Alfa
Alfa

Alfa

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
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Latest articles from Alfa

Macro Analysis / Russia

Russia 9M 20 macro stats: Sliding deeper instead of rebounding

The weakness in retail and production patterns, which disappointed in August, intensified in September. Retail trade shrunk 3.0% y/y; manufacturing output started to contract again in September. Monetary or fiscal support unlikely to come in 4Q20.
Alfa Natalia Orlova
Natalia Orlova @ Alfa 21 October 2020
Flash Report / Global

Yandex and Tinkoff end merger negotiations

Tinkoff Group and Yandex have officially announced an end to negotiations on the potential acquisition. Implication for TCS (TCS LI, TP $28.3, E/W): In the near term, the stock will see weakness. Implication for YNDX (YNDX US, U/R): Neutral-to-negati...
Alfa Anna Kurbatova
Anna Kurbatova @ Alfa 16 October 2020
Macro Analysis / Russia

Russia: Low import of services main support factor for current account surplus

Low import of services, still down 52%, was the main support factor behind current account surplus of $2.5bn in 3Q20. The flipside of this is that a fast return to full-scale international mobility looks unlikely. Keeping restrictions in place will p...
Alfa Natalia Orlova
Natalia Orlova @ Alfa 13 October 2020
Macro Analysis / Russia

Russia 2Q20 GDP shows upside surprise for investments and exports

Russia’s 2Q20 GDP contraction not as deep as 2Q09: We now have details of the 2Q20 consumption and investment performance, which enables us to compare this crisis at the peak of the economic contraction with the two previous crises, one of 2009 and t...
Alfa Natalia Orlova
Natalia Orlova @ Alfa 7 October 2020
Russia 2Q20 GDP breakdown – Investments and exports surprise on the upside
Russia 2Q20 GDP breakdown – Investments and exports surprise on the upside
Flash Report / Russia

Silver Alert: Reassessing the price potential

While the all-time high price is not that far off we are going to access whether the precious metal price has further upside potential on 1) stronger demand fundamentals, 2) weaker supply and 3) a silver price rerating on the gold/silver ratio. We ar...
Alfa Boris Krasnozhenov
Boris Krasnozhenov @ Alfa 2 October 2020
Silver Alert: Reassessing the price potential
Silver Alert: Reassessing the price potential
Macro Analysis / Russia

Russian ruble — Geopolitical risk premium in focus

This deterioration started at the beginning of August with the disputed presidential election in Belarus, which triggered fears of Russian interference and possible sanctions in response from Western countries. Geopolitical premium – how high could i...
Alfa Natalia Orlova
Natalia Orlova @ Alfa 29 September 2020