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

Roll over Region to view Recent Reports on right.

Asia

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Recent Reports

All Regions
11/14/2008	GIANT – WORSE THAN EXPECTED, SET TARGET AT BOOK VALUE –DOWNGRADE TO SELL FROM HOLD
	We believe GA is at least worth its book value, USD3.20, which is 46% lower than the market price. We lowered the rating to HOLD in our last report and now we are continuing to downgrade to SELL.

11/14/2008	TENCENT – FILED LAWSUIT AGAINST FORMER EMPLOYEES FOR BREACH OF ANTI-COMPETITION AGREEMENT, HEALTHY B
	At a time of worldwide layoffs, Tencent sues ex-employees for breach of the anti-competition agreement – in contrast to a harsh “China Internet winter” prediction.

11/13/2008	CINEMAX INDIA LIMITED – FILM EXHIBITION PLAY – BUY ON DECLINES
	Promoted by the Kanakia Group, Cinemax India Limited is one of the leading exhibition theatre chain operators in India. As of September 2008, the Company operates 65 screens with a total capacity of 17,597 seats and has a dominant presence in the states of Maharashtra and Gujarat. Recently, the Company forayed into film production and distribution through its new venture ‘Cinemax Motion Pictures Limited’. In FY08, the Company reported net revenue of INR1,016.2 mn and net profit of INR135.7 mn.

11/12/2008	GRUPO FINANCIERO BANORTE (GFNORTEO.MX) – MARKET OVERREACTED TO BAD NEWS ON THE COMPANY – UPGRADE FRO
	Our DCF target stands at MXN35, meaning a 27% upside. We have upgraded our recommendation from HOLD to BUY.

11/12/2008	TATA MOTORS LIMITED – H1-FY09: MUTED TOPLINE GROWTH, PROFIT FUELED BY SALE OF INVESTMENTS – SELL
	In H1-FY09, Tata Motors reported 10.0% YOY topline growth to INR140.1 bn on the back of 1.2% YOY growth in vehicle sales, and a vehicle price hike implemented by the Company. There was however a 60.9% YOY drop in EBITDA to INR6.0 bn, due to substantial rise in raw material and staff costs (as a percentage of net sales), and a loss of INR4.85 bn incurred on revaluation of FCCB (Foreign Currency Convertible Borrowings). Net profit for the period stood at INR6.7 bn, down 32.3% YOY. Tata Motors sold a part of its long term investments resulting in a one time gain of INR4.72 bn. Excluding these proceeds, the profit before tax would have been lower at INR2.3 bn.

11/12/2008	FOCUS MEDIA – PROBLEMS IN Q3 AND Q4, SIGNIFICANTLY OVERSOLD – BUY
	We set the target price at USD11.90, 48% higher than the market price, which is based on peer companies’ PEG. BUY.

11/8/2008	NINE DRAGONS PAPER (1689.HK) – FORECAST MUCH LOWER BUT VALUATION HAS OVER-CORRECTED – BUY
	Nine Dragons (ND Paper) reported FH2’08 and F2008 results last week. Earnings were well below consensus and even below our expectations (which were well below consensus). EPS came in 32% below our forecast.

11/7/2008	AIRMEDIA – OLYMPICS IMPACTED Q3, BUT WILL GROW RAPIDLY HEREAFTER – BUY
	AMCN’s revenue increased 13% QOQ in 3Q08, lower than 38% QOQ in 2Q08 due to the Olympic Games, during which AMCN could not broadcast non-Olympic sponsors’ ads in the Beijing Airport.

11/6/2008	CHINA MERCHANTS BANK (3968.HK) – REASONABLE 3Q08 NET PROFIT GROWTH – BUY
	China Merchants Bank (CMB) reported a strong 90.6% and 49.5% YOY growth in net profit for the first three quarter and 3Q08. Nevertheless, 3Q08 QOQ net profit declined by 16.7% mainly due to higher interest cost and a decline in net fees in commission in 3Q08.

11/4/2008	CHINA UNICOM – WEAK OPERATING DATA IN 3Q08 – SELL
	The market price reached our target in the last note, in which we downgraded CHU from HOLD to SELL.