One of the larger banks in India. She exited her position last year because of increasing noise around the loan books. It now looks very interesting to her and is looking at it again. On a valuation basis, it trades at almost half the PE multiple of some of the other private-sector banks.
One of the larger banks in India. She exited her position last year because of increasing noise around the loan books. It now looks very interesting to her and is looking at it again. On a valuation basis, it trades at almost half the PE multiple of some of the other private-sector banks.
A very large bank in India, and they steered clear of all of the nonperforming loan issues. However, because of that, it has very much outperformed ICICI and some of the state banks in India. It is now trading at around 20X earnings. Management is very disciplined and very focused on ROE and risk management.
A very large bank in India, and they steered clear of all of the nonperforming loan issues. However, because of that, it has very much outperformed ICICI and some of the state banks in India. It is now trading at around 20X earnings. Management is very disciplined and very focused on ROE and risk management.
One of the Argentinian utilities. She likes Argentina which is going through a transformation. Their new president is very pro-business and has replaced his government with a lot of ex-executives from the business sector. They are making Argentina business friendly. The 2 businesses that are benefiting are financials and utilities. For the 1st time in years, there is a clear set of rules on how they would regulate the utilities. This has had a big run, and is expensive for Argentina, so tread with caution.
One of the Argentinian utilities. She likes Argentina which is going through a transformation. Their new president is very pro-business and has replaced his government with a lot of ex-executives from the business sector. They are making Argentina business friendly. The 2 businesses that are benefiting are financials and utilities. For the 1st time in years, there is a clear set of rules on how they would regulate the utilities. This has had a big run, and is expensive for Argentina, so tread with caution.
The largest smart phone manufacturer in Asia in terms of volume. More importantly, they now have the other side of the business, OLED screens, D RAM etc. Very inexpensive. Dividend yield of 1.7%. (Analysts’ price target is KRW3,000,000.)
The largest smart phone manufacturer in Asia in terms of volume. More importantly, they now have the other side of the business, OLED screens, D RAM etc. Very inexpensive. Dividend yield of 1.7%. (Analysts’ price target is KRW3,000,000.)
This is the largest life insurance company in China. It is a diversified, with 2/3 of their business life and nonlife, but they also have Ping An Bank and Ping An Trust, which issues wealth management products. She likes the insurance as a secular growth theme because of the big savings pool. People in China like to save. Now that they are wealthier, they are starting to think more about safety. Inexpensive, trading at around 11X earnings, and growing earnings at about 13% year-over-year. Dividend yield of 1.9%. (Analysts’ price target is HKD72.24.)
This is the largest life insurance company in China. It is a diversified, with 2/3 of their business life and nonlife, but they also have Ping An Bank and Ping An Trust, which issues wealth management products. She likes the insurance as a secular growth theme because of the big savings pool. People in China like to save. Now that they are wealthier, they are starting to think more about safety. Inexpensive, trading at around 11X earnings, and growing earnings at about 13% year-over-year. Dividend yield of 1.9%. (Analysts’ price target is HKD72.24.)
This is a company that was set in Africa, but you can think of it as a very big tech venture capital firm. An inexpensive way to own Tencent (TCEHY-5). They own 33% of that, as well as 29% of Mail.ru in Russia. Dividend yield of 0.2%. (Analysts’ price target is ZAR3,710.00.)
This is a company that was set in Africa, but you can think of it as a very big tech venture capital firm. An inexpensive way to own Tencent (TCEHY-5). They own 33% of that, as well as 29% of Mail.ru in Russia. Dividend yield of 0.2%. (Analysts’ price target is ZAR3,710.00.)
Emerging Markets. Overall, the emerging markets are trading at a much lower valuation than the US, but you need to know where you want to be, what sector and what countries. She is very overweight India which is undergoing a multiyear, and potentially a multi-decade transformation under a government that is very pro-reform. Also, it is a very young country. 1.2 billion people with a median age of 27, who are starting to earn their 1st salary, buying the 1st car, etc. She also likes Korea where they have a new president, who is much more about creating jobs, as well as reforming the big conglomerates in Korea. She also likes China tech. Sees a lot of value, but also a lot of growth in emerging markets, and thinks this is where the opportunities are. There is still a lot of infrastructure left to be built in emerging markets.
Emerging Markets. Overall, the emerging markets are trading at a much lower valuation than the US, but you need to know where you want to be, what sector and what countries. She is very overweight India which is undergoing a multiyear, and potentially a multi-decade transformation under a government that is very pro-reform. Also, it is a very young country. 1.2 billion people with a median age of 27, who are starting to earn their 1st salary, buying the 1st car, etc. She also likes Korea where they have a new president, who is much more about creating jobs, as well as reforming the big conglomerates in Korea. She also likes China tech. Sees a lot of value, but also a lot of growth in emerging markets, and thinks this is where the opportunities are. There is still a lot of infrastructure left to be built in emerging markets.
