"Открытие Капитал": russian food retail: X5 and Dixy look most attractive at this juncture
9 июля 2012 года
We have made housekeeping adjustments to our food retail models to reflect the YtD sector developments and the mixed outlook for the Russian consumer climate in 2H12. On our revised numbers, we see X5 and Dixy as offering attractive risk/return options on a 12-month horizon (mainly from the bottom-up perspective), though both stocks lack clear short-term catalysts. For the short term, we like Magnit’s local shares, whose discount to GDRs has recently widened to 20%.
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