Equity Analysis /

Banks: Our favourite markets and top stocks for H2

    Rahul Shah
    Rahul Shah

    Head of Financials Equity Research

    Rohit Kumar
    Rohit Kumar

    Global Financials/Thematics

    Tellimer Research
    24 July 2019
    Published by

    Our global financials coverage comprises 82 bank stocks across 18 developing markets. The breadth of our coverage enables us to rank markets, identify common themes across the industry and discover the outliers – those markets and companies that should outperform. 

    Key changes from Q1

    We are now more positive on banks in Egypt, Nigeria, Kenya and Mauritius.

    We are more negative towards banks in the GCC and Sri Lanka.

    Our top stocks for H2

    Our four top picks in the large-caps are HBL, KCB, MBB and Zenith.

    Our four top picks in the small-caps are BRAC, CRDB, Credit Agricole Egypt and GCB.

    Major themes

    We benchmark our coverage against the long-term themes in the industry, including mobile money, digital banking and global loan quality.

    Country-by-country analysis

    We provide detailed country-by-country analysis beginning from page 40, including the specific themes driving the investment case for banks in each market, and catalysts and risks for each company.

    Figure 1: Our ranking of the major markets (country level) 


    Nigeria Tier 1






    Source: Tellimer Research
    Note: green = attractive, yellow = neutral, red = unattractive.