"Открытие Капитал": Russian Food Retail – making sense of the sector trends // ПОКУПАТЬ
6 февраля 2012 года
The recent sector news flow has brought a slew of outlookchanging surprises (both positive and negative), leading us to revisit our forecasts and assume generally softer sales growth and stronger margins. After the forecasts’ revision, our key ideas in the sector are: (1) switch from MGNT’s GDRs to its local shares (the spread has widened to historical highs, which we see as unwarranted), and (2) buy X5, where attractive valuations trump remaining risks and uncertainties.
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