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QuarterlyReviews / Equity
- Co-op Bank Kenya: FY17 NPL uptick, but we see a turnaround in 2018 by Tellimer
- Diamond Trust Bank: FY17 impaired by higher costs, weak margins by Tellimer
- SBM Holdings: FY 17 – Strong volume growth comes at a cost by Tellimer
- Zenith Bank: Q1 18 performance signals a strong year ahead, BUY by Tellimer
- Lafarge Africa: Q1 18 - high interest costs further compound a weak operating performance, HOLD by Tellimer
- MCB Bank (Pakistan): Q1 18 profit in line after adjusting for surprise one-off pension expense; maintain Hold by Tellimer
- Access Bank: Results call fails to reassure on capital, HOLD by Tellimer
- Square Pharma: 9M 18 earnings miss on slower top-line and higher selling/distribution expenses by Tellimer
- Credit Agricole Egypt: Q1 18 – Broad-based beat by Tellimer
- Chemical and Allied Products: Earnings recovery in Q1 18, maintain BUY by Tellimer
- United Commercial Bank (UCB BD): FY 17 earnings in line, but asset clean-up will depress them in future. Sell by Tellimer
- Vietnam Banks: Q1 18 wrap – positive revenue surprises by Tellimer
- Safaricom: FY18 above expectations, but slowdown in M-Pesa and mobile data takes the gloss off by Tellimer
- Eastern Bank: Q1 18 profit miss is due to one-off equity portfolio losses. Reiterate Buy by Tellimer
- Islami Bank: Q1 18 – Slow start to year reinforces bearish stance. Sell by Tellimer
- MCB Group (Mauritius): 9M 18 – lending accelerates, margins rise. Buy by Tellimer
- Olympic Industries: Upgrade to HOLD – valuations better reflect growth outlook by Tellimer
- United Commercial Bank - Upgrade to Hold as H1 18 EPS beats by Tellimer
- BANGLADESH BANKS: Stronger than expected Q2 18 results could provide near-term price support by Tellimer
- PRIME BANK: Q2 18 operating metrics in line, beat stems from lower effective tax rate. Hold by Tellimer
- GHANA COMMERCIAL BANK: Q2 18: Earnings recovery underway, Buy by Tellimer
- BRAC BANK: Q2 18 earnings in line, margins and volumes expected to rebound going forward. Buy by Tellimer
- BANGLADESH BANKS: Q2 18 wrap – the worst is over by Tellimer
- INTERMARKET INTEL: ABL 2QCY18 result: Inline with profits, but NII disappoints by Tellimer
- ALLIED BANK (ABL): Q2 18 earnings beat on higher capital gains, Buy by Tellimer
- Habib Bank (HBL): Q4 17 – Restructuring costs a drag, dividend is positive, BUY by Tellimer
- Bamburi Cement: FY17 – weakness in Kenya, exceptional items drag performance; reiterate HOLD by Tellimer
- UAC OF NIGERIA: Q4 17 earnings poor, but we remain positive on reforms and rebound in earnings in FY18f by Tellimer
- Guaranty Trust Bank: Q1 18 in line – winning earnings run continues, HOLD on valuation by Tellimer
- Bralirwa: Strong FY17 results mark a recovery in earnings, supporting our Buy rating by Tellimer
- VPBank: Q1 18 could have been better, but reiterate BUY by Tellimer
- Vietinbank: Q1 18 beats expectations, but still undercapitalised by Tellimer
- National Bank of Pakistan (NBP): Q1 18 profit in line, but pension case looms; Sell by Tellimer
- Beximco Pharma: 9M 18 earnings and margins beat, but revenue lags; SELL by Tellimer
- NMB Group: A weak Q1, but still our preferred pick in an uninspiring sector by Tellimer
- Sampath Bank: Q1 18 – net interest income grows but asset quality deteriorates; Hold by Tellimer
- CIB: Q1 18 – Positive loan dynamics offset lower margins by Tellimer
- Islami Bank: FY17 – a strong beat, but governance remains a concern. Sell by Tellimer
- Hatton National Bank (HNB): Q1 18 profit in line, cost/income ratio improves; maintain Hold by Tellimer
- United Commercial Bank: Q1 18 – Strong beat but no game changer; Sell by Tellimer
- Diamond Trust Bank - Q1 18: A poor start to the year by Tellimer
- Barclays Bank Kenya: Q1 18 – cost pressure undermines performance by Tellimer
- SACOMBANK: Q2 18 misses on one-off expenses, but still a Buy by Tellimer
- INTERMARKET INTEL: Today’s results highlights - HCAR and ICI by Tellimer
- INTERMARKET INTEL: Today’s results highlights - FFBL, FFC & LUCK by Tellimer
- VIETINBANK (CTG VN): Q2 18 results affected by prudent provisioning, we reiterate Buy by Tellimer
- VIETNAM BANKS: Q2 18 wrap – robust core profitability allowed stronger legacy asset clean-up by Tellimer
- GUARANTY TRUST BANK: Q2 18 – earnings impress again, upgrade to BUY by Tellimer
- INTERMARKET INTEL: EFERT 2Q18 – above expected on lower effective tax and other expenses by Tellimer
- INTERMARKET PULSE: PAKISTAN AUTOS – Upbeat growth sustained by enhanced capacity by Tellimer