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Beyond EE
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Recent Reports

Duk San Hi Metal - Korean Mfg Co to Benefit from Work With Samsung ... Eventually - Long-term BUY - Archived 11/10/2014

Duk San Hi Metal - Near-term Headwinds for Korean Semiconductor Materials Co - Long-term BUY

Shipping Co Well-positioned to Benefit from Improving Global Environment - 40%+ Upside - 10% DivYld - Archived 5/29/2014
Navios Maritime Partners (NMM) - Young Fleet, Strong Management and Well-positioned - BUY
CJ E&M - Lots More Downside - SELL, SELL, SELL - Archived 11/11/2013
CJ E&M - Choppy Earnings and Uncertain Outlook - 43% Downside - SELL
HMS - Market Under Appreciates Dominant Market Position of Leading Pump Co. - BUY - Archived 4/30/2013
London - Listed Russian Co. Dominates Energy Pumps Business
CJ E&M: Current growth Rate is Not Sufficient to Justify Its Over-Priced Valuation - SELL - Archived 4/22/2013
Massively Overpriced Korean Entertainment Company - 40% Downside - SELL
TMK - Undervalued Exposure to Russian and Global Energy Demand Growth - BUY - Archived 12/11/2012
We initiate coverage of Tube Metallurgical Company “TMK”- the main supplier of steel pipes for the energy industry in Russia and among the global top three pipe producers. TMK is a high-quality company, with heavy exposure to energy.
CCH - Coke Bottler in Emerging Europe and Africa - Long-term Value - BUY - Archived 8/17/2012
Coca Cola Hellenic is the second-largest Coke bottler globally. The stock has been largely impacted by sentiment around the Euro-zone. Investors have shied away from anything Greek-related and avoided the stock, we see this as a buying opportunity.
HIKMA – VOLATILITY PRESENTS AN OPPORTUNITY - BUY - Archived 8/15/2011
Re-initiating coverage of Hikma, a multi-national generic pharmaceutical company based in Jordan, and listed in London, with a BUY recommendation.
ELBIT SYSTEMS – WAIT FOR A BETTER BUYING OPPORTUNITY BEFORE PULLING THE TRIGGER- BUY - Archived 2/3/2010
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.

ORASCOM TELECOM MUST PAY BACK TAXES – WE REMAIN BUYERS, PARTICULARLY ON WEAKNESS - Archived 11/23/2009
Further to our BUY Initiation report on Orascom Telecom Holding (OTH) on Friday, we wanted to clarify recent developments regarding taxes on Orascom Telecom in Algeria.

ORASCOM TELECOM HOLDING (OTLD:GDR) - INITIATION OF COVERAGE - BUY - Archived 11/20/2009
We are initiating coverage of Orascom Telecom, with a BUY recommendation and a target price derived from DCF of US$ 45.4 which represents a 73% potential upside return.

STRABAG (STR:Vienna) – FAVORABLE EXPOSURE TO THE POLISH ROAD CONSTRUCTION SEGMENT – BUY - Archived 11/15/2009
Strabag (STRV.VI) is one of the leading construction Companies in Germany, Austria and the CEE region, with an annual output volume reaching EUR13-14 bn.

CAPITACOMMERCIAL TRUST (CACT.SI) - SINGAPORE LISTED REIT WITH SUPPLY OVERHANG - SELL - Archived 11/6/2009
CCT is a bond-proxy REIT that has sound management and strong financials.

SM INVESTMENT - DIVERS AND ESTABLISHED HOLDING CO. IN THE PHILIPPINES CAPTURES CONSUMER GROWTH - HOLD - Archived 10/19/2009
SM Investment Corp. is the holding company of San Miguel investments, which includes holdings in retail, banking and property

JERONIMO MARTINS - PORTUGAL-LISTED LEADER IN THE POLISH DISCOUNT SEGMENT - BUY - Archived 9/21/2009
Jeronimo Martins (“JM”) is one of the largest food distribution companies in Poland (leader) and Portugal (second position in modern food market).
 
