
|
|
|
results are key to watch, of 24 October, by Ekaterina Rodina et al |
Luxoft** |
|
|
15-Nov |
|
|
|
|
|
Week 47 |
|
|
|
|
|
|
|
|
FSK |
|
|
20-Nov |
|
|
|
|
|
MTS |
|
|
20-Nov |
|
|
|
|
|
Phosagro |
|
|
22-Nov |
|
|
|
|
|
OGK-2 |
|
|
22-Nov |
|
|
|
|
|
Bank St Pet* |
|
|
23-Nov |
|
|
|
|
|
Week 48 |
|
|
|
|
|
|
|
|
TCS |
|
|
26-Nov |
|
|
|
|
|
Sistema* |
|
|
27-Nov |
|
|
|
|
|
Lukoil* |
|
|
29-Nov |
|
|
|
|
|
Transneft* |
|
|
29-Nov |
|
|
|
|
|
RusHydro |
|
|
29-Nov |
|
Neutral |
RusHydro – electricity production up 5% YoY in 9mo18 – neutral, of 23 October, |
||
|
|
|
|
|
|
|
|
by Vladimir Sklyar et al |
Rosseti |
|
|
29-Nov |
|
|
|
|
|
Tatneft* |
|
|
30-Nov |
|
|
|
|
|
Megafon* |
|
|
30-Nov |
|
|
|
|
|
Aeroflot* |
|
|
30-31 Nov |
|
Strong |
Aeroflot – 9mo18 operating data; strong – but 3Q18 still under cost pressure, of |
||
|
|
|
|
|
|
|
|
23 October, by Elena Sakhnova et al |
Source: Company data, VTB Capital Research,* - estimated, ** - 2Q19 (ends 30 September 2018)
9 November 2018 |
11 |
2018 November 9 |
VTB Bloomberg, Source: |
|
Research Capital |
12
Wheat S&P500 (US)
Corn Pl Iron ore DXY
Oil, Brent MOEX (Russia)
US HY MSCI World JPY Bovespa (Brazil) USTs (US) GBP US IG
EMBI Global EUR Steel CNY Au CAC 40
Topix (Japan) Pt Ni PLN
Sensex (India)
FTSE 100 (UK)
ASX (Australia) Gilts (UK)
Stoxx600 (Europe)
Bunds (Germany) EMFX EU IG Non-Fin
EU Sovereign
EU Fin Sen IBEX 35 (Spain)
Hang Seng (Hong Kong) BRL INR
MSCI EM Al Coking coal ZAR
WIG-20 (Poland) RUB LME
FTSE-MIB (Italy) Cu BTPs (Italy) Ag
DAX (Germany)
KOSPI (KOREA) TOP-40 (South Africa)
ASE (Greece) Shanghai Comp (China A)
TRY BIST-100 (Turkey)
% YTD, 30% 20% 10% 0% 10%- 20%- 30%- 40%- 50%-
returns currency Local Commodities Equities Corp Bonds, Govt Bonds, FX
Pl
TRY
Bovespa (Brazil)
BIST-100 (Turkey)
Iron ore
MOEX (Russia)
Pt
Corn
BRL
Bitcoin
Gilts (UK)
GBP
RUB
Au
DXY
WIG-20 (Poland)
US HY
EMBI Global
EMFX
PLN
S&P500 (US)
Cu
EUR
EU Fin Sen
ZAR
Bunds (Germany)
CNY
USTs (US)
EU Sovereign
EU IG Non-Fin
BTPs (Italy)
US IG
MSCI World
JPY
LME
Oil, Brent
Topix (Japan)
INR
ASX (Australia)
FTSE 100 (UK)
Steel
IBEX 35 (Spain)
Al
Stoxx600 (Europe)
MSCI EM
CAC 40
Ag
Shanghai Comp (China A)
KOSPI (KOREA)
DAX (Germany)
Wheat
Hang Seng (Hong Kong)
FTSE-MIB (Italy)
TOP-40 (South Africa)
Sensex (India)
ASE (Greece)
Ni
% 3M, 25% 20% 15% 10% 5% 0% 5%- 10%- 15%- 20%-
