Tellimer provides an integrated suite of services focused on the world's developing markets. It offers world class investment research and local insights; end-to-end content distribution and analytics; market execution and corporate access; brokerage services across Fixed Income and Equities; and expert advisory services.

Tellimer is headquartered in London, UK, with additional offices in Dubai, Lagos, Nairobi, New York and Singapore. It is a division of Exotix Partners LLP.

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Ticker Underlying First Report Latest Report
1020 SA0007879055 Bank Al-Jazira 2019/05/22 2019/09/09
1050 SA0007879782 Banque Saudi Fransi 2019/01/16 2019/09/09
1090 SA0007879097 Samba Financial Group 2019/01/16 2019/09/09
1120 SA0007879113 Al Rajhi Banking & Investment Corp 2019/01/16 2019/10/06
1140 SA000A0D9HK3 Bank Albilad 2019/05/23 2019/09/09
1150 SA122050HV19 Alinma Bank 2019/01/16 2019/09/09
117670 KR7117670000 Alpha Holdings 2018/03/20 2018/03/20
11B PL11BTS00015 11 Bit Studios S.A. 2018/02/12 2018/07/26
1796 ZAE000132577 Vodacom Group 2018/05/15 2018/05/15
19EZ BW0000001072 Choppies Enterprises Ltd 2018/05/02 2018/05/02
19PI ZAE000216537 BidCorp Ltd 2018/03/29 2018/07/17
2010 SA0007879121 Saudi Basic Industries Corp 2019/05/20 2019/08/08
4031 SA13R051UVH9 Saudi Ground Services Co 2019/03/26 2019/05/07
4300 SA11U0S23612 Dar Al Arkan Real Estate Development Co. 2018/11/05 2019/07/30
604700 DE0006047004 HeidelbergCement AG, 2018/07/19 2018/07/26
907167 US20440W1053 Companhia Siderurgica Nacional ADS 2018/02/01 2019/08/01
A0LEB0 US6976602077 Pampa Energia SA 2019/10/02 2019/10/02
A0N916 US03524A1088 Anheuser-Busch InBev N.V. ADS 2019/07/08 2019/07/08
A0YECM US31573A1097 Fibria Celulose S.A. ADS 2019/01/16 2019/01/16
A1C8BZ NGDANGCEM008 Dangote Cement PLC 2018/03/22 2018/04/30
A1W2ZZ US38500P2083 Grana y Montero SAA 2018/05/31 2018/05/31
ABL PK0083501012 Allied Bank Ltd. 2018/02/14 2018/04/27
ABUK EGS38191C010 Abu Qir Fertilizers & Chemical Industries 2019/05/27 2019/08/26
ACB VN000000ACB8 Asia Commercial Bank 2019/03/14 2019/08/05
ACCESS NGACCESS0005 Access Bank 2018/03/16 2019/09/06
ACGC EGS32221C011 Arab Cotton Ginning 2019/04/10 2019/10/15
ACPL PK0078501019 Attock Cement Pakistan Ltd. 2018/09/27 2019/04/05
ADCI EGS38321C013 Arab Pharmaceuticals Co. 2019/02/13 2019/09/01
ADIB AEA000801018 Abu Dhabi Islamic Bank 2019/01/17 2019/02/27
AEFES TRAAEFES91A9 Anadolu Efes Biracilik ve Malt Sanayi A.S. 2018/09/07 2018/09/07
AGTL PK0029501019 AL-Ghazi Tractors Ltd. 2018/10/18 2019/08/23
AICL PK0004901010 Adamjee Insurance Co. Ltd. 2018/08/09 2019/04/03
AKBNK TRAAKBNK91N6 Akbank T.A.S. 2018/09/04 2019/10/16
ALBA GB00B06KBB18 Alba Mineral Resources PLC 2018/08/08 2019/10/02
ALBH BH0006000044 Aluminium Bahrain BSC 2018/12/03 2019/02/26
ALBRK TREALBK00011 Albaraka Turk Katilim Bankasi AS 2018/09/04 2019/06/21
ALICORI PEP214005006 Alicorp S.A. I 2018/12/19 2018/12/19
AMER GB0032087826 Amerisur Resources 2018/12/19 2018/12/19
APL PK0082901015 Attock Petroleum 2018/10/02 2019/10/16
APPC EGS38461C017 Advanced Pharmaceutical Packaging Co. 2018/11/08 2019/10/06
ARCLK TRAARCLK91H5 Arcelik A.S. 2018/09/07 2018/09/07
ARMK US03852U1060 Aramark 2018/07/26 2018/07/26
ASA BMG3156P1032 ASA 2018/07/24 2018/07/24
ASAI GB00BDFXHW57 ASA International Group 2018/08/30 2019/09/23
AST VN000000AST6 Taseco Air Services 2018/11/16 2018/11/16
ATLC EGS676N1C015 Al Tawfeek Co For Financial Leasing 2019/02/25 2019/08/07
ATTO LU1102842090 Atento S.A. 2019/02/07 2019/02/07
AXPH EGS38341C011 Alexandria Pharmaceuticals & Chemical Ind 2019/02/13 2019/08/04
AZUL4 BRAZULACNPR4 Azul S.A. 2019/01/16 2019/08/13
BA US0970231058 Boeing Co. 2019/09/27 2019/09/27
BAFL PK0078701015 Bank Alfalah 2018/02/14 2019/10/10
