For a second consecutive year, Moscow-based Julia Gordeyeva captures the third-place flag for Sberbank CIB, reporting on seven regional real estate names. She has been remarkably consistent in her bullish view of the sector, reports one admirer, and particularly insightful in her calls on the PIK Group and AFI Development, arguing well that discounts to net asset value would narrow. Over the next 12 to 24 months, Gordeyeva says, she will continue to push this group, but with a more cautious view. Housing will still be supported in terms of volumes and prices, given demographics, but an oversupply cloud is slowly approaching, she notes. Regarding commercial properties, the researcher believes that rents may be affected by oversupply, particularly in the office space segment, owing to a depreciated Russian ruble and a slowing economy. Gordeyeva is especially bullish on outfits that return money to shareholders through dividends, such as LSR Group, a Russian developer that specializes in residential and commercial real estate and gated communities; and Raven Russia, a property investment company that is based in Guernsey and specializes in commercial properties in Russia. Both companies, having now passed an active growth stage and entered a stable cash flow phase, have started to share profits with shareholders, and we like that given current volatility and uncertainty in the marketplace, she explains.
See also Julia Gordeyeva's profile in the 2013 Emerging Europe, Middle East & Africa Research Team.