SBWire

The Hungarian consumer electronics market is in no position to enjoy a recovery in 2012, with overall demand expected to decline by around 2%, although there should be a few growth areas such as tablets. The Hungarian consumer faces yet another tough year, as fiscal austerity, tighter credit conditions, weakening confidence, a still-large overhang of debt and elevated unemployment level all pose major challenges to households. However, the consumer electronics market still has considerable latent growth potential. Home computer penetration remains low compared with peer group countries for example - only slightly higher than Romania and Bulgaria - while internet penetration is also relatively low as a percentage of households.

There are currently construction and energy projects worth US$150bn in the pipeline, which are being implemented to support Qatar's mammoth 2030 Vision and the 2022 FIFA World Cup. Hence, despite disappointing data for 2011, we remain positive toward Qatar's long term construction sector potential, and believe its construction industry will maintain its position as one of the region's top performing markets in the long-term. With vast hydrocarbon wealth inflating public coffers and a business environment offering stability at a time of wider regional unrest, we expect Qatar's construction market to be regarded as a safe haven for the region's investors. However, we note that due to long leadtimes the majority of awarded projects have yet to take off, meaning the impact will not be notable on construction sector growth until 2013, and only make a considerable impact beyond 2016. Furthermore, we note the potential risk of decreasing margins due to continuously rising construction costs as a result of a surge in infrastructure investment.

Sentiment towards India's growth story is at a low ebb. Not long ago, the mainstream view was that 8% growth would be the new norm on the back of the country's demographic dividend, huge infrastructure push and consumer boom potential. Fast forward to today, consensus expectations have capitulated spectacularly and, in our opinion, came down too far. We do not expect a particularly robust rebound and are mindful that major tail risks, ranging from a eurozone breakup to a poor monsoon season, exist. Nor do we expect a return to the 8-10% growth rates seen prior to the 2008-2009 global recession. That said, the structural foundations of the Indian growth story - strong demographics, low leverage and broadening economic liberalisation - remain intact, as do investment opportunities to capture these dynamics. Any marginal improvement in India's business environment could therefore trigger a revival in investment activity.

BMI View: Although Israel claims its very efficient healthcare system means it does not need to spend as much of its GDP on provision (some 7.6% was spent on this purpose in 2011), in reality the government's fiscal austerity and sick funds traditionally keep the most expensive innovative drugs and treatments unavailable. Additionally, as healthcare providers are prohibited from taking on debt, the shortage means that cheaper generics and low staff salaries have to be used to control overall costs, which often comes at the expense of services provided to patients. However, the recent ruling means that the state must increase payments to healthcare providers in order to account for rising costs, which provide some upside risks to healthcare forecasts.

BMI View: Extending the life of existing nuclear reactors, coupled with gas-fired expansion and greater use of renewables, makes it likely that Hungary can cope with modest power demand growth. However, in order to meet its longer-term ambitions to become a significant exporter of electricity, it will have to invest heavily in new nuclear generation and place greater emphasis on its renewables programme.

BMI View: The construction and infrastructure sector in Bosnia and Herzegovina (BiH) rests on shaky ground as the Eurozone crisis continues to deplete enthusiasm from investors. The coalition government adds further risk with unstable alliances and the risk of a much more pronounced downturn in economic activity. Construction industry value is forecast to stand at US$0.7bn in 2012, with average year-on-year (y-o-y) growth of 2.2% expecting to see the industry value rise marginally by 2016, to US$0.8bn.

The Baltic Tourism Report examines the strong long-term potential offered by the region's tourism industry, which has the advantage of being able to attract tourists from both Western and Eastern Europe. In particular, there has been renewed growth in arrivals from Russia and Belarus to the region over recent years, complementing already strong demand from Germany and Finland. However, we caution that the economic crisis in the eurozone could weigh on short-term tourism demand from that region in 2013.

