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>Topline Securities hosted an Analyst Briefing Session for United Bank Limited (UBL), where the key speaker was Mr. Muhammad Jawaid Iqbal, President of UBL.</li><li>UBL has achieved deposit growth of 98% in last 2 years (industry growth 40%), wherein current deposits have grown at 114% (industry: 40%) during the same period.</li><li>UBL stock has given total return of 1247% since Jan 2023 which includes robust dividend return of 588% and capital gain of 659%. Their market cap has jumped from a low of Rs113bn in Jan 2023 to Rs966Bbn now.</li></ul>

Topline Securities hosted an Analyst Briefing Session for United Bank Limited (UBL), where the key speaker was Mr. Muhammad Jawaid Iqbal, President of UBL.UBL has achieved deposit growth of 98% in last 2 years (industry growth 40%), wherein current deposits have grown at 114% (industry: 40%) during the same period.UBL stock has given total return of 1247% since Jan 2023 which includes robust dividend return of 588% and capital gain of 659%. Their market cap has jumped from a low of Rs113bn in Jan 2023 to Rs966Bbn now.

Topline Flash Note: United Bank Limited (UBL): Corporate Briefing Key Takeaways

<ul><li>UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations due to higher non-interest expenses and tax expenses.</li><li>Non-interest expenses increased by 76% YoY due to branch expansions and marketing efforts, while the effective tax rate was higher at 61% due to prior year tax charges.</li><li>Despite a decline in non-interest income, UBL experienced strong fee and commission income growth, and the bank declared a dividend of Rs8/share, aligning with expectations.</li></ul>

UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations due to higher non-interest expenses and tax expenses.Non-interest expenses increased by 76% YoY due to branch expansions and marketing efforts, while the effective tax rate was higher at 61% due to prior year tax charges.Despite a decline in non-interest income, UBL experienced strong fee and commission income growth, and the bank declared a dividend of Rs8/share, aligning with expectations.

United Bank (UBL) - 2Q2024 EPS at Rs11.4, up 93% YoY (Earnings lower than industry expectations)

Pakistan

United Bank Ltd. provides commercial banking and related services. The Bank offers a wide range of banking and financial services, including brokerage services.

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United Bank Ltd (UBL 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: United Bank Limited (UBL): Corporate Briefing Key Takeaways

Topline Securities hosted an Analyst Briefing Session for United Bank Limited (UBL), where the key speaker was Mr. Muhammad Jawaid Iqbal,...

Topline Securities

United Bank (UBL) - 2Q2024 EPS at Rs11.4, up 93% YoY (Earnings lower than industry expectations)

UBL announced its 2Q2025 results with earnings of Rs29bn, showing a 93% YoY increase but a 21% QoQ decrease, falling below industry expectations...

Topline Securities

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