Emerging Market Themes - Sectoral

• Indonesia - Sector themes
• Telecom - Wireless market - underpenetrated market, capex cycle, competition
• Water transportation - Regional hub for shipping, matured port services
• India - Sector themes
• Banking - credit upcycle, savings rate
• Logistics - underdeveloped infra, retail uptake
• Pakistan - Sector themes
• Chemicals - cost advantage, scalablity
• Telecom - convergence play, ahead in tech roadmap
• Asia Pacific - Sector themes
• Stock Exchanges - Capital flows, consolidation m-cap/ gdp !
• Materials - Abundance supply, matured mining