
New Year gifts — Interim dividends in December
(NLMK, Severstal, MMK, TMK, Phosagro and Norilsk Nickel), to which were added retail stocks (X5, Magnit and Detsky Mir).
The average yield stand at 4%. We may also expect positive surprises from Rushydro (8%) and Sovkomflot (7%) in 2020.Based on our dividend payments’ expectations, our year-end forecast for the USDRUB is ₽73/$ and forecast for Brent if $50/bbl.
The risk premium for the rouble at current oil prices is 10-11%, which is also reflected in the Russian stocks. We therefore assume that sanctions risks are unlikely to materialize this year.
Out year-end targets for RTS and MoEx are 1,400 pt and 3,370 pt respectively.Attractive interim dividend yield of 3-5% Interim dividend payments for 9M20 may exceed ₽350 bln, or $4.8 bln.
Читать на smartmoney.one