Over the next five years, we expect the Chilean economy to struggle with rebalancing from robust growth driven by the global commodity boom of the past decade. We forecast real GDP to slow from 5.6% in 2011 to 4.8% in 2012 and 4.0% in 2013 - the result of a hard landing in China. The process of rebalancing away from rapid Chinese copper consumption will weigh on the Chilean economy for many years to come; we expect real GDP growth to average 3.8% from 2013-2017 - down from 4.4.% from 2002-2011.

The US Tourism Report examines the long-term potential offered by the tourism industry but highlights that the weakness of the European and US economies may put downward pressure on arrivals in the short-term. The number of arrivals is calculated to have been 53.1mn in 2011 and 52.4mn in 2012. In 2013, we forecast arrivals to reach 53.2mn then to rise to 58.4mn by 2017.

As NATO's only Muslim member, and occupying a unique geographical position at the crossroads of Europe, the Middle East and Asia, Turkey's defence and security situation has great strategic importance to all of these regions and to the wider world.

BMI View: The Ghanaian market is above average in terms of telecoms development in Sub-Saharan Africa. With a penetration rate of 84.8% it ranks 8 out of the 26 countries we cover. However, in terms of 3G penetration, it remains further down the table, in 14th place. It also scores around average in terms of ARPU, which is related to 3G penetration. However, 3G penetration is growing, and represents the vast majority of internet connections in the country.

Obesity, a leading cause of preventable death, is viewed by some as one of the most serious health problems of the 21st century. Obesity is a condition in which excess body fat has accumulated so extensively that it may adversely affect one’s health, leading to a reduced life expectancy.

Two months ago it was concluded that the recruitment of Norwegian Xocai distributors had increased by 103%, from about 75 new Norwegian distributors per week to about 158. The effect of the massive positive media attention this summer therefore had a tremendous impact on the further spread of the "Healthy Chocolate" concept and it looks like this trend also spread internationally. Since 2008, the recruitment pace has been increased by 2/3 on a global scale and this year in particular has been a historical high for the company with over 11,220 new distributors enlisted.

BMI View: In spite of chronic and persistent power shortages, reflecting under-investment and system inefficiencies, Pakistan has a plethora of potentially varied and rich power options from which to choose. There is vast untapped hydro and renewables capacity available, but it remains to be seen if the investment will actually materialise. Thus, this is likely to increases the country's reliance on growing its gas-fired, coal-fuelled capacity, as well as its modest nuclear programme, although controversial import deals with Iran could cause political backlash. While these opportunities exist for the thermal generation, delays in payments by state-owned transmission companies to independent power producers limit the profitability of the sector, and could cap its growth.

BMI's Malaysia Metals Report for Q4 2012 examines how Malaysian steelmakers are responding to the challenge of falling prices and increased input costs and warns that operating margins will remain under threat while domestic steelmakers struggle to compete with low-cost Chinese imports. BMI assesses current debates on the regulatory environment with a particular focus on import tariffs on steel imports as pressure grows for a more protectionist stance. It also examines the prospects for the tin refining sector.

Global Markets Direct's, 'Mild Cognitive Impairment - Pipeline Review, H2 2012', provides an overview of the indication's therapeutic pipeline. This report provides information on the therapeutic development for Mild Cognitive Impairment, complete with latest updates, and special features on late-stage and discontinued projects. It also reviews key players involved in the therapeutic development for Mild Cognitive Impairment. Mild Cognitive Impairment - Pipeline Review, Half Year is built using data and information sourced from Global Markets Direct's proprietary databases, Company/University websites, SEC filings, investor presentations and featured press releases from company/university sites and industry-specific third party sources, put together by Global Markets Direct's team.

Global Markets Direct's, 'Sickle Cell Disease - Pipeline Review, H2 2012', provides an overview of the indication's therapeutic pipeline. This report provides information on the therapeutic development for Sickle Cell Disease, complete with latest updates, and special features on late-stage and discontinued projects. It also reviews key players involved in the therapeutic development for Sickle Cell Disease. Sickle Cell Disease - Pipeline Review, Half Year is built using data and information sourced from Global Markets Direct's proprietary databases, Company/University websites, SEC filings, investor presentations and featured press releases from company/university sites and industry-specific third party sources, put together by Global Markets Direct's team.

