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ML London Traded Frontier Stocks Index

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ML London Traded Frontier Stocks Index Stock News

Chagala Group Ltd

ML London Traded Frontier Stocks Index

By: Guest Analyst: Sophie Polovkova

Comment

Best last week among stocks was Avangardco Investments Public Ltd (AVGR:LI) +20.00%, KAZ Minerals PLC (KAZ:LN) +15.23%, KCell JSC (KCEL:LI) +10.32%,

While worst last week among stocks was Electrica SA (ELSA:LI) -1.83%, Depa Ltd (DEPS:LI) 0.00%, Ooredoo QSC (ORDS:LI) 0.00%,

Best last month among stocks was KAZ Minerals PLC (KAZ:LN) +12.49%, Solidere (SLED:LI) +3.71%, Bank Audi SAL (BQAD:LI) +1.67%,

While worst last month among stocks was Zenith Bank PLC (ZENB:LI) -73.33%, Kazkommertsbank JSC (KKB:LI) -37.93%, KCell JSC (KCEL:LI) -19.17%,

Best YTD among stocks was Commercial Bank QSC/The (CBQS:LI) +17.92%, KAZ Minerals PLC (KAZ:LN) +8.48%, Bank Audi SAL (BQAD:LI) +1.67%,

While worst YTD among stocks was Zenith Bank PLC (ZENB:LI) -73.33%, Kazkommertsbank JSC (KKB:LI) -26.53%, KCell JSC (KCEL:LI) -23.27%,

Chart: Argentina Debt and Equity

Source: investing.com

YTD Frontier Markets Performance --
TUNISIA 13.42%, JAMAICA 9.08%, MOROCCO 1.52%, BANGLADESH 1.30%, FM LATIN AMERICA & CARIBBEAN INDEX 1.15%, ARGENTINA 1.15%, FM LATIN AMERICA & CARIBBEAN INDEX 1.15%, ESTONIA -0.03%, MAURITIUS -0.86%, TRINIDAD AND TOBAGO -1.32%, BAHRAIN -1.61%, LITHUANIA -1.86%, KENYA -2.47%, CROATIA -3.23%, LEBANON -3.46%, JORDAN -3.63%, BAHRAIN DOMESTIC -4.18%, PAKISTAN -4.55%, FM ASIA INDEX -4.91%, FM ASIA INDEX -4.91%, SLOVENIA -4.95%, FM ex GCC -5.25%, FM ex GCC -5.25%, BOSNIA AND HERZEGOVINA -5.49%, FM (FRONTIER MARKETS) -5.61%, FM (FRONTIER MARKETS) -5.61%, NEXT 11 ex IRAN -5.78%, BULGARIA -5.95%, FRONTIER MARKETS 100 -6.01%, FRONTIER EMERGING MARKETS -6.06%, KUWAIT -6.85%, KUWAIT DOMESTIC -6.91%, FM EMEA -6.96%, FM CENTRAL & EASTERN EUROPE + CIS -7.13%, FM CENTRAL & EASTERN EUROPE + CIS -7.13%, OMAN DOMESTIC -7.30%, OMAN -7.30%, BOTSWANA -7.50%, GHANA -7.57%, FM AFRICA -7.88%, FM AFRICA -7.88%, VIETNAM -7.98%, SRI LANKA -8.25%, SERBIA -8.59%, ROMANIA -9.37%, KAZAKHSTAN -10.88%, SAUDI ARABIA DOMESTIC -13.71%, UKRAINE -14.07%, NIGERIA -16.38%, ZIMBABWE -19.53%

Argentina: the turning point?

