Download PDF: Chile The cyclical bullish case for Chilean stocks is straightforward. Chilean earnings are set to improve dramatically from the higher copper prices, which will continue to enjoy structural boost from electrification of vehicle and green energy infrastructure demand, as discussed in a previous report. Chinese imports continue to pose strong number in recentContinue reading “EM Review: Chile, Brazil, Indonesia and Mexico”
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On Brazil and Turkey
Download PDF: Stay Positive on Brazilian Assets The backdrop for Brazilian assets remains bullish amid rising commodity prices and undervalued Real (Chart 1). In addition, Brazilian economy has recovered strongly and various indicators – such as manufacturing PMI and retail sales – are now back to pre-pandemic level (Chart 2). With the global economy continueContinue reading “On Brazil and Turkey”
World Country Valuation
Even as world equity has rebounded from its March’s low, many stocks are still cheap relative to its historical valuation. Book value multiple remains depressed as earnings multiple stayed at its historical average, as profitability declined significantly this year for majority of the market. Our three main top pick markets, Mexico, Turkey and Chile, remainContinue reading “World Country Valuation”
Revisiting Our View on Brazil, Mexico, Turkey, and South Africa
Download PDF: Brazil: Negative Outlook Valuation is dearer than the average EM countries, although the rout has knocked out excessive valuation for Brazilian stocks. Book value multiple has indeed declined from 2.3x to 1.8x currently, but weak profitability due to depressed commodity prices has translated into an expensive forward earnings multiple at 14x, which isContinue reading “Revisiting Our View on Brazil, Mexico, Turkey, and South Africa”
Indonesia: Country Overview
Download PDF: Indonesia Research Two decades after the Asian Financial Crisis that created a havoc in Indonesian economy and politics, Indonesian role in global trade has been stagnating… … and is still very much influenced by the fluctuation in commodity prices, although at a lesser extent. Relative to other Emerging Market countries, Indonesia’s integration toContinue reading “Indonesia: Country Overview”
Russia: Country Overview
Download PDF: Russia Research 2019 The Linkage between Oil Price and The Russian Economy There is little sign that Russian economy is diversifying from energy production and exports in the last 20 years. The direct link and trickle-down effect of higher/lower oil prices to the economy result in an economy that is highly correlated withContinue reading “Russia: Country Overview”
Telkom Indonesia: The Nightmare is Over
Download PDF: TLKM_March2019 Continued Transformation to Data-based Revenue Rising Cost Hurts the Bottom Line Maintain Buy Rating with Target Price of Rp 4450/share Telkom’s 2018 annual report is likely to be disappointing, based on the recent trend in the sector and third quarter statement. After years enjoying high return and strong growth, the sector isContinue reading “Telkom Indonesia: The Nightmare is Over”
Equity Research Report: Metrodata Electronics 3Q17
Download the Report in PDF: MTDL Report METRODATA ELECTRONICS Tbk: Valuation MTDL.IJ (Indonesian Equity) Recommendation: BUY Target Price : Rp 930 Closing Price : Rp 595 Upside (Downside) Potential : 57.0% Company Profile PT Metrodata Electronics Tbk is an Indonesia-based information technology company. It is engaged in the provision of IT productsContinue reading “Equity Research Report: Metrodata Electronics 3Q17”
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