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ASEAN : Agribusiness - Indonesia mulls raising the biodiesel mix

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....
Ivy Ng Lee @ CGS-CIMB 30 June 2022

Pakistan: Market outlook – Painful path to recovery

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...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 30 June 2022

HK : PAX Global Technology Ltd - Strong Android smart terminal penetration growth boosted 1H22F results

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....
Ray Kwok @ CGS-CIMB 30 June 2022

SG : OCBC - NIM expansion setting in

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....
Andrea Choong @ CGS-CIMB 30 June 2022

CN : Strategy - Launch of ETF Connect: a new step to bring HK and mainland China capital markets closer

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....
Mark Po @ CGS-CIMB 30 June 2022

MY : Banks - A rise in GIL ratio was within our expectation

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....
Winson Ng @ CGS-CIMB 30 June 2022