Part of my investment research process is to follow the headlines. In particular, the unflattering ones. For investors who haven't noticed, the headlines are indicating (or screaming?) crisis in emerging markets, where asset prices have been crushed in recent months over macroeconomic fears, evoking memories of the 1997-1998 Asian currency crisis. How the times have changed. Just a few years ago, zealous bond investors couldn't get enough Indonesian debt, as seen in a 2010 bond offering by PT Indosat Tbk [(OTCPK:PTINY) (ISAT:JK)] ("Indosat" or "the company"), the subject company of this column, which was 16 times oversubscribed.
Because of the large price correction and diminished investor risk appetite in emerging market equities, discerning and contrarian investors...
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