Мосбиржа: ЧПД преподнес позитивный сюрприз, но неприятно удивило разовое создание резервов

В пятницу Московская биржа (MOEX RX – без рекомендации) представила отчетность за 1 кв. 2018 г. по МСФО и провела телеконференцию. Скорректированная EBITDA оказалась на 4% выше консенсус-прогноза, а чистая прибыль – на 11% ниже из-за разового создания резервов на 856 млн руб. вследствие дефолта одного из участников денежного рынка, у которого не хватило обеспечения для покрытия всей позиции в результате технической ошибки. По словам менеджмента, возможность повторения этой ошибки была исключена. Резервы созданы полностью, и руководство не исключило их частичного восстановления во 2–3 кв., но не дало количественной оценки.

ЧПД перешел от квартального падения к росту. Позитивный сюрприз преподнес чистый процентный доход (на 9% выше ожиданий рынка) – его падение год к году замедлилось до 5% с 20–30% в предыдущие кварталы, а квартал к кварталу ЧПД вырос на 14%. В частности, биржа зафиксировала прибыль от погашения части портфеля бондов, также увеличились остатки на клиентских счетах (среднедневной инвестпортфель прибавил 10% за квартал) и долларовые ставки. Общая эффективная доходность осталась на уровне 4 кв. (2,6%). Комиссионный доход почти совпал с прогнозами, только валютный сегмент и деривативы не выросли год к году, что среди прочего объясняется снижением волатильности на валютном рынке. Кроме того, в производных инструментах и на денежном рынке произошло перераспределение торговых объемов в пользу продуктов с более высокими комиссиями.

Прогноз по росту расходов остался прежним, несмотря на ослабление рубля. Расходы увеличились на 8% год к году, что укладывается в рамки годового прогноза (7–9%). Менеджмент оставил его без изменений, ссылаясь в том числе на заложенный в годовой бюджет курс 64–65 руб./долл. При этом с поправкой на изменения в методологии расчета амортизации расходы выросли всего на 5% год к году.

Также руководство перечислило ряд успехов по новым продуктам и услугам биржи с начала года. Так, количество пулов для клиринговых сертификатов участия выросло с двух до четырех (а среднедневной оборот с КСУ увеличился на 67% за квартал), было запущено два новых ETF, появилась новая валютная пара (лира–рубль), продолжило расти количество счетов физлиц, была введена система индикативных котировок на срочном рынке для стимулирования торговли низколиквидными инструментами.

В конце мая начнется новая фаза в проекте единого пула обеспечения, доля комиссионного дохода от счетов с единым пулом в 1 кв. выросла до 2,4% с менее 0,5% в 4 кв., на середину мая средняя трехмесячная доля составляла уже 3,7%, что пока свидетельствует об успешном внедрении проекта.

Мы в целом рассматриваем отчетность как позитивную для котировок, несмотря на разовое создание резервов.

Источник: 1prime.ru

138 комментариев

Hey there would you mind sharing which blog platform you’re using?
I’m planning to start my own blog in the near future but I’m having a tough time
selecting between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your layout seems different then most
blogs and I’m looking for something completely unique.
P.S Sorry for being off-topic but I had to ask!

Very good site you have here but I was curious about if you knew of any user discussion forums
that cover the same topics discussed in this article?
I’d really love to be a part of group where I can get suggestions from other knowledgeable
individuals that share the same interest. If you have any suggestions, please let me know.
Many thanks!

Hey I know this is off topic but I was wondering if you knew
of any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this for quite
some time and was hoping maybe you would have some experience with something like this.
Please let me know if you run into anything. I truly
enjoy reading your blog and I look forward to your new updates.

Hey there would you mind sharing which blog platform you’re using?
I’m looking to start my own blog in the near future but
I’m having a tough time making a decision between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely unique.
P.S My apologies for being off-topic but I had to ask!

Hi! Quick question that’s completely off topic. Do you know
how to make your site mobile friendly? My blog looks weird when viewing from
my iphone. I’m trying to find a theme or plugin that might be able to resolve this issue.
If you have any suggestions, please share. With thanks!

Today, I went to the beach with my children. I found a sea shell and gave it to
my 4 year old daughter and said «You can hear the ocean if you put this to your ear.» She put the
shell to her ear and screamed. There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is entirely off topic but I
had to tell someone!

Definitely imagine that which you stated. Your favourite reason appeared to
be at the internet the simplest factor to take note of.
I say to you, I certainly get annoyed whilst other people consider worries that they plainly do not know about.
You controlled to hit the nail upon the top as neatly as outlined out the entire
thing without having side-effects , other folks could
take a signal. Will probably be again to get more.
Thank you

Simply desire to say your article is as astounding.