BEEF3 BRBEEFACNOR6 Minerva SA 2019/08/27 2019/08/27
BID AU000000BID8 Bidenergy 2018/07/17 2019/05/27
BKMB OM0000002796 Bank Muscat 2018/04/04 2019/07/29
BLBD US0936881095 BLOM Bank S.A.L. 2018/05/24 2018/05/24
BLR RW000A1H63N6 Brasseries and Limonaderies Du Rwanda 2018/04/24 2018/04/24
BMA. US05961W1053 Banco Macro S.A. ADS 2018/05/14 2018/05/14
BOK RW000A1JCYA5 Bank of Kigali Limited 2018/02/19 2018/02/19
BRACBANK BD0138BRACB9 BRAC Bank Ltd 2018/02/19 2018/05/08
BRFS3 BRBRFSACNOR8 BRF S.A. 2018/03/06 2019/08/28
BRKM5 BRBRKMACNPA4 Braskem S.A. PN 2019/03/11 2019/03/11
BYND US08862E1091 Beyond Meat 2019/06/16 2019/06/16
CAL GH0000000649 CAL Bank Limited 2018/02/26 2019/10/09
CANA EGS60231C015 Suez Canal Bank 2019/01/17 2019/08/07
CAP NGCAP0000009 Cap Plc. 2018/03/27 2018/05/02
CCNN NGCCNN000003 Cement Company of Northern Nigeria PLC 2018/03/27 2018/12/17
CCOLA TRECOLA00011 Coca-Cola Icecek Uretim AS 2018/09/07 2019/08/28
CHCC PK0029801013 Cherat Cement Co. 2018/09/27 2019/09/12
CIB US05968L1026 Bancolombia S.A. ADS 2018/11/29 2018/11/29
CLHO EGS729J1C018 Cleopatra Hospital 2018/12/13 2019/09/10
COMB US20343H1068 Community Bancshares Inc (DEL) 2018/03/02 2018/03/05
COST US22160K1051 Costco Wholesale Corp. 2019/04/07 2019/10/06
CPF TH0101A10Z01 Charoen Pokphand Foods PCL 2019/01/07 2019/09/12
CRDB TZ1996100305 CRDB Bank Ltd 2018/02/26 2018/05/04
CREAL* MX00CR000000 Credito Real S.A.B. de C.V 2018/02/27 2018/04/27
CTG VN000000CTG7 Vietnam Joint-Stock Commercial Bank for Industry & Trade 2018/03/29 2018/08/08
DAMAC AED001301012 Damac Properties Dubai Co 2019/02/06 2019/02/06
DANGSUGAR NGDANSUGAR02 Dangote Sugar Refinery Plc 2018/04/03 2019/04/08
DGATE TREDGTE00010 Datagate Bilgisayar Malzemeleri TAS 2018/07/26 2018/07/26
DLTA FR0013283108 Delta Plus Group 2018/11/09 2018/11/09
DOMTY EGS30031C016 Arabian Food Industries Co DOMTY 2018/12/27 2019/08/20
DUTCHBANGL BD0121DUBBL4 Dutch Bangla Bank 2019/03/12 2019/09/05
E5H MU0117U00026 Golden Agri-Resources Ltd. 2019/09/16 2019/09/16
EABL.O0000 KE0000000216 East African Breweries Ltd 2018/05/10 2018/05/10
EAST US27778Q2049 EastPharma 2018/12/24 2019/09/12
EBL BD0112EBL007 Eastern Bank 2018/01/31 2019/09/05
ECOPETROL COC04PA00016 Ecopetrol SA 2018/01/30 2019/08/15
ECPCY US2973191057 Estacio Participacoes S/A ADS 2018/10/25 2018/10/25
EFIC EGS38381C017 Egyptian Financial & Industrial Co. 2019/08/29 2019/08/29
EFOODS PK0096501017 Engro Foods 2018/04/17 2019/08/06
EGAL EGS3E181C010 Egypt Aluminium Co. 2019/01/28 2019/05/05
EGBE EGS60182C010 Egyptian Gulf Bank 2019/05/28 2019/05/28
EGCH EGS38201C017 Egyptian Chemical Industries 2019/05/27 2019/06/24
EGH GH0000000680 Ecobank Ghana Ltd 2018/02/26 2018/02/26
EGSA EGS48022C015 Egyptian Satellite Co. 2019/03/04 2019/03/04
ENGRO PK0012101017 Engro 2018/07/10 2019/09/16
EOG. CA27887W1005 Eco Atlantic Oil & Gas 2018/10/02 2018/10/02
ETRS EGS42051C010 Egyptian Transport & Commercial Services 2019/04/03 2019/04/03
EXPA EGS60241C014 Export Development Bank of Egypt 2019/01/17 2019/08/29
F34 SG1T56930848 Wilmar International Limited 2018/11/28 2019/08/13
FAIT EGS60321C014 Faisal Islamic Bank Of Egypt 2019/01/17 2019/09/02
FCCL PK0074501013 Fauji Cement 2018/04/17 2019/07/12
FCMB NGFCMB000005 First City Monument Bank Plc 2018/04/05 2019/08/07
FFBL PK0074601011 Fauji Fertilizer Bin Qasim Ltd. 2019/04/08 2019/06/25
FFC PK0053401011 Fauji Fertilizer Co. Ltd. 2018/08/17 2019/10/16
FR US32054K1034 First Industrial Realty Trust Inc. 2019/09/16 2019/09/16
FXPO GB00B1XH2C03 Ferrexpo 2018/12/05 2018/12/05
GARAN TRAGARAN91N1 Turkiye Garanti Bankasi A.S. 2018/09/04 2019/10/16
GD US3695501086 General Dynamics Corp. 2019/09/27 2019/09/27
GENL JE00B55Q3P39 Genel Energy 2019/07/08 2019/08/07