SOROUH - $2BN MKT CAP ABU DHABI REAL ESTATE CO. - 40% DISCOUNT TO NAV - STRONG LT PROSPECTS - BUY - Archived 8/13/2009
We initiate coverage of Sorouh Real Estate, an Abu Dhabi based property development company, with a Buy recommendation.

HIKMA - MENA PHARMA CO PROVIDES UNDERVALUED EXPOSURE TO HEALTH CARE GROWTH - BUY - Archived 8/4/2009
We initiate coverage of Hikma, a multinational generic pharmaceutical company based in Jordan and listed in London, with a BUY recommendation.

FERREXPO – PRODUCTION RESULTS PUBLISHED – MAINTAIN SELL - Archived 7/14/2009
The quarterly production outcome below shows that the company continues to run at pre-downturn rates. With the stock trading well above our price target (on the report from July 9, 2009, we estimate a target price of GBp 93.5), we maintain a SELL recommendation.

LONDON LISTED UKRAINIAN MINING COMPANY IS OVERVALUED - SELL - Archived 7/10/2009
After rallying from GBP 57 to GBP 150 during April and surging 340% y-t-d, Ferrexpo has outperformed its international peers and the FTSE Mining Index. 
Millicom  - Diversified EM Wireless Co Provides Solid Growth - 40%+ Upside       - Archived 4/14/2009
Millicom, is largely a play on the continued growth of wireless penetration in the emerging markets, while having the benefit of increased scale advantages and declining capital commitments. Currently, Millicom operates in 16 markets, from Asia, over Africa to Latin America. The sales split in 2007 was 74% for Latin America, 7% for Asia and 18% for Africa.  Kinnevik is the majority shareholder.
ELBIT SYSTEMS – WAIT FOR A BETTER OPPORTUNITY BEFORE PULLING THE TRIGGER – HOLD... FOR NOW - Archived 12/1/2008
Elbit is Israel’s largest publically listed domestic defense company, and is a component of the main TA-25 index. The company is a vertically integrated, high-quality vendor of defence electronics.