The clarity in your post is just cool and i can assume you’re an expert
on this subject. Well with your permission allow me to grab your feed
to keep up to date with forthcoming post. Thanks a million and please continue
the rewarding work.

Attractive component of content. I simply stumbled upon your weblog and in accession capital to claim that I acquire actually
enjoyed account your blog posts. Any way I’ll be
subscribing for your augment or even I fulfillment you get entry to constantly rapidly.

I have been exploring for a bit for any high quality articles or blog posts
on this sort of area . Exploring in Yahoo I finally stumbled upon this
site. Studying this info So i am satisfied to convey that I have a very
good uncanny feeling I discovered exactly what I needed.
I so much no doubt will make certain to do not
forget this site and provides it a look regularly.

Definitely believe that which you stated. Your favorite justification seemed to be on the web the simplest thing to be
aware of. I say to you, I certainly get annoyed while people
think about worries that they just do not know
about. You managed to hit the nail upon the top
and also defined out the whole thing without having side-effects ,
people can take a signal. Will likely be back
to get more. Thanks

Hello! This is kind of off topic but I need some help from an established blog.
Is it hard to set up your own blog? I’m not very techincal but I can figure things out pretty
fast. I’m thinking about making my own but I’m not sure where to begin. Do you have any ideas
or suggestions? Thank you

I’ve been exploring for a little for any high-quality articles or blog posts on this kind
of space . Exploring in Yahoo I ultimately stumbled upon this site.
Studying this information So i’m glad to show that I’ve an incredibly excellent uncanny feeling I came upon exactly what I needed.
I so much indubitably will make sure to do not forget this website and provides it a glance regularly.

Simply wish to say your article is as astounding.
The clarity to your publish is just great and that
i could assume you are knowledgeable in this subject.
Well with your permission allow me to grasp your feed to stay up to date with imminent post.

Thank you 1,000,000 and please carry on the gratifying work.

Hello would you mind stating which blog platform you’re working with?
I’m planning to start my own blog in the near future but I’m
having a tough time selecting between BlogEngine/Wordpress/B2evolution and Drupal.
The reason I ask is because your design and style seems different then most blogs and
I’m looking for something unique.
P.S Sorry for being off-topic but I had to ask!

Definitely believe that that you stated. Your favourite
reason seemed to be on the net the easiest thing to consider of.
I say to you, I certainly get irked whilst other people think about issues that
they plainly don’t realize about. You controlled to hit the nail
upon the top and also defined out the entire thing with no need side effect ,
other people can take a signal. Will likely be again to get more.

Thanks

I don’t know whether it’s just me or if perhaps everybody else encountering problems with
your website. It appears as though some of the written text within your content are running off the screen.
Can somebody else please provide feedback and let me know if this is happening to them as well?
This could be a issue with my browser because I’ve had this happen previously.

Kudos

You’re so cool! I don’t think I’ve truly read through a single thing like that before.
So great to discover someone with a few genuine thoughts on this issue.
Really.. many thanks for starting this up. This web site is one thing that is needed on the
internet, someone with a bit of originality!

Today, I went to the beachfront with my children. I found a sea shell and gave
it to my 4 year old daughter and said «You can hear the ocean if you put this to your ear.» She put the
shell to her ear and screamed. There was a hermit crab
inside and it pinched her ear. She never wants to go
back! LoL I know this is totally off topic but I had to tell someone!

Hello there, I found your website via Google while
looking for a similar topic, your site came up, it appears to be like great.
I’ve bookmarked it in my google bookmarks.
Hi there, simply changed into alert to your blog through Google, and located
that it’s truly informative. I am gonna be careful for brussels.
I’ll be grateful for those who continue this in future. Numerous
folks will be benefited out of your writing. Cheers!

I have been exploring for a little for any high quality articles or blog
posts on this kind of area . Exploring in Yahoo I finally stumbled upon this web site.

Studying this info So i’m glad to convey that I have a
very excellent uncanny feeling I found out just what I needed.
I so much indisputably will make sure to do not fail
to remember this website and give it a look on a relentless basis.

I was wondering if you ever thought of changing the page layout of your website?
Its very well written; I love what youve
got to say. But maybe you could a little more in the way of content so people could connect
with it better. Youve got an awful lot of text for only having one or two images.
Maybe you could space it out better?

I do not know if it’s just me or if everybody else experiencing
issues with your website. It looks like some of the text within your content are running
off the screen. Can somebody else please comment and let me know if this is happening to them as well?

This may be a problem with my internet browser because I’ve had this happen before.
Many thanks

Hi excellent blog! Does running a blog similar to this require a great deal of work?
I have no knowledge of computer programming however I was
hoping to start my own blog in the near future.
Anyhow, should you have any recommendations or tips for new blog owners please share.
I know this is off subject nevertheless I simply had to
ask. Thanks a lot!

Добавить комментарий