Indonesia is considering plans to raise biodiesel mandate to 35% from 30%. We estimate that this could raise CPO demand by 1.5-1.6m tonnes/annum. However, it is unlikely to have a significant impact on near-term CPO price as it may take time to imp....

The FY23 Budget saw the government attempt to widen the tax net, but the brunt eventually fell on the existing narrow tax base in the shape of higher corporate and personal taxes. The KSE100 shed 3.6% (6.6% in US$), with turnover thinning out even fu...

PAX expects 1H22F net profit to grow by over 30% yoy, or not less than HK$670m, thanks to strong Android smart terminal shipments. We believe the US market would remain resilient in FY22F as customer orders return. We reiterate Add on PAX on its r....

Quicker NIM expansion (c.9bp) and benign credit cost (c.12bp) could be 2Q22F’s bright spots amid modest market-related wealth mgmt. and treasury. We watch out for updated guidance on FY22F NIMs and credit growth as well as insights to asset quality....

On 27 Jun, the SFC and the CSRC announced the inclusion of eligible ETFs in Stock Connect, with effect from 4 Jul. A detailed initial list of ETFs eligible for Stock Connect trading was published on 28 Jun. We analyzed 83 ETFs eligible for Northboun....

Loan growth was sustained at 5% yoy at end-Apr 22 and end-May 22. We expect loan growth to peak in Jun-Jul 22 and moderate in 2H22. GIL ratio rose from 1.57% at end-Apr to 1.64% at end-May, in line with our expectation of an uptrend (our projection....