returns currency Local Commodities Equities Corp Bonds, Govt Bonds, FX
WIG-20 (Poland)
BIST-100 (Turkey) TOP-40 (South Africa)
Sensex (India)
KOSPI (KOREA) MSCI EM S&P500 (US) ZAR Pl
Gilts (UK)
MSCI World IBEX 35 (Spain)
Pt
Cu Hang Seng (Hong Kong)
Ni LME Iron ore INR GBP Corn
ASX (Australia) Al TRY PLN
FTSE 100 (UK) BTPs (Italy)
Stoxx600 (Europe) EU Fin Sen EU IG Non-Fin
FTSE-MIB (Italy) Bitcoin Topix (Japan) US HY
EU Sovereign
ASE (Greece) EMFX Bunds (Germany) Ag
DAX (Germany) EMBI Global CNY EUR Wheat Au CAC 40
Shanghai Comp (China A) US IG Coking coal USTs (US) DXY
MOEX (Russia) JPY BRL Steel RUB
Bovespa (Brazil)
% MTD, 7% 6% 5% 4% 3% 2% 1% 0% 1%- 2%- 3%-
returns currency Local Commodities Equities Corp Bonds, Govt Bonds, FX
ASE (Greece)
S&P500 (US)
WIG-20 (Poland)
MSCI World
Iron ore
Sensex (India)
IBEX 35 (Spain)
Al
INR
US HY
Gilts (UK)
GBP
US IG
FTSE 100 (UK)
ASX (Australia)
Topix (Japan)
DXY
ZAR
PLN
Bitcoin
EMBI Global
Coking coal
Steel
USTs (US)
Pl
Corn
Stoxx600 (Europe)
EU IG Non-Fin
EU Fin Sen
MSCI EM
EUR
Bunds (Germany)
EU Sovereign
EMFX
JPY
CAC 40
BTPs (Italy)
DAX (Germany)
CNY
LME
Pt
MOEX (Russia)
KOSPI (KOREA)
TRY
Au
Ni
Wheat
FTSE-MIB (Italy)
BRL
RUB
Cu
TOP-40 (South Africa)
BIST-100 (Turkey)
Ag
Hang Seng (Hong Kong)
Shanghai Comp (China A)
Oil, Brent
% WTD, 5% 4% 3% 2% 1% 0% 1%- 2%- 3%- 4%- 5%- |
Selected 5:Figure |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds, Govt Bonds, FX |
12M and YTD MTD, WTD, returns, total assets, global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
returns currency Local |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equities |
.vk |
com/id446425943 |
|
|
Russia |
Endnotes Week
2018 November 9 |
VTB Bloomberg, Source: |
|
Research Capital |
13
EVR LN
TATN RX ROSN RX NVTK LI TATNp RX SIBN RX LKOH RX ALRS RX BANEp RX EPAM US SNGSp RX GLTR LI CHMF RX AKRN RX AGRO LI GAZP RX NLMK RX AVAZ RX GMKN RX MAGN RX IRAO RX RTKM RX PIKK RX UPRO RX MFON LI MBT MAIL LI YNDX US TCS LI HGM LN PHOR LI TGKA RX FEES RX PLZL RX SNGS RX
TRNFP RX DSKY RX VEON TMKS LI POG LN SBERp RX MVID RX SBER RX BANE RX POLY LN NMTP RX LXFT US QIWI US RSTI RX LSRG LI MOEX RX VTBR RX ETLN LI ENRU RX OGKB RX HYDR RX OKEY LI AFLT RX GLPR LI MSNG RX FIVE LI LNTA LI SVAV RX SSA LI MDMG LI MTL US MGNT LI 486 HK ENPL RX
50%- |
0% |
|
50% |
|
100% |
150% |
%, YTD, |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
