Russian Markets Daily: Segezha Group, Globaltrans, Steel sector, MTS

Russian Markets Daily: Segezha Group, Globaltrans, Steel sector, MTS картинка

Market comment


IMOEX rose more than 2% on the day, once again passing the 2400 mark. A respite in risk appetite and a weaker dollar supported the oil price and thus the O&G sector. The dividend theme also continues to support with investors looking for the next big surprise. Besides O&G, blue-chips and 2nd tiers performed well with Aeroflot taking the lead on a sharp increase in passenger volumes. The index is trying to gain a foothold within 2400-2500 and will likely consolidate here for now 

Fixed Income

OFZ yields saw little change on Monday. There was activity in bonds maturing in ten years or more – issue 26241 (10.47%, 2032) was the leader in terms of turnover, the yield of which increased by 2bp. The shortest papers were also actively traded – yields closed at 7.6-7.8% per annum

In focus

Segezha Group – 4Q22 IFRS Preview: Further deterioration, recovery in 1Q23 – reports Friday, 31 March – we expect revenue and OIBDA to drop 18% and 57% q/q, respectively – weakness driven by a seasonal decline in product prices and sales volumes along with logistics bottlenecks – dividends for FY22 are at risk given high leverage

Globaltrans – 2H22 IFRS Review: Better than expected – EBITDA and net income beat expectations thanks to an increase in fleet utilisation – no dividends for 2022 due to capital flow restrictions – management are trying to work out a solution to resume dividend payments – positive

News in brief

Steel sector – Export of semi-finished products to China fell by three times in 2M23 (Vedomosti) – Russia exported only 96.2kt of slabs and billets, or $46mn, to China in January-February this year – in 2022, total export of semi-finished to China was 2.3mnt – the decline in exports to China may imply Russian steelmakers have managed to find more profitable markets – neutral

MTS – Company plans to acquire control of Proyektnaya Sreda – Proyektnaya Sreda is a group of companies developing IoT solutions for transportation – the deal will further increase MTS' presence in the market for telematics solutions and automotive electronics – positive

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