Tellimer provides an integrated suite of services focused on the world's developing markets. It offers world class investment research and local insights; end-to-end content distribution and analytics; market execution and corporate access; brokerage services across Fixed Income and Equities; and expert advisory services.

Tellimer is headquartered in London, UK, with additional offices in Dubai, Lagos, Nairobi, New York and Singapore. It is a division of Exotix Partners LLP.

Dalia Bonna
  • Dalia Bonna

Credit Agricole Egypt: 1Q22 – Healthy operational quarter; LDR expands

STRONG QUARTER DRIVEN BY INTEREST INCOME, OTHER INCOME, AND LOWER PROVISIONS, DESPITE GROWING OPEX CIEB 1Q22 consolidated bottom line recorded EGP492 million, pre minority interest and appropriations, (+14% q/q, +30% y/y), 4% lower than Pharos estimates of EGP511 million. Healthy sequential performance was driven by: 1) healthy net interest income, 2) strong ‘other income’ driven by reversals of other provisions, 3) lower booked provisions, and 4) slightly lower effective tax rate, despite gr...

Hasnain Malik
  • Hasnain Malik

Corruption in emerging and developed markets – an ESG investing blinds...

We revisit the issue of corruption in light of this week's update by the Tax Justice Network of its Financial Secrecy Index. Similar to restrictions on press freedom, the two largest markets in the emerging and frontier equity indices, China and Vietnam, respectively, rank among the worst on corruption scores. In general, developed markets score better on third-party measures of corruption than emerging markets. But does that make sense when the illicit wealth that flows out from EM often end...

Marina William
  • Marina William

GB Auto: 1Q22 – Sequential performance weakened by seasonality; FX los...

SLOW AND STEADY WINS THE RACE; CHERRY SUPPORTS PC VOLUMES; AFTER-SALES AND REGIONAL SEGMENTS COUNTERBALANCE WEAKNESS Consolidated revenues for 1Q22 amounted to EGP7,842 mn, compared to EGP6,828 mn in 1Q21, showing a YoY rise of 14.9%, and compared to EGP9,047 mn in 4Q21, with a QoQ decline of 13.3%. The annual recovery was backed up by recovering market conditions, in January and February, and healthier consumer demand across all segments compared to 1Q21, as well as higher prices applied dur...

Rabail Adwani ... (+3)
  • Rabail Adwani
  • Rahul Shah
  • Rohit Kumar

How EM retail financial services are changing and the key growth drive...

We previously considered how emerging market consumers expect the financial services industry’s structure to change, and in which countries the biggest shifts are likely to occur. In this report, we gauge emerging market consumers’ expectations regarding their usage of 11 different financial services products. The survey provides some perspectives on differences across markets and on how financial services consumption patterns are likely to change over the coming years. In a forthcoming repo...

IMS Research Team
  • IMS Research Team

Pakistan: Emergency Economic Plan – Government bans luxury items

The government has announced a complete ban on the import of nearly 40 items deemed unnecessary/luxury in view of the weak Fx reserves position (less than 1.5 months import cover) and continued pressure on the currency. Some of these imports include auto CBUs, mobile CBUs, and electronic appliances (full table below). In FY21, these imports totaled c US$1.3bn (2.3% of the import bill). The government estimates annual savings of US$6bn (c 2% of GDP), but this may also include other measures su...

Olabisi Ayodeji
  • Olabisi Ayodeji

Nigeria Tier 1 Banks: Looking to the rest of Africa for growth

The ‘rest-of-Africa’ segment is making a rising contribution to the group-level growth and profitability of Tier 1 Nigeria banks. We think this should serve as a medium-term tailwind considering challenges in Nigeria. Our top pick on this theme is Zenith, and Nigeria Tier 1 banks generally are at an attractive discount to Africa peers.

Rahul Shah CFA
  • Rahul Shah CFA

FM & SMALL EM: Gaining FX protection through banks

Some banks offer a natural hedge against currency devaluation risk due to their net long foreign currency positions, enabling investors to gain exposure to long-term positive fundamentals (demographics, financial inclusion, institutional improvements and so on), while also providing some FX protection.

