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Millat Tractors: 4QFY21 review – Earnings beat amid lower opex and higher other income

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...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 17 September 2021

South Africa Rand's resilience to be tested, second most volatile EM currency

Until last month global FX volatility was in the doldrums, so much so that the JP Morgan G7 Currency Volatility Index (a reliable gauge for foreign exchange volatility on a global scale and major developed and emerging market economies, respectively)...
ETM Analytics Daron
Daron Hendricks @ ETM Analytics 17 September 2021

US : Strategy - Washington Policy | Reconciliation Tax Provision Overview: Starting Point for Final Policy Details

Ed Mills @ CGS-CIMB 17 September 2021

ID : Bank Negara Indonesia - BNI to issue perpetual bonds

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....
Ilham FIRDAUS @ CGS-CIMB 17 September 2021

US : Commodities - Overall - Raymond James Energy Daily Update

Pavel Molchanov @ CGS-CIMB 17 September 2021

ID : Hospitals - UHC class simplification

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....
CGS-CIMB Patricia
Patricia Gabriela @ CGS-CIMB 17 September 2021