Riedel Research

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Our 30+ analysts on the ground in 15 countries around the world provide equity research and recommendations on over 300 companies in the emerging markets. These insights and recommendations are free from any conflict of interest from investment banking as we are totally independent.

We just do one thing - analyze investment opportunities to help you make the best investment decisions possible.

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Recent Reports


2/8/2010	POWER SHARING IN RUSSIA - DOES THE 2012 ELECTION MATTER?
	Given the importance of the Russian market to global emerging markets investors and the importance of politics in that market we believe this reportage piece is relevant to global GEMs managers.

2/8/2010	EUROCASH – A FINE FMCG BUSINESS, YET TOO EXPENSIVE – HOLD
	Eurocash (ERCS.WA / EUR PW) is the leader in wholesale distribution of the FMCG in Poland, with a business portfolio including discount cash & carry, active distribution of tobacco and impulse products, as well as retail franchise systems.

2/4/2010	SOHU - MEDIA BUSINESS UNDERVALUED - UPGRADE TO BUY
	Almost all Sohu’s public comments focus on its game business, but we believe the ad business will provide the most important growth momentum in next two years.

2/3/2010	PALM OIL BRIEF - DROUGHTS, GROWING DEMAND & LATE MONSOONS WILL CONTINUE TO DRIVE PALM OIL PRICES
	Higher palm oil prices are fueled by increased food consumption, particularly in China and Europe and higher fuel prices, which creates new demand for inputs for biodiesel.

2/3/2010	ELBIT SYSTEMS – WAIT FOR A BETTER BUYING OPPORTUNITY BEFORE PULLING THE TRIGGER- BUY
	Elbit is Israel’s largest publicly listed domestic defense company, and is a component of the main TA-25 index. The company is a vertically integrated, high-quality vendor of defense electronics.

2/2/2010	RRG - CHINA CONSUMER CONFIDENCE SURVEY JAN10
	Consumer Confidence Index fell 2pts from December to January January Consumer Confidence fell from 99.1 in December to 97.2 in January. (The balance point of 100 was established in Apr 2007)-- 97.2 approaches a low dating back to Jun 2009

2/2/2010	LIHUA INTERNATIONAL (LIWA) - PLAY ON CONTINUED WHITE GOODS GROWTH IN CHINA - SITE VISIT REPORT - BUY
	We met with LIWA’s management and visited its facility in Danyang on January 22.

2/2/2010	RRG - CHINA CONSUMER CONFIDENCE SURVEY JAN10
	Consumer Confidence Index fell 2pts from December to January January Consumer Confidence fell from 99.1 in December to 97.2 in January. (The balance point of 100 was established in Apr 2007)-- 97.2 approaches a low dating back to Jun 2009

1/29/2010	EMERGING MARKET BEER ACQUISITION TARGETS
	A wave of consolidations has taken place in the past five years among global breweries

1/28/2010	RAINBOW CHICKEN - INITIATION OF COVERAGE - BUY
	We are initiating coverage of Rainbow Chicken, with a BUY recommendation and a target price derived from DCF of 1,809c which represents a 15% upside. We are a bit cautious near-term as the company will release its Q4 2009 earnings on May 28 2010; at that time we would like to see a growth in earnings for FY10 as we have seen volatility the previous two financial periods.