To answer these questions, we surveyed 900 individuals across 14 emerging markets... Two-thirds of our respondents access social media at least daily; very few emerging market adults are not plugged into their social media accounts. Indonesia: Ride-h...

ALROSA (ALRS.RX, O/W, RUB 159.1/share) reported its 3Q21 operational update. Retail sales at Hong Kong-based jeweler Chow Tai Fook rose 56% y/y in the second fiscal quarter as consumer demand was strong. We reiterate our positive view on the stock. D...

X5 (FIVE LI / FIVE RX: O/W; TP $40.4/RUB3,031) reported its 3Q21 trading update. The sustainability of the sales growth at 10%+ is supportive for the stock (the current Bloomberg consensus anticipates 10.1% y/y revenue growth in 2021 and our estimate...

Risk-on: Markets cast aside worries that inflation and supply bottlenecks may impede growth as attention focuses on earnings. Adding to the euphoria, US weekly jobless claims have dropped to a 19-month low. Russian equities rebounded with solid gains...

Russian stock on the back foot: There were mixed trends on global markets yesterday ahead of the US CPI data and Fed minutes. Confidence improved after the initial 3Q earnings releases from LVMH, MAN, JPMorgan, BlackRock and Delta Airlines all beat e...

In this report, we are sharing our relative value analysis for Russian investment grade and high-yield bonds. We are also presenting our updated financial model for Lukoil, the second largest oil producer in Russia. We are upgrading LUKOIL 11/26 to b...