La Comer's report was slightly below our estimates and those of the consensus. The outlook is positive, but the base effect will limit growth going forward. While the report should be neutral, the valuation at 14.4x FV/EBITDA 2021E looks stretched. D...

X5 (FIVE LI / FIVE RX: O/W; TP $44.9/RUB3,364) reported its 2Q21 trading update. The digital business spin-off remains a medium-term catalyst, which is not yet priced in, we think. The stock is among top underperformers YTD (-12%), and currently look...

Almarai reported a weaker than expected set of Q2 21 earnings, with net income declining by 25.1% yoy to SAR482mn. This compares to the NCBC and consensus estimates of SAR579mn and SAR619mn, respectively. Growth in long-life dairy (+12% yoy), juices ...

Russian equities delivered another strong performance in 2Q21, the third straight quarter of gains. We recommend buying Nornickel into weakness in case of a correction to the $30-32/GDR range. The expected oil price growth may secure a cost-push acro...

Doubling poultry capacity to drive top-line growth. Inorganic expansions through M&A. Top-line to grow at a CAGR of 5.1% over the next 5 years.