GMD VN000000GMD0 Gemadept 2019/06/03 2019/06/03
GOL US38045R2067 GOL Linhas Aereas Inteligentes S.A. ADS 2018/06/21 2019/08/14
GPH GB00BD2ZT390 Global Ports Holding 2019/09/27 2019/09/27
GSK GB0009252882 GlaxoSmithKline PLC 2019/03/28 2019/03/28
GTYR PK0026201019 General Tyre & Rubber Co of Pakistan 2019/02/17 2019/02/17
GUARANTY NGGUARANTY06 Guaranty Trust Bank PLC 2019/06/25 2019/08/16
GUINNESS NGGUINNESS07 Guinness Nigeria PLC 2018/02/06 2019/08/30
HALKB TRETHAL00019 Turkiye Halk Bankasi AS 2018/09/04 2019/10/16
HBL PK0085101019 Habib Bank 2018/02/08 2019/10/15
HCAR PK0064901017 Honda Atlas Cars (Pakistan) Ltd. 2018/04/03 2018/04/17
HDG VN000000HDG0 Ha Do Group 2018/11/12 2019/05/31
HEIDELBCEM BD0614HBCM08 HEIDELBERG CEM 2019/07/16 2019/07/16
HPG VN000000HPG4 Hoa Phat Group JSC 2019/08/05 2019/09/05
HUBC PK0065001015 Hub Power Co. Ltd. 2018/07/06 2019/09/16
IAM MA0000011488 Itissalat Al Maghrib Ste SA 2018/04/09 2019/03/15
IBAB BE0003766806 Ion Beam Applications S.A. 2019/07/10 2019/07/10
IBTC NGSTANBIC003 Stanbic IBTC Holding Co 2018/03/15 2018/04/24
IDLC BD0111IDLC04 IDLC Finance 2018/12/10 2018/12/10
INDF ID1000057003 Indofood Sukses Makmur 2019/09/16 2019/09/16
INDU US45579J1043 Industrea Acquisition 2018/04/03 2019/09/26
INN FR0000064297 Innelec Multimedia 2018/12/03 2019/03/21
INTBREW NGINTBREW005 International Breweries PLC 2018/04/09 2019/07/09
ISCTR TRAISCTR91N2 Turkiye Is Bankasi A.S. C 2018/11/09 2019/10/16
ISL PK0102001010 International Steels 2019/01/25 2019/10/15
ISLAMIBANK BD0104ISBNK0 Islami Bank 2018/02/19 2019/09/05
JBSS3 BRJBSSACNOR8 JBS S/A Ord 2019/05/15 2019/08/19
JMIA US48138M1053 Jumia Technologies 2019/08/22 2019/10/11
K3SD US0567521085 Baidu Inc. ADS 2018/11/05 2018/11/05
KAPCO PK0083101011 Kot Addu Power 2018/09/05 2019/09/17
KBC VN000000KBC7 Kinhbac City Development Share Holding Corp 2018/11/27 2018/11/27
KCHOL TRAKCHOL91Q8 KOC Holding A.S. 2018/09/07 2019/09/02
KER LU0327357389 Kernel Holding 2018/12/05 2019/10/01
KOHC PK0075001013 Kohat Cement Co. Ltd. 2018/02/28 2018/05/06
LION ID1000135403 Lion Metal Works 2018/11/19 2019/08/19
LMT US5398301094 Lockheed Martin Corp. 2019/09/27 2019/09/27
LUCK PK0071501016 Lucky Cement Ltd. 2018/02/28 2018/04/17
MBB VN000000MBB5 Military Commercial Joint Stock Bank 2019/01/15 2019/10/11
MCB PK0055601014 MCB Bank 2018/02/14 2019/10/10
MCQE EGS3C391C017 MISR Cement - Qena 2019/01/14 2019/05/15
MEBL PK0077401013 Meezan Bank Ltd. 2018/12/26 2019/10/10
MLCF PK0066201010 Maple Leaf Cement Factory Ltd. 2018/02/19 2018/05/06
MRRTY US56656T1051 Marfrig Alimentos S/A ADS 2018/04/03 2018/08/21
MTL PK0009801017 Millat Tractors Ltd. 2018/10/18 2019/09/05
MUGHAL PK0109901014 Mughal Iron & Steel Industries 2018/09/19 2019/09/20
MWG VN000000MWG0 Mobile World Investment 2019/02/22 2019/09/30
NATU3 BRNATUACNOR6 Natura Cosmeticos S.A. Ord 2018/01/24 2018/01/24
NB NGNB00000005 Nigerian Breweries 2018/02/19 2019/09/12
NBK KW0EQ0100010 National Bank of Kuwait S.A.K. 2018/02/08 2019/07/29
NBP PK0078001010 National Bank of Pakistan 2018/02/14 2018/09/12
NCL PK0048001017 Nishat Chunian 2018/11/12 2019/03/21
NCPL PK0098301010 Nishat Chunian Power Ltd. 2018/10/24 2019/04/30
NESTLE PK0025101012 Nestle Milk Pak Ltd. 2018/03/06 2019/09/12
NOC US6668071029 Northrop Grumman Corp. 2019/09/27 2019/09/27
NOG GB00BGP6Q951 Nostrum Oil & Gas 2019/03/11 2019/10/11
NPL PK0094301014 Nishat Power Ltd. 2018/10/22 2019/02/20
OBEROIREAL INE093I01010 Oberoi Realty 2018/07/24 2018/07/24
OBUV RU000A0JXKG3 OR PAO 2019/07/08 2019/07/08
OGDC US67778Q2003 Oil & Gas Development Co Ltd GDR (REG S) 2018/02/20 2019/10/10
OIBRQN US6708514012 OI S A 2018/03/19 2018/08/01
OIH US68555D2062 Orascom Investment Holding SAE 2019/04/07 2019/09/30
