We initiate coverage on Bukalapak with a Sell recommendation and a target price of IDR413, implying 24% downside. GoTo’s e-commerce business has a ride-hailing segment to support it. Bukalapak has a limited logistics infrastructure, and third-party s...
Just as domestic lockdowns were receding and international travel was re-opening, the Omicron Covid variant hit, reversing performance across most equity markets in developed (DM), emerging (EM) and frontier (FM) markets, and across most commodities....
In our previous report, we looked at the high appetite of individuals in emerging markets for cryptocurrency. Remittances are one of the key reasons for cryptocurrency adoption in some markets (eg Venezuela). Africa is the smallest region, with a mer...
The investment and financial pledges made by China to Africa in the triennial FOCAC, concluded on 30 November, amount to US$40bn, according to our understanding of the post-forum action plan, and this equates to a drop of one third from the pledges m...
54% of our sector coverage has now reported Q2 19 results. Median earnings growth has been 9% yoy, 2% below our expectations. HBL PA, in contrast, showed an 81% dip in profits and was 83% below our estimates due to high equity investment impairments ...
Vietnam's stock market increased sharply in August and became one of the best markets in the world as the VNIndex increased by 10.4% m/m. However, we believe that the recent uptick of the market is not sustainable when, based on our observations, the...
Last night, the Gulf of Mexico was ravaged by Hurricane Laura, classed as Category 4 in the scale of disasters, which means it is capable of lethal damage. There have been mass evacuations in coastal areas of Texas and Louisiana, and 1.6mn barrels pe...
The economic impact of Covid-19 is weighing on the Bangladesh government, with the country having had a 66-day long ‘general holiday’ ie lockdown. This credit will help the government meet its budgetary expenses. The Bangladesh government has also se...
Examples of publicly listed companies that have contracts with the government to manage utility, land, and transport assets, and have been caught in the cross-hairs so far include: Ayala Corp, Ayala Land, DMCI, Metro Pacific, Manila Water, and San Mi...
Finance Minister Ken Ofori-Atta cut Ghana's GDP growth forecast for 2020 by 530bps to 1.5%, the lowest in 37 years, due to the collapse in oil prices and the impact of the coronavirus pandemic. So far, 5 of the 16 regions in the country have confirme...
