Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Our previously highlighted risk of a cash call by no-moat Noble Group has materialized with the company proposing a one-for-one rights issue at SGD 0.11 per share. The move is expected to raise USD 517 million to meet 2017 debt repayment obligations as well as to support working capital needs.Looking on the positive, the cash raising exercise should put to rest current concerns on the company’s liquidity although we would still prefer to see improvements to the company’s working capital. Coupled with the NAES sale, we think Noble’s balance sheet will be strengthened and the company’s net gearing could decline to 0.6 times in 2018 from 1.2 times in 2015.  Analysts: Lorraine Tan &amp; Dan Baker

Our previously highlighted risk of a cash call by no-moat Noble Group has materialized with the company proposing a one-for-one rights issue at SGD 0.11 per share. The move is expected to raise USD 517 million to meet 2017 debt repayment obligations as well as to support working capital needs.Looking on the positive, the cash raising exercise should put to rest current concerns on the company’s liquidity although we would still prefer to see improvements to the company’s working capital. Coupled with the NAES sale, we think Noble’s balance sheet will be strengthened and the company’s net gearing could decline to 0.6 times in 2018 from 1.2 times in 2015.  Analysts: Lorraine Tan &amp; Dan Baker

Noble Group's Rights Issue Is No Surprise, Further Cost Cuts Identified

The sale of additional assets is not surprising, but the NAES was touted as one of the group's better-performing businesses, so this probably represents a reluctant sale by the firm and one needed in order to boost its capital position.Noble indicates that additional capital raising is needed, so we would not be surprised to see some form of capital injection. This could also be an overhang and a concern to shareholders this year, with risk of possible EPS dilution. Analysts: Lorraine Tan &amp; Dan Baker

The sale of additional assets is not surprising, but the NAES was touted as one of the group's better-performing businesses, so this probably represents a reluctant sale by the firm and one needed in order to boost its capital position.Noble indicates that additional capital raising is needed, so we would not be surprised to see some form of capital injection. This could also be an overhang and a concern to shareholders this year, with risk of possible EPS dilution. Analysts: Lorraine Tan &amp; Dan Baker

Noble Group's Management Change and Asset Sales Remain an Overhang

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

We ask the questions that need to be asked, Hong Bao Media Holdings Pte Ltd

Mark Laudi • Investor Central

We ask the questions that need to be asked

Hong Bao Media Holdings Pte Ltd

Noble Group's Annual Report focuses very much on the weakness in the commodities market, and how the trading house is countering it by diversifying and going asset-light.Remarkably, it doesn't mentioned Iceberg Research and Moody's - two names which caused it significant pain in 2015.Still, the evidence of the damaging research reports from Iceberg and the downgrade by Moodys can be seen - if you are looking out for it.For example, the immense number of board meetings the company held (12, compared to the usual 4-6), the amount of shareholder communications they undertook (to respond to the Iceberg claims), and the substantial additional disclosures to address the liquidity issues they faced during 2015.

Noble Group's Annual Report focuses very much on the weakness in the commodities market, and how the trading house is countering it by diversifying and going asset-light.Remarkably, it doesn't mentioned Iceberg Research and Moody's - two names which caused it significant pain in 2015.Still, the evidence of the damaging research reports from Iceberg and the downgrade by Moodys can be seen - if you are looking out for it.For example, the immense number of board meetings the company held (12, compared to the usual 4-6), the amount of shareholder communications they undertook (to respond to the Iceberg claims), and the substantial additional disclosures to address the liquidity issues they faced during 2015.

Singapore

Noble Group Limited manages a portfolio of global supply chains covering a range of industrial and energy products. The Company facilitates the marketing, processing, financing and transportation of essential raw materials by sourcing bulk commodities from regions in South America, South Africa, Australia, Indonesia and supplying high growth demand markets in Asia and the Middle East.

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Noble Group Ltd (NOBL SP)

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Noble Group's Rights Issue Is No Surprise, Further Cost Cuts Identified

Our previously highlighted risk of a cash call by no-moat Noble Group has materialized with the company proposing a one-for-one rights issue at SGD...

Morningstar, Inc.

Noble Group's Management Change and Asset Sales Remain an Overhang

The sale of additional assets is not surprising, but the NAES was touted as one of the group's better-performing businesses, so this probably...

Morningstar, Inc.

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure...

Rajan Govil

Noble Group: Iceberg? What Iceberg?

Noble Group's Annual Report focuses very much on the weakness in the commodities market, and how the trading house is countering it by diversifying...

Mark Laudi • Investor Central

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