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1164 Documents   Page 1 of 59

Report date:

21 Jul 2017

Region:

Global

Analyst:

Aleksej Gren


Weekly credit risk monitor

Subject: Credit Analysis

Credit in focus: International Bank of Azerbaijan – Restructuring proposal approved We have a Hold recommendation on the International Bank of Azerbaijan (IBAZAZ or IBA) 2019 bond. IBA disclosed voting details from the claimants’ meeting...


Report date:

18 Jul 2017

Region:

Sub Sahara Africa

Analyst:

Olabisi Ayodeji


UNILEVER NIGERIA: Another strong quarter

Subject: Company Analysis

Unilever Nigeria published its H1 17 results on Friday, posting EPS of NGN0.97, +239% yoy. This implies Q2 17 EPS of NGN0.55, vs NGN0.01 in Q2 16 and NGN0.42 in Q1 17. Other highlights are:...


Report date:

14 Jul 2017

Region:

South Asia

Analyst:

Binta Drave


GRAMEENPHONE: H1 17 results review

Subject: Company Analysis

On Wednesday Grameenphone published results which we regard as very good (Q2 17 total revenue grew by 15.5% yoy, EPS rose by 55.7%). This was followed by a group conference call with investors and analysts....


Report date:

14 Jul 2017

Region:

Global

Analyst:

Aleksej Gren


Weekly credit risk monitor

Subject: Credit Analysis

Credits in Focus: Strategy note – Mid-year review Changes to our Top-5 picks. We overhaul our Top-5 picks with three changes since our last update published on 11 April. We switch our Buy on Nigeria 2032...


Report date:

13 Jul 2017

Region:

Sub Sahara Africa

Analyst:

Olabisi Ayodeji


FMN: Strong top line growth boosts FY17 performance

Subject: Company Analysis

Flour Mills of Nigeria (FMN) published its FY17 results last week, posting EPS of NGN3.03, -46% yoy. This implies Q4 17 EPS of NGN0.54, vs a loss per share of NGN1.44 recorded in Q4 17,...


Report date:

12 Jul 2017

Region:

Global

Analyst:

Stuart Culverhouse


Exotix Fixed Income Strategy: Mid-year review

Subject: Macro/Strategy Analysis

Changes to our Top-5 picks. We overhaul our Top-5 picks with three changes since our last update published on 11 April. We switch our Buy on Nigeria 2032 for higher-yielding Angola 2025s, we switch our...


Report date:

07 Jul 2017

Region:

Global

Analyst:

Aleksej Gren


Weekly Credit Risk Monitor

Subject: Credit Analysis

Credit in Focus: Sistema – Ghosts of the past return On 2 May Rosneft filed a lawsuit against Sistema in relation to the latter’s former ownership of Bashneft, which was privatised in 2009 for US$2.5bn and...


Report date:

06 Jul 2017

Region:

Global

Analyst:

Hasnain Malik


FRONTIER STRATEGY: FX in the henhouse

Subject: Macro/Strategy Analysis

The lens of FX rate risk – Currently, exposure to high real GDP growth is often coupled with depreciation risks stemming from over-valued FX rates for foreign equity investors in many frontier and small emerging...


Report date:

30 Jun 2017

Region:

Global

Analyst:

Aleksej Gren


Weekly credit risk monitor

Subject: Credit Analysis

Credit in Focus: Mozambique – What now after the audit? The Kroll independent audit of the three companies (EMATUM, MAM and Proindicus) was published on 24 June. In short, it confirms the flawed business plans...


Report date:

29 Jun 2017

Region:

Sub Sahara Africa

Analyst:

Anthea Alexander


SIMBISA BRANDS: Good growth prospects but full valuation

Subject: Company Analysis

We keep our TP for Simbisa unchanged at US$0.20/share but we downgrade to Hold (from Buy), as the share price has appreciated, bringing it in line with our TP. On a FY18f P/E of 14.2x...