GlobalData's "Mining Quarterly Deal Analysis - Q3 2012: M&A and Investment Trends" report is an essential source of data and trend analysis on mergers and acquisitions (M&As) and financings in the mining industry. The report provides detailed information on M&As, equity/debt offerings, private equity (PE), and partnership transactions registered in the mining industry in Q3 2012. The report provides detailed comparative data on the number of deals and their value in the last five quarters segregated into deal types, segments, and geographies. Besides, the report provides information on the top advisory firms in the mining industry.

GlobalData's report, Butadiene Industry Outlook in France to 2016 - Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants provides an in-depth coverage of France Butadiene industry. The research presents major market trends affecting the Butadiene industry in France. The report covers France Butadiene plants and presents installed capacity by process and technology. In addition, it presents Butadiene demand and production forecasts, end use demand forecasts, price trends, trade balance data and company shares of the major Butadiene producers in France. Overall, the report presents a comprehensive coverage of France Butadiene industry including all the major parameters.

GlobalData's clinical trial report, "Ulcerative Colitis Global Clinical Trials Review, H2, 2012" provides data on the Ulcerative Colitis clinical trial scenario. This report provides elemental information and data relating to the clinical trials on Ulcerative Colitis. It includes an overview of the trial numbers and their recruitment status as per the site of trial conduction across the globe. The databook offers a preliminary coverage of disease clinical trials by their phase, trial status, prominence of the sponsors and also provides briefing pertaining to the number of trials for the key drugs for treating Ulcerative Colitis. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.

GlobalData's report, Dimethyl Terephthalate (DMT) Industry Outlook in Russia to 2016 - Market Size, Price Trends and Trade Balance provides an in-depth coverage of Russia DMT industry. The research presents DMT demand and production forecasts, end use demand forecasts, price trends, and trade balance data. Overall, the report presents a comprehensive coverage of Russia DMT industry including all the major parameters.

The Chinese non-life insurance segment continued to grow at a healthy rate, largely unaffected by the on-going uncertainties surrounding the global economy. Allowing foreign insurers to write compulsory motor third-party liability insurance has provided an impetus for growth. However, large domestic insurers are anticipated to continue to dominate the segment over the forecast period (2012-2016) while smaller operators are projected to gradually increase their market share. Although the Chinese non-life insurance segment recorded rapid growth during the review period (2007-2011), it remains largely underpenetrated due to low levels of product awareness, weak penetration rates in rural areas and restrictions for foreign insurers.

Global Market Direct's pharmaceuticals report, "Lpath, Inc. - Product Pipeline Review - 2012" provides data on the Lpath, Inc.'s research and development focus. The report includes information on current developmental pipeline, complete with latest updates, and features on discontinued and dormant projects.

Global Markets Direct's, 'Surgical Wound Infections - Pipeline Review, H2 2012', provides an overview of the indication's therapeutic pipeline. This report provides information on the therapeutic development for Surgical Wound Infections, complete with latest updates, and special features on late-stage and discontinued projects. It also reviews key players involved in the therapeutic development for Surgical Wound Infections. Surgical Wound Infections - Pipeline Review, Half Year is built using data and information sourced from Global Markets Direct's proprietary databases, Company/University websites, SEC filings, investor presentations and featured press releases from company/university sites and industry-specific third party sources, put together by Global Markets Direct's team.

Global Markets Direct's, 'Osteonecrosis - Pipeline Review, H2 2012', provides an overview of the indication's therapeutic pipeline. This report provides information on the therapeutic development for Osteonecrosis, complete with latest updates, and special features on late-stage and discontinued projects. It also reviews key players involved in the therapeutic development for Osteonecrosis. Osteonecrosis - Pipeline Review, Half Year is built using data and information sourced from Global Markets Direct's proprietary databases, Company/University websites, SEC filings, investor presentations and featured press releases from company/university sites and industry-specific third party sources, put together by Global Markets Direct's team.