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Orbitz Worldwide: Turnaround Story With Multiple Growth Levers
- 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
- 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?
- 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
- 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
- Home Inns & Hotels: Ready To Check In
- Silver Spring Networks: A Potential Multi-Bagger In The High Growth Smart Grid Market
- William Lyon Homes: A Play On The Housing Recovery
- Tallgrass Energy Partners: A Dropdown Driven Story
- Evertec: A Caribbean Growth Story
- RTI International: Scaling Heights In Aerospace
- QIWI: Where Cash Is King
- Taminco: A Specialty Commodity Player
- Luxfer: Secular Growth At Attractive Valuations
- U.S. Housing: Out Of The Woods
Debt, Deleveraging And Demographics: Developed World's Growth Drag
Apr. 11, 2013 • Comment!
- Made In America: Re-Industrialization For Sustainable Economic Growth
- James Tobin Primer On Currency War
- Marc Faber: The Fed Party Is Over, Invest Overseas
- How Gold Can Help Stabilize The Balance Sheets Of Central Banks
- Why G7 Countries Should Not Bother About Japan's Currency War
- 3 Reasons To Be Bullish On Gold
- Emerging Markets: In Search Of Sustainable Growth For The Next Decade
- Indian Equities: Good Bet On The Global Currency War
- Japan's Currency War: Much Discussed, But Hard To Find
- Marc Faber: Get Ready For Decade-Long Low Interest Rates
- Is Japan Prompting A 1930s-Like Currency War?
- Asia And Japan's Reflation Game
- Emerging Market Currencies: Best Way To Play QE3
- Can Industrial Automation Solve China's Demographic Challenge
- The Rise Of Robot: Is Industrial Automation The Next Big Secular Growth Driver?
- Southeast Asian Tigers: On The Roar Again