As the World Economic Forum 2016 in Davos came to an end on the 23rd of January, a lot of themes that were at first outweighed by the topics of the agenda start to finally get noticed. The one particularly relevant for the frontier markets was the presence of Mauricio Macri, a new right-wing president of Argentina elected in November last year and the first leader to represent this country on the forum for over a decade. So, how is Argentina doing?
Macri 's election is expected to cause a shift in both political and economic life of Latin America 's third-largest economy. Firstly, the talks between Macri and David Cameron held in Davos might ease the strained relationship with the UK over the Falkland Islands. Secondly, negotiations with holdout creditors have recently been resumed to resolve a decade-long conflict and bring an end to the country 's isolation from global capital markets. This might eventually lead to upgrades in credit ratings and the country 's growing more attractive to the investors.
Argentina 's 10-year bond yield fell from over 9 percent in September last year to today 's 2.91%. The stocks demonstrated mixed performance within a strong three-year upward trend, with Buenos Aires Stock Exchange Merval Index (MERVAL:IND) reaching its all-time high in November 2015, just before Marci 's victory in the elections.
The country, however, currently finds itself in a complex economic situation. The new government is yet to resolve a number of serious problems including the inflation rate of about 30% per annum, a growing fiscal deficit and stumbling economic growth. The first two issues have become even more formidable in the short term since the Argentinian peso lost a third of its value and became a free-floating currency after its anticipated devaluation in December. Apart from that, farm export taxes on beef, wheat and corn were eliminated in order to shore up the country 's exports.
Speaking of Argentina 's economy, the country has a large export-oriented agricultural sector. Its production accounts for about 61% percent of the country 's exports. Argentina imports primarily industrial products, machines, electric material and technical equipment. In 2015, agriculture and manufacturing accounted for 8.2% and 18.7% of GDP respectively, wholesale &retail trade, real estate, transport and other services accounted for 51.7% of GDP.
Argentina 's total stock market capitalization of domestically listed companies is modest and does not exceed 20% of GDP, shares of the largest companies though can be found on NYSE, NASDAQ or London Stock Exchange. During the past three years most of these companies have appreciated in value, some of these including Grupo Clarin SA (GCLA:LI), Edenor SA (NYSE:EDN), Pampa Energia SA (NYSE:PAM), Grupo Financiero Galicia (NASDAQ:GGAL), BBVA Banco Frances SA (NYSE:BFR), Banco Macro SA (NYSE:BMA) and Transportadora de Gas del Sur (NYSE:TGS) have exhibited a clear upward trend, gaining 725.47%, 486.67%, 385.02%, 289.91%, 269.26%, 230.10% and 187.50% respectively since January 2013.

Argentina

Anti-Rousseff impeachment push in Brazil loses ground

After 14 Years at Odds, Argentina Aims to Settle Debt With Hedge .../.../

Petroleo Brasileiro SA: is Bailout the Last Resort?

David Cameron tells new Argentinian President: 'Absolutely clear .../.../

LATAM Economic Growth To Be Held Back by Brazil, Argentina .../.../

Nine Steps President Macri Can Take to Restore Economic .../.../

As Argentina's Queen Cristina says farewell, her enemies wait in the .../.../

Argentina's New President Lays the Groundwork for a Better Economy/.../

Argentina sees tax revenues up 25.7 percent in 2016: budget bill/.../

REFILE-BRIEF-Special master in Argentina debt litigation, Pollack .../.../
Bahrein

HM the King, Tunisian president hold talks/.../

Sri Lankan Ambassador calls on Bahrain Prime Minister/.../

BCCI hosts Asharqia Chamber's delegation/...//...//...//...//...//.../
Bangladesh

Work hard to push Bangladesh ahead, President asks students/.../

Treason case filed against former Bangladeshi prime minister .../.../

Why water governance is key to growth in Bangladesh/.../

Reduce cost of doing business for faster growth/.../

Gas utility/.../

Slower global growth may strain Bangladesh exports/.../

Fitch: Bangladesh Budget Sets Optimistic Revenue, Growth Targets/.../

IFC plans $1bn of offshore bonds in Bangladeshi taka/.../
Bulgaria

President: Bulgaria Seeks to Attract More Brazilian Investments/.../

MPs from Bulgaria's Ruling Coalition to Hear Candidate for New .../.../

We have real grounds to believe 4.5% economic growth possible .../.../

Confidence Returning to Bulgaria's Property Market/.../

Telenor Bulgaria extends LTE promo for initial LTE testers/.../

PRESS DIGEST - Bulgaria - Jan 12/.../

Bulgaria's Budget Gap Shrinks to 2.9% at End-2015/.../

Greek Euro Exit Risk Gets You Down? Find Relief in Bulgaria Debt/.../
Croatia

Croatian President Grants Controversial Pardons/.../

First Meeting Between Croatian and Slovenian Prime Ministers Held .../.../

Bloomberg: Croatia Among 10 Worst Economies in the World/.../

EU-bound Croatia craves investors but drags feet on reforms/.../

Tennis Australia president Stephen Healy concerned about match ...

