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May 5, 2015

We expect stocks to underperform the broader market in May

We expect automotive stocks to underperform the broader market in May. We do not expect important corporate events in May, while market conditions remain weak, suggesting still significant sales decline over the April-May period.

According to our estimates, no automotive company will pay dividends for 2014, suggesting low investment attractiveness for these names over the dividend record dates period from late April to early July.

Although we would prefer AvtoVAZ shares to other automotive names in May due to Lada sales outperformance, we anticipate that investors demand would be low and therefore we anticipate that share price performance as well.

Sector: Automotive