returns RUB Resources tradeables-Non Tradeables Financials Regulated
EVR LN
ALRS RX HGM LN TATNp RX GMKN RX SIBN RX MBT POLY LN ENPL RX MAIL LI NMTP RX NVTK LI BANEp RX TRNFP RX ROSN RX TATN RX LKOH RX PHOR LI CHMF RX NLMK RX MAGN RX VEON PIKK RX LXFT US SBER RX MTL US GAZP RX PLZL RX SNGSp RX SBERp RX AKRN RX DSKY RX 486 HK IRAO RX POG LN UPRO RX AGRO LI MVID RX EPAM US AVAZ RX RTKM RX FIVE LI BANE RX TGKA RX FEES RX OGKB RX RSTI RX SNGS RX GLTR LI SSA LI AFLT RX ENRU RX MGNT LI TCS LI YNDX US MFON LI GLPR LI ETLN LI MOEX RX SVAV RX MSNG RX VTBR RX HYDR RX TMKS LI QIWI US OKEY LI LSRG LI LNTA LI MDMG LI
40%- |
30%- |
20%- |
10%- |
0% |
10% |
|
|
|
20% |
%, 3M, 30% |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
returns RUB Resources tradeables-Non Tradeables Financials Regulated
EPAM US MBT 486 HK EVR LN
NMTP RX ENPL RX LXFT US GMKN RX VEON SSA LI MGNT LI HGM LN POG LN SBER RX RSTI RX TATNp RX SBERp RX MFON LI BANEp RX ALRS RX PLZL RX GLPR LI AGRO LI OKEY LI VTBR RX POLY LN SNGS RX FIVE LI TATN RX MTL US BANE RX MOEX RX LKOH RX ROSN RX LNTA LI QIWI US PHOR LI DSKY RX LSRG LI ENRU RX MAIL LI UPRO RX RTKM RX AKRN RX PIKK RX NVTK LI TRNFP RX AVAZ RX TGKA RX FEES RX TMKS LI CHMF RX AFLT RX MVID RX NLMK RX HYDR RX TCS LI SNGSp RX IRAO RX MAGN RX YNDX US SIBN RX OGKB RX GAZP RX GLTR LI SVAV RX MSNG RX MDMG LI ETLN LI
15%- |
10%- |
5%- |
0% |
|
5% |
|
|
|
|
|
10% |
%, MTD, 15% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
returns RUB Resources tradeables-Non Tradeables Financials Regulated
486 HK NMTP RX MBT ENPL RX EPAM US EVR LN POG LN VTBR RX TATNp RX RSTI RX GLPR LI SBER RX VEON SBERp RX BANEp RX MGNT LI PLZL RX AGRO LI LXFT US BANE RX SNGS RX OKEY LI MFON LI ALRS RX QIWI US MTL US ROSN RX NLMK RX GMKN RX MOEX RX ENRU RX POLY LN TATN RX LKOH RX HGM LN TGKA RX FEES RX LSRG LI PIKK RX AVAZ RX IRAO RX AKRN RX MAGN RX YNDX US OGKB RX TRNFP RX TMKS LI DSKY RX GAZP RX RTKM RX MSNG RX CHMF RX LNTA LI PHOR LI HYDR RX NVTK LI SSA LI MAIL LI SNGSp RX SIBN RX MVID RX SVAV RX GLTR LI FIVE LI UPRO RX MDMG LI TCS LI AFLT RX ETLN LI
12%- |
10%- |
8%- |
6%- |
4%- |
|
|
2%- |
0% |
|
2% |
|
4% |
6% |
USD %, WTD, 8% |
Selected 6:Figure |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tradeables Financials Regulated |
12M and YTD MTD, WTD, returns, total stocks, Russia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
