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Equity Analysis / Vietnam

Vietnam Energy: As demand soars, solar can shine with the right policies

Vietnam has issued a new policy to promote the development of solar power projects, commonly known as Decision 13, effective 22 May 2020. While this ends ten months of policy uncertainty, the new feed-in tariffs (FiTs) will only be able to...
Tellimer Research Vahaj Ahmed
Vahaj Ahmed @ Tellimer Research 28 May 2020
Vietnam Energy: As demand soars, solar can shine with the right policies
Strategy Note / Global

Business models after Covid-19: Accelerating the next industrial revolution

In our latest look at the impact of the economic shock brought on by Covid-19, we focus on business models. We think the adoption of automation in manufacturing will accelerate, and stockpiling for corporate and national security purposes will be giv...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 16 April 2020
Business models after Covid-19: Accelerating the next industrial revolution
Company Analysis - Commissioned / Bahrain

Aluminium Bahrain: Strong Q4 19, 20%+ FCF yield not priced in

We update our estimates for Aluminium Bahrain (Alba) post Q4 19’s better-than-expected net profit of BHD13.6mn (versus our estimate of BHD13.0mn) and an unexpected cash dividend of BHD0.001 – see preview note. The stock trades a...
Tellimer Research Vahaj Ahmed
Vahaj Ahmed @ Tellimer Research 2 March 2020
Company Analysis - Commissioned / Bahrain

Aluminium Bahrain: Strong net profit due growth on higher revenues, flat costs

Aluminium Bahrain (ALBA) will report its Q4 19 results on 13 February. We expect the company to post net profit for the quarter of BHD13.0mn. This compares with a net loss of BHD17.5mn in Q4 18 and a net profit of BHD10.7mn in Q3 19. We do not e...
Tellimer Research Vahaj Ahmed
Vahaj Ahmed @ Tellimer Research 10 February 2020
Flash Report - Fixed Income / Global

Mexico's Aerovias flies, as we expected

AERMEX on 31 January issued debut senior unsecured bonds at 7% flat (due 2025 and rated B2/BB/NR). As we predicted, the bonds are already trading up and, today, are at cUS$101.00 (ALLQ) to yield c6.76% (g-spread 542bps; z-spread 541bps) –...
Tellimer Research
Rafael Elias
Rafael Elias @ Tellimer Research 3 February 2020
Strategy Note / Saudi Arabia

2020 Saudi Equity Strategy

We expect 2020 to be a more positive year for the Saudi economy, with stronger growth driven by the non-oil sector as a result of progress on the Vision Realisation Programs (VRPs) and the domestic investment of the proceeds of the Saudi Aramco...
NCB Capital Irfan Ellam
Irfan Ellam @ NCB Capital 20 January 2020