The fund's pension savings were left without UWC shares

Exchange rate dynamics for all time

Shares of NPK UWC have been issued since 2015 and are traded on the MICEX. The share price changed abruptly from the minimum value of 354.2 rubles. to a maximum of 817.50 rubles, the range was 103%.

I will look at the history of stock quotes on the MICEX from 2015 to 2021 in the table.

When purchasing securities of an issuer on the MICEX, you must remember about all sorts of risks. Information about them is published in the public domain in the organization’s quarterly reports. At the same time, forecasts for the activities of RPC UWC, voiced by analysts, do not always correspond to actual results in the future; it is unwise to blindly rely on them.

About company

United Carriage Company is a large railway holding company and a trade union leader in the car-building industry. The organization is engaged in the manufacture of cars and tanks of the latest generation, and conducts engineering research in the field of rolling stock production. In addition, NPK UWC is engaged in transportation and maintenance services. The products are sold and leased for long-term.

Production of the company

The company's products include cars, tanks, hoppers, as well as some elements of rolling stock developed using innovative technologies. The manufactured devices meet modern requirements, withstand higher axle loads, and the tanks allow for the safe transportation of toxic substances.

Main shareholders

The largest shareholders of NPK UWC:

• JSC Concern Uralvagonzavod owns 9.33% of shares
• Otkritie Holding JSC – 7.94%
• LLC "UK "Sever Asset Management" - 17.93%
• Manager Consulting LLC – 24.29%
• JSC IQG Asset Management D.U - 5.66% of the share of the authorized capital.

Other smaller shareholders of the issuer own 34.75% of all shares traded on the MICEX.

Key figure and her role

R.A. Savushkin – General Director of NPK UWC from 2012 to 2018. He considered his goal to be world leadership in the production of special cars. It was these products that the director considered promising and was looking for new markets for them. The director named the production of not only standard trailers, but also tanks for chemicals and special cars as priority areas of activity.

In December 2021, T. Khryapov took his place. He continues to work to increase the investment significance of the enterprise, strives to find new investors, expands sales markets, increases the share of production of technically improved products, and continues cooperation with the MICEX.

Keeping pace with technical progress and even getting ahead of it means providing the organization with a high chance of remaining in a leading position in the domestic market in the future.

Affiliated companies

The railway holding, managed by NPK UWC, includes:

• Tikhvin Carriage Works
• JSC TikhvinSpetsMash
• SPC "Spring"
• UNICON 1520 – transport company
• RAIL 1520 – association of leasing organizations
• TSZ "Titan Express" is a car repair association.

The society also includes a research center, which is responsible for research and innovation.

Company plans for the future

The scientific and technical policy of RPC UWC is focused on the development of new market segments, the introduction of innovative technologies, and joint work with the MICEX.

The holding aims to further improve its products, which will significantly reduce the cost of transporting goods, increase the efficiency of their work and increase the real profit of the enterprise.

Dividend statistics

NPK UWC has never paid dividends: all income is directed to the development of the young enterprise. Shares of NPK UWC have been traded on the MICEX since the spring of 2015.

Interesting facts about the company

NPK UWC is the largest company among competitors in the Russian market, its share is 45.6%. This means that almost half of the cars produced in Russia belong to the United Carriage Company.

Special cars produced by NPK UWC have more advantageous technical characteristics:

• mileage without major repairs is 18 years
• the mileage until the first depot repair is 6 years
• until subsequent depot repairs – 4 years.

Each indicator is two years higher than that of its closest competitors.

The association produces innovative cars with increased axle loads, which have a discount on mileage without cargo.

The park of NPK UWC is the youngest. The bulk of the cars produced are leased, and upon their return, each technical unit is replaced with a new one.

Algorithmic traders raised the company’s capitalization to help NPFs

The price of shares of the United Carriage Company (UWC) has increased 1.6 times over the past three days, exceeding 640 rubles. More than half of the company's shares belong to non-state pension funds (NPF). However, after the withdrawal of these securities from the Moscow Exchange index, the funds were faced with the need to sell them. It is extremely difficult to find buyers for these assets in such a volume. However, at the current rate of growth in share prices, they can return to the index, and at the same time improve the results of risky non-state pension funds.

UWC's capitalization has been growing at a rapid pace for three days in a row. On Thursday, transactions with shares were concluded at 748 rubles, 1.9 times higher than the price of transactions on Monday. At the close of trading, the price of shares was 641 rubles, having risen by 60% since the beginning of the week. The company's capitalization approached 75 billion rubles.

ICT Group of Alexander Nesis launched its OVK

listed on the stock exchange in April 2015. Since then, the composition of shareholders in the company has changed significantly, and now more than half of it belongs to non-state pension funds. , which manages the pension savings of NPF Otkrytie, owns 24.3% of UWC shares, and another 19% belongs to Management Company Sever EM, which manages the pension savings of NPF Future. 10.4% of the shares are owned by NPF Safmar and NPF Doverie (through managers and Investment Management).

