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

MSCI Announcement is ApproachingAs previously mentioned, Pakistan is under review for classification as an emerging market, and it appears likely that this transition will be successful.  Previously, objections have been raised regarding size and liquidity, though these factors have improved considerably.  In addition to the improvements in size and liquidity, the MSCI has noted other <a href="https://www.msci.com/documents/10199/238444/Results+of+MSCI+2015+Market+Classification+Review/5f8d9f3b-67b9-4f9f-83d1-ce6227a496a2" target="_blank">positive changes</a> in Pakistan that makes its reclassification as an emerging market more likely.  These…

MSCI Announcement is ApproachingAs previously mentioned, Pakistan is under review for classification as an emerging market, and it appears likely that this transition will be successful.  Previously, objections have been raised regarding size and liquidity, though these factors have improved considerably.  In addition to the improvements in size and liquidity, the MSCI has noted other positive changes in Pakistan that makes its reclassification as an emerging market more likely.  These…

Emerging Market Status Appears Likely for Pakistan

Pakistan is a strong frontier market in Asia for investors to consider:<ul><li>The MSCI will review Pakistan's eligibility to become an emerging market this year</li><li>Pakistan stands out for its high growth and strong discount to other stock markets in Asia</li><li>The cement industry, banking industry, and automotive industry are all strong areas for investment</li><li>Investors should avoid the textile and oil/gas industry in general, although some buy opportunities may emerge from the sell off</li><li>Regardless of what decision is made this year, Pakistan is still a strong, high growth frontier market</li></ul>

Pakistan is a strong frontier market in Asia for investors to consider:The MSCI will review Pakistan's eligibility to become an emerging market this yearPakistan stands out for its high growth and strong discount to other stock markets in AsiaThe cement industry, banking industry, and automotive industry are all strong areas for investmentInvestors should avoid the textile and oil/gas industry in general, although some buy opportunities may emerge from the sell offRegardless of what decision is made this year, Pakistan is still a strong, high growth frontier market

Emerging Pakistan?: Key Industries to Consider and Avoid

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>Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future outlook.</li><li>Production from Razgir has commenced, with current output at 20-25mmcfd. Following planned plant enhancements, production capacity is expected to be increased to 30mmcfd. These enhancement works are targeted for completion by end of 2025.</li><li>Management noted that the third-party allocation of Razgir gas allows the company to realize a 16% premium over PP2012 pricing for the field.</li></ul>

Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future outlook.Production from Razgir has commenced, with current output at 20-25mmcfd. Following planned plant enhancements, production capacity is expected to be increased to 30mmcfd. These enhancement works are targeted for completion by end of 2025.Management noted that the third-party allocation of Razgir gas allows the company to realize a 16% premium over PP2012 pricing for the field.

Topline Flash Note: Pakistan Oilfields (POL): Corporate Briefing Key Takeaways

<ul><li>The company announced its highest ever dividend in FY25, declaring Rs5/share for the quarter Rs15.05/share for the full year.</li><li>Management noted that gas curtailment from SNGPL driven by excess RLNG has resulted in an estimated revenue loss of Rs40-43bn during FY25.</li><li>Production from the Wali Block is expected to commence in 2 months with initial flows projected between 25-35 mmcfd of gas and 2500-3500 barrels of oil per day.</li></ul>

The company announced its highest ever dividend in FY25, declaring Rs5/share for the quarter Rs15.05/share for the full year.Management noted that gas curtailment from SNGPL driven by excess RLNG has resulted in an estimated revenue loss of Rs40-43bn during FY25.Production from the Wali Block is expected to commence in 2 months with initial flows projected between 25-35 mmcfd of gas and 2500-3500 barrels of oil per day.

Topline Flash Note: Oil & Gas Development (OGDC) - Corporate Briefing Key Takeaways

Pakistan

Oil & Gas Development Co. Ltd. explores and develops oil and natural gas properties in Pakistan.

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Oil & Gas Development (OGDC 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

Emerging Market Status Appears Likely for Pakistan

MSCI Announcement is ApproachingAs previously mentioned, Pakistan is under review for classification as an emerging market, and it appears likely...

Nomadic Equity

Emerging Pakistan?: Key Industries to Consider and Avoid

Pakistan is a strong frontier market in Asia for investors to consider: The MSCI will review Pakistan's eligibility to become an emerging market...

Nomadic Equity

Topline Flash Note: Pakistan Oilfields (POL): Corporate Briefing Key Takeaways

Pakistan Oilfields (POL) conducted its Corporate Briefing Session (CBS) today, where the management discussed financial results and future...

Topline Securities

Topline Flash Note: Oil & Gas Development (OGDC) - Corporate Briefing Key Takeaways

The company announced its highest ever dividend in FY25, declaring Rs5/share for the quarter Rs15.05/share for the full year. Management noted...

Topline Securities

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