- •On Markets
- •In Russia & the Near Abroad
- •On companies
- •Investment views updated this week
- •In focus
- •Also in the news
- •Around the Globe
- •In focus
- •Also in the news
- •Most/Least Liked Stocks (MLLS)
- •Historical performance
- •Appendix
- •Disclosures
- •Production and Distribution of VTB Capital Research Reports outside the United States
- •Distribution of VTB Capital Research Reports to Investors within the United States
- •Relationship between VTB and Xtellus
- •Conflict of Interest Disclosures.
- •Issuer Specific Disclosures
- •Analysts Certification
- •Investment Ratings
- •12-month Target Prices
- •Conflicts Management Arrangements
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Week Endnotes |
Russia |
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Equities |
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Most/Least Liked Stocks (MLLS)
We last refreshed our Most and Least liked stocks (MLLS) in Week Endnotes – Week #46; Oils downgrade, LXFT to Buy and to ML, MSCI Review
Historical performance
Our RTS-hedged MLLS1 portfolio advanced +1.3% WoW. The Most Liked (ML) basket (-0.2% WoW) broadly hold its performance over this week. The outperformance from GMKN and AGRO was compensated for by the weakness of PHOR, while other ML stocks saw a tiny tick down. The Least Liked (LL) portfolio underperformed the broader market, declining -3.4% WoW as EVR sharply dropped.
Figure 1: Most Liked, Least Liked and the RTS Index
40%
30% |
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20% |
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10% |
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0% |
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-10% |
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-20% |
|
Jan'17 Apr'17 Jul'17 |
Oct'17 Jan'18 Apr'18 Jul'18 Oct'18 |
Most liked |
RTS Index Least liked |
Source: Bloomberg, VTB Capital Research
Figure 2: RTS-hedged MLLS performance
10%
5%
0%
-5%
Jan'17 Apr'17 Jul'17 Oct'17 Jan'18 Apr'18 Jul'18 Oct'18
Source: Bloomberg, VTB Capital Research
Figure 3: VTB Capital Most/Least Liked Stocks (Russia)
Name |
Ticker |
Rec |
12-mo TP |
Upside |
Dividend yield |
Opened |
Performance |
P/E, x |
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EV/EBITDA, x |
|||
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|
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|
LTM |
NTM |
|
Absolute |
Rel. to RTS |
2017 |
2018 |
2017 |
2018 |
Most liked |
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Sberbank |
SBER RX |
Buy |
RUB 330 |
66% |
6% |
9% |
3/15/2017 |
+24% |
+7% |
5.3 |
5.3 |
n/a |
n/a |
Inter RAO |
IRAO RX |
Buy |
RUB 8.40 |
112% |
3% |
4% |
3/23/2018 |
-8% |
-1% |
4.2 |
4.2 |
1.3 |
1.3 |
Nornickel |
GMKN RX |
Buy |
RUB 17,700 |
49% |
12% |
14% |
6/22/2018 |
+16% |
+10% |
6.7 |
6.7 |
5.8 |
5.8 |
PhosAgro |
PHOR LI |
Buy |
USD 17.00 |
31% |
4% |
7% |
6/22/2018 |
+4% |
-1% |
7.2 |
7.2 |
5.4 |
5.4 |
Gazprom Neft |
SIBN RX |
Hold |
USD 6.10 |
10% |
4% |
9% |
10/12/2018 |
-5% |
-5% |
4.2 |
4.2 |
3.3 |
3.3 |
Rosagro |
AGRO LI |
Buy |
USD 14.50 |
32% |
4% |
4% |
10/19/2018 |
+5% |
+7% |
8.8 |
8.8 |
6.5 |
6.5 |
Luxoft |
LXFT US |
Buy |
USD 50.00 |
52% |
0% |
0% |
11/16/2018 |
-1% |
-0% |
17.3 |
17.3 |
10.6 |
10.6 |
Least liked |
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Novatek |
NVTK LI |
Sell |
USD 100.00 |
-44% |
2% |
2% |
3/15/2017 |
+53% |
+35% |
15.5 |
15.5 |
15.2 |
15.2 |
NLMK |
NLMK LI |
Hold |
USD 23.50 |
-5% |
13% |
13% |
1/12/2018 |
+3% |
+8% |
6.3 |
6.3 |
4.4 |
4.4 |
EVRAZ plc |
EVR LN |
Sell |
GBp 450 |
-8% |
17% |
7% |
3/30/2018 |
+14% |
+19% |
4.7 |
4.7 |
3.8 |
3.8 |
Source: Bloomberg, VTB Capital Research
For the dynamically updated performances of the ML and LL baskets, as well as the history of closed trades, see the MLLS section of the VTB Capital Research Portal
1 The RTS-hedged MLLS portfolio performance is the average of the performance of the basket consisting of Most and Least Liked stocks, as well as short and long RTS index positions for each ML and LL stock, respectively.
23 November 2018 |
10 |