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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Riedel Research Coverage by Region

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Asia

China | India | Indonesia | Malaysia | Thailand
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Latin America

Argentina | Brazil | Chile | Mexico | Peru
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Recent Reports

All Regions
6/25/2009	QINGDAO HAIER - $3BN MKT CAP PLAY ON WHITE GOODS BOOM IN CHINA - BUY
	Qingdao Haier (QH) is a leading white goods company in China, with dominance in the Refrigerators and Freezers markets. The company has global ambitions and leverages its association with Haier Group to enter international markets

6/25/2009	AMERICAN BANKNOTE (BOVESPA:ABNB3) - SPECIALITY PRINTER POSITIONED FOR GROWTH - BUY
	Specialty printer of secure documents and producer of smart cards and ID systems

6/24/2009	VISANET - PRE-IPO ANALYSIS OF MAJOR IPO IN BRAZIL THIS WEEK - CREDIT CARD EXPOSURE WITHOUT THE RISK - BUY
	VisaNet (Bovespa: VNET3.SA) is the main acquirer of Visa International debit and credit cards in Brazil. It acquires merchants to accept cards and processes these transactions. Risk is mainly borne by the issuing banks and card companies.

6/19/2009	MBT - $17BN MARKET CAP RUSSIAN CELLULAR ADR TRADES AT 5X FV/EBITDA - ACQUISITIONS FUEL GROWTH - BUY
	Mobile TeleSystems “MTS” (52.8% controlled by AFK Sistema) is the largest wireless operator in Russia and the CIS with 92 mn consolidated customers and a 34 percent share of the Russian GSM market. MTS and its subsidiaries have licensed coverage of 98 percent of Russia's population and 225 mn people including Ukraine, Armenia, Belarus, Turkmenistan and Uzbekistan.

6/14/2009	SINA - INTEGRATION WILL TAKE TIME - MARGINS DECLINING - HOLD
	We assume total revenues will increase 17% QOQ and ad revenue will increase 25% QOQ in 2Q09 due to seasonality.

6/8/2009	SHANDA - CHINESE GAMING CO. OVERVALUED AFTER RECENT STRENGTH - POPULARITY MAY BE OVERSTATED - SELL
	The game AION’s popularity may not be as good as it is ranked, because only portals which rank AION as top 2 can be AION’s agents.

5/29/2009	GGB - BRAZILIAN STEEL GIANT HAS LOW COSTS AND FLEXIBLE STRUCTURE - FULLY VALUED - DOWNGRADE TO HOLD
	Gerdau is the largest steel producer in the Americas with an output of 19.6 million tonnes.

5/29/2009	GA - CHINA GAMING CO SEES SLOWING GROWTH - FULLY VALUED - HOLD
	We assume total revenues will increase by 2% QOQ in 2Q09, since no new games or expansion packs are going to be released in 2Q09 and ad expenses decreased by one-third Q-O-Q in 1Q09.

5/28/2009	AMCN - CHINESE AD COMPANY SEES STRONG GROWTH BUT LOWER PRICES - FULLY VALUED - DOWNGRADE TO HOLD
	AirMedia shares are up 50% since our last report.

5/26/2009	CLOSING COVERAGE ON SINOTRANS
	Coverage has been closed on SinoTrans.