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Emerging Markets Will Outperform

Tue, 10 Mar 2009 16:40:00 GMT

As we have been saying for quite some time, we expect emerging markets to outperform more developed economies, as the U.S., European markets and Japan. In fact this trend already started, as can be seen by seen by analyzing the benchmarks in local currencies we can reach some interesting conclusions. Starting off, the S&P 500 (SPX) is a long way down since October 2007. S&P 500 (Jan 2007 to Mar 2009) On the other hand, if we analyze the Shanghai Composite divided by the S&P500, we can see that[More...]

Telefonica Conquering Brazil

Wed, 04 Feb 2009 15:40:00 GMT

We highlight the following stocks: Telefonica (TEF), Telemig (TMB), Vivo (VIV) and Telesp (TSP). Yesterday it was announced that Brazilian industrial production declined in December 2008 12.4% from November and 14.5% from December 2007. Those numbers were worse than expected, and reflects the huge impact of the crisis in an economy that was growing almost 7% per year. For January 2009 there are some positive signs, as car sales are growing again and consumer confidence remains up. Inventories declined very fast in the end of 2008, thus some recovery is expected for the beginning[More...]

Latin American Markets

Fri, 09 Jan 2009 12:45:00 GMT

Latin America is widely regarded as a growth play in the equity markets. The explanation for this view is that the region is a commodity producer -- agricultural goods in Brazil and Argentina, metals in Brazil, Chile and Peru, oil in Venezuela and Ecuador, natural gas in Bolivia, etc. In general, that's a fair vision. However it must be better understood. Not all commodities are the same, and not all countries have the same economic policy or the same stage of development It is well known that there is a high correlation between economic growth and commodities prices. In the past few years, this correlation has increased since the main source of growth was the emerging economies, in which economic growth is more intensive in commodities. For the future, we expect this correlation to increase even more, as emerging economies will keep on leading the growth and developed economies, particularly the U.S., will rely a lot on government investments in[More...]

Vivo a Robust Brazilian Play

Tue, 24 Jun 2008 15:54:27 GMT

We are keeping our Buy recommendation on Vivo Participações (VIV). The company has a dominant position and a strong brand in the fast-growing Brazilian wireless business. The first-quarter operating results were very positive, including continued debt reduction.[More...]

Analyst Comments: Brightpoint, Pozen, Marchex, Maguire, Telemig, Tesoro, American Oriental Bio

Fri, 09 May 2008 07:04:03 GMT

We downgrade our recommendation to Hold with a reduced valuation target for Brightpoint (CELL), a leading distributor of devices and logistic services to the wireless industry, following disappointing first quarter 2008 financial results. Revenues were significantly lower on a sequential quarter basis with business loss in the European and Middle-East regions. Net earnings were also strained as operating expenses soared following the company's two recently concluded acquisitions. Looking forward, we expect that recent...[More...]

Analyst Comments: Tessera, Washington Mutual, Rite Aid, Simon Property, Caterpillar, Vivo, Regeneron Pharma, Credit Suisse

Mon, 05 May 2008 16:44:02 GMT

Tessera's (TSRA) advanced packaging technologies have industry-wide application. March quarter top-line results beat consensus estimates while the bottom-line missed slightly.[More...]

Viva Brazil Wireless Co. Vivo

Tue, 26 Feb 2008 16:10:51 GMT

We are keeping our Buy recommendation on Vivo Participações S.A. (VIV). The company has a dominant position and a strong brand in the fast growing Brazilian wireless business. Fourth quarter operating results were positive, even though net income was lower than expected as a result of higher depreciation expenses. The short-term outlook remains encouraging due to...[More...]

Analyst Comments: Neurocrine Biosciences, Humana, OPNET, Sallie Mae, News Corporation, Telesp, Marathon, Telemig

Fri, 08 Feb 2008 00:01:38 GMT

Neurocrine Biosciences, Inc. (NBIX) received a very surprising second approvable letter from the FDA on Indiplon after the market closed on December 12, 2007. The letter outlined three requests from the FDA, asking Neurocrine for preclinical data in third[More...]

Analyst Comments: Eli Lilly, Countrywide, Churchill Downs, Dr. Reddy's Laboratories, Sonic Foundry, Smith International, Matsushita Electric, Luxottica Group, Tesoro Corp, Vivo Participações

Thu, 31 Jan 2008 18:07:25 GMT

The following excerpts explain why Zacks senior pharma industry analysts Jason Napodano, CFA and Brian Marckx, CFA remain neutral on Eli Lilly and Company (LLY), the global healthcare company:'The company is entering a challenging period, brought about by recent pipeline disappointments, most notably surrounding anti-platelet drug, Prasugrel. Although we believe the underlying fundamentals of the company...[More...]

