Dhruv Madia

The Philippines’ GDP grew by c6% in Q3 yoy, surpassing expectations after slow growth in Q2. Optimistic economic outlook: Cooling inflation, fiscal consolidation in place and lower current account deficit. Potential risks include the ongoing Israel-G...

The EV sector – grappling with market consolidation, geopolitics, subsidy cuts and tariffs – has drastically slowed down. Prices of key EV battery materials have plummeted as a result of the sector's poor performance. But there could be a turnaround...

Major Indian IT firms have unveiled their recent quarterly results, indicating a subdued demand outlook. However, robust order books and mega deals could bolster growth in FY 25 and beyond. TCS and LTIMindtree excel financially, while Wipro lags. The...

Uranium spot prices and associated ETFs are surging due to expectations of rising demand for nuclear energy. Kazakhstan, Russia and Namibia are vital to address uranium's supply gap; Niger is crucial for France's uranium supply. Top miners like Kazat...

Romania’s budget deficit is currently rising, which could imperil the country’s EU funding. However, the government has introduced a draft bill designed to improve the fiscal position by increasing tax revenue. Assuming steady EU funding, Romania's e...

Private investment in Mexico’s renewable energy sector has declined since the current president, AMLO, took office. But, ahead of next year’s election, both leading presidential candidates seem to be prioritising renewable energy. Mexico must achieve...

Inflation in August stood at 6.83%, which was lower than expected and shows signs of cooling. Food inflation is also expected to cool, driven by the slower growth of vegetable prices. This is good news for India’s restaurant operators – we identify c...

G20 summit prioritised renewables to combat climate change – Brazil and Canada lead, but South Africa and Korea lag. US-India agreed to set up a US$1bn renewables investment fund and collaborate on nuclear energy. EM renewables firms perform relative...

India is asserting its growing global influence at the G20 summit in New Delhi this weekend. But it faces challenges as some G20 nations resist phasing out fossil fuels and committing to climate financing. The Ukraine war also continues to cast a sha...

Wind and solar set to be top priorities in Vietnam’s energy mix, contributing c60% to the energy mix by 2050. Some incentives to boost investments in wind and solar projects include new feed-in tariffs, no foreign ownership limits. We expect the perc...

Thailand is SE Asia's largest car producer and has the largest share of EV sales in ASEAN. The country offers attractive investment opportunities and incentives to boost EV production. Chinese automakers are ramping up their investments in Thailand's...

Exports data suggest India could become a global force in electronics manufacturing. Favourable factors include: Problems for China, Japan and Mexico; strong government support; advantages over ASEAN. We discuss India's strengths in the sector, as we...

New Indian Space Policy 2023 – announced in April – positions private firms and start-ups as key players. India is looking to capture 9% of the global space market share by 2030. We highlight Skyroot Aerospace, Dhruva Space, Pixxel and Agnikul Cosmos...

SSA economic growth would decline over the long term if geopolitical tensions escalate, according to an IMF note. Under a severe "geoeconomic fragmentation" scenario, SSA could see real GDP decline by 4% over 10 years. Impact of geoeconomic fragmenta...

The Indian pharmaceutical sector is heavily dependent on China for ingredients used to manufacture drugs. Implications of reducing imports from China: better margins, R&D, less volatility, India’s overall growth. Steps to a self-reliant pharma sector...

Aluminium Bahrain outscores most sector peers in our EM 1000 Company Index, and sits firmly in the top quartile globally. The firm benefits from a cheap valuation (3.5x trailing P/E ratio), high profitability (23% ROE) and positive momentum. Areas wh...

SCB’s Q1 23 results were above consensus on solid transaction banking and trading revenues, plus low credit risk costs. A better China outlook supports SCB’s raised top line guidance and its unchanged China real estate provisioning. SCB’s large congl...

Based on Tellimer EM 1000 Corporate Index constituents, we identify the strongest and weakest listed EM metals firms. We also benchmark EM metals names against DM peers. Top-scoring region: East Europe. Worst region: China (Hong Kong). Top-scorers: B...

We highlight the biggest movers in our Index over the past month, by sector, region and stock. Risers: Industrial Products (momentum), India (risk). Fallers: Technology (valuation, quality), China Hong Kong (growth). Risers: Czech’s CEZ (profitabilit...

The Index ranks the 1,000 most investable emerging market firms across 6 core dimensions via 36 objective criteria. West Asia (growth) and GCC (quality) trump China. Metals (profitability) and Energy (valuation) beat Real Estate. Top-ranked: Indonesi...

The Index ranks the 1,000 most investable emerging market firms across 6 core dimensions via 36 objective criteria. W Asia (growth), GCC (quality) trump China (quality). Metals (profitability), Energy (valuation) beat Real Estate (risk). Top-ranked:...

EM banks have proven to be more resilient than DM peers in recent weeks, but this may not be universally justified. Best banking sectors so far this year: Philippines, Russia, Vietnam. Worst sectors: Saudi Arabia, India, Turkey. Best performing bank...

Given recent banking sector woes, we set out to identify the strongest and weakest listed names in emerging markets. We also benchmark leading EM banks against their developed market peers. GCC banks perform strongly, Indian ones less so. Top scorers...

We highlight the biggest movers in our Index over the past month, by sector, region and stock. Risers: Real Estate (risk), West Asia (growth). Fallers: Metals (momentum), China ADRs (valuation). Risers: Mexico’s Bimbo (profitability), Saudi SABB (mom...

The Index ranks the 1,000 most investable emerging market firms across 6 core dimensions via 36 objective criteria. West Asia (high growth) trumps China ADRs (low profitability). Metals (high momentum) beats Real Estate (poor momentum). Top-ranked: I...