How to defeat the enemies of natural marriage Steven Mosher/.../

Croatia's Exports Grow By 10.5 Percent/.../

Croatia needs to cut budget gap by 4.5 bln HRK, official says/.../

Croatian parliament approves new centre-right cabinet, focus on .../.../
Estonia

Estonian President: "We will handle this migration crisis if we show .../.../

Cyprus seeks closer ties with Estonia, help with e-government/.../

Wednesday afternoon briefing: Brexits, bigamists and balls (of the .../.../

Nordic meat company to invest in Estonia/.../

Does a father's death impact the sexual activity of his children?/.../

Connectivity Wars: Weaponizing Interdependence/.../

Swedbank cuts Estonia's 2016 growth estimate, leaves Lithuania's .../.../

Estonia reports smallest government debt in EU in Q3/.../
Estonia

Estonian President: "We will handle this migration crisis if we show .../.../

Cyprus seeks closer ties with Estonia, help with e-government/.../

Wednesday afternoon briefing: Brexits, bigamists and balls (of the .../.../

Nordic meat company to invest in Estonia/.../

Korea unveils stimulus measures for economic growth

Does a father's death impact the sexual activity of his children?/.../

Connectivity Wars: Weaponizing Interdependence/.../

Beck Mack & Oliver LLC Has $3061000 Position in Encana Co. (ECA)

Swedbank cuts Estonia's 2016 growth estimate, leaves Lithuania's .../.../

Estonia reports smallest government debt in EU in Q3/.../
Jordan

Israel and Jordan Have Cause for Concern as Assad's Troops Make .../.../

Ease European Union Trade Rules With Jordan, Britain's Prime .../.../

39m Canadian dollars to fund two economic growth projects in Jordan/.../

Prime Minister Abdullah Ensour: Interview/.../

Mizzou Professor Melissa Click Charged with Assault for Handling of .../.../

Missed growth potential/.../

Crisis situation needs attention/.../

Jordan's debt up 1.2 percent in Feb to $29.3 bln/.../
Kazakhstan

Kazakhstan's Singing President/.../

Kazakhstan on the verge of dissolving Parliament/.../

North Kazakhstan Region's Economic Growth Reached 102.8 .../.../

Kazakhstan makes leap in Doing Business 2016 report/.../

Central Asia's Population Growth/.../

A Perfect Storm in Central Asia/.../

Kazakhstan Moves to Diversify Commodities-Dependent Economy/.../

Kazakhstan: Debt restructuring issues weigh on banking sector/.../
Kazakhstan

Kazakhstan's Singing President/.../

Kazakhstan on the verge of dissolving Parliament/.../

North Kazakhstan Region's Economic Growth Reached 102.8 .../.../

Decline Expected for Investment Technology Group (ITG) Earnings ...

