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  • Orbitz Worldwide: Turnaround Story With Multiple Growth Levers
    Editors' Pick • Fri, Aug. 8 EXPE, PCLN, OWW Comment!

    Summary

    • Orbitz is trading at 25% discount to its closest peers over investor concerns of exposure to low-yield air travel and stress in the hotel business.
    • Investment in mobile apps, a focus on the Asia-Pacific region and GDS agreements should help drive top line and margins in the coming quarters.
    • Valuation gap to close with Expedia, given the potential to improve margins from a higher share of bookings from hotels and international expansion.
  • Indonesia... Time To Ride The Jokowi Rally
    Sun, Mar. 30 EIDO, IDX, IDXJ 2 Comments

    Summary

    • The investment cases for Indonesia look favourable now due to i) reduced external vulnerabilities, ii) favourable current accounts position, iii) increasing FX reserves and iv) stable currency.
    • The nomination of Jokowi as Presidential candidate is viewed favorably by the market given that he is both a reformist and socialist.
    • History shows that equities tend to rally, leading up to elections (supported by foreign inflows).
    • Stocks with exposure to infrastructure sector (toll roads, cements, construction and banking) stand to benefit from the rally.
  • Emerging Markets: Is It 1997 All Over Again?
    Wed, Mar. 19 DXJ, EM, FXY Comment!

    Summary

    • Emerging markets under pressure due to QE tapering, political tensions, currency depreciation, credit stress and slowing growth in China.
    • Current scenario not as worse as the 1997 Asian Financial Crisis, given less aggressive Fed policy, lower current account deficits, lower FX denominated debt and higher FX reserves.
    • Need a fundamental fiscal adjustment (through weaker currencies and higher interest rates) to move out of the overhang of the excess period.
    • India and Indonesia are better placed (over Brazil, Turkey and South Africa) as they need much smaller currency or domestic demand adjustment for sustainable current account or inflation levels.
  • Continental Building Products: Equity-Accretive Real Estate Play Backed By Strong FCF
       • Mon, Mar. 10 CBPX Comment!

    Summary

    • CAGR 20% revenue growth supported by high volume growth and pricing power over the next 3 years.
    • Rising utilization levels to 85% levels (vs. 65% now) should support 1,500 bps improvement in EBIDA margins (CAGR 40% growth) over the next 3 years.
    • Strong margins along with limited capex will lead to robust FCF generation that will help delever and add to equity value.
  • Western Alliance Bancorporation: Compelling Growth Story With Multiple Upside Triggers
       • Sep. 30, 2013 WAL Comment!
  • Home Inns & Hotels: Ready To Check In
       • Jun. 30, 2013 HMIN 4 Comments
  • Silver Spring Networks: A Potential Multi-Bagger In The High Growth Smart Grid Market
       • Jun. 30, 2013 SSNI 3 Comments
  • William Lyon Homes: A Play On The Housing Recovery
       • Jun. 28, 2013 WLH Comment!
  • Tallgrass Energy Partners: A Dropdown Driven Story
       • Jun. 27, 2013 TEP 1 Comment
  • Evertec: A Caribbean Growth Story
       • Jun. 26, 2013 EVTC Comment!
  • RTI International: Scaling Heights In Aerospace
       • Jun. 26, 2013 BA, RTI Comment!
  • QIWI: Where Cash Is King
       • Jun. 23, 2013 YNDX, QIWI 2 Comments
  • Taminco: A Specialty Commodity Player
    Jun. 20, 2013 TAM 1 Comment
  • Luxfer: Secular Growth At Attractive Valuations
       • Jun. 16, 2013 LXFR 1 Comment
  • U.S. Housing: Out Of The Woods
    Jun. 10, 2013 FRC, HD, LOW 12 Comments
  • Debt, Deleveraging And Demographics: Developed World's Growth Drag
    Apr. 11, 2013 Comment!
  • Made In America: Re-Industrialization For Sustainable Economic Growth
    Mar. 26, 2013 AGU, APA, APC 4 Comments
  • James Tobin Primer On Currency War
    Mar. 22, 2013 ASEA, BZH, CAT Comment!
  • Marc Faber: The Fed Party Is Over, Invest Overseas
    Mar. 20, 2013 ASEA, BZH, CAT 16 Comments
  • How Gold Can Help Stabilize The Balance Sheets Of Central Banks
    Mar. 7, 2013 GDX, GDXJ, GLD 9 Comments
  • Why G7 Countries Should Not Bother About Japan's Currency War
    Feb. 28, 2013 CAT, DE, EIDO 2 Comments
  • 3 Reasons To Be Bullish On Gold
    Feb. 27, 2013 FXY, GDX, GDXJ 5 Comments
  • Emerging Markets: In Search Of Sustainable Growth For The Next Decade
    Feb. 22, 2013 BKF, BRF, EPU 3 Comments
  • Indian Equities: Good Bet On The Global Currency War
    Feb. 20, 2013 CAD, CTSH, EPI Comment!
  • Japan's Currency War: Much Discussed, But Hard To Find
    Feb. 20, 2013 CAT, DE, EIDO 4 Comments
  • Marc Faber: Get Ready For Decade-Long Low Interest Rates
    Feb. 20, 2013 BZH, CAT, CL 22 Comments
  • Is Japan Prompting A 1930s-Like Currency War?
    Feb. 20, 2013 CAT, DE, DXJ 20 Comments
  • Asia And Japan's Reflation Game
    Feb. 11, 2013 DXJ, EIDO, EWJ 5 Comments
  • Emerging Market Currencies: Best Way To Play QE3
    Feb. 9, 2013 ICN, BZF, CEW 1 Comment
  • Can Industrial Automation Solve China's Demographic Challenge
    Feb. 6, 2013 ABB, ADSK, AME 17 Comments
  • The Rise Of Robot: Is Industrial Automation The Next Big Secular Growth Driver?
    Jan. 31, 2013 ABB, ADSK, AME 7 Comments
  • Southeast Asian Tigers: On The Roar Again
    Jan. 22, 2013 ASEA, EIDO, EPHE 5 Comments