Articles by Ovanes Oganisian



New IPOs Get Squeezed by the Size of Gazprom

  • 17 July 12
  • Troika Dialog
First, I want to highlight the following statistics: Russia has only 26 companies in MSCI Russia index vs. MSCI South Africa 50 companies, MSCI India 73 companies, MSCI Brazil 78 companies, MSCI South Korea 105 companies and MSCI China 143 companies. Russia looks kind of small here.

Trends on the Russian M&A Market: Theory vs. Practice

  • 22 May 12
  • Troika Dialog

The start of 2012 was pretty gloomy for M&A bankers; 2011 had just finished on a very uncertain note, and politicians in Europe were unable to plug the stream of bad news about the European crisis. And although it was not nearly as gloomy as the start of 2009, expectations for M&A bankers in 2012 were quite low and representative of the overall mood on the market as both market and M&A volumes have historically been pretty correlated elsewhere in the world. Not in Russia, however, as M&A volumes remain, high here and seemed little effected by the market prices, as there a set of deals for any set market conditions.

History of Russia's IPOs as Reflected in the MSCI Russia Index

  • 03 April 12
  • Troika Dialog
Russia's stock market evolution is difficult, but the progress is unpreventable. It is reflected in the changing composition of Russia's benchmark MSCI Standard index, which spans 90 percent of Russia's market cap. MSCI Standard is the index that serves as a benchmark for almost all of Russia's institutional investors. Investors invest in stock of MSCI Russia, and their game is to underweight or overweight certain stocks that they feel have more potential or less potential, to achieve better returns than the benchmark itself.

Alchemists Sought PhilosopherТs Stone, Investors Prefer PhilosopherТs Gas

  • 20 July 10
  • Renaissance Capital
The stock market is all about information. Information and news are intangible things, like gases, in the air or space around us, mixing with other gases, changing their pressure and spread. Therefore, I posit that you need to know the laws that govern gases to invest successfully.

The Last Convergence Attempt Ц State Firms Must Focus on Profit and Dividends

  • 27 April 10
  • Renaissance Capital
Russia was on a straight course to liberalization of its property, when in the middle of the road it realized that property liberalization should be delayed and for a while Russia should stick to state-owned corporations.

AvtoVAZ Ч an Ongoing Problem

  • 06 October 09
  • Renaissance Capital
Built in 1970 under Prime Minister Kosygin, AvtoVAZ played a major part in the collapse of the Soviet Union and is still a problem.

Small Business Vanishes

  • 04 August 09
  • Renaissance Capital
There are all kinds of small business owners in Russia. Some of them operate clubs and restaurants, some run Western-style advertisement, IT or legal consulting businesses, some are fixing teeth or noses, some are building homes, some repair cars, some grow tomatoes and wheat and many operate retail shops selling food, clothing, cars, antiques, or detergent. Some even sell bizarre things on local commuter trains.

The Future Landscape of the Russian Stock Market

  • 05 May 09
  • Vice president, strategy researchRenaissance Capital
The crisis will fade away one day. On that day, companies will start forecasting year-on-year earnings growth instead of growing declines.

Will Fast Russian Companies Ever Emerge?

In 1999, we saw the economy strongly shifting away from oil and gas toward industrial and service sectors.