Список проголосовавших за комментарий "Жи Пи Морганы на 2014 ставят рашу овервейт)<br/> "...Russia is now OW from UW. The return to trend global<br/> growth should stabilize commodity prices – Russian<br/> stocks depend more on energy (56% of the index) than<br/> materials (7%), while Russia's current account surplus<br/> insulates it from some tapering fears. If value beats<br/> growth this year, then this favors Russia. J.P.<br/> Morgan’s analysts’ have strong calls on big-cap value<br/> stocks: Gazprom ( prospective gas deal with China,<br/> higher dividends and capex discipline); Sberbank’s (new<br/> five-year plan with cost-cutting featured generating a<br/> doubling of earnings); Lukoil’s (current 5% yield and<br/> our forecasted DPS growth give reasonable upside with<br/> limited downside). Avoid telecoms on the growing threat<br/> of a fourth mobile operator (see Russian Telecoms:<br/> Forced entrance of fourth player looms large 11 Nov).<br/> Consistent with our global view, we believe staples<br/> will de-rate. Stay UW the materials sector, which is<br/> only 7% of MSCI Russia; less than 1% is iron<br/> ore/coal/steel. The key risks to the Russian OW include:<br/> disappointment on the government’s push for higher<br/> dividends from state-owned companies; weak energy<br/> prices; further deterioration of underlying economic<br/> growth and governance..."<br/> <br/> Best Idea – Overweight<br/> Sberbank<br/> Ticker: SBER RX Price: 103.65 PT: 149"