Many positive structural factors: manufacturing, low tariffs, urbanisation, education, tourism, demographic sweet spot
But headwinds: slow global growth hits exports, real estate drags on banks, government policy (power, logistics, reform)
Our top Small EM equities pick: Vietnam has outperformed year to date but valuation still looks attractive
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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