Vivo Participações Alive & Well

Wed, 07 Nov 2007 16:28:30 GMT

Zacks senior Latin American markets analyst Caudio Freitas, CFA maintains his Buy rating on the shares of Brazilian telecom company Vivo Participações S.A. (VIV). Here we bring you some of the reasons behind his favorable outlook:'We are keeping our Buy recommendation on Vivo Participações S.A. The company has a dominant position and a strong brand in the fast growing Brazilian wireless business. Third quarter operating results were positive, and the short-term outlook...[More...]

ING Group Reaffirms Commitment to TMB Bank

Fri, 30 Oct 2009 22:47:00 GMT

Oct. 30--ING Group has affirmed its investment and business support in TMB Bank because it sees high growth potential in Thailand.
Boontuck Wungcharoen, TMB Bank's CEO, said the bank received confirmation from the Dutch financial group, TMB's major shareholder with a 26.41 percent stake, that it would invest and support the bank's business operations.
ING will focus on financial business investment mainly in China, India and Thailand as areas with growth potential.

[More...]

Thaicom Bonds to Cut Debt Cost

Thu, 29 Oct 2009 16:48:00 GMT

Dec. 28--Thaicom Plc announced plans yesterday to issue debentures worth seven billion baht to retire foreign-currency debts.
Chief executive Arak Chonlatanon said the proceeds from the debentures would be used to pay off all of the satellite operator's foreign-currency debts in a bid to eliminate risks stemming from exchange-rate fluctuations.
It pays interest of 75 million baht every quarter.

[More...]

Diversification Still Essential

Mon, 05 Oct 2009 13:47:00 GMT

Oct. 5--The worst of the global recession may have passed but enough uncertainties remain to make investors desperate for expert advice.
Suppamas Payakapan, an analyst at Phillip Securities, said asset allocations could be divided into three markets: high-risk (commodities and equities), medium-risk (debt instruments) and low-risk (money market).
"Investors should allocate 30 percent of their investment portfolios to high-risk assets, 50 percent to debentures and 20 percent to the money market," she said.

[More...]

Startup Developer Planning Two Bangkok Condos

Wed, 30 Sep 2009 16:49:00 GMT

Sep. 30--The new property firm One Property Development is preparing to launch at least two condominiums worth a combined 1.2-1.5 billion baht this year.
The first project will be the 500-million-baht Colory Vivid budget condominium located on one rai on Soi Pracha Rat Bampen 6 in the Ratchadaphisek-Huai Khwang area, around 280 metres from Huai Khwang MRT station, said the company's managing director Chaiyapong Vechamamontien.
The second project will be an 800- million-baht low-rise condominium on Soi Sukhumvit 40, with a launch likely late this year.

[More...]

Exim Bank May Miss Goal

Wed, 23 Sep 2009 17:47:00 GMT

Sep. 23--The Export-Import Bank of Thailand is expected to miss its loan growth target this year, despite positive growth trends in the second half, according to president Apichai Boontherawara.
The state-owned bank had set a loan growth target of 5 percent for the full year, but saw its loan book shrink in the first half of the year due to the domestic and global economic recession.
Dr Apichai said that while loan demand had improved, withdrawals remained tepid.

[More...]

Weak Baht Will Key Recovery

Fri, 11 Sep 2009 16:46:00 GMT

Sep. 11--Thailand should pursue a weak-currency strategy to prop up exports as global economic conditions remain volatile, economists say.
Narongchai Akrasanee, the chairman of the Export-Import Bank, said a depreciation of one baht against the US dollar would produce an additional 150 billion baht per year in export revenues.
"The Thai baht has more room to depreciate against the dollar even considering other regional currencies."

[More...]

More Public Participation Urged to Solve Potash Woes

Mon, 07 Sep 2009 23:46:00 GMT

Sep. 7--The government is seeking to aid potash mining by increasing public participation to end a fierce dispute between investors and local residents.
Since potash is a main ingredient in making fertiliser, if its costs are lower this would help the farm sector too," said Suraphong Chiengtong, a deputy director-general of the Department of Primary Industries and Mines.
A problem-solving committee for the Udon Thani potash mine, for which Asia-Pacific Potash Corporation (APPC) holds the exploration concession, will meet next week to work out strategies to promote public participation.

[More...]

