Macro and Flows Tracker - Not All Is Well
The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia
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Telco - Sector evolution intact
IOH’s Hutch3 raised prices on the back of secular network improvements, and thus IOH expansion to more areas has little sector downside risk
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Telco - Economies of scale through technology
2Q23 offers a springboard for telcos to get inline in fulfilling consensus/our forecast 2023F estimates. Sector Overweight with a pecking order of...
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Macro and Flows Tracker - Gear Up
Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues. Supporting domestic aggregate demand...
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Macro and Flows Tracker - Glimpse of Recovery
We anticipate improvements in the banking sector's intermediary function, supported by ample liquidity and favourable rates
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