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 2019/05/22
1050 SA0007879782 Banque Saudi Fransi 2019/01/16 2019/05/05
1090 SA0007879097 Samba Financial Group 2019/01/16 2019/06/19
1120 SA0007879113 Al Rajhi Banking & Investment Corp 2019/01/16 2019/07/08
1140 SA000A0D9HK3 Bank Albilad 2019/05/23 2019/05/23
1150 SA122050HV19 Alinma Bank 2019/01/16 2019/01/16
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 2019/06/19
4031 SA13R051UVH9 Saudi Ground Services Co 2019/03/26 2019/05/07
4300 SA11U0S23612 Dar Al Arkan Real Estate Development Co. 2018/11/05 2019/05/09
604700 DE0006047004 HeidelbergCement AG, 2018/07/19 2018/07/26
907167 US20440W1053 Companhia Siderurgica Nacional ADS 2018/02/01 2019/05/13
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
A14Q42 US28106T2096 Edita Food Industries GDR (Reg S) 2018/03/02 2018/03/02
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 2019/06/24
ACB VN000000ACB8 Asia Commercial Bank 2019/03/14 2019/03/14
ACCESS NGACCESS0005 Access Bank 2018/03/16 2019/07/09
ACGC EGS32221C011 Arab Cotton Ginning 2019/04/10 2019/05/30
ACPL PK0078501019 Attock Cement Pakistan Ltd. 2018/09/27 2019/04/05
ADCI EGS38321C013 Arab Pharmaceuticals Co. 2019/02/13 2019/05/14
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 2019/04/26
AICL PK0004901010 Adamjee Insurance Co. Ltd. 2018/08/09 2019/04/03
AKBNK TRAAKBNK91N6 Akbank T.A.S. 2018/09/04 2019/07/03
ALBA GB00B06KBB18 Alba Mineral Resources PLC 2018/08/08 2018/08/08
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 2019/06/10
APPC EGS38461C017 Advanced Pharmaceutical Packaging Co. 2018/11/08 2019/07/08
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 2019/02/27
AST VN000000AST6 Taseco Air Services 2018/11/16 2018/11/16
ATLC EGS676N1C015 Al Tawfeek Co For Financial Leasing 2019/02/25 2019/06/18
ATTO LU1102842090 Atento S.A. 2019/02/07 2019/02/07
AXPH EGS38341C011 Alexandria Pharmaceuticals & Chemical Ind 2019/02/13 2019/05/06
AZUL4 BRAZULACNPR4 Azul S.A. 2019/01/16 2019/05/14
BAFL PK0078701015 Bank Alfalah 2018/02/14 2019/04/26
BID AU000000BID8 Bidenergy 2018/07/17 2019/05/27
BKMB OM0000002796 Bank Muscat 2018/04/04 2018/11/02
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 2019/05/13
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 2019/05/23
CANA EGS60231C015 Suez Canal Bank 2019/01/17 2019/05/22
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 2018/09/07
CHCC PK0029801013 Cherat Cement Co. 2018/09/27 2019/07/12
CIB US05968L1026 Bancolombia S.A. ADS 2018/11/29 2018/11/29
CLHO EGS729J1C018 Cleopatra Hospital 2018/12/13 2019/07/11
COMB US20343H1068 Community Bancshares Inc (DEL) 2018/03/02 2018/03/05
COST US22160K1051 Costco Wholesale Corp. 2019/04/07 2019/04/07
CPF TH0101A10Z01 Charoen Pokphand Foods PCL 2019/01/07 2019/05/10
CPF-R TH0101010R14 Charoen Pokphand Foods PCL NVDR 2019/05/06 2019/05/06
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 2019/06/24
DUTCHBANGL BD0121DUBBL4 Dutch Bangla Bank 2019/03/12 2019/05/30
EABL.O0000 KE0000000216 East African Breweries Ltd 2018/05/10 2018/05/10
EAST US27778Q2049 EastPharma 2018/12/24 2019/06/24
EBL BD0112EBL007 Eastern Bank 2018/01/31 2019/05/30
ECOPETROL COC04PA00016 Ecopetrol SA 2018/01/30 2019/05/08
EFOODS PK0096501017 Engro Foods 2018/04/17 2019/04/26
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 2019/04/26
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 2019/06/24
F34 SG1T56930848 Wilmar International Limited 2018/11/28 2019/07/17
FAIT EGS60321C014 Faisal Islamic Bank Of Egypt 2019/01/17 2019/05/30
FCCL PK0074501013 Fauji Cement 2018/04/17 2019/07/12
FCMB NGFCMB000005 First City Monument Bank Plc 2018/04/05 2019/06/25
FFBL PK0074601011 Fauji Fertilizer Bin Qasim Ltd. 2019/04/08 2019/06/25
FFC PK0053401011 Fauji Fertilizer Co. Ltd. 2018/08/17 2019/06/25
FXPO GB00B1XH2C03 Ferrexpo 2018/12/05 2018/12/05
GARAN TRAGARAN91N1 Turkiye Garanti Bankasi A.S. 2018/09/04 2019/06/21