tradeables-Non |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resources |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
returns RUB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equities |
.vk |
com/id446425943 |
|
|
Russia |
Endnotes Week
vk.com/id446425943 |
Week Endnotes |
|
|
|
Russia |
|
|
|
Equities |
|
|
|
Figure 7: VTB Capital’s coverage universe |
|
|
|
BUY (Currency, Price, TP, upside, NTM DY*) |
HOLD (Currency, Price, TP, upside, NTM DY*) |
SELL (Currency, Price, TP, upside, NTM DY*) |
|
|
ENERGY |
|
TMKS LI (USD, 3.77, 6.10, +62%, 5.3% ) LKOH RX (USD, 77.11, 110.00, +43%, 4.4% ) SIBN RX (USD, 5.82, 7.50, +29%, 8.4% )
TRNFP RX (RUB, 173,750, 225,000, +29%, 6.5% ) GAZP RX (USD, 2.35, 2.90, +23%, 5.4% ) TUPRS TI (TRY, 126, 132, +5%, 9.6% )
HMSG LI (USD, 8.20, 11.00, +34%, 10.9% ) AYGAZ TI (TRY, 12.00, 15.00, +25%, 15.0% ) SNGS RX (USD, 0.4068, 0.4700, +16%, 2.4% )
TATN RX (USD, 12.24, 13.40, +9%, 6.9% ) NOG LN (GBp, 201, 217, +8%, 0% )
TRCAS TI (TRY, 1.42, 1.40, -1%, 2.7% ) NVTK LI (USD, 174, 100, -43%, 1.7% )
|
|
|
FERTILIZERS |
|
|
|
|
PHOR LI (USD, 13.06, 17.00, +30%, 5.0% ) |
|
AKRN RX (RUB, 4,540, 4,400, -3%, 6.9% ) |
|
|
|
|
|
|
ICL IT (ILS, 2,390, 2,350, -2%, 3.2% ) |
|
|
|
|
|
|
CONSTRUCTION MATERIALS |
|
|
|
|
STCM LN (GBp, 28.00, 33.00, +18%, 7.3% ) |
|
AKCNS TI (TRY, 7.61, 8.00, +5%, 10.5% ) |
|
|
|
|
|
|
CIMSA TI (TRY, 7.89, 8.00, +1%, 3.4% ) |
|
|
|
|
|
|
METALS & MINING |
|
|
|
|
PLZL LI (USD, 32.30, 52.00, +61%, 7.4% ) |
|
SVST LI (USD, 15.31, 17.00, +11%, 11.1% ) |
|
EVR LN (GBp, 582, 450, -23%, 8.6% ) |
|
|
MNOD LI (USD, 17.66, 22.80, +29%, 13.1% ) |
|
NLMK LI (USD, 23.50, 23.50, +0%, 11.8% ) |
|
|
|
|
MMK LI (USD, 9.24, 12.00, +30%, 12.2% ) |
|
HGM LN (GBp, 147, 150, +2%, 3.7% ) |
|
|
|
|
ALRS RX (RUB, 103, 130, +26%, 14.4% ) |
|
|
|
|
|
|
POLY LN (GBp, 727, 840, +16%, 6.0% ) |
|
|
|
|
|
|
|
|
TRANSPORTATION |
|
|
|
|
GLPR LI (USD, 2.50, 5.00, +100%, 0% ) |
|
NCSP LI (USD, 7.50, 10.00, +33%, 7.5% ) |
|
|
|
|
GLTR LI (USD, 9.80, 14.50, +48%, 13.7% ) |
|
|
|
|
|
|
THYAO TI (TRY, 14.65, 22.50, +54%, 0% ) |
|
|
|
|
|
|
GPH LN (GBp, 465, 650, +40%, 7.9% ) |
|
|
|
|
|
|
AFLT RX (RUB, 98.50, 130.00, +32%, 5.2% ) |
|
|
|
|
|
|
|
|
AUTOS |
|
|
|
TOASO TI (TRY, 19.47, 30.00, +54%, 9.1% ) FROTO TI (TRY, 58.75, 70.00, +19%, 6.8% )
DOAS TI (TRY, 4.79, 5.50, +15%, 0% ) SVAV RX (RUB, 441, 500, +13%, 0% )
