Coverage: Russia
Alfa distributes industry-leading, independent research produced by the Alfa Bank research team, specialising in Russia and the CIS countries. It is prominent in the Russian Equity and Fixed Income markets, including in the DR and Eurobond markets.
Location: Moscow

Latest articles from Alfa

Alfa Index Watch: MSCI SAIR preview: Rusal on track for inclusion, no exclusions

The November MSCI Semi-Annual Review (SAIR) will be announced after the market close on 11 November, with the changes taking effect on 1 December. We do not anticipate any exclusions. We calculate $169 mn of passive inflows in the name at 5.1x ADTV. ...
Alfa John
John Walsh @ Alfa 21 October 2021

Novolipetsk Steel: 3Q21 IFRS review – Quarterly EBITDA 7% above estimates; Positive

NLMK (NLMK: LI; E/W) reported healthy 3Q21 financials that beat estimates supported by the performance of its foreign assets and wider steel/raw material price spreads. That helped the company overcome the one-off steel production loss at its Lipetsk...
Alfa Boris
Boris Krasnozhenov @ Alfa 21 October 2021

Alfa Morning Bulletin: 21 October 2021

Markets treaded water: The global equity markets treaded water during Moscow trading hours yesterday as investors weighed strong 3Q earnings with inflationary concerns. The ruble traded flat on a fairly quiet day for the FX markets (+0.06% @ 70.84). ...
Alfa Alfa Equity
Alfa Equity Team @ Alfa 21 October 2021

Nornickel: 3Q21 production results – Quarterly recovery of volumes; Neutral-to-positive

Nornickel (MNOD: LI; O/W; TP $40.6/GDR) delivered its 3Q21 production results which signal the continued recovery after temporary suspension of the two production mines and Norilsk Concentrator. It is reported that Oktyabrsky mine is running at full ...
Alfa Boris
Boris Krasnozhenov @ Alfa 20 October 2021

Alfa Fixed Income Weekly: The Russian MinFin auctions last week were successful

The middle of the OFZ curve rose 6bp w/w. The MinFin auctions last Wednesday were successful. The situation during the second auction was practically the same – the MinFin offered its OFZ-FI 52004 issue for RUB 10 bn with demand at RUB25.3 bn, which ...
Alfa Elizaveta
Elizaveta Naumova @ Alfa 20 October 2021

Alfa Morning Bulletin: 20 October 2021

Russian stocks rally: A promising start to the 3Q corporate earnings season has deflected attention from inflation, energy costs and supply bottlenecks. The ruble advanced at a solid clip (+0.6% @ 70.88) as the US dollar retreated. However, Treasury ...
Alfa Alfa Equity
Alfa Equity Team @ Alfa 20 October 2021