GENL JE00B55Q3P39 Genel Energy 2019/07/08 2019/07/08
GMD VN000000GMD0 Gemadept 2019/06/03 2019/06/03
GOL US38045R2067 GOL Linhas Aereas Inteligentes S.A. ADS 2018/06/21 2019/05/06
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 2019/06/25
GUINNESS NGGUINNESS07 Guinness Nigeria PLC 2018/02/06 2019/05/10
HALKB TRETHAL00019 Turkiye Halk Bankasi AS 2018/09/04 2019/07/03
HBL PK0085101019 Habib Bank 2018/02/08 2019/07/19
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
HUBC PK0065001015 Hub Power Co. Ltd. 2018/07/06 2019/07/17
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
INDU US45579J1043 Industrea Acquisition 2018/04/03 2019/07/11
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 2019/02/13
ISL PK0102001010 International Steels 2019/01/25 2019/04/18
ISLAMIBANK BD0104ISBNK0 Islami Bank 2018/02/19 2019/05/30
JBSS3 BRJBSSACNOR8 JBS S/A Ord 2019/05/15 2019/05/15
K3SD US0567521085 Baidu Inc. ADS 2018/11/05 2018/11/05
KAPCO PK0083101011 Kot Addu Power 2018/09/05 2019/04/23
KBC VN000000KBC7 Kinhbac City Development Share Holding Corp 2018/11/27 2018/11/27
KCHOL TRAKCHOL91Q8 KOC Holding A.S. 2018/09/07 2018/09/07
KER LU0327357389 Kernel Holding 2018/12/05 2019/05/30
KOHC PK0075001013 Kohat Cement Co. Ltd. 2018/02/28 2018/05/06
LION ID1000135403 Lion Metal Works 2018/11/19 2018/11/19
LUCK PK0071501016 Lucky Cement Ltd. 2018/02/28 2018/04/17
MBB VN000000MBB5 Military Commercial Joint Stock Bank 2019/01/15 2019/06/06
MCB PK0055601014 MCB Bank 2018/02/14 2019/07/17
MCQE EGS3C391C017 MISR Cement - Qena 2019/01/14 2019/05/15
MEBL PK0077401013 Meezan Bank Ltd. 2018/12/26 2019/07/19
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 2019/04/25
MUGHAL PK0109901014 Mughal Iron & Steel Industries 2018/09/19 2019/04/30
MWG VN000000MWG0 Mobile World Investment 2019/02/22 2019/02/22
NATU3 BRNATUACNOR6 Natura Cosmeticos S.A. Ord 2018/01/24 2018/01/24
NB NGNB00000005 Nigerian Breweries 2018/02/19 2019/05/10
NBK KW0EQ0100010 National Bank of Kuwait S.A.K. 2018/02/08 2019/04/16
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 2019/05/10
NOG GB00BGP6Q951 Nostrum Oil & Gas 2019/03/11 2019/07/19
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 2019/07/17
OIBRQN US6708514012 OI S A 2018/03/19 2018/08/01
OIH US68555D2062 Orascom Investment Holding SAE 2019/04/07 2019/06/17
ORHD EGS70321C012 Orascom Development Egypt SAE 2018/12/19 2019/06/24
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 2019/01/16
PETR3 BRPETRACNOR9 Petroleo Brasileiro S/A Ord 2019/01/15 2019/01/15
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 2019/04/25
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 2019/06/25
PRIMEBANK BD0116PMBNK2 Prime Bank 2018/02/19 2019/05/30
PSMC PK0030501016 Pak Suzuki Motor Co. Ltd. 2018/04/03 2018/04/17
PSO PK0022501016 Pakistan State Oil Co. 2018/08/13 2019/07/17
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 2019/07/11
RACC EGS74191C015 Raya Contact Center Co 2019/03/04 2019/05/14
RENATA BD0457RENAT6 Renata Ltd 2019/03/13 2019/05/30
SAUD EGS60101C010 Al Baraka Bank Egypt 2019/01/17 2019/05/15
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 2019/07/02
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 Solusi Bangun Indonesia Tbk PT 2018/07/23 2019/01/30
SNTS SN0000000019 Sonatel 2018/02/21 2018/02/21
SPC TH0035010Z06 Saha Pathanapibul PCL 2018/10/28 2019/04/11
SUZB3 BRSUZBACNOR0 Suzano 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 2019/07/16
UBL PK0081901016 United Bank 2018/02/08 2019/07/19
UCB BE0003739530 UCB S.A. 2018/02/19 2019/03/12
UNILEVER NGUNILEVER07 Unilever Nigeria PLC 2018/04/03 2019/04/24
VAKBN TREVKFB00019 Turkiye Vakiflar Bankasi (D) 2018/09/04 2019/07/03
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 2019/07/08
YDUCY US2973191057 Estacio Participacoes S/A ADS 2018/10/25 2018/10/25
YEG VN000000YEG3 Yeah1 Group Corp 2019/01/30 2019/05/07
YKBNK TRAYKBNK91N6 Yapi ve Kredi Bankasi A.S. 2018/09/04 2019/07/03