ORHD EGS70321C012 Orascom Development Egypt SAE 2018/12/19 2019/08/20
PACH EGS38311C014 Paints & Chemical Industries(Pachin) 2019/03/05 2019/03/05
PBCT US7127041058 People's United Financial 2018/10/25 2018/10/25
PBR.N US71654V4086 Petroleo Brasileiro S/A ADS 2019/01/16 2019/08/05
PETR3 BRPETRACNOR9 Petroleo Brasileiro S/A Ord 2019/01/15 2019/08/05
PNJ VN000000PNJ6 Phu Nhuan Jewelry JSC 2018/11/27 2018/11/27
POG GB0031544546 Petropavlovsk 2018/10/05 2019/07/15
POL PK0023901017 Pakistan Oilfields Ltd. 2018/02/20 2019/10/15
PORT EGS694A1C018 Porto Group Holding SAE 2018/12/19 2018/12/19
PPC VN000000PPC6 PhaLai Thermal Power JSC 2018/10/24 2018/10/24
PPL PK0081801018 Pakistan Petroleum Ltd. 2018/07/27 2019/09/26
PRIMEBANK BD0116PMBNK2 Prime Bank 2018/02/19 2019/09/05
PSMC PK0030501016 Pak Suzuki Motor Co. Ltd. 2018/04/03 2018/04/17
PSO PK0022501016 Pakistan State Oil Co. 2018/08/13 2019/10/02
PVD VN000000PVD2 PetroVietnam Drilling & Well Services JSC 2019/09/24 2019/09/24
PVS VN000000PVS0 PetroVietnam Technical Services 2019/05/24 2019/07/11
PZ NGPZ00000005 PZ Cussons Nigeria PLC 2019/03/29 2019/04/08
QNBA EGS60081C014 Qatar National Bank Alahly 2019/01/17 2019/10/16
QNBFB TRAFINBN91N3 QNB Finansbank A.S 2019/08/01 2019/10/16
RACC EGS74191C015 Raya Contact Center Co 2019/03/04 2019/05/14
REE VN000000REE2 Refrigeration Electrical Engineering Corp. 2019/09/05 2019/09/05
RENATA BD0457RENAT6 Renata Ltd 2019/03/13 2019/09/11
RTN US7551115071 Raytheon Co. 2019/09/27 2019/09/27
SAUD EGS60101C010 Al Baraka Bank Egypt 2019/01/17 2019/08/07
SBU UG0000000386 Stanbic Bank Uganda Ltd 2018/02/21 2018/02/21
SCB NPE033A00008 Standard Chartered Bank Nepal Ltd. 2018/02/26 2018/02/26
SEV FR0010613471 Suez 2018/07/26 2018/07/26
SHEL PK0016701010 Shell Pakistan Ltd. 2018/10/02 2019/08/21
SIBN RU0009062467 Gazprom neft OAO 2019/06/24 2019/06/24
SIM DK0060495240 SimCorp A/S 2019/03/15 2019/03/15
SINGERBD BD0211SINGR7 Singer Bangladesh 2019/03/28 2019/05/16
SMCB ID1000072309 Holcim Indonesia 2018/07/23 2019/01/30
SMRA ID1000092406 Summarecon Agung 2019/10/15 2019/10/15
SNTS SN0000000019 Sonatel 2018/02/21 2018/02/21
SPC TH0035010Z06 Saha Pathanapibul PCL 2018/10/28 2019/04/11
SRWA EGS738I1C018 Sarwa Capital Holding for Financial Investments SAE 2019/08/05 2019/08/05
SUZB3 BRSUZBACNOR0 Suzano Papel e Celulose SA (ON) 2019/01/16 2019/01/16
TBCG GB00BYT18307 TBC Bank Group 2019/06/12 2019/06/12
TBL.O0000 TZ1996100016 Tanzania Breweries 2018/02/26 2018/03/29
TCELL TRATCELL91M1 Turkcell Iletisim Hizmetleri A.S. 2018/09/07 2018/09/07
TCS US87238U2033 TCS Group Holding 2018/08/16 2018/08/16
TPCC TZ1996100024 Tanzania Portland Cement Co 2018/03/29 2018/03/29
TSKB TRATSKBW91N0 Turkiye Sinai Kalkinma Bankasi AS 2018/09/04 2018/11/01
TTKOM TRETTLK00013 Turk Telekomunikasyon AS 2018/09/07 2018/09/07
TUB ES0132945017 Tubacex S.A. 2018/09/03 2019/03/18
TUPRS TRATUPRS91E8 Turkiye Petrol Rafinerileri A.S. 2018/09/07 2018/09/07
UACN NGUACN000006 UAC of Nigeria PLC 2018/04/04 2018/04/04
UBA NGUBA0000001 United Bank for Africa Plc 2019/06/25 2019/09/02
UBL PK0081901016 United Bank 2018/02/08 2019/10/16
UCB BE0003739530 UCB S.A. 2018/02/19 2019/03/12
UNILEVER NGUNILEVER07 Unilever Nigeria PLC 2018/04/03 2019/08/07
VAKBN TREVKFB00019 Turkiye Vakiflar Bankasi (D) 2018/09/04 2019/10/16
VGC VN000000VGC3 Viglacera 2018/11/13 2018/11/13
VRE VN000000VRE6 Vincom Retail 2019/05/15 2019/05/15
VSC VN000000VSC8 Vietnam Container Shipping JSC 2018/12/03 2019/05/24
WAPCO NGWAPCO00002 Lafarge Africa PLC 2018/04/12 2019/07/09
WEMABANK NGWEMABANK07 Wema Bank PLC 2018/06/05 2019/02/25
Y92 TH0902010014 Thai Beverage 2018/10/25 2019/09/13
YEG VN000000YEG3 Yeah1 Group Corp 2019/01/30 2019/05/07
YKBNK TRAYKBNK91N6 Yapi ve Kredi Bankasi A.S. 2018/09/04 2019/10/16

