Page 89 - RusRPTJun20

(RUB 5bn was announced after 1Q19 on the FY18 results, but formally on 1Q19 due to the RAS net loss for FY18). The recommended dividend is RUB0.0885 for ords and RUB 0.1893 for prefs, implying dividend yields of 6.9% and 11.1% to the share price at the time of the announcement. The record date was set for 15 June. By declaring a combined FY19 dividend of RUB 23.0bn, Rosseti cements the dividend story in the grid subsector. As such, the largest dividend payers in FY19 become FSK (RUB 23.3bn) and Rosseti (RUB 23.0bn), followed by InterRAO (RUB 20.5bn), Unipro (RUB 20bn payable in FY20), and RusHydro (RUB 15.7bn).
● Metal & Mining
Phosagro BoD recommended Rb78/sh dividend for 1Q20. The payout implies a dividend yield of 2.87% and 10.7% for non-annualized and annualized, respectively.
● TMT
The board of directors of Russian mobile operator VimpelCom, working under brand Beeline, has recommended an annual meeting of shareholders raise dividends for 2019 to RUB29.999bn ​in comparison to RUB8bn paid for 2018, the company said late on May 18 in a statement. VimpelCom can pay RUB585 per ordinary share and RUB0.001 per preferred share. The company will close the register for the shareholders entitled for the payment on July 10. The annual general meeting is scheduled on June 30 with the register for the meeting to close on May 28.
Russian state integrated telecom major ​Rostelecom​ reported a 10.3% year on year rise in revenues to RUB121.6bn ($1.7bn) under IFRS ​in 1Q20, still getting gains from the consolidation of the Tele2 mobile operator. The management plans to recommend a dividend of RUB5 per share for 2019, which is at the lower end of the dividend policy and in line with Sberbank's expectations, while the company provided no updated guidance including the effect of the Tele2 consolidation due to the prevailing high level of uncertainty.
● Other
Russian fertiliser company Acron to pay highest dividend in sector.
Acron's BoD has recommended a dividend payment of RUB275/share for 2019. The record date is 9 June 2020. The total payment for 2019 is RUB376/share, 63% of net profit. Thus, the company is to provide a 7.9% NTM DY, the highest yield of global fertilizer players. Besides robust dividends, the stock also provides a solid capital gain (21% YTD) amid turbulent markets. The gain potential is yet to be fully exhausted, in our view: VTBC has a 12-month TP of RUB6,400 for the name and a Hold recommendation.
Globaltrans​ shareholders approved a buyback of up to 5% of shareholder capital​ on May 12. The shares bought back are to be kept on the balance sheet no longer than 24 months. The company argues that buying back shares is better than purchasing rolling stock in the current market. Analysts see the risk that in the end, the buyback could simply replace dividends, producing a similar total return for shareholders, just in a different way.
8.3.3 ​ ECM news
The IPO of​ ​Yandex.Taxi​, a joint venture between Russia’s top search engine Yandex and Uber Technologies Inc, is currently not a priority ​for the Russian company, its managing director told the Bell news outlet on May 6. Yandex.Taxi, the country’s top online taxi service and the fastest growing
89​ RUSSIA Country Report​ June 2020 ​ ​www.intellinews.com