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Alfa Morning Bulletin: 23 July 2021

Russian stocks rallied, but the broader global recovery is showing signs of losing momentum: The stock market recovery, which has been fragile and on relatively low trading volumes, is showing signs of weakness as data yesterday showed US unemploymen...
Alfa Alfa Equity
Alfa Equity Team @ Alfa 23 July 2021

ALFA Macro Insights: Russian BoP 1H21: Inflationary concerns confirmed

Russia’s 1H21 BoP data should be viewed from the angle of inflationary concerns. Imports have also jumped by 28% y/y, including a 42% y/y increase in 2Q21, which we mainly attribute to the price effect. The only positive is that the period of high co...
Alfa Natalia
Natalia Orlova @ Alfa 22 July 2021

M.Video: 2Q21 trading update – MODERATELY POSITIVE

M.Video (MVID RX: N/R) reported its 2Q21 trading update. VAT) in 2Q21, accelerating from 14% growth in Q1. That is also indicated by 112% y/y in-store GMV growth in 2Q21. In 2Q21 the number of active customers grew 14% y/y to 19.8mn, with faster grow...
Alfa Evgeniy
Evgeniy Kipnis @ Alfa 22 July 2021

Russia Metals: 2Q21 earning’s season sets new EBITDA records for NLMK and MMK

MMK and NLMK expectedly delivered strong financial results, offering attractive dividend yields above 5% on a quarterly basis. Summary of financials: MMK (MMK:LI; E/W) delivered a strong set of 2Q21 results with EBITDA of $ 1,435 mn, confidently abov...
Alfa Boris
Boris Krasnozhenov @ Alfa 22 July 2021

Alfa Morning Bulletin: 22 July 2021

Market recovery maintained steam: The market recovery continued to maintain steam yesterday with bond yields widening at the long end of the curve and the US dollar pulling back slightly as the focus switched to earnings. Russian equities advanced le...
Alfa Alfa Equity
Alfa Equity Team @ Alfa 22 July 2021

Alfa Fixed Income Weekly: Ruble bond market

Last week the OFZ-curve demonstrated mixed trends – its short part (1-3 years) added 7 bp, fixing at 6.7% on average, while its long part was almost unchanged on the cumulative basis, staying at 7.3% on average. The Minfin again offered sanctioned is...
Alfa Elizaveta
Elizaveta Naumova @ Alfa 21 July 2021