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.
KCB Group’s EPS rose 5% yoy to KES4.15 in H1 19, (flat qoq at KES 2.27). This was 19% above our expectations driven mainly by better-than-expected non-operating income and low operating costs. Mobile banking drove the bank’s non-branch revenue to jump by 131%. Overall non-interest revenue rose 15% yoy with management upbeat about achieving a 20% yoy growth in FY 19. The loan book growth was impressive at 14% yoy, with KCB now moving to lending following lower interest rates on government securities. Operating costs remained flat with management noting that natural staff attrition eased costs. ...
During Apr-Jun’19, we project tractor industry profits to decline to PKR1,282mn, down 31%yoy/15%qoq. During this period, industry volumes declined by 32%yoy/4%qoq, while we expect slight attrition in gross margins (on sequential basis) due to PKR depreciation and inflationary trend. Tractor volumes have remained on a downward trajectory since early FY19 due to lower agricultural growth, higher farm input prices and absence of subsidy schemes.
SHEL announced Q2 CY 19 loss of PKR1,704mn (LPS: PKR15.93) vs a profit of PKR247mn (EPS: PKR2.31) in Q2 CY 18. The Q2 loss came in higher than our LPS estimate of PKR7.50 due to higher-than-expected exchange losses and tax charge, despite bumper gross profits.
The prospects for mobile money in Ghana are exciting. A recent World Bank report highlighted Ghana as the fastest growing mobile money market in Africa, with an 85% compound annual increase in the value of Ghana’s mobile money transactions in 2015-18. In this report, we explore the structure of Ghana’s mobile money space and identify the companies that are adapting and thriving.
Most Vietnam banks report results under local accounting standards (VAS), which may present net profit and shareholders’ equity at a materially higher level than under IFRS accounting standards. For VP Bank, which reports under both, the difference in both these metrics has averaged 10% over the past five years. Investors may wish to consider adjusting PE and PB multiples when comparing Vietnam banks to international peers.
Time to rotate into UAE banks. Monetary policy will likely shift from a support to a drag for GCC banks, with the US Fed widely expected to cut rates this week. This could limit appetite for the most highly-rated markets such as Saudi and Kuwait banks (Figure 5). Potential easing of foreign ownership limits in the UAE could drive passive inflows that have been the principal price drivers in the region in recent years. UAE banks are also typically less aggressively priced than their neighbours (Table 1, Figures 1-4).
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.