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.

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<li>As per our channel checks and media reports, Supreme Court (SC) has asked the big 4 private Banks (HBL, UBL, MCB and ABL) to increase monthly pensions of the pensioners to Rs8,000/month with an annual increase of 5%. We await further details on the same however as per our initial impression, this could have an earnings impact of Rs1-4/sh, which is lower than market expectations. Further, this is only applicable for future pension obligations.</li>
<li>To recall, SC had recently taken Suo Motu notice of…</li>
</ul>


As per our channel checks and media reports, Supreme Court (SC) has asked the big 4 private Banks (HBL, UBL, MCB and ABL) to increase monthly pensions of the pensioners to Rs8,000/month with an annual increase of 5%. We await further details on the same however as per our initial impression, this could have an earnings impact of Rs1-4/sh, which is lower than market expectations. Further, this is only applicable for future pension obligations.
To recall, SC had recently taken Suo Motu notice of…


Pakistan Banks: Pension Case Impact Lower than Expectation

MSCI semi annual index review is scheduled on Nov 13, 2017 where Pakistan’s weight in MSCI EM index is expected to be around 0.10% based on Oct 31, 2017 free float market capitalization of EM Index and 6 constituents of Pakistan market. This is lower than 0.14% weight initially set after reclassification of Pakistan market from Frontier Market to Emerging Markets (announced on May 15, 2017 and was effective from Jun 1, 2017). The semi-annual index review changes will be effective on Dec 1, 2017…

MSCI semi annual index review is scheduled on Nov 13, 2017 where Pakistan’s weight in MSCI EM index is expected to be around 0.10% based on Oct 31, 2017 free float market capitalization of EM Index and 6 constituents of Pakistan market. This is lower than 0.14% weight initially set after reclassification of Pakistan market from Frontier Market to Emerging Markets (announced on May 15, 2017 and was effective from Jun 1, 2017). The semi-annual index review changes will be effective on Dec 1, 2017…

Pakistan Strategy: MSCI Semi Annual Review, Pakistan Weight in MSCI EM Likely to Fall

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations. On MoM basis, inflation declined by 0.68%, which is a 22-month low, as against an increase of 0.2% in previous month, on the back of significantly lower food inflation. Food inflation that contributes around 35% to the total headline CPI inflation was up 2.4% YoY in Dec 2016 vs. 2.5% in Nov 2016. On MoM basis, food inflation declined by 2.3%, which is…

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates and lending as one of their central features. In the Islamic world, however, where the very concept of interest is forbidden under Sharia – Islamic law – consumers looking to reconcile their banking needs with their faith are increasingly turning toward Islamic banking systems.

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates and lending as one of their central features. In the Islamic world, however, where the very concept of interest is forbidden under Sharia – Islamic law – consumers looking to reconcile their banking needs with their faith are increasingly turning toward Islamic banking systems.

Consumer Finance in an Interest-Free World – An Overview of Islamic Banking

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the Line of Control (LoC) into Pakistan Occupied Kashmir. This is a first time that India has actually crossed the LoC to send a strong signal to Pakistan and this action, unfortunately, increases the risk of confrontation well into the future. Historically any tensions between India and Pakistan were defused by back channel intervention of global powers…

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the Line of Control (LoC) into Pakistan Occupied Kashmir. This is a first time that India has actually crossed the LoC to send a strong signal to Pakistan and this action, unfortunately, increases the risk of confrontation well into the future. Historically any tensions between India and Pakistan were defused by back channel intervention of global powers…

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

Pakistan

MCB Bank Ltd. is a full service commercial bank. The Bank offers a wide range of financial products and advice for personal and corporate customers, including online banking services.

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MCB Bank Ltd (MCB PA)

Pakistan Banks: Pension Case Impact Lower than Expectation

As per our channel checks and media reports, Supreme Court (SC) has asked the big 4 private Banks (HBL, UBL, MCB and ABL) to increase monthly...

Topline Securities

Pakistan Strategy: MSCI Semi Annual Review, Pakistan Weight in MSCI EM Likely to Fall

MSCI semi annual index review is scheduled on Nov 13, 2017 where Pakistan’s weight in MSCI EM index is expected to be around 0.10% based on Oct 31,...

Topline Securities

Pakistan Inflation Review - Dec 2016

Consumer Price Index (CPI) inflation for Dec 2016 stood at 3.7% YoY as compared to 3.8% in Nov 2016. Inflation remained below market expectations....

Topline Securities

Consumer Finance in an Interest-Free World – An Overview of Islamic Banking

The global banking system is constructed around the accrual of interest. Credit cards, loans, and other financial products rely on interest rates...

Euromonitor International Ltd.

Rising Geopolitical Risks in Indian Sub-Continent: Towards a Worse-Off Sub-Optimal Nash Equilibrium

Geopolitical tensions in the sub-continent, already running high, have taken a turn for the worst as India carried out surgical strikes across the...

Asia Advisors

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