For two years after the IPO, the share price almost never fell below the offering price - 700 rubles. A steady decline in the company's capitalization began in May last year, and by the end of December it reached 400 rubles, having decreased by almost half. As a result, the securities were excluded from the Moscow Exchange index, since the value of publicly traded securities fell below 0.2% of the index's capitalization.

The drop out of the stock from the index, in accordance with the rules for investing pension savings, placed these securities under additional restrictions on being in the portfolios of non-state pension funds formed using funds accumulated within the framework of compulsory pension insurance (OPI). In particular, the total value of such shares, along with a number of other high-risk assets, from July 1 should be less than 10% of the investment portfolio of pension savings. For many non-state pension funds that were previously seen investing in the same assets, this restriction is very difficult, points out an interlocutor from one of the management companies. However, they have almost six months to correct the discrepancy (until July 1).

Why did the Safmar group fail to sell its own shares worth 4.4 billion rubles to UWC through the court?

However, the situation with UWC shares is complicated by the fact that they are illiquid and it is difficult to find a buyer for them. Alexander Tsyganov, Chairman of the Board of Directors of IQG Asset Management, told Kommersant about this back in May last year. “Today there is no liquidity in the amount required for funds for UWC shares,” confirms Karina Artemyeva, head of the NRA’s financial ratings department. The opportunity not to get rid of UWC shares would be provided by the return of the paper to the Moscow Exchange index. However, for this, the share price, according to Kommersant’s estimates, must exceed 830 rubles. At the current pace, this is a matter of one day. “Of course, returning OVK securities to the index and turning off the July 1 trigger will make life much easier for those funds that currently own its securities,” says Ms. Artemyeva. According to her, the growth of the company's shares will also have a positive impact on the paper profitability of non-state pension funds, which have large blocks of shares in the car manufacturer.

At the same time, the regulator drew attention to the sharp increase in UWC stock prices. As noted by the Central Bank, high activity in the increased trading volumes of UWC shares is observed from participants using algorithmic trading systems. “When there is a sharp change in stock prices or trading volumes, we analyze the situation to determine whether there are signs of manipulation and insider trading,” explained the Bank of Russia.

NPF Safmar and Doverie stated that they will continue to resolve the issue of repurchasing part of their UWC shares through the courts (see Kommersant of June 1, 2021 for more details). NPF Otkritie, UWC, and the Moscow Exchange declined to comment. NPF Future did not respond to Kommersant’s request.

Ilya Usov

Where and how to buy shares today

I will consider different ways to purchase shares, because purchasing through the MICEX or another exchange can cause difficulties.

Through a Russian broker

The brokerage organization through which shares can be purchased is appointed by NPK UWC before trading. Among the appointed brokers are Otkritie Broker and Finam. These organizations charge low commission fees, offer convenient terminals, a variety of trading tools, and are the most reliable among competitors.

Dividend tax depends on the chosen tariff. Registration is online for everyone. Both brokerages offer training courses for beginners.

Reliable Russian brokers

Via bank

Sale of shares is a common activity of banks, although not their main activity. Large banks - Sberbank, VTB, Alfa Bank - have the right to act as a broker, sell shares, open brokerage accounts on the MICEX for both legal entities and individuals.

Directly from a company, individual or firm

Anyone can purchase securities from the issuing organization. This requires a personal visit to the issuing company. This purchase option is rarely chosen.

Shares are also bought from private individuals, but this type of sale is not provided for by law and is associated with a certain amount of risk. Therefore, in order to protect yourself from scammers, it is safer to purchase shares through banks or official brokers on the MICEX.

The Russian stock market began to decline

MOSCOW, April 27 — PRIME. The Russian stock market is declining on Tuesday afternoon after another update to the historical maximum for the Moscow Exchange index, as follows from trading data.

The expert predicts an increase in Sberbank shares to 350 rubles

By 16.30 Moscow time, the Moscow Exchange ruble index decreased by 0.32%, to 3599.52 points, the RTS index - by 0.41%, to 1513.08 points. Earlier, the Moscow Exchange index updated its historical maximum, rising to 3627.91 points, the RTS index rose to 1525.61 points.

The dollar exchange rate for “tomorrow” settlements at 16.30 Moscow time decreased by 4 kopecks, to 74.93 rubles, the euro exchange rate - by 12 kopecks, to 90.53 rubles.

July futures for Brent crude oil increased by 0.97% to $65.66 per barrel.

“At the start of the session, the Russian market was under pressure from a moderate deterioration in the external background. But then global exchanges and oil prices made a leap upward, giving us an upward impulse,” notes Dmitry Babin from BCS World of Investments.

As a result, the Moscow Exchange index again rewrote its historical peak, demonstrating more confident growth due to the weakening of the ruble, the RTS index symbolically updated its monthly maximum, the analyst points out.

On Tuesday, domestic indices showed positive dynamics in the first half of the session, despite the ambiguous external and internal information background, says Alexey Kalachev from Finam Group of Companies.

However, shares of metallurgists became market outsiders from the opening of trading after it became known in the morning that the Federal Antimonopoly Service had opened cases against Severstal, MMK and NLMK due to monopolistic high prices for flat steel, Kalachev explains.

