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Pakistan Strategy - Defensive plays rattled by the amended Finance Bill 2022

There has been a category shift from Poverty Alleviation Tax to Super Tax which taxes high earnings of more than PKR150mn; highest tax bracket of 4% for more than PKR300mn income. These sectors include, Airlines, Automobiles, Beverages, Cement, Chemi...
Intermarket Securities Wajid
Wajid Rizvi @ Intermarket Securities 1 July 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

Gul Ahmed Textile Mills Ltd: Corporate Briefing Takeaways

GATM held its Corporate Briefing Session today to discuss the recent performance and the future outlook. Despite the imposition of super-tax, GATM is likely to post an all-time high EPS of PKR12.02 in FY22, in our view; however, demand outlook remain...
Intermarket Securities Abdul Ghani
Abdul Ghani Mianoor @ Intermarket Securities 30 June 2022
Global Themes / Global

What investors are thinking: Takeaways from our UK roadshow

We held a series of client meetings in London over the past fortnight, seeing over 20 clients, consisting of a mix of fixed income and equity investors in EM and Frontiers, Africa specialists, and special situations and distress funds. The meetings t...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 30 June 2022
What investors are thinking: Takeaways from our UK roadshow
What investors are thinking: Takeaways from our UK roadshow

Pakistan Banks: Higher taxation but not as bad as initially feared

As per the amendments made to the Budget announced on June 10th, the recurring tax rate for Banks appears to be 43% instead of the 47% being determined earlier. In our Budget note on June 10th, we had estimated a 10-13% decline in recurring EPS estim...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 30 June 2022

The countries most vulnerable to tight global financial conditions – in 2 charts

Last month, we recently counted 27 countries with US$ bonds yielding more than 10% or that are in default (28 today with the addition of Turkey), a decade high and more than double the number in December 2021 (13) and three times the number in Decemb...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 29 June 2022
The countries most vulnerable to tight global financial conditions – in 2 charts
The countries most vulnerable to tight global financial conditions – in 2 charts