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)
  • Nirgunan Tiruchelvam

    N/A
  • 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
Raza Jafri ...
  • Yusra Beg

Pakistan (IMS): SBP maintains HBL, NBP, and UBL as systemically important banks

Based on the assessment of 2018 financials, the SBP has reaffirmed that HBL, NBP and UBL will remain classified as systemically important banks (D-SIBs). These banks will be subject to enhanced supervisory requirements and a higher capital surcharge in the form of CET-1. Somewhat surprisingly, MEBL has not officially been notified as a systemically important bank (MEBL has an overall asset market share of less than 5%, but this increases to more than 30% within Islamic banking).

Lakshini Fernando

Sri Lanka (Asia Securities): Macro fundamentals hold steady; economy steers towards consumer-led recovery

While policy and political uncertainty continued into 2019, the impact of the Easter Sunday attacks added a considerable drag on an already subdued growth environment. Amidst this backdrop, the Central Bank (CB) implemented a loose monetary stance to help revive economic growth.

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

Sri Lanka (Asia Securities): Equity Strategy H2 19 — Cherry picking to optimise opportunities

In our 125-page report we explore Equities primed for a pick up; low interest rates and optimism on unlocking political uncertainly to drive up markets

Kiti Pantskhava

Nostrum Oil & Gas: Upside constrained by uncertainty

Reiterate Hold. In July, S&P downgraded Nostrum Oil to CCC+ from B-, sending bond prices to their all-time lows. Bonds have recovered some of the losses since, but valuations remain cheap for a company that has no short-term liquidity issues and will be free-cash-flow neutral in 2019, according to our forecasts (Table 1). Uncertainty about future production and potential corporate transactions that could result in a change of control will continue to weigh over bond prices. We believe that at current levels, downside risk to NOGLN 22s and 25s is low and upside risk is high. The results of test...

Stuart Culverhouse

Weekly Credit Risk Monitor

This week's This week's developments in the world of credit.

