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Novolipetsk Steel: 3Q21 IFRS review – Quarterly EBITDA 7% above estimates; Positive

NLMK (NLMK: LI; E/W) reported healthy 3Q21 financials that beat estimates supported by the performance of its foreign assets and wider steel/raw material price spreads. That helped the company overcome the one-off steel production loss at its Lipetsk...
Alfa Boris
Boris Krasnozhenov @ Alfa 21 October 2021

Covered Bond & Agency Monitor - Steady as it goes (English version)

Covered bond market telegram: Steady as it goes. With another EUR 3.75bn issued from five banks, the supply volume gradually but steadily is increasing. Year-to-date, we stand at EUR 82bn of EUR benchmark issuance. Secondary markets held up well and....
UniCredit Franz
Franz Rudolf @ UniCredit 21 October 2021

Kohat Cement: 1QFY22 review – Strong margins despite cost pressures; earnings beat

Kohat Cement Co. Ltd (KOHC) has posted 1QFY22 NPAT of PKR1.4bn (EPS: PKR6.96), compared to profit of PKR0.5bn (EPS: PKR2.52) SPLY. Higher-than-expected margins and elevated retention prices are the major deviation. Despite a massive jump in internati...
Intermarket Securities Rahul
Rahul Hans @ Intermarket Securities 21 October 2021

Daily Credit Briefing

Top Credit Stories ABB (ABBNVX) - Top-line growth impacted by supply constraints, margin target confirmed ASML (ASML) - Results in line with expectations, higher shareholder remuneration announced America Movil (AMXLMM) - Good results acr...
UniCredit Sven
Sven Kreitmair @ UniCredit 21 October 2021

Nornickel: 3Q21 production results – Quarterly recovery of volumes; Neutral-to-positive

Nornickel (MNOD: LI; O/W; TP $40.6/GDR) delivered its 3Q21 production results which signal the continued recovery after temporary suspension of the two production mines and Norilsk Concentrator. It is reported that Oktyabrsky mine is running at full ...
Alfa Boris
Boris Krasnozhenov @ Alfa 20 October 2021

Turkey 3Q21 earnings estimates: Attractive valuations for selected blue chips

ATA Invest Zeynep
Zeynep Erman @ ATA Invest 20 October 2021