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Dmitriy Rozhkov profile
Author status: Employed
Author country: Russia
Author company: Investment Co
Job title: Investment Analyst Sr
Expert Area: Corporate Finance, Derivatives, Equity Investments, Risk Management
Geografical Area: Asia, Middle East, North America
Economics Area: BRIC, Emerging, G10, G20, OPEC
Country
Russia (Real GDP)
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
Company
Russia (Real GDP)
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
General Electric Co
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
GCB Bank Ltd
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
- In general, all Ghana's banking sector is in difficult situation due to heavy impairments and deteriorating asset quality. That is why, I am concerned about GCB perspectives. On the other hand, one should note some drivers for GCB's growth: (1) GCB took all deposits and some assets of UTB and Capital Bank (The Bank of Ghana has revoked the licenses) and, thus, expected revenue growth, (2) expected non-interest income growth (mainly due to growth in volume and efficiency of treasury transactions)
Yaskawa Electric Corp
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
- In general, all Ghana's banking sector is in difficult situation due to heavy impairments and deteriorating asset quality. That is why, I am concerned about GCB perspectives. On the other hand, one should note some drivers for GCB's growth: (1) GCB took all deposits and some assets of UTB and Capital Bank (The Bank of Ghana has revoked the licenses) and, thus, expected revenue growth, (2) expected non-interest income growth (mainly due to growth in volume and efficiency of treasury transactions)
- The major negative factor is slowdown in smartphone-related demand. However, I think that company will be able to compensate this by increasing AC servomotor and controller sales in the Chinese robot market
Costamare Inc
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
- In general, all Ghana's banking sector is in difficult situation due to heavy impairments and deteriorating asset quality. That is why, I am concerned about GCB perspectives. On the other hand, one should note some drivers for GCB's growth: (1) GCB took all deposits and some assets of UTB and Capital Bank (The Bank of Ghana has revoked the licenses) and, thus, expected revenue growth, (2) expected non-interest income growth (mainly due to growth in volume and efficiency of treasury transactions)
- The major negative factor is slowdown in smartphone-related demand. However, I think that company will be able to compensate this by increasing AC servomotor and controller sales in the Chinese robot market
- Costamare owns and operates container ships and serves customers worldwide. I bet on further bullish trend of Company's stocks, because Costamare shows stable cash flow generation and has a solid liquidity position. Also I expect the container market will start its recovery this year.
Siam Cement PCL
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
- In general, all Ghana's banking sector is in difficult situation due to heavy impairments and deteriorating asset quality. That is why, I am concerned about GCB perspectives. On the other hand, one should note some drivers for GCB's growth: (1) GCB took all deposits and some assets of UTB and Capital Bank (The Bank of Ghana has revoked the licenses) and, thus, expected revenue growth, (2) expected non-interest income growth (mainly due to growth in volume and efficiency of treasury transactions)
- The major negative factor is slowdown in smartphone-related demand. However, I think that company will be able to compensate this by increasing AC servomotor and controller sales in the Chinese robot market
- Costamare owns and operates container ships and serves customers worldwide. I bet on further bullish trend of Company's stocks, because Costamare shows stable cash flow generation and has a solid liquidity position. Also I expect the container market will start its recovery this year.
- I expect growth in Thai cement demand over the next 3 years, given by public and private sector investments in infrastructure, commercial and residential construction projects. Also SCC will continue to develop high value added and captive value added products, which would maintain profit margin in the long-run period. Steady dividend payments, with an expected yield at around 4%, only strengthens my confidence in the Company's shares.
Eregli Demir ve Celik Fabrikalari TAS
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
- In general, all Ghana's banking sector is in difficult situation due to heavy impairments and deteriorating asset quality. That is why, I am concerned about GCB perspectives. On the other hand, one should note some drivers for GCB's growth: (1) GCB took all deposits and some assets of UTB and Capital Bank (The Bank of Ghana has revoked the licenses) and, thus, expected revenue growth, (2) expected non-interest income growth (mainly due to growth in volume and efficiency of treasury transactions)
- The major negative factor is slowdown in smartphone-related demand. However, I think that company will be able to compensate this by increasing AC servomotor and controller sales in the Chinese robot market
- Costamare owns and operates container ships and serves customers worldwide. I bet on further bullish trend of Company's stocks, because Costamare shows stable cash flow generation and has a solid liquidity position. Also I expect the container market will start its recovery this year.
