Jpmorgan Russian Securit... Dividends - JRS

Jpmorgan Russian Securit... Dividends - JRS

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Jpmorgan Russian Securities Plc JRS London Ordinary Share GB0032164732 ORD 1P
  Price Change Price Change % Stock Price Last Trade
6.00 0.92% 658.00 16:35:10
Open Price Low Price High Price Close Price Previous Close
654.00 654.00 654.00 658.00 652.00
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Jpmorgan Russian Securit... JRS Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

loganair: David Stevenson - I also think that Russia could be a relative star in 2021 (though I also thought that in 2020, wrongly) largely because its government has more financial firepower to spur growth, especially if energy prices start to tick up. Yields of more than 5% are worth grabbing too. JPMorgan Russian Securities (LSE: JRS) may thus be worth a look.
loganair: hs - It seems to me most Private Retail Investors are too fearful about investing in Russia whereas for me, investing in Russian stocks, not just JRS, other Russian stocks quoted on the LSE have been one of my best investments over the past 20 years with the icing on the cake being a very good dividend yield on my original investment in JRS.
loganair: The Board of JPMorgan Russian Securities plc announces that it has declared an interim dividend of 25.00 pence per share, for the year ending 31(st) October 2020, to be paid on 30(th) October 2020 to shareholders on the register at the close of business on 2(nd) October 2020. The ex-dividend date is 1(st) October 2020.
loganair: In a major strategy shift, Sberbank (JRS 3rd Largest Investment), the most popular Russian lender, wants to build its own ecosystem going far beyond the world of finance and to be known not just as a bank, but also as a tech company. During its first major online event, which was held on Thursday, Sberbank – now rebranded as Sber – presented a range of services and gadgets signaling it wants to go deeper into the tech sector. For example, the bank presented a family of “emotionalR21; virtual assistants, called ‘Salute’, which will be incorporated into all of Sberbank’s devices and mobile apps. “We are the first and the only bank in the world which started to produce a smart device,” Sberbank CEO Herman Gref said. He noted that in order to become a company that can develop tech products, it had to go through a massive “transformation” that took five years. There are three assistants in the Salute family, called Sber, Joy, and Athena. Unlike Apple’s Siri or Amazon’s Alexa, the company is betting on the “emotionalR21; features of the virtual assistants, as each has its own “temper,”; allowing users to choose the one they find most suitable. In addition to a logo change and new financial service features, like SberPay (an alternative to ApplePay and GooglePay), Sber also presented a TV streaming box called SberBox and a smart speaker called SberPortal. Both devices give access to a wide range of Sber services, while SberPortal, featuring gesture and voice recognition, will allow users to control other devices in the house. In another step towards joining the Big Tech pantheon, Sber also launched a SmartMarket platform. The service is somewhat similar to App Store and Google Play, and will allow additional features for virtual assistants to enable businesses and entrepreneurs to produce their own apps. Russian airline S7 already has access to the platform and announced that it will create its own app on it. The lender wants to boost revenues from the fast-growing non-financial sector by 20 to 30 percent, according to officials. This year, these services are expected to bring the bank around 70 billion rubles ($911 million), accounting for around five percent of all its operational revenues.
loganair: Russia ramps up natural gas delivery to China via Power of Siberia mega pipeline: Agreement on gas supplies via the Power of Siberia pipeline was reached in 2014, with Russia’s energy giant Gazprom (JRS Largest Investment) and the China National Petroleum Corporation (CNPC) inking a 30-year contract. It is Gazprom’s biggest-ever agreement and the first natural gas pipeline between Russia and China. The Russian company plans to start with deliveries of 10 million cubic meters a day and aims to reach peak capacity by 2025. Gazprom plans to export five billion cubic meters of gas to China this year, 10 billion in 2021 and 15 billion in 2022. Gas consumption in China, Asia’s biggest economy, has surged in recent years as the government pressures homes and factories to use it instead of coal to combat air pollution. Gazprom intends to become China’s biggest supplier, making up more than 25 percent of gas imports by 2035 as demand for natural gas grows.
loganair: I've been hearing more and more that the much of the electricity for all the new EV's that will be coming along over the next 25 years will be coming from Gas generated electricity which will be positive for the likes of Gazprom (JRS Largest Investment.)