Kazakhstan makes leap in Doing Business 2016 report/.../

Central Asia's Population Growth/.../

A Perfect Storm in Central Asia/.../

Kazakhstan Moves to Diversify Commodities-Dependent Economy/.../

Kazakhstan: Debt restructuring issues weigh on banking sector/.../
Kenya

Kenya: President Kenyatta Flags Off Armoured Vehicles in Key .../.../

Prime Minister Omar Abdirashid calls on Kenya to halt airstrikes in .../.../

Kenya forecasts economic growth of 6.3 pct in 2016/.../

Orange Expands in Africa With Cellcom Liberia Acquisition/.../

Seven Selected for Clinton Global Initiatives University/.../

Africa's future lies in free movement of goods, people/.../

Africa in the news: WEF underway, Kenya cuts budget, and terrorists .../.../

Kenya debt yields seen rising/.../
Kuwait

Kuwait lose premise, presidency of ASPU/.../

Prime minister meets with chief of Kuwait development fund/.../

Kuwait succeeds in earmarking huge development funds -- Oxford .../.../

Kuwait Plans $100 Billion Sovereign Fund, Al-Anba Reports/.../

From Syria to Bosnia: Isis and its affiliates around the world/.../

saudi-crude-exports-rise-in-october/.../

Kuwait fin minister sees 2016-17 budget with $25/barrel oil price/.../

Gov't to settle Kuwait debt/.../
Lebanon

Can Hariri Co-exist with a Strong Christian President in Lebanon?/.../

Prime Minister On The Way To Lebanon/.../

Haston named Lebanon economic development head/.../

Beirut's Bright Future As A Tech Hub For MENA, If Its Politicians Will .../.../

The Arab World Is in Transformation/.../

Trade balance deficit improves by 12 percent/.../

Lebanon Budget Proposed/.../

IIF says Lebanon's debt-to-GDP ratio to hit 146 pct in 2014/.../
Lithuania

Lithuania President Says Ukraine May Be Granted EU Visa-free .../.../

Statoil to supply LNG to Lithuania's Achema - prime minister/.../

Swedbank cuts Estonia's 2016 growth estimate, leaves Lithuania's .../.../

Lithuania Is Ready to Adopt the Euro in 2015, EU Says/.../

Lithuania ?? ' a strong magnet for business and tech/.../

Lithuania: Positive change in economy conditioned by .../.../

Eurogroup considers Lithuania's budget 2016 as risky/.../

Estonia reports smallest government debt in EU in Q3/.../
Mauritus

Mauritius: Ephemeral Art Exhibition to Celebrate Mauritian Creativity .../.../

Mauritius: China Expresses Interests for Mauritius to Be Part of the .../.../

Mauritius: Waiting on a second economic miracle/...//...//...//...//...//.../
Morocco

