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Latest articles in Consumer Staples

La Comer: LACOMER,Quarterly Report2Q21: Grows at a slower pace but maintains profitability

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...
Banorte Marissa
Marissa Garza Ostos @ Banorte 23 July 2021

X5 Retail Group: 2Q21 trading update – Positive

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...
Alfa Evgeniy
Evgeniy Kipnis @ Alfa 16 July 2021

Almarai: Weak earnings on lower margins

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 ...
NCB Capital Nauman
Nauman Khan @ NCB Capital 12 July 2021

Russia Q3 21 Top Picks

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...
Alfa Alfa Equity
Alfa Equity Team @ Alfa 5 July 2021
Flash Report / Egypt

Pioneers Holding for Financial Investments: Where to stand in the split

Pharos Holding Mayar
Mayar El Ashry @ Pharos Holding 4 July 2021

Almarai: Poultry expansion is a major growth driver

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.
NCB Capital Nauman
Nauman Khan @ NCB Capital 30 June 2021