loganair: An ordinary dividend of 10.00p per share (2018: 6.0p per share) will be paid on 13th March 2020 to shareholders on the register at the close of business on 7th February 2020. The ex-dividend date is 6th February 2020.
loganair: The Russian stock market has delivered the biggest returns to investors around the world this year. Global rate cuts and increased dividend payouts have been driving investor interest in Russia. The MSCI Russia Index which tracks the 23 largest Russian publicly-listed companies has surged 44 percent since the start of the year, according to Sberbank analyst Cole Akeson. That is almost four times the returns of the MSCI Emerging Markets Index which includes Russian stocks and companies listed in 23 other developing economies such as China, Brazil, Mexico and India, the analyst told business news outlet RBC. The stock market’s current surge has been driven by higher global risk appetite and a search for higher-paying assets amid interest rate cuts, said Mikhail Ganelin, senior analyst at Aton. He explained that it has benefited Russian stocks, which are seen as riskier and have lower levels of liquidity. Russian companies increased their dividend payouts in 2019, which was one of the reasons of the MSCI index’s growth. The dividend yield on the Russian market is among the highest in the world at 6.7 percent, compared to just two percent on the S&P 500. Last week, the MOEX Russia Index set a new record high, passing 3,000 points for the first time in its history. The index comprised of shares of more than 50 major Russian companies, including Sberbank, Gazprom and Rosneft, has risen by more than 30 percent over the last 12 months.
loganair: The Gazprom (JRS Largest Holding) has performed extremely well over 2019 (up about 45% by mid-August). The company’s net income was up 44% year-on-year over the first quarter of 2019, on account of higher gas prices having a greater impact than the decline in gas export volumes. Gazprom has increased its dividend to a record level over 2019 and has said it will base future pay-out calculations on a more transparent approach, based on financial performance. Its CEO, Alexey Miller, has been actively re-shuffling senior management and the company has been revising up estimates. Looking ahead, JRS expects energy prices to remain around current levels with possible upside. This would support their holding in Gazprom and most of the other energy holdings, where a number of stocks are underpinned by high dividend pay-outs and attractive valuations.
loganair: Russia has been among the best-performing equity markets globally, despite being out of favour with international investors. The RTS Index has climbed above its 2014 pre-Crimea levels, before sanctions were imposed. Although economic growth has disappointed in 2019, earnings and dividend pay-out ratios continue to grow. At a trailing price-earnings (P/E) ratio of just 6x, the Russian market remains extremely cheap. JRS’s underlying portfolio has a 7% dividend yield, according to its longstanding manager, Oleg Biryulyov. He adds that the Russian market is showing signs of becoming less sensitive to movements in energy prices. Manager’s view: Russian stocks were among the strongest performers globally over the first half of the year; when QuotedData’s analyst met Oleg in mid-June, he said that only the relatively illiquid Greek market had performed better. The RTS Index has climbed above its pre-Crimea 2014 levels (before sanctions were imposed), though the Index remains well below its pre-2008 level. Oleg says this strong-returns environment has coincided with a period of relatively low interest from foreign investors. Perhaps reflecting a mix of factors, including tempered interest in Russia post 2014 as international investors largely remained on the side-lines, local Russian investors have become bigger participants in the market. The sanctions created an environment where, as prices fell, many fundamentally sound businesses traded at very high dividend yields. Oleg told us that yield on JRS’s portfolio was approaching 7%. Earnings and pay-out ratios continue to grow. This is a major recurring theme – Oleg says that the team are seeing it in almost all company presentations and reports. Economic growth has disappointed in 2019: As important as oil is to Russia, Oleg says that in terms of the stock market, there has been evidence of equities becoming less sensitive to movements in energy prices. Despite the strong leg-up in oil prices at the start of the year (oil prices have since come down), the price level remains lower than a year ago. Over the same period, the rouble has strengthened against the US dollar (it has appreciated by 5.8% over the year-to-date) and the RTS Index has increased by 21.8%. Political relations between Russia and the West have proven to be relatively benign over recent months, as the spotlight has shifted to the US and China’s trade dispute. This has allowed Russian assets to largely move forward relatively unencumbered by events elsewhere. However, at the macroeconomic level, the performance of the economy has disappointed over recent months. Russia only returned to positive economic growth in 2017 and, after an encouraging 2018, real (inflation-adjusted) GDP growth might have been expected to register more than the 0.5% recorded over the first quarter of 2019. An increase in the rate of