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【出版时间及名称】：2010年俄罗斯证券市场前景展望
【作者】：德意志银行
【文件格式】：pdf
【页数】：48
【目录或简介】：
Table of Contents
Russia-2010: sustaining the growth momentum............................ 3
Performance: one of the best years ever......................................... 6
Exploiting Russia’s valuation edge .................................................. 9
Valuation: Russia vs EM in 2010 ...............................................................................................9
Potential effect of the EUR/USD rate on the RTS Index..........................................................10
1999 and 2009 recoveries after the crisis – historical analogies .............................................11
Correlations: major drivers for Russian equities......................................................................12
Blue chips vs second tiers: trends for 2010............................................................................13
The ‘New year’ factor..............................................................................................................14
Seasonality: September surprises on the upside....................................................................15
Moving averages: RTS is in a bull mode .................................................................................16
RTS 2010 year-end Target of 1,950 ................................................ 17
Global factors: watch out for dollar strength ............................... 21
US Equities .............................................................................................................................23
European equities ...................................................................................................................25
Russia’s macro outlook: exploring the post-crisis themes .......... 26
Growth: unlikely to impress ....................................................................................................27
Budget outlook: the return of the infrastructure theme ..........................................................29
Lower inflation provides room for more rate cuts ..................................................................30
BOP: capital inflows starting to cause concerns.....................................................................32
Rouble outlook: global risks loom large ..................................................................................33
Politics: from crisis management to modernization .................... 36
Top picks and Equity Model Portfolio ........................................... 41
Past performance: outperforming the market by 17.6% YTD.................................................41
Oil & Gas................................................................................................................................41
Metals & Mining .....................................................................................................................43
Telecoms ...............................................................................................................................43
Retail & Consumer Goods.......................................................................................................44
Banks .....................................................................................................................................44
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