With 189m population, Pakistan is the largest among the frontier markets studied, and given the relatively high fertility rate and longer life expectancy it could reach >300m by 2050, Credit Suisse analysts led by Chate Benchavitvillai write in note.

  • Pakistan population boom plays
  • Consumer stocks: Engro Foods, Nestle, Packages
  • Consumer appliances: PEL
  • Pharma: Searle
  • Heathcare: Shifa Hospital
  • Large banks: HBL, UBL, MCB on low penetration
  • Vietnam’s old-age dependency may triple by 2050; needs to focus on productivity improvement, healthcare and pension reforms
  • Notes DHG is Vietnam’s largest pharmaceutical company
  • Vingroup offers healthcare exposure through its 3 hospitals and expansion
  • BH and BDMS in Thailand could benefit from medical tourism