Strategy Note /
Global

FRONTIER AND SMALL EMERGING IN MAY

    Hasnain Malik
    Hasnain Malik

    Strategy & Head of Equity Research

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    Tellimer Research
    28 May 2018
    Published byTellimer Research
    Given the sharp shift in global conditions over the past three months, before reviewing and interpreting the events in FM and small EM equities in May, we revisit the overall equity strategy thesis we published in Dec 2017 in order to reflect the global factors of higher US rates, US$ and oil price. Our top markets in this environment are Philippines, Saudi and Vietnam. Note that our assessment of positives and risks at the level of each country have not changed, except in respect of the global factors mentioned. For example, we do not think any less optimistically about the structural transformation underway in Pakistan, but we have to admit that this is a materially riskier global environment for it.