Kiti Pantskhava

Nostrum Oil & Gas: Upside constrained by uncertainty

Reiterate Hold. In July, S&P downgraded Nostrum Oil to CCC+ from B-, sending bond prices to their all-time lows. Bonds have recovered some of the losses since, but valuations remain cheap for a company that has no short-term liquidity issues and will be free-cash-flow neutral in 2019, according to our forecasts (Table 1). Uncertainty about future production and potential corporate transactions that could result in a change of control will continue to weigh over bond prices. We believe that at current levels, downside risk to NOGLN 22s and 25s is low and upside risk is high. The results of test...

Tolu Alamutu CFA

Nigeria banks: That which remains

We reiterate our Buy recommendation on UBANL 2022s: Recent performance in the Nigerian bank eurobond market has been driven by positive technicals. The UBA bond has not performed as well as some other securities including the Zenith Bank (ZENITH) 7.375% 2022 and Fidelity Bank (FIDBAN) 10.5% 2022. UBANL is quoted about 80bps wider than the ZENITH 2022s and 135bps tighter than the FIDBAN 2022s. We reiterate our Buy recommendation on the UBANL bond.

Kiti Pantskhava

DTEK: Attractive valuation despite weakening financials

We upgrade the DTEKUA 24s to Buy on a combination of valuation and fundamentals. DTEKUA has started to catch up with the rest of the corporate space in Ukraine, but the DTEKUA spread to the bonds of its sister-company Metinvest is still barely off its 12-month highs. We see signs that DTEK’s revenue and EBITDA are likely to weaken compared with 2018 due to lower electricity prices, but it is unlikely to affect the company’s willingness and ability to continue paying cash interest on bonds and loans, and prioritise deleveraging. We expect DTEKUA to outperform the Ukrainian corporate space and t...

Kiti Pantskhava

Petropavlovsk: Three reasons to upgrade; Buy

Turnaround delivered. Petropavlovsk has been successfully rebuilding its operating and financial credibility over the past year. The company (1) finished, tested and launched the state-of-the-art pressure oxidation facility (POX), (2) refinanced its debt and, (3) has recently benefitted from rallying gold prices.

Kiti Pantskhava

Ukraine: Naftogaz new bonds are interesting in 7.5% area

Naftogaz, a 100% state-owned vertically integrated gas producer and operator of the oil & gas transportation system in Ukraine, is looking to issue a EUR500mn 5-year bond and a US$300mn 3-year bond. The IPT is in the 7.5% area for the EUR-denominated tranche and 7.75% for the US$-denominated tranche. We think both tranches are attractive in the 7.5% area.

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

Sri Lanka (Asia Securities): Equity Strategy H2 19 — Cherry picking to optimise opportunities

In our 125-page report we explore Equities primed for a pick up; low interest rates and optimism on unlocking political uncertainly to drive up markets

Nirgunan Tiruchelvam

Wilmar International: China IPO does not detract from severe debt risks

Wilmar International (WIL SP), Asia's largest agribusiness player, plans to raise US$2bn by listing its China unit. The preliminary prospectus was filed this week with the Shenzhen Stock Exchange. This may be the largest Chinese IPO in 2019.

Iyad Khalid Ghulam

Saudi Arabia (NCB Capital): Equity Strategy – extended business hours positive for retail sector

The Ministry of Municipalities and Rural Areas (MoMRA) announced a new regulation to grant the private sector the flexibility to extend business hours to 24 hours. We believe the regulation will have a positive impact on the economy by creating employment, increasing disposal income and boosting SME and private sector contribution to GDP. For listed companies, we expect restaurants to be the key beneficiary while the impact on the retail segment profitability is expected to be limited.

Tanay Roy

Bangladesh (IDLC): Grameenphone Q2 19 – temporary dividend cut on restated earnings

EPS of BDT7.07 meets our expectation. Normalised earnings of Grameenphone (GP) during Q2 19 demonstrated c25% yoy growth driven by c11% yoy voice revenue growth, c18% yoy data revenue growth and c288 bps yoy improvement in EBITDA margin. However, the reported earnings showed c8% yoy decline as the Q2 18 earnings incorporated a one-off tax gain equivalent to BDT1.96 per share.

