Riedel Research

Overview

Welcome to the Riedel Research Group website!

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

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Argentina | Brazil | Chile | Mexico | Peru
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Recent Reports


1/24/2012	CETV - Analysis of CETV Outlook and Media Markets in CEE
	We issue and update on Central European Media Enterprises "CME" with a BUY derived through the SOTP and a target price of USD 10.7, offering an upside return of 55%.

1/19/2012	Sanofi's Expansion in Emerging Markets: Factors Driving Growth in Healthcare Spend
	Sanofi is focused on emerging markets as a major driver of growth. In this Special Insights report we have identified major factors driving demand for pharmaceuticals in emerging markets and the major issues that Sanofi faces in each of these fast growing markets.

1/19/2012	HOLI - China Automated Controls Co Rebounds After Rail Safety Concerns Lessen - Undervalued
	Train crash in July negatively impacted HOLI's stock price as signaling was blamed for the accident. Shares currently trade at below 10X P/E despite solid growth expected in revenues and earnings.

1/19/2012	Focus Media - Short-seller Attacks are Wrong - Shares Rebound
	After Muddy Waters' inaccurate accusations against FMCN, FMCN's share price plunged 27%. This custom report for a client correctly predicted a rebound in Focus Media shares.

1/10/2012	Forecasting Yum! Same Store Sales in China and Stock Price
	Low levels of Employment Expectations seen in our December 2011 Consumer Sentiment Survey correlate to weak Same Store Sales for 3Q12 and indicate the company's estimate and various analysts estimates of 2012 China SSS are likely too high.

1/10/2012	SOHU - Costs Up; Margins Squeezed - Some Value But Not Enough - HOLD
	Recent trends have shown a strong increase in Sohu's sales and marketing expenses - lowering margins. Cross-sectional comparison suggests a target price of USD67, 24% above the current market price.

1/10/2012	GSK Consumer Healthcare India - Growing Presence, Product Portfolio and Competition
	GlaxoSmithKline Consumer Healthcare Limited (GSKCH) is the Indian associate of GlaxoSmithKline Plc (UK). We initiate coverage on GSKH based on strong growth prospects and sound financials.

1/6/2012	China Consumer Confidence Recovering - Chinese Shares Likely to Oupterform in Near-Term
	In December the China Consumer Sentiment Index (CSI) rebounded strongly and compared to the average of the 10 recovery periods seen in U.S. Consumer Sentiment since 1967 the recovery in China's CSI is right on track, consistent with our view that the (CSI) is in a stage of recovery and will continue to strengthen in the following months.

1/4/2012	Multiplus (MPLU3.BZ) - Loyalty Points Leader in Brazil - Solid Management and Execution - BUY
	Domestically focused leader in the emerging loyalty points market in Brazil. Flexible business model, highly cash generative and strong balance sheet with net cash.

1/4/2012	Huabao (0336.hk) - Analysis of Margin Trends and Industry Position for $1.7 bn Mkt-Cap HKG-listed Tobacco Flavoring Co.
	We had a recent request to dig into HKG-listed tobacco-flavoring company Huabao as a potential short. One of our analysts in China interviewed two managers in the industry to clear up reasons behind extremely high margins along with waves of insider selling.