Analysts

  • Stuart Culverhouse

    Chief Economist and Head of Fixed Income Research
  • Vahaj Ahmed

    Equity Research Analyst, Industrials (South Asia)
  • Rafael Elias

    Corporate Credit Analyst, Latin America
  • Hasnain Malik

    Equity Strategy & Head of Equity Research
  • Olabisi Ayodeji

    Equity Research Analyst, Industrials (Africa)
  • Tracy Kivunyu

    Equity Research Analyst, Telecoms
  • Rohit Kumar

    Equity Research Analyst, Financials (Pakistan, Sri Lanka)
  • Faith Mwangi

    Equity Research Analyst, Financials (East Africa)
  • Rahul Shah CFA

    Head of Financials Equity Research
  • Tolu Alamutu CFA

    Corporate Credit Analyst, Financials
  • Abdul Samad Khanani

    Analyst
  • Yusra Beg

    Analyst
  • Raza Jafri

    Analyst
  • Muhammad Saad Ali

    Analyst
  • Ahmed Raza

    Analyst
  • Syed Waqas Imam

    Analyst
  • Ailia Naeem

    Analyst
  • Kiti Pantskhava

    Analyst
  • Tam Pham

    Analyst
  • Chris Weafer

    Analyst
  • Tom Adshead

    Analyst
  • Mohamed Tomalieh

    N/A
  • Iyad KhalidÊGhulam

    Analyst
  • Lloyd Mlotshwa

    Analyst
  • Naveed Majeed

    Analyst
  • Isuri Munasinghe

    Analyst
  • Mangalee Goonetilleke

    Analyst
  • Lakshini Fernando

    Analyst
  • Kavinda Perera

    Analyst
  • Paul Domjan

    Global Head, Analytics, Data & Research Products
  • Michelle Mangwanya

    Analyst
  • Iyad Khalid Ghulam

    Analyst
  • Son Phan

    Analyst
  • Nkemdilim Nwadialor

    Equity Research Analyst (Financials)
  • Maha Abdulaziz Almalki

    Analyst
  • Bernard Lapointe

    Analyst
  • Anh Nguyen

    Analyst
  • Duong Lai

    Analyst
  • Hieu Nguyen

    Analyst
  • Thu Pham

    Analyst
  • Tung Do

    Analyst
  • Christopher Dielmann CFA

    Senior Economist
  • Tu Vu

    Analyst
  • Son Tran

    Analyst
  • Radwa Elswaify

    N/A
  • Takudzwa Sherekete

    Junior Equities Analyst
  • Mark Adeeb

    N/A
  • Mayar Elashry

    N/A
  • Mohamed Hamza

    N/A
  • Hoang Nguyen

    N/A
  • Hady Medhat

    N/A
  • Myss Semeida

    Equity Research Analyst
  • Farida El Askalany

    N/A
  • Mariam Wael

    N/A
  • Ayodeji Dawodu

    Equity Research Analyst (Financials)
  • Nauman Khan

    Analyst
  • Dalia Bonna

    N/A
  • Irfan Ellam

    Analyst
  • Eronmosele Aziba

    Consumer Analyst
  • Jawad A

    Industrials Analyst
  • Thao Dang

    Analyst
  • Luke Richardson

    Research Assistant
  • Mai Ayoub

    Equity Research Analyst
  • Farida Salama

    Equity Research Analyst
  • Lam Nguyen

    Analyst
  • Walid Khalid Bamhair

    Analyst
  • S.M Galibur Rahman

    Research Analyst
  • Tanay Roy

    Research Analyst
  • Sandy Eskaros

    Economist
  • Vu Tran

    Analyst
  • Jawad Ameer Ali

    Industrials Analyst
  • Joy Bhattacharjee

    Research Associate
  • Auneea Haque

    Research Associate
  • Diyar Hozaien

    Equity Research Analyst
  • Vy Nguyen

    Analyst
  • Rafael Elias

    Corporate Credit Analyst, Latin America
  • Stuart Culverhouse

    Chief Economist and Head of Fixed Income Research
  • Hasnain Malik

    Equity Strategy & Head of Equity Research
  • Tracy Kivunyu

    Equity Research Analyst, Telecoms
  • Nirgunan Tiruchelvam

    N/A
  • Son Tran

    Analyst
  • Rahul Shah CFA

    Head of Financials Equity Research
  • Rohit Kumar

    Equity Research Analyst, Financials (Pakistan, Sri Lanka)
  • Raza Jafri

    Analyst
  • Thao Dang

    Analyst
  • Tolu Alamutu CFA

    Corporate Credit Analyst, Financials
  • Vahaj Ahmed

    Equity Research Analyst, Industrials (South Asia)
  • Olabisi Ayodeji

    Equity Research Analyst, Consumers (Africa)
  • María Leiva

    Macroeconomic Analyst
Isuri Munasinghe ...
  • Kavinda Perera
  • Lakshini Fernando
  • Mangalee Goonetilleke
  • Naveed Majeed

Sri Lanka (Asia Securities): Q3 19 earnings preview for our coverage

• Banking sector credit growth continues to be weak, NIM pressure rising, and impairment charges still high • Telco data usage continues to rise, but FX weakness to weigh on DIAL’s reported earnings • Counters exposed to leisure sees an earnings drag; consumer sees a faster recovery in Conglomerate earnings

Isuri Munasinghe ...
  • Kavinda Perera
  • Lakshini Fernando
  • Mangalee Goonetilleke
  • Naveed Majeed

Sri Lanka (Asia Securities): Sri Lanka Industry Watch: October 2019

Significant outflows from the government bond market in August saw LKR/USD (30-day spot avg.) YTD appreciation fall to 1.3% by September (vs. 3.5% June YTD).

Yusra Beg

Pakistan (IMS): United Bank Q3 19 review – decent results; future profits likely to accelerate

UBL has posted consolidated Q3 19 NPAT of PKR5,052mn (EPS: PKR4.13), up 42% yoy and flat qoq, taking 9M 19 NPAT to PKR14,228mn (EPS:11.62), up 46% yoy. The result was in line with our projected EPS of PKR3.98. Growth in Q3 was led by (i) 10% yoy growth in NII and (ii) higher-than-expected FX income & capital gains. These helped offset relatively high provisioning charge of above PKR2bn – we understand this is largely due to an overseas coverage increase, downgrade of a few local accounts and some tail-end impairment on equities. Alongside the result, UBL announced a third interim dividend of P...