Yusra Beg

Pakistan (IMS): Hub Power – Unmatched merits but overlooked; Buy

• We resume coverage on HUBC – Pakistan’s largest independent power producer – with a Buy rating and a Jun’20 TP of PKR130/sh. Our estimates incorporate all ongoing expansion projects and our thesis is premised on substantial improvement in HUBC’s cash-flows following (i) the timely completion of expansion projects and (ii) the issuance of second energy Sukuk by the GoP, which should alleviate the burden on both earnings and payouts stemming from the large debt taken for equity financing.

Lakshini Fernando

Sri Lanka (Asia Securities): Macro fundamentals hold steady; economy steers towards consumer-led recovery

While policy and political uncertainty continued into 2019, the impact of the Easter Sunday attacks added a considerable drag on an already subdued growth environment. Amidst this backdrop, the Central Bank (CB) implemented a loose monetary stance to help revive economic growth.

Stuart Culverhouse

Ukraine parliamentary elections: Zelenksy's party in lead, but majority not assured

Ukraine returns to the polls on Sunday, 21 July for snap parliamentary elections. Originally scheduled for October, they were called early by new President Volodymyr Zelensky after he took office on 20 May. Zelensky had a strong political incentive to seek early elections. After his inauguration, he was a president with a new political party, but no MPs.

Muhammad Saad Ali ...
  • Raza Jafri

Pakistan (IMS): Mid-Year Strategy – towards a better H2 19

• The IMF Executive Board approved Pakistan’s three-year US$6bn EFF programme. If successful, the programme can lead to more equitable growth for Pakistan . • We are encouraged by Pakistan’s new-look macroeconomic policy making, which is now coherent and better coordinated. • Low investor confidence led the KSE-100 to hit its 2019td low earlier in the week. Confidence should now improve.

Raza Jafri

Pakistan (IMS) Market Survey: KSE-100 can turn corner by Q4; positive rates surprises could bring forward timeline

Our survey of more than 40 local institutional investors has most market participants eyeing range-bound Index performance across the next few months, before the KSE-100 turns the corner in 4Q 19 to close the year north of 35,000pts. Importantly, almost a quarter of respondents believe the Index can cross 40,000pts by year-end, up 18% from current levels.

Kavinda Perera

Sri Lanka (Asia Securities): Industry Watch – July 2019

ISB issuance and lower importer dollar demand in 2Q CY19 keeps YTD LKR/USD appreciation steady at 3.5%. We forecast a 2.1% YoY appreciation of the currency, at LKR 179.00 for 2019. Private sector credit slowed further in 2Q CY19; AWPLR dropped faster than the AWDR, indicating that the banks’ NIMs would have narrowed slightly in 2Q CY19 sequentially. Concerns about weakening global economy and oil demand growth have kept oil prices in check despite US-Iran tensions and production cuts by OPEC. Brent prices reached USD 66.55/bbl and WTI USD 58.47/bbl as of end June ’19.

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.

Stuart Culverhouse

Weekly Credit Risk Monitor

Credit in Focus Oi Brasil: Weak results, but post-restructuring outlook is key; reiterate Hold. Other news (p2) Kuwait Energy (KUWAIE): Kuwait Energy reported a net loss of US$52.8mn on Monday 16 April, much better than the US$116mn loss disclosed for the previous period. Diamond Bank (DIAMBK): Diamond Bank has responded to news of a partnership between MTN and Ecobank covering some mobile money services. South African Banks (FSRSJ and BGASJ): FirstRand Bank and Barclays Africa Group have both issued US$-denominated Tier 2 securities in the last few days. GT Bank (GRTBNL): GT Bank reported re...

Stuart Culverhouse

Weekly Credit Risk Monitor

This week's This week's developments in the world of credit.

Christopher Dielmann CFA ...
  • Kiti Pantskhava
  • Rafael Elias
  • Stuart Culverhouse
  • Tolu Alamutu CFA

Fixed Income: Top 5 picks and H2 outlook

We make four changes to our Top 5 picks. We also identify nine other trades to watch for H2 and identify four global themes that we think will shape the outlook for H2.