Morocco: President Mohamed Abdelaziz Alerts UN On Morocco's .../.../

Morocco: Prime Minister Calls On African Leaders to Take .../.../

Morocco's Economic Growth Reached 4.4% in 2015/.../

Saudi's new labor law mandates employee mediation committees/.../

Morocco's solar power gamble/.../

Fitch Affirms Morocco at 'BBB-'; Outlook Stable/.../

Islamists Gain Ground in Morocco Elections/.../

Morocco, Most Indebted Arab and African Country: McKinsey/.../
Nigeria

Former Nigerian Vice President Targeted in Anti-Corruption Raid .../.../

Nigeria, Italy strengthen relations as Prime Minister Matteo Renzi .../.../

Industrialist Commends Sterling Bank's Support To Nigeria's .../.../

MYTO could triple Nigeria's investment profile/.../

Instant Money Transfer Service Stellar Launches For Nigeria's Rural .../.../

Nigeria Forces Kill 56 Suspected Islamist Rebels, Stop Bombers/.../

Nigeria: Budget 2016 - Inland Revenue Targets N5 Trillion Revenue/.../

Lagarde: Nigeria's Debt Profile Counter-productive, Advocates .../.../
Oman

Oman elected as International Bureau of Education president/.../

Russia FM holding meeting with Oman's deputy prime minister/.../

China's economic growth falls to 6.9%/.../

DME sets multiple records in January/.../

Marginal rise in Qatar population/.../

Oman exports more LNG in move with implications for oil/.../

Oman's conservative 2016 budget/.../

Oman seeks foreign loans to ease economic pressure/.../
Pakistan

Pakistan's resolve for Kashmir on Solidarity Day injects new spirit .../.../

Pakistan Prime Minister Nawaz Sharif To Attend Nuclear Summit In .../.../

Structural reforms being undertaken for sustained economic growth .../.../

Govt eyes Rs1.8 trillion loans from banks in next three months/.../

Power and Gas shortage in Pakistan/.../

Unchanged policy rate aimed at wooing foreign inflows/.../

After China, India Will Become Second Buyer of Advanced Russian .../.../

Pakistan's debt mountain/.../
Romania

EBRD President: Infrastructure is Romania's big weak spot/.../

Romanian parliament votes to lift ex-minister's immunity/.../

World Bank improves estimates on Romania's economic growth/.../

World Bank has upgraded its estimates regarding Romania's .../.../

Romania's population falls by 12% as three million flock to richer .../.../

Biggest 6630 companies in Romania have a turnover of over EUR .../.../

New Year Tax Cuts Take Force in Romania/.../

PineBridge Buys Romania Debt as Growth Adds to Haven Appeal/.../
Serbia

Croatia Reportedly Postpones a Visit by Serbia's President Due to .../.../

Serbia's prime minister asks parliament to sack defense minister/.../

Serbia predicted to experience dynamic economic growth in 2016/.../

Esmark Bids for Serb Steelmaker as IMF Eyes Asset Sales/.../

If You Think Europe Has a Refugee Crisis, You're Not ?? '/.../

Serbia's GDP to drop this year too - expert/.../

Serbian weapons exported on board US Air Force planes/.../

Vucic, Putin to discuss Serbia's debt for gas/.../
Slovenia

Cardinal Parolin inaugurates Nunciature in Slovenia/.../

Cardinal Parolin, Slovenian PM call for humane migration response/.../

Slovenia exports, industry rise in November, confirm robust GDP .../...//.../

Eastern Europe's hard attitude to refugees is born out of trauma/.../

Slovenia exports, industry rise in November, confirm robust GDP .../.../

UPDATE 1-Slovenian parliament passes 2015 budget plan/.../

Toronto 2015: Michael Moore explains why he thinks Europe is .../.../
Sri Lanca

India, Sri Lanka Ties Have Matured Over Time: President Pranab .../.../

Try swearing, Prime Minister/.../

National Chamber's concerns on Sri Lankan economy/...//...//...//...//...//.../
Ukraine

Ukraine's President Says Risk of Open War With Russia "Greater .../.../

'We won't let Russia outmaneuver us' ?? ' Ukrainian PM/.../

Akholi Research Says Technology to Lead Ukraine's Economic .../.../

Franklin Templeton's Hasenstab snapping up debt at 'cheapest .../.../

Newsbriefs/.../

MEPs urge Moldova, Georgia, Ukraine to pursue reform and Russia .../.../

IMF accepts Ukraine's budget, changes to tax code pending/.../

Ukraine's Debt Falls as Minister's Exit Shows Government Cracks/.../
Vietnam

Israel wants to step up ties with Vietnam: President/.../

Vietnam's prime minister looks set for exit as party leadership bid fails/.../

Vietnam: The Quiet Economic Success Story Of Asia/.../

Dun & Bradstreet: Understanding Vietnam's Investment Climate in .../.../

Bloomberg View: Vietnam's growth masks problems/.../

Old Age, Debt Threaten Vietnam Economy/.../

Vietnam's budget revenue may fall next year if oil prices continue to .../.../

Vietnam's debt rises to 61.3 % of GDP/.../

ML London Traded Frontier Stocks Index is a set of select stocks traded on LSE as GDRs or in the main market

Country Composition

country	Weight %
Kazakhstan	16.67
Pakistan	13.33
Lebanon	13.33
Nigeria	6.67
Qatar	6.67
Ukraine	6.67
United Kingdom	6.67
Argentina	3.33
Romania	3.33
Vietnam	3.33
Netherlands	3.33
United Arab Emirates	3.33
Oman	3.33
Georgia	3.33
Bahrain	3.33
Switzerland	3.33

Sector Composition

Industry	Weight %
Banks	43.33
Real Estate Owners & Developers	10.00
Telecom Carriers	6.67
Base Metals	6.67
Exploration & Production	6.67
Cable & Satellite	3.33
Elec & Gas Mktg & 00002E55 Trading	3.33
Publishing & Broadcasting	3.33
Building Sub Contractors	3.33
Agricultural Producers	3.33
Packaged Food	3.33
Cement & Aggregates	3.33
Steel Raw Material Suppliers	3.33

Key Basket Multiples

Stocks	Total MCap US mn	Payout Ratio	Div Yield	PE	NetMargin	1yr Return
30	69405.8	0.8	4.1	8.18	23.99	-2.3