Mohamed Tomalieh

Saudi Arabia (NCB Capital): Yamama Cement – weak Q3 results on lower-than-expected sales volume

Yamama Cement reported a weaker-than-expected set of Q3 19 results, with net profit of SAR55mn vs a net loss of SAR46mn in Q3 18. This compares with the NCBC and consensus estimates of SAR60mn. We believe the deviation is mainly from lower-than-expected volumes, as selling prices coming in line with our estimates.

Jawad A

Pakistan (IMS): Fertilizer Sector Q3 CY 19 Preview: A weak quarter

We expect earnings of IMS Fertilizer cluster to decline by 24% to PKR9.7bn in Q3 CY 19. The decline in profitability is mainly led by (i) hike in gas prices (feed/fuel by 62%/31%), impact of which was withheld by manufacturers (Jul-Aug'19) in anticipation of resolution of GIDC, and (ii) 14ppts drop in urea market share of incumbents.

Nirgunan Tiruchelvam

Palm oil prices: A beacon of light in the Singaporean haze

Global oil prices have surged after the attack on the Saudi Arabian oil facilities on Saturday. There are grave concerns about the viability of Saudi oil supply. Oil prices have risen from US$60/bbl to US$70/bbl in a single session Meanwhile, Singapore and other ASEAN cities are shrouded in a dark haze. Forest fires from Indonesia have driven the Pollutant Standards Index (PSI) to the worst level in three years. The forest fires are allegedly caused by Indonesian palm oil planters burning rain forests to increase production. The haze has directed the world's attention to the other oil – palm o...

Tolu Alamutu CFA

Privatbank: A win for the bank. Now what?

On 15 October, the English Court of Appeal confirmed that the English court has jurisdiction to hear Privatbank’s case against its former shareholders, Igor Kolomoisky and Gennadiy Bogolyubov. This decision overturns a previous judgement by an English court, which resulted in an end to a worldwide freezing order on assets of the bank’s former owners. That freezing order has now been reinstated. Privatbank will now seek to recover US$1.9bn (excluding interest) from the former shareholders. A date for the trial has not been set. However, according to lawyers for Privatbank, defendants have been ...

Kiti Pantskhava

Summa Group: Kigali Arena completed in record time

Summa Group continues to deliver ambitious projects in Africa and has reported outstanding financial results for FY 18. Inauguration of a 10,000-seater indoor stadium in Kigali, Rwanda, built by Summa in record time, came shortly after the company completed its reconstruction of Diori Hamani International Airport (DHIA) in Niger – becoming its sole operator under a 30-year concession agreement – and handed over Niger’s first internationally branded hotel to the owners, Radisson Hospitality.

Kiti Pantskhava

Nostrum Oil: One step closer to debt restucturing

Nostrum Oil reported that the second unsuccessful well in 2019, Well 41, drilled in the North of the company’s only producing asset Chinarevskoye field, did not deliver commercial flow of hydrocarbons. The news comes after Well 42 showed similarly discouraging results.

Kiti Pantskhava

Gold producer Nordgold's initial price talk makes POGLN and GEOPRO attractive

Nordgold, an international gold producer with assets located in Africa (55% of output) and Russia (40%), is returning to the debt capital market. According to Bloomberg, the initial price talk (IPT) of a five-year note is 4.25-4.375%.

Rafael Elias

Argentina: Corporates offer shelter from the storm

During our recent visit to London, we met with a series of investors and saw that the topics of interest were heavily skewed towards Argentina. In particular, investors are asking which Argentine companies, if any, are best placed to weather the ongoing crisis in the country. In this report we focus on these corporates.

Muhammad Saad Ali

Pakistan (IMS): SBP maintains policy rate at 13.25%, as expected

The State Bank of Pakistan (SBP) yesterday kept the policy rate unchanged at 13.25%, which is inline with our expectations and market consensus. This is the first pause in the rate hike cycle, after consecutive rate increases in the previous 8 monetary policies. The SBP is encouraged by most macroeconomic indicators (particularly inflation) remaining within the expected range, while flagging that the markets have adapted well to the new "market-determined" exchange rate regime (taken as a sign of confidence). Favorable trends underpinning the stance include.

Isuri Munasinghe ...
  • Kavinda Perera
  • Lakshini Fernando
  • Mangalee Goonetilleke
  • Naveed Majeed

Sri Lanka (Asia Securities): Q3 19 earnings preview for our coverage

• Banking sector credit growth continues to be weak, NIM pressure rising, and impairment charges still high • Telco data usage continues to rise, but FX weakness to weigh on DIAL’s reported earnings • Counters exposed to leisure sees an earnings drag; consumer sees a faster recovery in Conglomerate earnings

Isuri Munasinghe ...
  • Kavinda Perera
  • Lakshini Fernando
  • Mangalee Goonetilleke
  • Naveed Majeed

Sri Lanka (Asia Securities): Sri Lanka Industry Watch: October 2019

Significant outflows from the government bond market in August saw LKR/USD (30-day spot avg.) YTD appreciation fall to 1.3% by September (vs. 3.5% June YTD).

Yusra Beg

Pakistan (IMS): United Bank Q3 19 review – decent results; future profits likely to accelerate

UBL has posted consolidated Q3 19 NPAT of PKR5,052mn (EPS: PKR4.13), up 42% yoy and flat qoq, taking 9M 19 NPAT to PKR14,228mn (EPS:11.62), up 46% yoy. The result was in line with our projected EPS of PKR3.98. Growth in Q3 was led by (i) 10% yoy growth in NII and (ii) higher-than-expected FX income & capital gains. These helped offset relatively high provisioning charge of above PKR2bn – we understand this is largely due to an overseas coverage increase, downgrade of a few local accounts and some tail-end impairment on equities. Alongside the result, UBL announced a third interim dividend of P...