LEADERS OF GROWTH AND FALL

Among the favorites of trading in the first half of the day were securities of the Moscow Exchange, which grew by more than 2.5%.

Securities of Russian companies are traded in London without any dynamics

“There have been no special corporate news that would justify such an acceleration of Moscow Exchange shares today,” notes Vasily Karpunin from BCS World of Investments. Among the immediate key events for the company, the analyst noted the publication of financial statements for the first quarter of 2021. According to Karpunin, the overall fundamental assessment of the securities is now close to fair.

Headhunter shares grew by 2.7%, Yandex – by 1.2%, Mail.ru – by 0.6%, notes Leonid Delitsyn from Finam Group of Companies. Yandex shares have risen in price as the company's reporting approaches, and strong results are expected, the analyst notes.

In addition, depositary receipts of X5 Retail Group are growing amid the publication of IFRS reports for the first quarter of 2021. To date, the company's receipts add 0.46%.

Among the leaders of the day are also Ozon receipts (+2.02%) and shares of Detsky Mir (+1.92%), Sberbank (+1.23% and +1.15% “prefs”), RBC (+1 .01%).

The Moscow Exchange lowered the price corridor and the range of assessment of market risks for MMK shares. The company's securities fall by 6.26%, to 64.91 rubles.

MMK shares are declining on Tuesday due to corporate news, notes Alexey Pavlov from Otkritie Broker. “Firstly, last night it became known that Mintha Holding Limited, representing the interests of the main owner of MMK Viktor Rashnikov, is selling 3% of the company’s shares in the format of accelerated formation of an order book,” he says.

In this format, a transaction traditionally takes place at a discount to the market, which immediately creates pressure on quotes, the analyst notes.

Secondly, the decision of the FAS to initiate a case in the flat-rolled market against MMK, Severstal and NLMK only accelerated this downward movement, Pavlov believes.

Also in the red were shares of WTC (-5.87% and -11.93% of preferred shares), shares of Severstal (-3.59%), Alrosa (-3.54%), NLMK (-3 .16%), Rusala (-2.62%), UWC (-2.54%), TMK (-2.29%), Polymetal (-1.89%), RusHydro (-1. 74%), Mechel (-1.67% and -1.59% preferred shares), LSR Group of Companies (-1.28%), Samolet Group of Companies (-1.06%).

FORECASTS

The nearest resistance for the Moscow Exchange index is at the “round” level of 3700 points, for the RTS index at around 1525 points - slightly above the monthly peak, Dmitry Babin from BCS World of Investments assesses the prospects. To overcome these technical obstacles, a more sustainable upward trend in global markets and oil is needed, he believes.

Moscow Exchange lowered the price corridor for MMK shares

During the day, investors will evaluate corporate news and macroeconomic signals, believes Elena Kozhukhova from Veles Capital Investment Company. At least until Wednesday, when there may be news from the EU about new sanctions against the Russian Federation, a moderately optimistic short-term mood may well remain on the domestic market, Kozhukhova predicts.

Alfa Bank's John Walsh expects the Russian stock market to remain subdued on Tuesday as investors continue to weigh the pace of economic recovery and strong corporate sector earnings on the one hand, and rising COVID cases in many countries, including India and Brazil. with another.

“Rising oil prices will support shares of oil and gas companies, while an increase in the key interest rate and the strengthening of the ruble will support securities of the banking sector,” says Walsh. Shares of mining and metallurgical companies are under pressure, he emphasizes. The analyst expects further growth in shares of the technology sector against the backdrop of strong financial statements from companies.

What affects the stock price

The company is influenced by more or less significant economic events in the country and the world, the intra-industry situation, as well as the performance of the organization. As for RPC UWC, the stability, sustainability, and positive dynamics of the company’s financial statements play a decisive role and give confidence that the value of the shares will remain high.

Company prospects

The Russian railcar building industry needs a significant number of innovative railcars of the latest generation. The old park, according to experts, should be decommissioned no later than 2022. This means that a dynamically developing holding has long-term development prospects.

The products produced are in demand not only in the Russian Federation, but also abroad. The holding's long-term plans include the issue of entering foreign markets.

Analytics and forecast for the security

Year after year, the railway holding increases its production volume. The average increase per year is about 20%. The enterprise fulfills and exceeds its plans for the production of wagons. This is due to the constantly growing demand for products, as well as their advantages over competitors’ analogues.

RPC UWC actively enters into agreements with Russian and foreign carriers for the leasing and sale of railcars. In addition, the holding intends to increase the number of service centers for servicing wagons and tanks, the total number of which in December 2021 was 66 points.

The introduction of high-tech technologies, close cooperation with the MICEX, the attraction of high-level specialists, the expansion of the line of special cars produced and their modifications, the desire to create a more efficient and economical product - I believe that all these are prerequisites for the positive dynamics of the organization's development.

Alternative in this industry

The United Carriage Company occupies a significant percentage (45.6%) of the Russian market. The most likely competitors of the holding:

• Uralvagonzavod – its share in the Russian market is 12.4%
• – 11,9 %
• Metal structures plant – 9.3%.