- I expect growth in Thai cement demand over the next 3 years, given by public and private sector investments in infrastructure, commercial and residential construction projects. Also SCC will continue to develop high value added and captive value added products, which would maintain profit margin in the long-run period. Steady dividend payments, with an expected yield at around 4%, only strengthens my confidence in the Company's shares.
- According to my view, major Erdemir's perspectives come from EBITDA margin increasing due to favorable commodity prices. On the one hand, steel prices remains strong. On the other hand, there is more moderate growth for coking coal and iron ore prices (major raw material, ~50% of total cost). Despite I expect normalization in the spread of commodity prices and, thus, EBITDA margin decreasing, I believe that Erdemir financials will remain strong
Novatek PJSC
- It is arguable but many experts are inclined to think that small and middle-scaled firms constitute the core of the economy of any country. If so, Russia is facing problems in its development, no economic dynamism, there is no environment in which we can expect innovation or entrepreneurship for such small and middle scaled business. But other experts thinks that backing on the experience of modern China and by-gone USSR they showed that the core of economy is government-linked large scale business. I think that both points of views are worth to take, but the level of corruption of Russia is very high and this is the major drawback, impediment of any possible development in Russia, excluding the military sector that is of direct control of Mr. Putin. But military sector may not balance the economy towards to a steady path of development.
- I like GE's result in Aviation business and I expect that this segment will continue to be its major catalyst. However, I concerned about weakness of Power segment and price pressure in Renewable Energy that might offset gains from Aviation.
- In general, all Ghana's banking sector is in difficult situation due to heavy impairments and deteriorating asset quality. That is why, I am concerned about GCB perspectives. On the other hand, one should note some drivers for GCB's growth: (1) GCB took all deposits and some assets of UTB and Capital Bank (The Bank of Ghana has revoked the licenses) and, thus, expected revenue growth, (2) expected non-interest income growth (mainly due to growth in volume and efficiency of treasury transactions)
- The major negative factor is slowdown in smartphone-related demand. However, I think that company will be able to compensate this by increasing AC servomotor and controller sales in the Chinese robot market
- Costamare owns and operates container ships and serves customers worldwide. I bet on further bullish trend of Company's stocks, because Costamare shows stable cash flow generation and has a solid liquidity position. Also I expect the container market will start its recovery this year.
- I expect growth in Thai cement demand over the next 3 years, given by public and private sector investments in infrastructure, commercial and residential construction projects. Also SCC will continue to develop high value added and captive value added products, which would maintain profit margin in the long-run period. Steady dividend payments, with an expected yield at around 4%, only strengthens my confidence in the Company's shares.
- According to my view, major Erdemir's perspectives come from EBITDA margin increasing due to favorable commodity prices. On the one hand, steel prices remains strong. On the other hand, there is more moderate growth for coking coal and iron ore prices (major raw material, ~50% of total cost). Despite I expect normalization in the spread of commodity prices and, thus, EBITDA margin decreasing, I believe that Erdemir financials will remain strong
- I have positive long-term outlook for the Novatek's shares. I expect the majority of production growth will be showed after 2019-2020, due to the launch of the North-Russkoye ?eld, the launch of crude oil production at the Severenergia project, the full ramp-up of Yamal LNG and the potential construction and launch of new LNG projects (including Arctic LNG-2). Also Novatek has the leading position on the global LNG cost curve that will also maintain the value of the Company's shares.
Commodity
Cobalt, $/mt
- I expect ongoing cobalt deficit due to limited supply (downstream cobalt users have been actively buying cobalt mines or signing collaborative agreements with suppliers) and expanding demand (sales of new energy vehicles have grown steadily)
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