Hasnain Malik

Tellimer Research

Strategy & Head of Equity Research @ Tellimer Research

Before joining Tellimer in 2014, Hasnain founded Frontier Alpha, a boutique research firm, and was a managing director at Citi in MENA investment research for 14 years. He was the first analyst to publish equity research on a number of companies in MENA and has been highly ranked by institutional investors since 1998, in many different sectors.


Hasnain Malik
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Latest from Hasnain Malik
Weekend Reading / United States of America

Abortion rights in Emerging Markets and what it means for ESG

We analyse data on abortion rights and incidence in emerging markets following the overturning of Roe v. Wade in the US. India and Taiwan are among the most liberal; Middle East generally most restrictive; wide variety in Africa, Asia, LatAm. The abo...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 2 July 2022
Abortion rights in Emerging Markets and what it means for ESG
Abortion rights in Emerging Markets and what it means for ESG

Emerging-Frontier Equity Monthly – June: US recession fear, China reopening hope

At the market close on 29 June, MSCI DM was down 7% month to date, EM fared better at down 4%, and less liquid FM was down 5%. Valuation across most of the EM and FM spectrum appears to reflect a lot of distress already; both indices are on c20% disc...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 30 June 2022
Emerging-Frontier Equity Monthly – June: US recession fear, China reopening hope
Emerging-Frontier Equity Monthly – June: US recession fear, China reopening hope

Thailand: Shinawatra scion tops opinion poll, election likely before May 2023

With the next election in Thailand likely before May 2023, a scion of the Shinawatra political dynasty and the Pheu Thai political party they dominate have taken large leads in the latest opinion polls. Their Pheu Thai party is particularly strong in...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 27 June 2022
Thailand: Shinawatra scion tops opinion poll, election likely before May 2023
Thailand: Shinawatra scion tops opinion poll, election likely before May 2023

Pakistan 'super-tax' hits narrow tax base but brings IMF closer

Pakistan's 'super tax', announced on 24 June, of 10% on large scale industries and 4% on smaller ones, will not the be the last one-off supplemental tax. Similar to the recent windfall tax dropped on the largest corporates in Hungary, the equity mark...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 24 June 2022
Pakistan 'super-tax' hits narrow tax base but brings IMF closer
Pakistan 'super-tax' hits narrow tax base but brings IMF closer

Nigeria ejection from MSCI FM looms

MSCI announced on 23 June a consultation to consider the ejection of Nigeria from its MSCI FM and FM 100 equity indices. The consultation period ends on 31 August. Nigeria equities, NGX All Share, are up 27% ytd. Forward PE is 9.8x (for 26% earnings ...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 24 June 2022
Nigeria ejection from MSCI FM looms
Nigeria ejection from MSCI FM looms

The shadow economy in EM: Bad for sovereign risk, good for consumer spend

We chart the size of the 'shadow', 'informal', 'grey', or 'undeclared' economy in emerging markets, using a data set from World Economics. The silver lining, during economic shocks like Covid, commodity inflation, or increases in the cost of borrowin...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 24 June 2022
The shadow economy in EM: Bad for sovereign risk, good for consumer spend
The shadow economy in EM: Bad for sovereign risk, good for consumer spend

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