Results

value	stock	Country	Industry	MCap US mn	DividendYield	PE	PS	NetMarginPct	PayoutRatio	52wkchange	Score
Grupo Clarin SA	GCLA:LI	Argentina	Cable & Satellite	2587.00	0.98%	-	-	0.00	-0.00	91.75	94.68
Aluminium Bahrain BSC	ALBH:LI	Bahrain	Base Metals	1363.00	3.04%	-	-	0.00	-0.00	-20.41	-17.48
TBC Bank JSC	TBCB:LI	Georgia	Banks	494.75	3.38%	6.20	1.54	24.84	20.96	-17.40	25.12
Chagala Group Ltd	CHGG:LI	Kazakhstan	Real Estate Owners & Developers	0.00	-	-	-	0.00	0.00
Halyk Savings Bank of Kazakhstan JSC	HSBK:LI	Kazakhstan	Banks	1350.00	13.64%	-	-	0.00	-0.00	-37.09	-34.16
KazMunaiGas Exploration Production JSC	KMG:LI	Kazakhstan	Exploration & Production	3003.00	5.37%	-	-	0.00	-0.00	-46.33	-43.40
KCell JSC	KCEL:LI	Kazakhstan	Telecom Carriers	750.00	29.20%	-	-	0.00	-0.00	-57.00	-54.07
Kazkommertsbank JSC	KKB:LI	Kazakhstan	Banks	488.47	-	-	-	0.00	0.00	-67.76	-64.83
Byblos Bank SAL	BYB:LI	Lebanon	Banks	848.27	8.81%	-	-	0.00	-0.00	6.08	9.01
Bank Audi SAL	BQAD:LI	Lebanon	Banks	2398.00	6.67%	-	-	0.00	-0.00	1.98	4.91
BLOM Bank SAL	BLBD:LI	Lebanon	Banks	2077.00	6.84%	-	-	0.00	-0.00	0.20	3.13
Solidere	SLED:LI	Lebanon	Real Estate Owners & Developers	1805.00	0.93%	-	-	0.00	-0.00	-6.44	-3.51
Trader Media East Ltd	TME:LI	Netherlands	Publishing & Broadcasting	220.00	-	-	3.67	0.00	0.00	0.00	2.93
Zenith Bank PLC	ZENB:LI	Nigeria	Banks	4709.00	1.79%	-	-	0.00	-0.00	6.79	9.72
Diamond Bank PLC	DBPA:LI	Nigeria	Banks	0.00	1.47%	-	-	0.00	-0.00
Bank Muscat SAOG	BKM:LI	Oman	Banks	3151.00	4.50%	-	-	0.00	-0.00	-4.90	-1.97
United Bank Ltd/Pakistan	UBLS:LI	Pakistan	Banks	2051.00	7.61%	-	-	0.00	-0.00	127.31	130.24
Oil & Gas Development Co Ltd	OGDC:LI	Pakistan	Exploration & Production	4537.00	5.45%	-	-	0.00	-0.00	-50.20	-47.27
Lucky Cement Ltd	LKCS:LI	Pakistan	Cement & Aggregates	1496.00	1.86%	-	-	0.00	-0.00	1.86	4.79
MCB Bank Ltd	MCBS:LI	Pakistan	Banks	1948.00	8.82%	-	-	0.00	-0.00	-31.53	-28.60
Ooredoo QSC	ORDS:LI	Qatar	Telecom Carriers	25626.00	1.66%	-	-	0.00	-0.00	1.37	4.30
Commercial Bank QSC/The	CBQS:LI	Qatar	Banks	3462.00	8.24%	-	-	0.00	-0.00	-35.49	-32.56
Electrica SA	ELSA:LI	Romania	Elec & Gas Mktg & 00002E55 Trading	1038.00	5.94%	-	-	0.00	-0.00	3.48	6.41
Ferrexpo PLC	FXPO:LN	Switzerland	Steel Raw Material Suppliers	176.36	20.32%	2.03	0.16	7.88	41.25
MHP SA	MHPC:LI	Ukraine	Agricultural Producers	919.30	5.45%	-	0.74	0.00	-0.00	-1.53	1.40
Avangardco Investments Public Ltd	AVGR:LI	Ukraine	Packaged Food	79.84	-	-	0.34	0.00	0.00	-39.02	-36.09
Depa Ltd	DEPS:LI	United Arab Emirates	Building Sub Contractors	334.41	-	-	-	0.00	0.00	0.00	2.93
BGEO Group PLC	BGEO:LN	United Kingdom	Banks	1076.41	3.47%	10.10	2.65	26.24	35.05
KAZ Minerals PLC	KAZ:LN	United Kingdom	Base Metals	645.26	-	-	-	0.00	0.00
HAGL JSC	HAG:LI	Vietnam	Real Estate Owners & Developers	771.73	-	-	-	0.00	0.00	0.00	2.93

