Equity Analysis / Vietnam

Vietnam 2020 investment strategy

In our 145-page strategy report we cover all angles of the Vietnam investment case in 2020. Top-down, we highlight the global and domestic macro drivers, as well as inflows from upcoming index changes as Vietnam becomes a dominant weight in FM indices. Bottom-up, we assess the trends in each sector, while in our stock-by-stock analysis of our entire coverage we provide detailed forecasts, investment rationale and operating risks for the coming year. 

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Macro Analysis / Pakistan

Pakistan and Covid-19: If a buying opportunity exists, Pakistan is well placed

  • Pakistan economy faces growth concerns, but BoP issues seem largely addressed
  • Pakistan retains ability to ramp up both monetary and fiscal stimuli
  • Equity market will likely remain volatile
Raza Jafri @
Intermarket Securities
22 April 2020

In this 34-page report, we look at Pakistan's economy, valuations and equity market outlook in the context of the Covid-19 crisis, explore Pakistan’s domestic demand theme and present our top picks. 

Economy: Solutions for BoP stability are available 

  • Growth is a concern but this is not unique to Pakistan
  • BoP issues are being addressed
  • Further policy action will likely ensue
  • Once the outbreak is contained, domestic demand will drive economic growth

Equity Market: Likely to remain volatile

  • KSE-100 had been under pressure over the last several years; the bar has been set low
  • Valuations are near cross-cycle lows; we eye an Index range of 27,000pts (-20%) to 41,000pts (+25%)


  • Sharp and prolonged economic fallout from the pandemic
  • Any political disruption and social upheaval

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