ATON’s research team aims to provide succinct and idea-focused research for our clients, filtering information from media noise. We pride ourselves on our independent judgment, and seek to provide accurate and objective analysis of the Russian market, presented to international standards. In addition to the key big-cap Russian stocks, our company coverage is driven by client interest and demand. As a result, we cover a substantial number of small- and mid-cap stocks, particularly those falling outside the research scope of other brokerage houses.

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DAILY DASHBOARD STRATONOMICS   FIXED INCOME
MORNING BRIEF
Daily Dashboard   Latest Stratonomics   Fixed Income Morning Brief

Recent publications

  Full report list                         News flow


Fixed income
01 Feb 2012 OFZ MONITOR: Another Successful Placement
25 Jan 2012 OFZ MONITOR: Narrow Spreads Suggest OFZs are Overvalued
18 Jan 2012 OFZ MONITOR: Good Auction at the Top of the Market
11 Jan 2012 RUSSIAN REGIONS HANDBOOK 2012: Debt Geography
22 Dec 2011 AZERBAIJAN STATE RAILWAYS: Coupon Step-up Implies Higher Bond Price

Financials
03 Feb 2012 VTB: Minorities Buyback: Road to Nowhere?
23 Jan 2012 TRADE IDEA: SBERBANK OVER VTB. We Continue to Prefer Sberbank
22 Dec 2011 RUSSIAN BANKS: 3Q11 Reporting Season Key Takeaways: Risks are Rising

Special Situations and Small Caps
03 Feb 2012 MOSTOTREST: The Ketchup Effect
24 Jan 2012 GLOBAL PORTS: Past Performance Does Not Guarantee Future Results

Consumer and Retail
03 Feb 2012 X5 RETAIL GROUP: A Balanced Plan for 2012
31 Jan 2012 MAGNIT: More Margins, More Cash, More Square Meters...
22 Dec 2011 CHERKIZOVO: Grain Prices: More Pressure in 2012?
14 Dec 2011 CONSUMER CYCLICALS: Waltzing on the Titanic

Strategy and Economics
20 Jan 2012 RUSSIAN EQUITY STRATEGY: Cost of Equity Increased on Political Uncertainty
17 Jan 2012 STRATONOMICS: JANUARY
16 Dec 2011 STRATONOMICS: DECEMBER

Oil and Gas
02 Feb 2012 REGIONAL GAS DISTRIBUTORS: Closer to a Happy Ending?
30 Jan 2012 BASHNEFT: Bashneft’s Subsidiaries: An Oblique Approach to Gaining Bashneft Shares

Metals and Mining
16 Jan 2012 EVRAZ PLC Initiation of Coverage: Looking Forward to Construction Market Recovery
22 Dec 2011 ATON METALWATCH - December 2011
15 Dec 2011 PIPE PRODUCERS: Hard Times Ahead?

TMT
19 Dec 2011 MGTS: Cessation of Coverage
16 Dec 2011 CTC MEDIA: CEO Departs, Adding More Uncertainty

Utilities
16 Jan 2012 FEDERAL GRID COMPANY (FSK): Lower Risk than MRSKs, but Triggers are Lacking.

  Full report list


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