PineBridge Says Buy Russian Real Estate to Retailers - Bloomberg

PineBridge Says Buy Russian Real Estate to Retailers - Bloomberg:

"PineBridge Investment LLC and OAO Sberbank are recommending investors buy Russian real-estate companies and retailers on prospects the industries will benefit from rising incomes in the world’s biggest country.

Grocer OAO Dixy Group and electronics retailer OAO M.video are PineBridge’s top picks for Russia in 2014, the company said in a report yesterday. Sberbank’s recommendations for 2014 include supermarket operators OAO Magnit and X5 Retail Group NV (FIVE), as well as developer Etalon Group Ltd. (ETLN) The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S fell 0.4 to 98.52 yesterday, led by OAO Mechel.

PineBridge, the money manager controlled by Hong Kong billionaire Richard Li, joins Sberbank and Bank of America Corp. in recommending buying Russian consumer equities amid the cheapest valuations among developing nations. Russian retail sales rose at a faster pace than economists predicted in November as unemployment fell and real wages grew, tempering concerns about slowing economic growth"

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