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Latest articles in Mauritius
Company Analysis - Commissioned / Mauritius

Lower forecasts on asset clean-up, Covid-19 provisioning

We see SBMH delivering MUR447mn net profit this year; the key delta is higher risk costs due to Mauritius’ vulnerabilities to the global slowdown. Significant changes in the Board’s composition earlier this year (which saw more than half the members...
Tellimer Research Rahul Shah
Rahul Shah @ Tellimer Research 16 July 2020
Strategy Note / Global

Africa ex-SA equity strategy: Egypt is the least bad

Covid-19 remains a significant economic challenge across the continent. This combination of factors is best demonstrated in Mauritius, the region's worst performer, where the FX rate has depreciated c10% ytd, Moody's sovereign credit outlook was down...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 30 June 2020
Strategy Note / Global

Chasing technology's tail: EM equity strategy overview

In 2006 I was an analyst on global technology equities. This would be unwelcomed for the investment case given the military’s continuing, overbearing indirect grip on the economy and the strain put on the fiscal deficit from Covid-19 disruption. Equi...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 28 June 2020
Strategy Note / Global

Tourism: 'Staycation' buffer for some (India) more than others (Iceland) in EM

The risk of an overseas vacation is that we are forced into quarantine either on arrival or on return should we contract Covid-19 or venture to a country where policy is focused on lifting lockdowns, rather than minimising infections (see Death by Co...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 8 June 2020
Equity Analysis / Global

The EM and FM banks best able to cope with weaker loan quality

2020 global GDP is likely to decline by 3.0%,according to IMF, -2.8% per IIF. But the likely depth of this downturn suggests a much broader impact is likely. In this context, avoiding weaker systems and institutions is paramount. A 5ppt increase in N...
Tellimer Research Rahul Shah
Rahul Shah @ Tellimer Research 16 April 2020
Equity Analysis / Global

FM and EM Banks: The 3-D threat from Coronavirus

The US Federal Reserve yesterday cut interest rates by 100bps, in addition to the 50bps cut announced on 3 March, and also announced a massive asset purchase programme and international co-ordination to protect USD-liquidity in the financial system....
Tellimer Research Rahul Shah
Rahul Shah @ Tellimer Research 16 March 2020