Index Sector Valuations vs GEM Average

Sector	Sector MCap US mn	Sector MCap Share in Total	Gem Sector Share In Total GEM	GEM Sector MCAP USmn	Payout Ratio	GEM Payout Ratio	Div Yield	GEM Div Yield	PE	PEGEM	PE Discount vs GEM	NetMargin	NetMarginGEM	Margin Diff. vs GEM	1yr Return	GEM 1yr Return
Communications	29183.0	42.0	10.3	794505.8	0.0	43.3	2.3	3.2		18.2			13.6		7.9	-0.7
Consumer Staples	999.1	1.4	7.5	584775.3	0.0	38.0	5.5	1.8		28.2			10.3		-4.5	12.3
Energy	7540.0	10.9	12.6	973390.4	0.0	40.8	5.4	4.4		12.4			9.7		-48.7	-21.0
Financials	26630.6	38.4	32.8	2543065.7	1.8	26.0	5.8	4.0	8.9	8.8	1.1	25.8	20.4	-5.4	0.0	3.2
Industrials	334.4	0.5	5.8	453138.2	0.0	23.4		1.8		18.6			11.4		0.0	22.9
Materials	3680.6	5.3	7.6	590209.4	2.0	27.5	3.5	3.1	2.0	18.1	-89.0	7.9	9.8	1.9	-6.8	-0.1
Utilities	1038.0	1.5	3.7	288099.0	0.0	32.2	5.9	3.1		12.4			13.4		3.5	-5.6

Top 5 ML London Traded Frontier Stocks Index Long Picks

value	stock	Country	Industry	MCapUSDmn	DividendYield	PE	PS	NetMarginPct	PayoutRatio	52wkchange	Score
United Bank Ltd/Pakistan	UBLS:LI	Pakistan	Banks	2051.00	7.61%	-	-	0.00	-0.00	127.31	130.24
Grupo Clarin SA	GCLA:LI	Argentina	Cable & Satellite	2587.00	0.98%	-	-	0.00	-0.00	91.75	94.68
TBC Bank JSC	TBCB:LI	Georgia	Banks	494.75	3.38%	6.20	1.54	24.84	20.96	-17.40	25.12
Zenith Bank PLC	ZENB:LI	Nigeria	Banks	4709.00	1.79%	-	-	0.00	-0.00	6.79	9.72
Byblos Bank SAL	BYB:LI	Lebanon	Banks	848.27	8.81%	-	-	0.00	-0.00	6.08	9.01

Top 5 ML London Traded Frontier Stocks Index Short Picks

value	stock	Country	Industry	MCapUSDmn	DividendYield	PE	PS	NetMarginPct	PayoutRatio	52wkchange	Score
Kazkommertsbank JSC	KKB:LI	Kazakhstan	Banks	488.47	-	-	-	0.00	0.00	-67.76	-68.31
KCell JSC	KCEL:LI	Kazakhstan	Telecom Carriers	750.00	29.20%	-	-	0.00	-0.00	-57.00	-57.55
Oil & Gas Development Co Ltd	OGDC:LI	Pakistan	Exploration & Production	4537.00	5.45%	-	-	0.00	-0.00	-50.20	-50.75
KazMunaiGas Exploration Production JSC	KMG:LI	Kazakhstan	Exploration & Production	3003.00	5.37%	-	-	0.00	-0.00	-46.33	-46.88
Avangardco Investments Public Ltd	AVGR:LI	Ukraine	Packaged Food	79.84	-	-	0.34	0.00	0.00	-39.02	-39.57

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