Report date:

29 Jun 2017

Region:

Global

Analyst:

Hasnain Malik


FRONTIER STRATEGY: Q2 17 review: Africa bounces, favourites falter

Subject: Macro/Strategy Analysis

Harmonisation of Frontier and Emerging activity, performance, valuation – In Q2 average daily value traded picked up 12% qoq across the MSCI FM index, in line with MSCI EM. This was driven by increased activity...


Report date:

27 Jun 2017

Region:

Sub Sahara Africa

Analyst:

Stuart Culverhouse


Exotix Research Snap: Mozambique - What now after the audit?

Subject: Sovereign Research

The Kroll independent audit of the three companies (EMATUM, MAM and Proindicus) was published on 24 June. In short, it confirms the flawed business plans of the companies concerned, weak public financial management and procurement...


Report date:

23 Jun 2017

Region:

Global

Analyst:

Aleksej Gren


Weekly credit risk monitor

Subject: Credit Analysis

Credits in Focus: Halyk & KKB: Signed, sealed and (almost) delivered Our views have not changed: We reiterate our Sell recommendation on the Halyk (HSBKKZ) 7.25% 2021 and the Kazkommertsbank (KKB) 5.5% 2022 bonds....


Report date:

22 Jun 2017

Region:

Sub Sahara Africa

Analyst:

Jumai Mohammed


NIGERIA BANKS: Etisalat Nigeria loan impact is manageable

Subject: Company Analysis

Etisalat Nigeria took a syndicated bank loan of cUS$1.2bn (NGN192billion) in 2013 from 13 Nigerian banks, for the purpose of refinancing its existing loans at the time and funding its network expansion. Etisalat missed its...


Report date:

22 Jun 2017

Region:

Europe/CIS

Analyst:

Tolu Alamutu


IBA: Spot the differences

Subject: Credit Analysis

Full restructuring terms published – with a few changes: We reiterate our Hold recommendation on the International Bank of Azerbaijan (IBAZAZ) 2019 bond. This follows the publication of the financial statements for FY 2016 and...


Report date:

21 Jun 2017

Region:

MENA

Analyst:

Hasnain Malik


SAUDI ARABIA: Succession path cleared, MSCI path clearing

Subject: Macro/Strategy Analysis

Succession path cleared – The replacement of the crown prince with the deputy crown prince (Mohammed bin Salman, MbS) is perhaps not surprising given the latter’s unprecedented concentration of power since Jan 2015 (he already...


Report date:

21 Jun 2017

Region:

South Asia

Analyst:

Hasnain Malik


PAKISTAN AUTOS: Faster growth assumptions, top pick INDU

Subject: Company Analysis

We update our forecasts and target prices to reflect the latest industry news, new model launches, and recently reported March 2017 quarterly results.


Report date:

20 Jun 2017

Region:

Europe/CIS

Analyst:

Tolu Alamutu


HALYK & KKB: Signed, sealed and (almost) delivered

Subject: Credit Analysis

Our views have not changed: We reiterate our Sell recommendation on the Halyk (HSBKKZ) 7.25% 2021 and the Kazkommertsbank (KKB) 5.5% 2022 bonds. We still think it is difficult to construct a scenario in which...


Report date:

19 Jun 2017

Region:

Sub Sahara Africa

Analyst:

Olabisi Ayodeji


DANGOTE SUGAR REFINERY: Upgrading to HOLD on stronger earnings outlook

Subject: Company Analysis

We raise our earnings estimates for the company and update our valuations. DSR has shown some resilience in the challenging operating environment, but we are wary of: (1) the vulnerability of its earnings to...


Report date:

16 Jun 2017

Region:

Global

Analyst:

Aleksej Gren


Weekly Credit Risk Monitor

Subject: Credit Analysis

Credits in Focus: Nigeria Banks – We’ve come a long, long way (The full report published on 13 June can be found here) It’s been a good year so far: Most bonds are now quoted at,...