New reduction of the oil that drove it close to 50 USD per bbl, accompanied by Friday’ decision of CBR, would weaken ruble further and make serious negative pressure of the RTS. At the meantime, the stocks of non-oil exporters nominated in rubles will seem to be significantly above the market. Shares of the bank sector will probably be among the outsiders.
Main events
RAS net profit of Akron for 1H 2015 formed 8.2 bn RUB vs loss for the previous year.
The net profit of Akron by RAS formed 8.2 bn RUB for 1H 2015 vs the loss of 864 mn RUB for the similar period of the previous year. The net profit of Dorogobuzh grew 2.4x for the given term and formed 5.03 bn RUB. Together, Akron and Dorogobuzh formed about 70% off the group’s sales by AIS, thus, the sum result of Akron and Dorogobuzh by RAS reflects the IAS results’ dynamics of thee group. Growth of the financial results is mainly explained by ruble devaluation. We assume that currently the shares of Akron obtain growth potential. The following might form possible drivers for the nearest future: IAS report for 2Q, decision on the intermediate dividends – through the company pays off intermediate dividends irregularly; we assume that great results for 1h 2015 allow accounting of the intermediate dividends’ payoff.
Contributed by Veles Capital
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