Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical high experienced when it was previously an emerging market.  Now is a strong time to swoop in to profit from Pakistan's future upside, as the market has the potential trade at up to 13.8X its earnings, based on its historical valuation.  Unfortunately, this is a case where simple exposure through an ETF, the <a href="https://www.smartkarma.com/entities/21016" target="_blank" data-smartkarma-citation="entities:21016">Global X Msci Pakistan Etf</a>, is not an…

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical high experienced when it was previously an emerging market.  Now is a strong time to swoop in to profit from Pakistan's future upside, as the market has the potential trade at up to 13.8X its earnings, based on its historical valuation.  Unfortunately, this is a case where simple exposure through an ETF, the Global X Msci Pakistan Etf, is not an…

Top Industries for Investment as Pakistan Transitions to an Emerging Market

The cement industry in Pakistan has a flurry of advantages ahead of it, and can be considered a strategic industry for investment in Pakistan:<ul><li>Local demand for cement is growing, and companies are responding by constructing new cement plants.</li><li>Exports growth will slow, primarily driven by issues in South Africa, yet this is not strong enough to offset the strong domestic demand.</li><li>Investment in Pakistan's cement industry should be a long term endeavor.</li></ul>

The cement industry in Pakistan has a flurry of advantages ahead of it, and can be considered a strategic industry for investment in Pakistan:Local demand for cement is growing, and companies are responding by constructing new cement plants.Exports growth will slow, primarily driven by issues in South Africa, yet this is not strong enough to offset the strong domestic demand.Investment in Pakistan's cement industry should be a long term endeavor.

Pakistan's Cement Industry Poised for Further Growth

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>We revise up our earnings for Engro Corporation (ENGRO) by 20% for 2019 to Rs35/share (earlier Rs29/share) as Engro’s 660MW Power Plant (EPTL) is expected to commence operations by Jun 2019 (earlier Jan 2020). While, early commencement of power plant (in Jan 2019) can’t be ruled out as reportedly its power plant is connected to national grid and transmission line is also tested. In case if transmission of power starts earlier in Jan 2019, then our 2019 EPS would be Rs40/share.</li>
<li>To note, market…</li>
</ul>


We revise up our earnings for Engro Corporation (ENGRO) by 20% for 2019 to Rs35/share (earlier Rs29/share) as Engro’s 660MW Power Plant (EPTL) is expected to commence operations by Jun 2019 (earlier Jan 2020). While, early commencement of power plant (in Jan 2019) can’t be ruled out as reportedly its power plant is connected to national grid and transmission line is also tested. In case if transmission of power starts earlier in Jan 2019, then our 2019 EPS would be Rs40/share.
To note, market…


Engro Corporation (ENGRO): Earnings Revised Up, ‘BUY’ Maintained

Pakistan

Engro Corporation Ltd. manufactures and markets fertilizers and plastics; generates electricity; and processes food.  The Company produces nitrogenous, phosphatic and blended fertilizers; polyvinyl chloride resin; and industrial automation products; develops electricity generating plants; produces dairy foods; and operates a liquefied petroleum gas and liquid chemical terminal.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Engro Corporation (ENGRO PA)

Top Industries for Investment as Pakistan Transitions to an Emerging Market

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical...

Nomadic Equity

Pakistan's Cement Industry Poised for Further Growth

The cement industry in Pakistan has a flurry of advantages ahead of it, and can be considered a strategic industry for investment in...

Nomadic Equity

Engro Corporation (ENGRO): Earnings Revised Up, ‘BUY’ Maintained

We revise up our earnings for Engro Corporation (ENGRO) by 20% for 2019 to Rs35/share (earlier Rs29/share) as Engro’s 660MW Power Plant (EPTL) is...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)