Raza Jafri

Pakistan (IMS): Central bank raises rate by 100bps, likely bringing end to tightening

In line with consensus expectations, the State Bank of Pakistan (SBP) has increased the policy rate by 100bps to 13.25%. This brings interest rate increases since January 2018 to 750bps. In doing so, the SBP has taken into account the recent PKR depreciation (c6% since the May 2019 MPS), as well as an expected near-term increase in inflation. The SBP also expects aggregate demand to improve, as it projects GDP growth of 3.5% in FY 20f (vs 3.3% in FY 19 and the government’s estimate of 2.4%).

Stuart Culverhouse

Weekly Credit Risk Monitor

This week's developments in the world of credit.

Sandy Eskaros

Egypt (Pharos): MPC Watch – inflation supports likely rate cut today

On the local front, there's high demand from foreign investors for EGP treasury instruments, the consequent influx of US$ into the Egyptian banking system, and the resulting 5% strength of the EGP in Q1 19. At the same time, we project a very supportive inflation outlook between July-November – we expect inflation between 8.0%-9.0% yoy. All things considered, we believe that the environment is now ripe for an interest rate cut. We forecast a 1% rate cut, possibly at the meeting today.

Raza Jafri ...
  • Yusra Beg

Pakistan (IMS): SBP maintains HBL, NBP, and UBL as systemically important banks

Based on the assessment of 2018 financials, the SBP has reaffirmed that HBL, NBP and UBL will remain classified as systemically important banks (D-SIBs). These banks will be subject to enhanced supervisory requirements and a higher capital surcharge in the form of CET-1. Somewhat surprisingly, MEBL has not officially been notified as a systemically important bank (MEBL has an overall asset market share of less than 5%, but this increases to more than 30% within Islamic banking).

Joy Bhattacharjee ...
  • Tanay Roy
  • Vahaj Ahmed

Bangladesh (IDLC): Cement sector – price competition hits sector; reiterate Hold on HEID and LHBL

We reiterate our Hold recommendations on LafargeHolcim (LHBL BD) and Heidelberg (HEID BD), but revise our TPs to BDT36 (from BDT52) and BDT254 (from BDT331), respectively, suggesting an ETR for LHBL of 1.6% and for HEID of 12.2%. This reflects the impact of volume-dependent top-line growth amid ongoing price competition among the grinders. Our cautious view on the two stocks stems from continuing price competition from local grinders, the higher price of raw materials and likely pressure on volume from recent price rises, driven by new tax rules and a gas tariff hike.

Mohamed Tomalieh

Saudi Arabia (NCB Capital): Cement Monthly – Ramadan-adjusted sales in line with ytd declines

In June 2019, local cement sales increased 17.9% yoy to 2.4mn tons. However when adjusting for the Ramadan effect, combined sales of May and June declined by 7.7% yoy. This is in line with the ytd declines of 8.4% yoy. We believe this trend will continue through H2 19, as we believe demand from mega projects will remain limited. However, we believe growth in export sales of clinker will support overall sales in 2019.

Jawad Ameer Ali

Pakistan (IMS): Cement’s hard times to continue

We resume coverage of the Pakistan Cement sector with an Underweight stance, as we believe the weak short-term outlook overrides favorable long-term prospects, at least for now. The compression in both demand and margins will continue this year, amidst a tough economic backdrop and risks to the government’s allocation towards infrastructure development. Demand should improve from FY21f, but only moderately.

Ahmed Raza

Pakistan (IMS): Autos – moderate decline in June due to expectations of higher prices

Pakistan’s auto industry sold 17,561 units in June, down 5% yoy/2% mom, taking FY 19 volumes to 240,631 units (down 7% yoy). The decline is only moderate compared with recent trends (H2 FY 19 volumes down by 11% yoy) as we suspect preemptive buying ahead of higher prices/new duties in July. The recent results were supported by a new model in 660cc category, the Suzuki Alto, which made an impressive start despite a tough macroeconomic backdrop.

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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