She really likes this. It started out as a PC gaming company, but they’ve done a phenomenal job of creating strong IP around games that sustain themselves. Secondly, the Holy Grail for all gaming companies, they figured out mobility. They’ve grown their mobile gaming business tremendously. It is now just half the size of their PC business. Through Re-chat, their chat platform, you can do everything from ordering movie tickets to arrange when to pick up your dry-cleaning. Even though it has performed well, there is still value.
She really likes this. It started out as a PC gaming company, but they’ve done a phenomenal job of creating strong IP around games that sustain themselves. Secondly, the Holy Grail for all gaming companies, they figured out mobility. They’ve grown their mobile gaming business tremendously. It is now just half the size of their PC business. Through Re-chat, their chat platform, you can do everything from ordering movie tickets to arrange when to pick up your dry-cleaning. Even though it has performed well, there is still value.
Robotics? The leaders in robotics are in Japan. The applications are really broad. Everything from robotic arms to the manufacturing of cars.
Robotics? The leaders in robotics are in Japan. The applications are really broad. Everything from robotic arms to the manufacturing of cars.
This is really 2 companies. They bought Jaguar Land Rover a few years ago. You have Tata cars in India where ownership is less than 10% of what it is in North America, but has been losing market share to some of the smaller players. Then you have the high-end auto business. Jaguar Land Rover has been a little noisy with a few tough quarters, primarily because of foreign exchange. Also, there has been a lot more competition in the high end auto business. Her preference is Maruti Suzuki (MRZY-OTC). It has 47% market share of the passenger market in India, and is growing very quickly.
This is really 2 companies. They bought Jaguar Land Rover a few years ago. You have Tata cars in India where ownership is less than 10% of what it is in North America, but has been losing market share to some of the smaller players. Then you have the high-end auto business. Jaguar Land Rover has been a little noisy with a few tough quarters, primarily because of foreign exchange. Also, there has been a lot more competition in the high end auto business. Her preference is Maruti Suzuki (MRZY-OTC). It has 47% market share of the passenger market in India, and is growing very quickly.
She likes Argentina. A new president came into power in December 2015, and is implementing a lot of business-friendly reforms. This one is a very well-run utility. It has had a big run, being up almost 80% year to date. A lot of the move is because it is one of 4-5 ADRs that are expected to be added to the index. She is a little cautious, because it has run ahead of its fundamentals. Wait for it to settle down.
She likes Argentina. A new president came into power in December 2015, and is implementing a lot of business-friendly reforms. This one is a very well-run utility. It has had a big run, being up almost 80% year to date. A lot of the move is because it is one of 4-5 ADRs that are expected to be added to the index. She is a little cautious, because it has run ahead of its fundamentals. Wait for it to settle down.
A very unique company. It started as a trading company and now owns a number of businesses throughout the Asia Pacific. On a fundamental valuation perspective, the stock has rallied really hard and it is expensive. Dividend yield of 2.4% is safe and there is possibly room for it to be hiked in the next 12-18 months.
A very unique company. It started as a trading company and now owns a number of businesses throughout the Asia Pacific. On a fundamental valuation perspective, the stock has rallied really hard and it is expensive. Dividend yield of 2.4% is safe and there is possibly room for it to be hiked in the next 12-18 months.
(A Top Pick Feb 2/17. Up 21%.) E-commerce in China makes sense, because there is such a big population. She still thinks there is a lot of upside.
(A Top Pick Feb 2/17. Up 21%.) E-commerce in China makes sense, because there is such a big population. She still thinks there is a lot of upside.
(A Top Pick Feb 2/17. Up 14%.) You can think of this as a Unilever or Procter & Gamble of India. Very basic consumer goods. The stock is not cheap, but what she always finds in India is that when you want to buy the secular consumer theme, you have to pay up. She tries to find the ones with a moat.
(A Top Pick Feb 2/17. Up 14%.) You can think of this as a Unilever or Procter & Gamble of India. Very basic consumer goods. The stock is not cheap, but what she always finds in India is that when you want to buy the secular consumer theme, you have to pay up. She tries to find the ones with a moat.
(A Top Pick Feb 2/17. Down 10%.) In Cdn$ terms it is actually up slightly because the ruble has appreciated. She still likes this. A very inexpensive bank, and the largest in Russia. Pays a good dividend and trades at around 5X earnings.
(A Top Pick Feb 2/17. Down 10%.) In Cdn$ terms it is actually up slightly because the ruble has appreciated. She still likes this. A very inexpensive bank, and the largest in Russia. Pays a good dividend and trades at around 5X earnings.