Some branches producing mostly for the home market could also benefit as a growth in the prices of imports would lead to increased substitution and better export profitability. Among the winners would be enterprises in the power engineering and automotive sectors, some tube works and Russian food producers. Among top picks under a devaluation scenario we would point to Surgutneftegaz, Norilsk Nickel and Gazprom - but Tatneft and Lukoil would also be attractive, as would ferrous metals stocks. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.