reports
- Raza Jafri
- Yusra Beg
Pakistan (IMS): Banks – Asset quality will determine the winners
After several years of net recoveries, the asset quality cycle turned in 2018, with systemic NPLs rising by 5% through the nine months ended Sep’18. Last year’s interest rate increase is the quickest since 2008 and, with the economy slowing down, NPL formation is likely to accelerate, in our view. However, we do not see a repeat of the 2008-style blowout.
- Raza Jafri
- Yusra Beg
Pakistan (IMS): Banks – Higher-for-longer super tax does not derail ...
There are three key developments for banks in yesterday’s mini-budget – (i) super tax has been introduced for Tax Year 2018 and will remain at 4% until Tax Year 2021, (ii) 0.3% WHT on cash withdrawals for tax filers has been taken back, and (iii) income from incremental lending to SME, Agriculture and low-income housing will be taxed at a lower rate of 20%.
- Stevanus Juanda
Indonesia Daily - Wednesday, November 21, 2018
Strategy: Earnings Growth Acceleration In 3Q18: JCI net income up 15.8% yoy and 12.1% qoq in 3Q18. Names that beat expectations: MAPI, SMGR, AKRA, SIDO and RALS. TRADERS’ CORNER Bekasi Fajar Industrial Estate (BEST IJ): Technical BUY Salim Ivomas Pratama (SIMP IJ): Technical BUY
- Stevanus Juanda
Strategy - Earnings Growth Acceleration In 3Q18
9M18 net income rose 14.1% yoy, ahead of our 12.1% expectation for 2018. 3Q18 net income rose 15.8% yoy and was up 12.1% qoq. Retailers (MAPI, RALS and AMRT) beat expectations while financial and consumer stocks were in line. Cement beat expectations, which was a surprise. Telco and construction were below expectations, which could underpin the recovery. Picks: MAPI, SMGR, AKRA, SIDO and RALS.
- Raza Jafri
Pakistan Banks: Back on the growth track*
* This Pakistan banks update is the fifth in a series of joint reports from Exotix Capital and its research partner in Pakistan, Intermarket Securities (IMS), as we bring together our coverage. This report discontinues Exotix’s independent coverage of ABL, BAFL, HBL, MCB and UBL. The changes in forecasts and ratings cited are changes from IMS’s previous forecasts and ratings.
- Rohit Kumar
- Raza Jafri
- Yusra Beg
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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