Rusia

Avatar de Usuario
Dalamar
Site Admin
Mensajes: 8969
Registrado: 09 May 2012 01:38

Rusia

Mensajepor Dalamar » 02 Feb 2013 06:25

El PIB ha aumentado en los últimos 12 meses un 3.5%.
La bolsa se revalorizó un 11% en 2012, cotizando tan sólo a un múltiplo de beneficios de 5,9x. Sin embargo, la bolsa brasileña, china e india cotizan a PERs de 21x, 12x y 16x respectivamente. Como referencia, el S&P ha cotizado a un PER de 15x en 2012.
El superávit presupuestario (aunque nos resulte increíble, no todos los países tienen déficit público actualmente) este año ha sido del 1.4% del PIB, batiendo las previsiones del gobierno, que lo esperaba en 0.1%.
El rublo se ha revalorizado un 4.5% respecto al dólar durante 2012, y un 3.7% respecto a la cesta de divisas de referencia que maneja el gobierno.
La inflación está controlada por debajo del 6%, alcanzando cifras interanuales a lo largo de 2012 del 4%.
A todos estos envidiables datos, debemos añadir que la deuda pública del país no supera el 11% del PIB
¿Te ha gustado este hilo? Compartelo en las redes sociales para que se sume mas gente a la conversacion!

Avatar de Usuario
Dalamar
Site Admin
Mensajes: 8969
Registrado: 09 May 2012 01:38

Re: Rusia

Mensajepor Dalamar » 06 Mar 2013 18:48

https://www.google.com/finance?cid=703206

JPMorgan Russian Securities Plc (LON:JRS)


The fund tends to do well in a rising market, and last year was no exception. Its net asset value (NAV) was up 9.3% against its benchmarks 3.7% rise.

there's no doubt that, like anything to do with Russia, it is a play on the commodities markets. Specifically, a falling oil price will have ramifications for Russia's real economy. And if history is any guide, it'll be a big negative for this fund. As always with overseas investment, bear in mind currency risk.
¿Te ha gustado este hilo? Compartelo en las redes sociales para que se sume mas gente a la conversacion!

Avatar de Usuario
Dalamar
Site Admin
Mensajes: 8969
Registrado: 09 May 2012 01:38

Re: Rusia

Mensajepor Dalamar » 05 Sep 2013 11:36

Russia comes with about the lowest stock valuations you can find anywhere in the world. It is on a price/earnings ratio of a mere 5.5 times, and a price to book ratio of 0.75 times (ie you can buy companies for a mere 75% of the stated value of their assets).

That's cheap relative to everywhere else and cheap relative to Russia's own valuation history. Both measures are now much where they were back in 2008, and not far off half their averages over the last 10-15 years.

You will say that this makes sense. After all who wants to pay normal prices for assets which are based in a very abnormal state? Surely anything dependent on a slowing economy, that is itself dependent on gas and oil, is to be utterly shunned? As is any investment that comes with the appalling corporate governance on offer in Russia.

But there is cheap and there is cheap. And at these prices the Russian stock market is so cheap it is practically pricing in a return to communism.

Whatever you might think of Putin, he does grasp the problem. He has noted that Russia can no longer "postpone structural reforms" and that it is important to make the "Russian stock market competitive in the full sense of the word, make it attractive for Russian and foreign market players."


Estoy considerando una posicion de largo plazo en Rusia, pero si Siria se caldea mas, todavia se podria comprar mas barato!
¿Te ha gustado este hilo? Compartelo en las redes sociales para que se sume mas gente a la conversacion!


Volver a “Análisis macro Europa”

cron

Ingresar