|
CONSUMER |
MDMG LI (USD, 5.45, 10.00, +83%, 2.9% ) |
GHG LN (GBp, 243, 260, +7%, 0% ) |
FIVE LI (USD, 24.40, 39.00, +60%, 4.9% ) |
DPEU LN (GBp, 114, 100, -12%, 0% ) |
DSKY RX (RUB, 90.80, 130.00, +43%, 9.9% ) |
|
EUR PW (PLN, 20.57, 27.00, +31%, 6.5% ) |
|
OKEY LI (USD, 1.58, 2.10, +33%, 4.9% ) |
|
AGRO LI (USD, 10.18, 13.50, +33%, 4.7% ) |
|
LNTA LI (USD, 3.62, 5.00, +38%, 0% ) |
|
AEFES TI (TRY, 20.20, 25.00, +24%, 4.2% ) |
|
|
FINANCIALS |
HSBK LI (USD, 11.50, 20.00, +74%, 9.4% ) TCS LI (USD, 16.50, 28.00, +70%, 7.2% ) SBER RX (RUB, 203, 330, +63%, 9.2% )
MOEX RX (RUB, 91.80, 140.00, +53%, 12.6% ) ISCTR TI (TRY, 4.06, 6.20, +53%, 7.2% ) YKBNK TI (TRY, 1.70, 2.70, +59%, 0% ) VAKBN TI (TRY, 3.69, 5.30, +44%, 1.3% ) PEO PW (PLN, 112, 150, +34%, 7.7% ) BSPB RX (RUB, 50.66, 69.00, +36%, 5.3% ) ALR PW (PLN, 59.90, 80.00, +34%, 0% ) BGEO LN (GBp, 1,684, 2,000, +19%, 4.6% ) AKBNK TI (TRY, 7.30, 8.60, +18%, 3.8% ) GARAN TI (TRY, 7.92, 9.00, +14%, 4.7% ) HALKB TI (TRY, 7.35, 8.50, +16%, 2.0% )
KOMB CK (CZK, 901, 1,000, +11%, 5.7% ) TBCG LN (GBp, 1,664, 1,700, +2%, 4.8% )
SPL PW (PLN, 370, 380, +3%, 1.5% ) PKO PW (PLN, 42.15, 43.00, +2%, 1.7% ) OTP HB (HUF, 11,250, 11,000, -2%, 2.2% )
|
TECHNOLOGY |
QIWI US (USD, 13.04, 25.00, +92%, 2.8% ) |
LXFT US (USD, 42.68, 50.00, +17%, 0% ) |
|
MAIL LI (USD, 26.46, 30.00, +13%, 0% ) |
|
EPAM US (USD, 131, 135, +3%, 0% ) |
|
ELECTRIC UTILITIES |
|
IRAO RX (RUB, 3.99, 8.50, +113%, 4.0% ) |
MSNG RX (RUB, 1.89, 2.35, +24%, 6.0% ) |
RSTI RX (RUB, 0.7094, 0.0800, -89%, 1.7% ) |
OGKB RX (RUB, 0.3433, 0.6000, +75%, 6.0% ) |
|
|
HYDR RX (RUB, 0.5512, 0.9000, +63%, 9.2% ) |
|
|
TGKA RX (RUB, 0.0088, 0.0130, +48%, 7.1% ) |
|
|
SWDY EC (EGP, 16.27, 22.80, +40%, 7.6% ) |
|
|
ENRU RX (RUB, 1.08, 1.40, +30%, 12.8% ) |
|
|
FEES RX (RUB, 0.1537, 0.1900, +24%, 11.6% ) |
|
|
UPRO RX (RUB, 2.77, 3.21, +16%, 8.0% ) |
|
|
|
REAL ESTATE |
|
LSRG LI (USD, 1.88, 3.70, +97%, 12.4% ) |
PIKK RX (RUB, 354, 400, +13%, 3.7% ) |
|
ETLN LI (USD, 2.19, 3.50, +60%, 8.8% ) |
|
|
Source: VTB Capital Research, Bloomberg
A more comprehensive overview of the equity markets, and in particular those stocks in the VTB Capital coverage universe, can be found in our Morning Comment, published every weekday. Prices as of 8 November 2018 close
* - NTM DY – next 12 months dividend yield
9 November 2018 |
14 |