VAT has dampened spending by households, many of which continue to feel the effects from five successive years of declining real incomes. Deflation in food prices (food accounts for around 40% of most household budgets) has provided some respite to consumers, although, as we discuss later, this continues to be unhelpful to the food retail sector. Employment levels have bounced back strongly since the nadir of early 2016, with data reported by the Federal State Statistics Service showing an unemployment rate of 4.5% for July 2019. The figure was a slight drop from mid-2018, which aligns with the view that the economy has lost some momentum. With inflation at 4.6% in July (low against long-term averages but more than 2% higher than last year), the central bank has some room to trim interest rates to try and restore momentum to the economy – a recent 0.25% cut has reduced the interest rate to 7.25%. It seems plausible that rates are likely to be trimmed by at least another 0.25% before the end of the year. That said, it is unlikely that domestic demand-focused companies will drive returns for JRS over the next 12 months; export-oriented businesses are expected to carry the baton. Russia’s food retailing sector, led by Magnit and X5, was one of, if not the fastest-growing in the world a few years back. Over recent times, Oleg says that the sector has been heavily affected by food price deflation and the declines in real incomes. Oleg says that over the past three years it has been a priority of the government to rebuild foreign reserves, which it has succeeded in doing – they are over $500bn – they were under $400bn two years ago. Oleg also added that for the participation of domestic institutional investors to increase markedly, the equity market needs to evolve beyond a predominant bias to energy-related companies and dividend plays. Structural discount persists: Even accounting for the stock market’s strong recent performance, it remains at a structural discount to most peers. Oleg says that high-dividend yields have effectively acted as price floor for many companies; a lot of fundamentally sound companies have traded at high yields. The trailing price/earnings ratio for the Russian market stands at about 5.5x, is a substantial discount to global equities. Oleg says that Russia’s long-standing structural valuation discount, specifically to many emerging markets, reflects factors such as its concentrated exposure to the oil and gas sector. In his view, Russia has not developed enough consumer-focused companies, particularly in the technology sector. That said, Oleg adds that it is harder to explain the relative ‘cheapnessR17; of the commodities companies. We note that Gazprom trades at a trailing price/earnings ratio of 3.1x, as at 9 September 2019. The discounts applied to the commodities companies could reflect concerns over corporate governance standards and political interference. Investment process: The manager seeks to identify attractively-valued companies with sustainable above-average returns. The investment approach for JRS is based on JPMorgan’s emerging market investment process. JPMAM’s global team is responsible for producing a macroeconomic outlook for each country and region. JPMAM also has a large team of researchers that is looking at companies on a sector basis across all regions of emerging markets. Over 20 of the team are involved in research on Europe, the Middle East and Africa (EMEA) stocks. They help maintain JPMAM’s comprehensive in-house research database. Oleg, in addition to being the lead manager on JRS, is head of EMEA within JPMAM. Oleg visits Russia at least once a year but he also sees many companies when their representatives come to London. He says that accounting accords with international standards and he thinks that corporate governance has improved, in general. JPMAM analysts submit ideas for Oleg’s approval and he has final say over what goes into the portfolio. The analyst reports review each stock in great detail, looking at a range of measures including return on equity (ROE), which they want to be sustainable – this includes an assessment of how capital intensive the business is; cash generation; the strength of the balance sheet; and how sensitive the company is to inflation. They will also examine the durability of the company’s business, corporate governance standards and ESG (environmental, social and corporate governance) attributes. Oleg wants to hold companies that look attractive across a range of factors. Returns are derived from earnings growth and dividends, which are within the control of the company, and valuation multiple changes and currency moves, which come from changes in market sentiment. JPMAM prefers companies that it believes can benefit from each of these. Stocks are assessed for inclusion within the portfolio on the basis of predicted returns. The predicted return is derived from a predicted exit price/earnings ratio and an internal forecast of returns over the next five years (returns are expected to normalise after year three). Oleg breaks down the portfolio into ‘trading’; stocks that he will move in and out of on valuation grounds, ‘quality’; stocks that will form the core of the portfolio as long-term holdings, and ‘premium’; stocks – the crème de la crème. Turnover works out to about 25% to 35% per annum.
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