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Equity Analysis / Pakistan

Pakistan Market: KSE-100 – Staging a bounce back

The KSE-100 bounced back in April 2020, rising 17% mom, after a sharp 23% decline in March. The rally was led by (i) government decision to ease off lockdown conditions for certain industries, (ii) an emergency 200bps cut in the policy rate, bringing...
Intermarket Securities Saad Ali
Saad Ali @ Intermarket Securities 4 May 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
Flash Report - Fixed Income / Colombia

Colombia: Termocandelaria's new bonds – more information

Following up on our 7 January report, Colombia's Termocandelaria Power Limited (TERMOC) is today expected to issue a US$185mn tap of its outstanding US$410mn 7.875% senior unsecured bonds due 2029 (BB/BB+). Full guarantors are Term...
Tellimer Research
Rafael Elias
Rafael Elias @ Tellimer Research 9 January 2020
Flash Report - Fixed Income / Colombia

Colombia's Termocandelaria markets bonds

In line with the fast and furious primary activity this week, Colombia's largest non-hydro electricity generator, Termocandelaria Power Limited (TERMOC), is on the road marketing a tap of its outstanding US$410mn 7.875% senior unsecured bonds due...
Tellimer Research
Rafael Elias
Rafael Elias @ Tellimer Research 7 January 2020
Equity Analysis / Vietnam

Vietnam 2020 investment strategy

In our 145-page strategy report we cover all angles of the Vietnam investment case in 2020. Top-down, we highlight the global and domestic macro drivers, as well as upcoming index changes as Vietnam becomes a dominant weight in FM indices. Botto...
Rong Viet Tu Vu
Tu Vu @ Rong Viet 31 December 2019
Flash Report - Fixed Income / Argentina

Stoneway: Uncertainty from conflicting versions of alleged dispute

A recent report suggests that there is a dispute between Stoneway and Siemens, even after Stoneway issued a notice to investors dismissing the alleged event of default related to missed payments to Siemens. The report from Bloomberg said that BN...
Tellimer Research
Rafael Elias
Rafael Elias @ Tellimer Research 25 October 2019