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Inflationbusters! The EM stocks with positive real dividend yields

As interest rates and inflation rise, investors are flocking to high-quality dividend income stories such as UAE's Salik. We look at the best-yielding EM shares: China and commodities plays feature heavily; tech/health care noticeably absent. Stocks....
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 23 September 2022
Inflationbusters! The EM stocks with positive real dividend yields
Inflationbusters! The EM stocks with positive real dividend yields

Cargills (Ceylon): 1Q FY23 - Steady performance despite ongoing headwinds

Same store sales to drive Retail revenues; short term margin pressure in 2Q FY23E. FMCG portfolio well positioned; recovery in margins during 2H FY23E. We use a 3-stage DCF model and arrive at a fair value of LKR 255.00/share.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 13 September 2022

Humanica PCL: HUMAN injected with growth hormone

New base set for quarterly earnings. Skyrocketing expected in 2H22…. …and seeds to sprout in 2023.
Bualuang Securities Napon
Napon Jaisan @ Bualuang Securities 9 September 2022

Ceylon Cold Stores: 1Q FY23 - Results remain resilient; poised for a recovery in 2H

Retail to witness conversion from GT channel; margins to recover in 2H. Price to drive FMCG revenues; full absorption of high import costs by 2H. We use a 3-stage DCF model and arrive at a fair value of LKR 53.00/share.
Asia Securities Naveed
Naveed Majeed @ Asia Securities 6 September 2022

Food prices are back to pre Russia-Ukraine war levels

Food prices down 2% mom in August (5th consecutive small monthly decline). Still up 8% yoy and 51% from May 2020 trough. Mix of global slowdown, lower crude oil, re-opening of Ukraine's Black Sea grain ports, Indonesia palm oil export pickup. High ho...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 4 September 2022
Food prices are back to pre Russia-Ukraine war levels
Food prices are back to pre Russia-Ukraine war levels

Savola: Q2 22 earnings call summary

Revenues came in at SAR6.89bn, up 16.7% yoy (-8.0% qoq). Reported net income was SAR214mn in Q2 22, up 6.9% yoy (-21.1% qoq). The number of Panda stores declined by 3 and reached 192 stores at the end of Q2 22.
SNB Capital Nauman
Nauman Khan @ SNB Capital 31 August 2022