Millat Tractors (MTL) has reported a consolidated 4QFY21 NPAT of PKR1.8bn (EPS: PKR31.38), down 6% qoq, while up a sharp c.80% yoy from a NPAT of PKR1.0bn (EPS: PKR17.26) SPLY. This takes FY21 payout to PKR100/sh, with 32.5% bonus share issue. Revenu...

Bloomberg today reported that BNI plans to issue perpetual bonds (AT1) next week worth US$600m. It will be the first Indonesian bank to issue AT1. We estimate a negative impact of 1.5-3% to earnings via higher interest expense, ceteris paribus. We r....

The government is currently preparing regulations on UHC programme class simplification (from three classes currently), with a target to test that by 2022. There will only be two UHC classes –subsidised and non-subsidised. Patients will be able to u....

China's largest e-commerce company is transforming its development strategy. Pinduoduo turned losses into gains for the first time in the second quarter of 2021. In Q2 2021, the company achieved revenue of CNY 23.05 billion, up 89% year-on-year. At t...

The Ministry of Commerce (MoC) issued a "Notice on furthering the key tasks of promoting consumption in the current business field” yesterday. This was not a surprise, as yoy growth of retail sales slowed down substantially in Aug 21, and some....

NODX growth decelerated further to 2.7% yoy in Aug, underperforming our and consensus estimates, due to a poor performance in non-electronics. Robust chip demand buoyed electronics’ 16.7% yoy growth, whilst non-electronics slipped into a decline of.....