CP Merging Property Arms

Wed, 02 Sep 2009 13:47:00 GMT

Sep. 2--CP Group plans to merge its two real estate firms, CP Land and CP Plaza, and list the new company on the stock market in order to triple its revenue, said group vice-president Sunthorn Arunanondchai.
He said listing on the stock market would bring a new dimension to the group's real estate arm and attract funds as well as outside executives to help the business grow more quickly.
"We have studied Hong Kong Land and some Singaporean real estate firms as they have plenty of properties like ours," said Mr Sunthorn, a founder who established CP Land 22 years ago.

[More...]

Do Your Share: Invest Responsibly

Mon, 31 Aug 2009 19:50:00 GMT

Aug. 31--Investing in profitable companies might not be enough to guarantee long-term wealth for investors today as worthy investment opportunities increasingly move toward businesses that contribute to society or help preserve the environment.
Investors can create a direct social and environmental impact through their socially responsible investment, says Somjin Sornpaisarn, who will become chief executive of TMB Asset Management Co starting tomorrow, moving from One Asset Management.
"We can do good by investing in valuable companies, not only in terms of financial needs but also creating a positive impact on society."

[More...]

SET Dives As Region Fretful

Tue, 18 Aug 2009 21:48:00 GMT

Aug. 18--Thai stocks dropped 3.39 percent yesterday as markets across the globe tumbled on fresh concerns about the US and world economy.
The Stock Exchange of Thailand index closed at 632.05 points, down 22.2, in active trade worth 26.35 billion baht.
Foreign investors, who have been active investors in the Thai market this year, were net sellers of 1.06 billion baht in stocks yesterday, with local institutions net buyers of 1.1 billion and retail investors net sellers of 76 million in stock.

[More...]

Tembec conclut une entente de principe pour la vente de son interet de 50 % dans Produits forestiers Temrex

Thu, 03 Sep 2009 20:46:00 GMT

MONTREAL, le 3 sept. /CNW Telbec/ - Tembec a conclu une entente aujourd'hui en vue de la vente de sa participation de 50 % dans Produits forestiers Temrex, societe en commandite, et son commandite, Gestion PFT Inc., (collectivement, "Temrex") a la Societe generale de financement du Quebec ("SGF") pour la somme de 12 millions de dollars. La vente est sujette a la realisation de certaines conditions. Le produit final est sujet a ajustement pour certains items, incluant le fonds de roulement. L'operation devrait etre menee a bien d'ici a la fin septembre. Temrex est une entreprise de bois de sciage de la Gaspesie exploitee en coparticipation avec la SGF depuis 2002.[More...]

Tembec concludes agreement in principle for the sale of 50% interest in Temrex Forest Products

Thu, 03 Sep 2009 20:45:00 GMT

MONTREAL, Sept. 3 /CNW Telbec/ - Tembec today concluded an agreement to sell its 50% equity interest in Temrex Forest Products LP and its general partner Gestion PFT Inc., (collectively "Temrex") to Societe generale de financement du Quebec (the "SGF") for $12 million. The sale is subject to certain conditions. The final proceeds are subject to adjustment for normal working capital and certain other items. Closing of the transaction is anticipated to occur by the end of September. Temrex has been operated as a sawmilling joint venture with the SGF in Quebec's Gaspe region since 2002.[More...]

Lock-out a l'usine de Tembec a Pine Falls par suite de l'impasse des negociations entre la Compagnie et ses employes

Tue, 01 Sep 2009 11:10:00 GMT

TEMISCAMING, QC, le 1er sept. /CNW Telbec/ - Tembec a confirme aujourd'hui avoir mis en lock-out les employes de son usine de papier journal a Pine Falls, par suite de l'impasse dans laquelle se sont retrouvees les negociations pour la nouvelle convention collective. La direction et les employes de l'usine ont collabore etroitement afin de s'assurer que l'interruption des activites se fasse en toute securite et sans effets negatifs sur l'environnement.[More...]

Kimberly-Clark reconnait Tembec a titre de fournisseur de l'annee

Tue, 11 Aug 2009 19:15:00 GMT

TEMISCAMING, QC, le 11 aout /CNW Telbec/ - Tembec a annonce aujourd'hui qu'elle a ete reconnue fournisseur de l'annee par Kimberly-Clark. Le prix a ete remis par Thomas Falk, president-directeur general de Kimberly-Clark, lors d'une ceremonie organisee en juin, en reconnaissance du leadership de Tembec dans la fourniture de pate a papier certifiee par le Forest Stewardship Council (FSC). La certification FSC est reconnue par les consommateurs, les gouvernements et les groupes environnementaux comme l'une des normes de certification les plus rigoureuses de l'industrie. Tembec a obtenu cette reconnaissance pour une deuxieme annee consecutive.[More...]