Frontier Themes: Affordability in Africa

The rise of the African consumer continues to present a significant opportunity for local and multinational consumer companies operating in the region. However, there is growing frustration among these companies over whether this opportunity will be realised, given disappointing sales growth in the region in recent years. We argue that the challenges and underwhelming performance of most of these companies is not because the opportunity does not exist, but because of their inability to adapt ade...

Alfa Equity Team
  • Alfa Equity Team

Russia (Alfa): Morning Bulletin – 22 November 2019

Russia likely to shrug off external noise and advance further. The Russian market recovered on Thursday – RTSI (+0.4% @ 1,454) and IMOEX (+0.2% @ 2,942) – driven largely by domestic corporate events. The ruble finally found traction after being rangebound for most of this week (+0.3% @ 63.72). The oil price slipped slightly lower (Brent -0.5% @ 63.65) after the recent gains. Elsewhere, European markets closed lower (StoxxEuro600 +0.2%) on geopolitical worries. Overnight, US markets conceded ...

Muhammad Saad Ali
  • Muhammad Saad Ali

Pakistan (IMS): KSE-100: First positive monthly return in 8 months

KSE-100 rebounded in Sep’19, rising 8% mom, after seven consecutive months of decline (CYTD return -13%). This was led by a status-quo monetary policy and an ensuing decline in money market rates (in longer tenure). Market activity also picked up 11% mom to US$29mn average daily traded value. FIPI remained moderately negative (US$3.5mn outflow), while local mutual funds selling slowed down considerably.

Muhammad Saad Ali
  • Muhammad Saad Ali

Pakistan (IMS): Market overview – Tax credits and one-offs veiled we...

Today's Intermarket Pulse focuses on the Pakistan market performance, in addition to our daily snapshot of the Pakistan stock market including volumes, yield vs spread, and portfolio flows.

PAKISTAN: Don't wait for the IMF deal

Exotix Pakistan Universe stocks have already rallied 5% (11% in US$-terms) since the general election on 25 July that resulted in Imran Khan’s PTI coming close to an absolute parliamentary majority – a result which exceeded expectations (read our recent note on the Pakistan Election). We think that the downside risks (such as weaker PKR and political uncertainty) are already priced into equities as the KSE100 Index is on a 14% discount to its 5-year average P/BV of 1.5x.

Hasnain Malik
  • Hasnain Malik

Frontier and small Emerging in April

Frontier underperforms in April, lagging Q1 weakness in larger markets. In April to date, MSCI FM is down by 3.5%, underperforming FEM (down 1.2%), EM (down 1.1%) and World (up 1.7%). This is perhaps best explained by the delayed impact, caused by lower liquidity in FM, of all the negative factors which dragged down performance of the larger, more liquid indices in 1Q: fears of more rapid US rate hikes, trade protectionist measures between the US and China, and the appointment of more hawkish US...

Mariam Wael
  • Mariam Wael

Egypt (Pharos): Telecom Egypt – 3Q19 – Strong base effect and ERP ...

A Strong Base Effect Capped Revenue Growth : ETEL reported 3Q19 revenues of EGP6.32 billion, down from EGP7.23 billion in 3Q18 and EGP6.6 billion in 2Q19 (-12.7% YoY, -4.4% QoQ). Retail revenue increased 13.6% YoY and 8.4% QoQ, mainly on a significant increase of 30.3% YoY in Home & Consumer revenues, driven by a 34.4% YoY increase in data revenues and contributing c.43.0% to total revenues. Home and Consumer revenues have offset a YoY decline of 16.7% in Enterprise Solutions revenues.

Nirgunan Tiruchelvam
  • Nirgunan Tiruchelvam

Palm oil prices: A beacon of light in the Singaporean haze

Global oil prices have surged after the attack on the Saudi Arabian oil facilities on Saturday. There are grave concerns about the viability of Saudi oil supply. Oil prices have risen from US$60/bbl to US$70/bbl in a single session Meanwhile, Singapore and other ASEAN cities are shrouded in a dark haze. Forest fires from Indonesia have driven the Pollutant Standards Index (PSI) to the worst level in three years. The forest fires are allegedly caused by Indonesian palm oil planters burning rain f...

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