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Week Endnotes

Russia

Equities

Company

Earnings data

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Operating data

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(Beat / In line

/

(Strong / Neutral

Miss)

/ Weak)

Week 42

Severstal

In line

Severstal – 3Q18 earnings; earnings in line,

Neutral

Severstal – 3Q18 trading update; mixed; downgrade to Hold post

dividend surprise, of 19 October, by Dmitry

outperformance, of 11 October, by Dmitry Glushakov et al

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

Strong

X5 Retail Group – 3Q18 trading update; solid, of 18 October, by Maria

25 October, by Maria Kolbina et al

Kolbina 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

Neutral

NLMK – 3Q18 trading update; supportive for earnings, but US tariffs put

on EBITDA, but FCFE in line, of 25 October, by

pressure on, of 15 October, by Dmitry Glushakov et al

Dmitry 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

improvement in profitability, of 29 October, by

Kolbina et al

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

dividend, of 16 October, by Dmitry Glushakov et al

Dmitry 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

supportive for 2018F, of 7 November, by Dmitry

ramp-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,

Strong

Alrosa – 3Q18 trading update; positive as price surprise on the upside, of

lower volumes to be offset by prices, of 8

23 October, by Dmitry Glushakov et al

November, by 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

In line

Mosenergo – 9mo18; here comes the loss, of 13

November, by Vladimir Sklyar et al

Rusagro

Miss

Rusagro – 3Q18 IFRS; improvements across the

Strong

Rusagro – 3Q18 trading update; robust, of 23 October, by Nikolay

board, of 12 November, by Nikolay Kovalev

Kovalev

Unipro

Miss

Unipro – 3Q18 IFRS; one more year, please, of 13

Weak

Unipro – 9mo18 electricity production down 8.3% YoY, of 23 October, by

November, by Vladimir Sklyar et al

Vladimir Sklyar et al

Qiwi

Beat

Qiwi – 3Q18; well above consensus, dividends

might be resumed in 2019, of 15 November, by

Vladimir Bespalov et al

InterRAO

Beat

Inter RAO – 3Q18 IFRS; all that cash by Vladimir

Sklyar et al

Gazprom Neft

Beat

Gazprom Neft – 3Q18 IFRS; tax reliefs above

estimates, of 16 November, by Dmitry Loukashov

et al

TMK

In line

TMK – 3Q18 IFRS; loss on disposal of assets, of

Weak

TMK – 3Q18 operating update; below our expectations – negative –

16 November, by Ekaterina Rodina et al

financial results are key to watch, of 24 October, by Ekaterina Rodina et al

FSK

-

FSK – 9mo18; vote of confidence, of 19

November, by Vladimir Sklyar et al

OGK-2

Beat

OGK-2 – 9mo18; falling victim to market surplus,

of 19 November, by Vladimir Sklyar et al

Luxoft**

Beat

Luxoft – Upgrade to Buy; still facing challenges,

but recent correction overdone, of 16 November,

by Vladimir Bespalov et al

Week 47

Phosagro

21-Nov

PhosAgro – 3Q18 IFRS; trick and treat, of 23

November, by Elena Sakhnova et al

Acron

22-Nov

23 November 2018

11

vk.com/id446425943

Week Endnotes

Russia

Equities

Company

Earnings data

Report link

Operating data

Report link

(Beat / In line

/

(Strong / Neutral

Miss)

/ Weak)

Week 48

TCS

26-Nov

Sistema*

27-Nov

Bank St Pet*

27-Nov

Gazprom*

28-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

23 November 2018

12