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【出版时间及名称】：2010年3月俄罗斯证券市场投资策略报告
【作者】：德意志银行
【文件格式】：pdf
【页数】：36
【目录或简介】：
Table of Contents
Market Outlook.................................................................................. 3
2010: a false start......................................................................................................................3
Which stocks present the greatest near-term upside? .............................................................4
Valuation: Russia remains the cheapest in the EM ...................................................................5
2010 RTS Index Target and Equity Outlook...............................................................................6
Historical analogies in the 1999 and 2009 post-crisis recoveries: an update ............................7
Reassessing Risks.............................................................................. 9
The Euro/Dollar factor ...............................................................................................................9
Withdrawal of stimulus in Russia and abroad .........................................................................11
Issuance and corporate debt...................................................................................................12
Gauging sentiment.......................................................................... 15
Fund Flows vs equities: What is driving what?.......................................................................15
Asymmetry in Russia’s equity movements.............................................................................16
Russia’s macro outlook: an encouraging start to the year .......... 18
Growth performance: household consumption props up GDP growth ..................................18
Inflation: mounting concerns regarding the H2 2010 outlook .................................................19
Budget surplus posted in January 2010..................................................................................20
BOP: Q4 2009 posts sizeable capital inflows..........................................................................21
Politics: Medvedev exhibits mounting activism........................... 23
Russia-US: a cold snap amid the thaw? ..................................................................................23
Pacification of the “near abroad”: the Ukraine factor .............................................................23
Domestic politics: Medvedev leads the administrative reform efforts ...................................24
Top picks and Equity Model Portfolio ........................................... 27
Past performance: 0.5% above the market ............................................................................27
Oil & Gas................................................................................................................................28
Metals & Mining .....................................................................................................................30
Telecoms ...............................................................................................................................31
Retail & Consumer Goods.......................................................................................................32
Real Estate.............................................................................................................................32
Banks .....................................................................................................................................33
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