Mohamed Tomalieh

Saudi Arabia (NCB Capital): Yamama Cement – weak Q3 results on lower-than-expected sales volume

Yamama Cement reported a weaker-than-expected set of Q3 19 results, with net profit of SAR55mn vs a net loss of SAR46mn in Q3 18. This compares with the NCBC and consensus estimates of SAR60mn. We believe the deviation is mainly from lower-than-expected volumes, as selling prices coming in line with our estimates.

Ahmed Raza

Pakistan (IMS): Attock Petroleum Q1 FY 20 results – earnings beat on higher finance income/opex reduction

Attock Petroleum Limited (APL) posted Q1 FY 20 NPAT of PKR1,225mn (EPS: PKR12.31), down 21% yoy/22% qoq. This came in higher than our projected EPS of PKR8.81, majorly due to higher finance income and reduced operating expenses.

Hasnain Malik

Tunisia: Coalition-building challenge

Tunisian Presidential and Parliamentary elections have finished. The worst-case scenario of a Presidential victor missing his inauguration due to his incarceration has not come to pass. Now the difficult process begins of building a Parliamentary coalition of parties to form the government. However, moderate Islamist party, Ennahda, which is the largest party in Parliament, faces significant challenges to establish a stable and coherent coalition. We reiterate our view that this raises the risk of Tunisia staying the course of fiscal control (the current US$2.9bn IMF program expires in May 202...

Hasnain Malik

Romania: Market-unfriendly government reportedly loses no-confidence vote

The no-confidence vote in Parliament has passed, according to reports on the initial vote count from Romania. We reiterate our view that the incumbent government was market-unfriendly (ad hoc regulation, fiscal populism) and any step towards forming a more market-friendly government should be welcomed by investors.

María Leiva

Argentina (CMA): Macroeconomic Perspectives

Following several months of a positive trend, industrial production dropped 2.8% mom seasonally adjusted in August, while construction remained almost flat attaining 0.4% mom s.a. growth. Both sectors showed clear improvements during the second quarter, which continued in July. However, outlook changes as from August, and high political uncertainty interrupted the recovery.

Hasnain Malik

Turkey: US sanctions versus strategic ties

As Turkey begins moving into northeast Syria, we consider the balance of top-down risks from such a move for investors in Turkish assets. Since US President Trump's tweet threatening economic reprisals should Turkey over-reach in Syria, the Turkish FX rate has dropped 2.4%, the local Borsa Istanbul 100 equity index is off 2% and the yield on the Turkey 7.625% April 2029 US$ sovereign bond (B1/BB- rated by Moody's/ Fitch) has increased to 6.805% (from 6.621%). These are appropriately modest moves in our view.

Hasnain Malik

Iraq: De-stabilised by homegrown protests; potential for international actors to exploit, moderate risk to oil output

Since 1 October, Iraq has been de-stabilised by protests (involving fatalities, injuries, internet shutdowns and curfews) against a lack of economic opportunity, public services and elite corruption. The immediate cause of the protests are local: 40% of Iraqis are below the age of 15, the median age is merely 20, and ease of doing business and corruption perception are in the bottom 10% of global rankings and have deteriorated over the past three years. But the potential repercussions are international:

Muhammad Saad Ali

Pakistan (IMS): KSE-100: First positive monthly return in 8 months

KSE-100 rebounded in Sep’19, rising 8% mom, after seven consecutive months of decline (CYTD return -13%). This was led by a status-quo monetary policy and an ensuing decline in money market rates (in longer tenure). Market activity also picked up 11% mom to US$29mn average daily traded value. FIPI remained moderately negative (US$3.5mn outflow), while local mutual funds selling slowed down considerably.

Muhammad Saad Ali

Pakistan (IMS): Market overview – Tax credits and one-offs veiled weak 2QCY18 results

Today's Intermarket Pulse focuses on the Pakistan market performance, in addition to our daily snapshot of the Pakistan stock market including volumes, yield vs spread, and portfolio flows.

Vahaj Ahmed

PAKISTAN: Don't wait for the IMF deal

Exotix Pakistan Universe stocks have already rallied 5% (11% in US$-terms) since the general election on 25 July that resulted in Imran Khan’s PTI coming close to an absolute parliamentary majority – a result which exceeded expectations (read our recent note on the Pakistan Election). We think that the downside risks (such as weaker PKR and political uncertainty) are already priced into equities as the KSE100 Index is on a 14% discount to its 5-year average P/BV of 1.5x.

SRI LANKA BANKS: Q2 18 preview: asset quality deterioration to continue; upgrade HNB to Buy and NDB to Hold

We maintain our cautious stance on Sri Lanka banks. Valuations are cheap, with 2018f PB at 0.8x, but the discount is justified in our view as we expect sector profitability to come under pressure in 2019.

Hasnain Malik

Frontier and small Emerging in April

Frontier underperforms in April, lagging Q1 weakness in larger markets. In April to date, MSCI FM is down by 3.5%, underperforming FEM (down 1.2%), EM (down 1.1%) and World (up 1.7%). This is perhaps best explained by the delayed impact, caused by lower liquidity in FM, of all the negative factors which dragged down performance of the larger, more liquid indices in 1Q: fears of more rapid US rate hikes, trade protectionist measures between the US and China, and the appointment of more hawkish US foreign policy personnel.

Tolu Alamutu CFA

Turkish banks: It was all good just two weeks ago

No more Buys: US charges on Halkbank raise the prospect of a sustained period of negative headlines impacting one of Turkey’s largest lenders. There is a risk that this may continue long after Turkey’s current operation in northern Syria – Operation Peace Spring – comes to an end. We acknowledge that there have been concerns about potential charges on Halkbank for some time – we have discussed this ourselves in previous reports. However, the bank’s former deputy general manager was released from prison early and there were reports of several high-ranking government officials and other individu...