Tembec recognised by Kimberly-Clark as a Supplier of the Year

Tue, 11 Aug 2009 19:15:00 GMT

TEMISCAMING, QC, Aug. 11 /CNW Telbec/ - Tembec today announced that it has been named one of Kimberly-Clark's suppliers of the year. The award, presented by Kimberly-Clark CEO Thomas Falk at a ceremony in June, recognizes Tembec's leadership in providing Forest Stewardship Council ("FSC") certified pulp. The FSC certification is generally recognized by consumers, governments and environmental groups as the most stringent certification standard in the industry. This is the second consecutive year that Tembec has received this "Supplier of the Year" recognition.[More...]

Tembec publie les resultats financiers de son troisieme trimestre termine le 27 juin 2009

Thu, 30 Jul 2009 13:27:00 GMT

MONTREAL, le 30 juill. /CNW Telbec/ - Tembec a realise un chiffre d'affaires consolide de 407 millions $ au trimestre termine le 27 juin 2009, en baisse par rapport aux 609 millions $ enregistres a la meme periode de l'an dernier. La Compagnie a subi une perte nette de 38 millions $ (0,38 $ par action) pour le trimestre termine en juin 2009, comparativement a une perte nette de 27 millions $ (0,27 $ par action) au trimestre de juin 2008. Le benefice avant elements non recurrents, interets, impots, amortissement et autres depenses non liees a l'exploitation (BAIIA) a ete d'un montant negatif de 42 millions $ pour les trois mois termines le 27 juin 2009, comparativement au BAIIA de 9 millions $ enregistre au meme trimestre de l'exercice anterieur ...[More...]

Tembec reports financial results for its third quarter ended June 27, 2009

Thu, 30 Jul 2009 13:27:00 GMT

MONTREAL, July 30 /CNW Telbec/ - Consolidated sales for the three-month period ended June 27, 2009 were $407 million, down from $609 million in the comparable period of the prior year. The Company generated a net loss of $38 million or $0.38 per share in the June 2009 quarter compared to a net loss of $27 million or $0.27 per share in the June 2008 quarter. Earnings before non-recurring items, interest, income taxes, depreciation, amortization and other non-operating expenses (EBITDA) was negative $42 million for the three-month period ended June 27, 2009, as compared to EBITDA of $9 million a year ago and negative EBITDA of $63 million in the prior quarter.[More...]

/R E P R I S E -- Tembec tiendra une conference telephonique portant sur les resultats financiers de son troisieme trimestre termine le 27 juin 2009/

Thu, 30 Jul 2009 11:55:00 GMT

TEMISCAMING, QC, le 23 juill. /CNW Telbec/ - Tembec diffusera le jeudi 30 juillet les resultats financiers de son troisieme trimestre termine le 27 juin 2009. Messieurs James Lopez et Michel Dumas, respectivement president et chef de la direction et vice-president executif, Finances et chef des finances de Tembec, animeront une conference telephonique a l'intention des analystes financiers et des investisseurs institutionnels. Ils seront accompagnes par Yvon Pelletier, vice-president executif et president du Groupe des pates, Dennis Rounsville, vice-president executif et president du Groupe des produits forestiers, Chris Black, vice-president executif et president du Groupe des papiers ainsi que de John Valley, vice-president executif, Expansion ...[More...]

/R E P E A T -- Tembec to hold a conference call - Financial results for the third quarter ended June 27, 2009/

Thu, 30 Jul 2009 11:55:00 GMT

TEMISCAMING, QC, July 23 /CNW Telbec/ - Tembec's third quarter results for the period ended June 27, 2009 will be released on Thursday, July 30, 2009. James Lopez, President and Chief Executive Officer and Michel Dumas, Executive Vice President, Finance and Chief Financial Officer will be conducting a conference call intended for financial analysts and institutional investors. Also participating will be Yvon Pelletier, Executive Vice President and President of the Pulp Group, Dennis Rounsville, Executive Vice President and President of the Forest Products Group, Chris Black, Executive Vice President and President of the Paper Group and John Valley, Executive Vice President, Business Development and Corporate Affairs.[More...]

Tembec annonce une reduction de production a son usine de papier journal et sa scierie a Kapuskasing

Thu, 09 Jul 2009 23:10:00 GMT

TEMISCAMING, QC, le 9 juill. /CNW Telbec/ - Tembec a annonce aujourd'hui une reduction temporaire de production a son usine de papier journal et sa scierie a Kapuskasing, en Ontario. La reduction aura lieu du 24 juillet au 10 aout. Elle est directement liee aux conditions difficiles actuelles des marches du papier journal et des produits du bois d'oeuvre. Environ 510 employes de tous les niveaux des divisions papier journal, scierie et des operations forestieres seront touches.[More...]