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QuarterlyReviews / Equity
- Saudi Arabia (NCB Capital): Advanced Petrochemical – Higher opex offset by SK Advanced results by Tellimer
- Egypt (Pharos): Qatar National Bank Al Ahli – 1Q2019 – Strong earnings on margin expansion, but corporate lending was weak by Tellimer
- National Bank of Kuwait: Q1 19 results in line. A welcome fall in credit risk costs, but core revenues fall short by Tellimer
- Guaranty Trust Bank: Better-than-expected results; reiterate Buy by Tellimer
- Pakistan (IMS): PSO Q3 FY 19 results – Lower opex leads to earnings beat by Tellimer
- Pakistan (IMS): Fauji Fertilizer Bin Qasim Q1 CY 19 results – another disappointing quarter by Tellimer
- Unilever Nigeria: Q1 19 earnings flatter to deceive; cut TP, maintain Hold by Tellimer
- Pakistan (IMS): Allied Bank Q1 CY 19 results – earnings beat on sharp income pick-up by Tellimer
- Access Bank: Strong bottom line trend in Q1; reiterate Buy by Tellimer
- Pakistan (IMS): Millat Tractors – 3QFY19 results – plenty of positives lead to earnings beat by Tellimer
- Pakistan (IMS): Engro Foods – Q1 CY 19 review: New product launches drive sales higher by Tellimer
- Pakistan (IMS): Amreli Steels 3QFY19 results – Weak rebar prices lead to loss by Tellimer
- FBN Holdings: Operating cost pressure drives earnings miss; but we reiterate Buy by Tellimer
- Pakistan (IMS): Hub Power Q3 FY 19 results – Notable improvement in profitability by Tellimer
- Pakistan (IMS): NCPL Q3 FY 19 results – Energy sukuk improves liquidity by Tellimer
- Bangladesh (IDLC): Beximco Pharma – Q3 18/19 earnings up 24% yoy on strong sales; beat expectation by 9%, Buy by Tellimer
- Saudi Arabia (NCB Capital): Saudi Cement – Profits decline on margin contraction, higher opex by Tellimer
- Nigerian Breweries: Mild uptick in revenues, but cost pressures weigh on profitability; reiterate Buy by Tellimer
- Stanbic IBTC: Q1 earnings dip on lower provisions reversal, as expected; reiterate Buy by Tellimer
- GCB Bank: Earnings beat driven by strong trading income, reiterate Buy by Tellimer
- Egypt (Pharos): Juhayna 1Q19 – Positive topline performance, cost pressures bite margins, maintain Equalweight by Tellimer
- Saudi Arabia (NCB Capital): Saudi Steel Pipes – Weak results on lower margins by Tellimer
- Saudi Arabia (NCB Capital): Banque Saudi Fransi – Opex efficiencies mitigate decline in revenues by Tellimer
- Egypt (Pharos): Global Telecom Holding – Sequential revenue decline, operational performance cosmetically boosted by IFRS 16 by Tellimer
- Egypt (Pharos): CIB – Controlled opex supports earnings amid margin contraction by Tellimer