Hasnain Malik

Trump impeachment or election loss: what would it mean for emerging markets

US President Trump’s shift to a less liberal stance on trade (specifically altering the narrative of trade relations with China), the dismantling of the Iran nuclear deal and the unilateral withdrawal from multilateral agreements have increased investment risks in emerging markets. In these respects, if Trump is impeached or loses the 2020 election then that might be a positive for emerging markets. Any subsequent President, whether Republican or Democrat, may at least be no worse for emerging markets.

Lakshini Fernando

Sri Lanka (Asia Securities): Monetary Policy October Review – Rates on hold

The central bank held its sixth MPR for 2019 today, where the SDFR and SLFR were left unchanged, in line with our expectations. SDFR now stands at 7.00%, and SLFR at 8.00%. Our key takeaways are: 1) no further rate cuts expected in 2019, 2) credit growth to pick up gradually by end 2019, and 3) inflation to remain stable on slowing aggregate demand despite rising food inflation. We maintain our GDP growth forecast of 2.5% for CY19E and 3.8% for CY20E. We maintain our currency forecast of USD/LKR 181.00 for CY19E (1.0% YoY appreciation) and USD/LKR 185.00 for CY20E (2.2% depreciation).

Stuart Culverhouse

Argentina: Dreaming of Uruguay

Leading opposition candidate Alberto Fernandez has suggested he will pursue a Uruguay-style debt restructuring if elected. This saw a five-year maturity extension with unchanged coupons and principal, resulting in fairly modest PV losses to investors. The idea has appeal; for Argentina bondholders, it might even be the second-best outcome, given the starting point and alternatives.

Stuart Culverhouse

Weekly Credit Risk Monitor

We round up the week's key developments in sovereign and corporate credit.

Jawad A

Pakistan (IMS): Fertilizer Sector Q3 CY 19 Preview: A weak quarter

We expect earnings of IMS Fertilizer cluster to decline by 24% to PKR9.7bn in Q3 CY 19. The decline in profitability is mainly led by (i) hike in gas prices (feed/fuel by 62%/31%), impact of which was withheld by manufacturers (Jul-Aug'19) in anticipation of resolution of GIDC, and (ii) 14ppts drop in urea market share of incumbents.

Muhammad Saad Ali

Pakistan (IMS) – Oil & Gas – PPIS reserves update

As per the latest PPIS data (June 2019), Pakistan’s overall crude oil and natural gas reserves stand at 568.5mn barrels (up 115% since Dec 2018) and 21.4tcf (flat since Dec 2018), respectively. The doubling of oil reserves are due to additions of discoveries (2014-17) of a non-listed E&P, Petroleum Exploration Ltd (PEL); without it, oil reserves are up 9% since Dec 2018.

Ayodeji Dawodu ...
  • Nkemdilim Nwadialor
  • Olabisi Ayodeji
  • Rahul Shah CFA
  • Rohit Kumar

Ghana Banks: Macro conditions support strong earnings outlook

Still bullish on Ghana banks, as medium-term profitability outlook remains strong, supported by a favourable macroeconomic backdrop (robust GDP growth and lower asset yields). The recent recapitalisation exercise has also strengthened the sector. Valuation is attractive for the Ghana banks that we cover, with median 2020f PB of 0.9x and PE of 4.3x, a 10% discount to 5-year historical PB, but a 13% premium on PE terms. Compared with frontier peers, our Ghana banks are trading in line on a PB basis, but at a 28% discount on PE.

Anh Nguyen

CASA and digital payment promotion initiatives

Since 2018, stricter regulations on funding (Basel 2, the ratio of short-term capital to fund medium and long-term loans) have been expected to have a negative impact on banks' net interest margins as banks will have to push long-term bond issuance as well as compete on customer deposits by raising interest rates. Among our watch list, the trend of increasing funding cost can be found most clearly in TPB, VIB (those boosted lending most strongly recently), followed by BID, MBB, VPB, and HDB. While the expansion of asset yields becomes more limited as the transition towards retail lending slow...

Mai Ayoub ...
  • Mark Adeeb

Egypt (Pharos): Industrials: Gas prices reduced; cost savings do not warrant shift in profitability

The government will reduce natural gas prices for steel players to US$5.5/mmbtu. The decision will be reviewed every six months in light of local and global developments. The move comes completely against our expectations, as we previously stated that protectionism measures such as import tariffs on finished steel and semi-finished products are 1) more effective, 2) less costly for the government, and 3) equally protects all players.

Nirgunan Tiruchelvam

Defence stocks could benefit from Saudi crisis

In our view, the clear winners from the heightened tension in the GCC would include Western defence companies. There is now a dire need to strengthen Saudi’s air defence missile systems. This would be music to the ears of investors in US defence companies – Saudi Arabia accounts for a fifth of US arms sales since 2014.

Stuart Culverhouse

Argentina: No easy option to avoid another (currency) crisis

The Argentinian Peso (ARS) fell to 61/US$ in early trading (down 26% from Friday's close), but has since recovered a bit to 55. It looks like the authorities have not intervened too much this morning, by letting the currency fall as far as it has. Why resist that pressure? But it is a difficult, if not impossible, job for them now. The central bank has some ammunition, but probably not enough if it keeps on like this.

Walid Khalid Bamhair

Saudi Arabia (NCB Capital): FTSE Russell – Saudi implementation phase

On 18 March 2019, FTSE Russell will begin the implementation of the inclusion of Saudi Arabia into the FTSE index series. Saudi Arabia is projected to have a weight of 2.9% in the FTSE Emerging All Cap index and 0.30% in the FTSE Global Equity index. Saudi’s addition to the FTSE Emerging All Cap index is expected to result in a total inflow of cSAR21.7bn mainly from passive funds benchmarked to the index. The implementation will occur in five tranches with the first tranche representing 10% of total inflows equivalent to SAR2.17bn. We expect the Saudi market to continue its positive momentum s...

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