Related Articles
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Is there reason to be concerned about the tightening of China’s monetary policy? (NATIXIS)
The financial markets have reacted very negatively to the announcement that China will tighten its monetary policy (increase in the mandatory reserve ratios, increase in the interest rates on central bank notes via open-market operations, demands made to the banks to curb lending)….
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Introducing five structural themes (BNP PARIBAS)
We identify five structural themes that should critically influence Asia’s economic growth and should have potential to generate signficant alpha in the years ahead. The five themes are: Alternative Energy, Rural Asia, Demographic Challenges, Economic Rebalancing, and New Emerging Markets. This report analyses the drivers behind the themes from a top-down perspective, and includes a list of stocks offering direct…
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GLOBAL DISEQUILIBRIA: Don’t expect lasting stability
Our basic view remains unchanged; we remain positive on equity markets, credit spreads and most commodities because liquidity flows are still very positive and key indicators discussed below are supportive. However, we still are very concerned about the artificial nature of the economic recovery and financial markets and when the relatively benign environment might change for the worse….
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India Sugar Outlook 2010: Supply/Demand Mismatch to Benefit Sugar Mills
Fitch Ratings expects the liquidity position of sugar mills to improve significantly in the Indian sugar season 2010 (SS10, October 2009‐September 2010), mainly due to an increase in profitability and free cash flow (FCF). Enhanced liquidity should in turn be utilised for debt reduction, thereby resulting in an overall boost to credit profiles….
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CHALLENGES & DIFFICULTIES WHICH WILL BE FACED BY UNITED STATES AND EURO ZONE
We find very worrying the long list of challenges and difficulties which the United States and the euro zone will be faced with in the medium term, and which are more serious after the crisis than before it accelerated deindustrialisation and offshoring, in a global situation of excess production capacity and anomalies in the formation of exchange rates; need to squeeze production costs…
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Ownership Data for 4Q09 : More Portfolio Churn Coming (MORGAN STANLEY)
Does institutional ownership suggest that sector performance is about to inflect? It appears that institutional investors have been selling Telecoms in the fourth quarter of 2009 but still have that sector as their largest overweight position. In contrast, they have been buying energy in the past quarter and narrowing the underweight position in that sector. Telecoms and Energy were among the underperforming sectors in 2009….
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Wall Street Goes Brain Dead On China, Again!
If you think China’s spectacularly growing economy is another bubble in the making … or even that Google’s current dispute with Beijing will take down the Middle Kingdom’s economy, think again. China’s economy is set to continue its near double-digit economic growth for years to come. How Wall Street could get China wrong for so many years is beyond me…
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NAGARJUNA CONSTRUCTIONS: Strong order booking inflates guidance (RELIGARE)
Nagarjuna Constructions’ (NCC’s) Q3FY10 results were largely in line with our estimates. Topline grew 15.6% YoY to Rs 11.9bn while the EBITDA margin expanded 119bps on a 32% growth in adj. PAT growth to Rs 479mn. NCC has also increased the full-year guidance for order inflows to Rs 75-80bn from Rs 65bn previously due to robust order booking by the company (orders of Rs 66bn booked during 9MFY10)….
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ANDHRA PRADESH IRRIGATION: Conf Call Takeaways: Funding Constraints Delay Execution
Conference call on irrigation projects in Andhra Pradesh (AP) — We organized a conference call with Mr. S.K. Joshi, Principal Secretary (Projects) to the Government of Andhra Pradesh, Irrigation and Command Area Development, to discuss the current status of irrigation projects in AP. The following are key takeaways from the call….
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Eurozone sovereign risk: a hierarchy of countries to watch (ECONOMIC RESEARCH)
Financial markets are highly concerned about the risks surrounding the public finance imbalances present in a number of eurozone countries. This has been represented by the sharp increase in the government bond spreads between the countries seen as risky (Greece, Portugal, Italy, Ireland and Spain) and those of Germany, considered as the reference country…
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7 Reasons Why Nifty would go to 3800 and Sensex 12800 (EMKAY)
■ Multiple trend lines (Fan line) breaks across the world.
■ 5-wave impulsive moves complete; Nifty and Brazil Bovespa remain classic examples, FTSE, DAX, CAC also look complete….
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PSU DISINVESTMENT – THE BIG OPPORTUNITY (BIRLA SUN LIFE)
PSU is still an evolving theme in the market. The process of disinvestment started in the early 1990s. The stocks from this space did however; trail the broad market in the 1990s. They have started to find recognition and valuation that justifies their strengths, only in the recent past. If the most visible themes of the last two decades have been IT & telecom respectively, PSU as an asset class has been the silent performer….
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Will the Global Economy Expand in 2010? (WELLS FARGO LIMITED)
The seizing of financial markets that followed Lehman Brothers’ failure caused the global economy to fall into its deepest recession in decades. By the spring of 2009 industrial production in the 30 countries that comprise the Organisation for Economic Cooperation and Development (OECD) had plunged more than 15 percent from year-earlier levels (Figure 1)….
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DOCOMO can get controlling stake in JV if TTSL fails to meet targets
JAPANESE telecom major NTT DOCOMO could acquire a controlling stake in Tata Teleservices (TTSL) in which it has a 26% stake, if the latter is unable to meet some performance benchmarks, according to the shareholding agreement between the two, details of which are available with ET. These benchmarks may account for the aggression with which TTSL, which operates GSM services under the brandname Tata DOCOMO…
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India’s Plans to Sell Shares in State-owned Companies
Jan. 28 (Bloomberg) — Following is a table (in report) showing Indian state-run companies in which the government may sell stakes through initial public offerings or secondary share sales. The government wants profitable listed public-sector companies, where its stake is more than 90 percent, to have at least 10 percent of their shares held by the public….
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IRON ORE: Strong Spot Market Conditions Persist (CITI)
pot prices in China for imported iron ore have weakened a little in recent days to around $130/t (from $135/t), but are still up 25% in the past month and 60% in the past 4 months. Pre-buying of iron ore and steel has been a factor, but spot prices are expected to remain robust as suppliers prioritize contracted customers. Seaborne demand in 2010 is likely to exceed the previous peak in 2008…