KUONI – TRAVEL IN STYLE – BUY - Archived 10/1/2008
Kuoni is Europe’s #3 travel tour operator, based in Switzerland. The company is focused on the up-market/long haul and specialist/niche segments of the tour operator package holiday industry and has leading positions in Asia (with 27% of revenues, and number 1 position in India).
STRABAG – PLAY ON INFRASTRUCTURE IN THE CEE – BUY - Archived 9/19/2008
Initiating coverage on Strabag, with a BUY recommendation and a target price derived from DCF of EUR 53, which presents a 32% potential upside return. 
WATANIYA – GREAT INVESTMENT; UNKNOWN BY MOST – BUY - Archived 9/1/2008
Initiating coverage of the National Mobile Telecommunications Company (operates under the Wataniya Telecom brand), Kuwait’s second mobile operator, with a BUY recommendation and a target price derived from DCF of KWD 3.08 which presents a 75% potential upside return (supported by the investment thesis below and the high growth markets of Tunisia and Algeria).
EMIRATES INTEGRATED TELECOM CO “DU” – PLAY THE UAE – BUY - Archived 9/1/2008
Initiate our research on du with a BUY and a share target price of AED7.69 (derived from DCF) giving a 52% upside potential to the current market price.
QATAR NATIONAL BANK – STRONG Q2 2008 – BUY - Archived 7/16/2008
QATAR NATIONAL BANK – STRONG Q2 2008 – BUY
ZHAIKMUNAI – E&P KAZAKH MID-CAP OIL – BUY - Archived 6/27/2008
ZHAIKMUNAI – E&P KAZAKH MID-CAP OIL – BUY
GULF FINANCE HOUSE – INVESTING IN THE GCC GROWTH – BUY - Archived 4/24/2008
GULF FINANCE HOUSE – INVESTING IN THE GCC GROWTH – BUY
FIRST INVESTMENT BANK (FIB BU) – STRONG Q108 – BUY - Archived 4/23/2008
FIRST INVESTMENT BANK (FIB BU) – STRONG Q108 – BUY
ZARNENI HRANI BULGARIA AD (ZHBG BU) – AGRI-BUSINESS IN BULGARIA – HOLD…FOR NOW - Archived 3/12/2008
ZARNENI HRANI BULGARIA AD (ZHBG BU) – AGRI-BUSINESS IN BULGARIA – HOLD…FOR NOW
ENRC PLC – MINING COMPANY IN KAZAKHSTAN – HOLD - Archived 3/11/2008
ENRC PLC – MINING COMPANY IN KAZAKHSTAN – HOLD
CORPORATE COMMERCIAL BANK (CORP BU) - INITIATION - BUY - Archived 2/25/2008
CORPORATE COMMERCIAL BANK (CORP BU) - INITIATION - BUY
FERREXPO – A PURE IRON ORE PLAY IN UKRAINE– BUY - Archived 1/30/2008
FERREXPO – A PURE IRON ORE PLAY IN UKRAINE– BUY
ORASCOM CONSTRUCTION INDUSTRIES (OCI) – A PURE PLAY ON INFRASTRUCTURE SPENDING IN THE MIDDLE EAST.. - Archived 12/20/2007
ORASCOM CONSTRUCTION INDUSTRIES (OCI) – A PURE PLAY ON INFRASTRUCTURE SPENDING IN THE MIDDLE EAST & AFRICA – BUY
ORASCOM CONSTRUCTION INDUSTRIES (OCI) – A PURE PLAY ON INFRASTRUCTURE SPENDING IN THE MIDDLE EAST &. - Archived 12/19/2007
ORASCOM CONSTRUCTION INDUSTRIES (OCI) – A PURE PLAY ON INFRASTRUCTURE SPENDING IN THE MIDDLE EAST & AFRICA

Coverage

Athens Medical Center (GREECE) (AMCr.AT) Add to my Watch List
CapitaCommercial Trust (CACT.SI) Add to my Watch List
CJ E&M Corp (130960.KS) Add to my Watch List
Coca Cola Hellenic Bottling Co SA (HLBr.AT) Add to my Watch List
Corporate Commercial Bank (BULGARIA) (CORP BU) Add to my Watch List
Duk San Hi Metal (077360) Add to my Watch List
Elbit Systems (ESLT.TA) Add to my Watch List
Emirates Integrated Telecommunications Company (DU.DU) Add to my Watch List
Eurasian Natural Resources Corporation Plc (KAZAKHSTAN) (ENRC.L) Add to my Watch List
Ferrexpo (UKRAINE) (FXPO.L) Add to my Watch List
First Investment Bank (FIB.BU) Add to my Watch List
Gulf Finance House (GFHQ.L) Add to my Watch List
Hikma Pharmaceuticals (HIK.LN) Add to my Watch List
HMS Group (HMSG.LI) Add to my Watch List
Jeronimo Martins (JMT.LS) Add to my Watch List
Kuoni (KUNN.SW) Add to my Watch List
Millicom (MICC) Add to my Watch List
Navios Maritime Partners (NMM) Add to my Watch List
Orascom Construction Industries (EGYPT) (OCIC.CA) Add to my Watch List
Orascom Telecom (OTLD:GDR) Add to my Watch List
Qatar National Bank (QNBK.QD) Add to my Watch List
SM Investment Corp. (SM PM) Add to my Watch List
Sorouh Real Estate (SOR.AD) Add to my Watch List
Strabag (STRV.VI) Add to my Watch List
TMK (TMKS.LI) Add to my Watch List
Wataniya (NMTC.KW) Add to my Watch List
Zarneni Hrani Bulgaria AD (BULGARIA) (ZHBG) Add to my Watch List
Zhaikmunai (ZKM.LI) Add to my Watch List