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Equity Analysis / Egypt

Egypt Commodity and Material Prices: Sector outlook and trends – Q2 20 update

Nitrogen Fertilizer producers are ramping up capacity utilization in an attempt to offset weak urea prices with the outlook still uncertain. Petrochemicals have fared worse than their Agrochemical peers, as they have been enduring so far an unprecede...
Pharos Holding Diyar Hozaien
Diyar Hozaien @ Pharos Holding 28 July 2020
Company Analysis - Commissioned / Bahrain

Q2 2020 preview – Weak aluminium prices to reverse Q1 profits

Aluminium Bahrain (ALBA) will report Q2 20 results on 26 July 2020. We also estimate that Q2 20 cost of sales was 8% qoq lower owing to: (1) 8% qoq decline in the cost of raw materials (mainly alumina, which averaged US$277/tonne in Q2 20 versus US$3...
Tellimer Research Vahaj Ahmed
Vahaj Ahmed @ Tellimer Research 24 July 2020
Strategy Note / Sri Lanka

Sri Lanka Focus List: 8 stocks – a mix of value and growth

Equities saw a ‘V-shaped’ recovery in May and June, largely driven by local participation, as foreign investors continued to exit. We highlight eight stocks which hold upside potential in the current environment coming from a mix of value and growth;...
Asia Securities Kavinda Perera
Kavinda Perera @ Asia Securities 8 July 2020
Flash Report / Global

How to profit from the rubber bounce

Covid-19 has led to a huge boom in demand for rubber gloves. It expects to generate 35% of its revenue growth on the back of the Covid-19 surge. However, there are distinct signs that a rubber bounce is imminent. Demand for cars in China is robust an...
Tellimer Research Nirgunan Tiruchelvam
Nirgunan Tiruchelvam @ Tellimer Research 24 June 2020
Equity Analysis / Global

The EM consumer stocks at risk of bankruptcy

In the summer of 2015, I met Prof. The Altman Z-score is a formula for determining whether a company is headed for bankruptcy. Between 1.81 and 2.99 indicates caution. Half our selection of EM consumer names is in the safe zone, but nearly a third wa...
Tellimer Research Nirgunan Tiruchelvam
Nirgunan Tiruchelvam @ Tellimer Research 16 June 2020
Macro Analysis / Pakistan

Pakistan's KSE-100 in May: Muted performance despite positive triggers

The KSE-100 was flat in May 2020 (down 0.5% mom), taking CY20td decline to 17%. US$46mn average daily traded value. FIPI outflow (US$40mn in May) continued for the fourth consecutive month since the onset of Covid-19 pandemic. Pakistan Market staged...
Intermarket Securities Saad Ali
Saad Ali @ Intermarket Securities 1 June 2020