Gazprombank Analytical portal

As a result of prolongation of the quarantine regime in Azerbaijan until December 28 and slower than expected recovery of oil prices compared to our September view, we are revising our economic growth forecasts for 2020-2021.

GPB_AZ_macro_update_250920

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Gulnara Khaidarshina

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Research Articles

November 25, 2020

Reform of development institutes is positive for STLC eurobonds

Debt market

The planned reform of development institutes proposes the creation on the base of STLC and VEB-Leasing a Unified leasing company, which will effectively consolidate all government resources in the leasing industry (except for the agro-industrial segm...

GPB_GTLK_Trade_Idea_251120

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Andrey Klapko, Vladislav Danilov

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Research Articles

November 25, 2020

Sistema: Target price raised on mark-to-market of Ozon; downgrade to NEUTRAL

Diversified holdings

We raise Sistema's target price to RUB 35 per share after incorporating the market value of online retailer Ozon, which conducted an IPO on NASDAQ yesterday. We also downgrade our recommendation on Sistema to NEUTRAL.

GPB_Sistema_Ozon_post-IPO_251120

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Igor Goncharov

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Research Articles

November 25, 2020

Technical monitor of bonds and markets

25/11/2020

THEMES THIS WEEK USD/RUB: cycle is declining in tandem with the trend; technical target – USD/RUB 75. Brent: technical target of $45/bbl reached; new technical target – UNDER REVIEW. Gold: technical target of $1,840/oz reached; new technical target –...

GPB_TM_251120 ENG

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Vladimir Kravchuk, Erik De Poy

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