Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

Hungary: Faster earnings growth should drive GDP higher in coming months. Mexico: Expected to raise rates 50bps next Thursday in the wake of inflation reported this week at 5.3% (the highest rate in 8 years).  This is a critical positive development for the Peso. Saudi Arabia: Has the most to lose from lower prices as this complicates attempts to diversify their economy.  Iran is less concerned as they are just coming off of sanctions and any revenue they get is better than before.  Iraq would…

Hungary: Faster earnings growth should drive GDP higher in coming months. Mexico: Expected to raise rates 50bps next Thursday in the wake of inflation reported this week at 5.3% (the highest rate in 8 years).  This is a critical positive development for the Peso. Saudi Arabia: Has the most to lose from lower prices as this complicates attempts to diversify their economy.  Iran is less concerned as they are just coming off of sanctions and any revenue they get is better than before.  Iraq would…

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Energy Expert

Thierry Bros, PhD

Thierrybros.com

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO <a href="https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9" target="_blank">https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9 </a>with the following conclusion "Saudi Aramco will initially list as much as 5% of the company and investors and analysts have questioned the size of Riyadh’s $2tn valuation. But even if it reaches just half that target it would still raise $50bn — twice as much as Alibaba’s record IPO in 2014."Back in <a href="https://www.smartkarma.com/insights/saudi-aramco-value-tn-maybe-not" target="_blank" data-smartkarma-citation="insights:8177">Saudi Aramco Value: $tn? Maybe Not!</a> my…

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9 with the following conclusion "Saudi Aramco will initially list as much as 5% of the company and investors and analysts have questioned the size of Riyadh’s $2tn valuation. But even if it reaches just half that target it would still raise $50bn — twice as much as Alibaba’s record IPO in 2014."Back in Saudi Aramco Value: $tn? Maybe Not! my…

New York and London Battle for Saudi Aramco IPO

Investing in high growth Asian frontier economies., Asia Frontier Capital

Scott Osheroff

Investing in high growth Asian frontier economies.

Asia Frontier Capital

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

Asia Frontier Capital Travel Report: Laos

<div class="content-highlight">As International Oil Companies (IOC) have now published their FY2016 results, let's compare their level of oil and gas production to see which one is best positioned if our world has to move away from oil (and coal) to gas, the cleanest fossil fuel (and renewable).</div><div style="text-align: center;" class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/021/237/original/2016%20HC%20production.JPG?1487582898" class="editor-image img-responsive" data-smartkarma-image-id="21237"></figure>Source: company data, thierrybros.com
</div><ul><li>
<a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a>'s hydrocarbon production increased by 1% thanks to an 8% increase in oil. <a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> is the biggest listed hydrocarbon producer but more importantly, with gas…</li></ul>

As International Oil Companies (IOC) have now published their FY2016 results, let's compare their level of oil and gas production to see which one is best positioned if our world has to move away from oil (and coal) to gas, the cleanest fossil fuel (and renewable).
Source: company data, thierrybros.com

Gazprom PJSC (GAZP RX)'s hydrocarbon production increased by 1% thanks to an 8% increase in oil. Gazprom PJSC (GAZP RX) is the biggest listed hydrocarbon producer but more importantly, with gas…

Are International Oil Companies Adapting to Climate Change Challenges?

LNG, Oil & Gas, M&A Market Intelligence Specialist

Massimo Bellino

This report covers: <a href="https://www.smartkarma.com/entities/811" target="_blank" data-smartkarma-citation="entities:811:1">Exxon Mobil Corp (XOM US)</a>, <a href="https://www.smartkarma.com/entities/11091" target="_blank" data-smartkarma-citation="entities:11091:1">Chevron Corp (CVX US)</a>, <a href="https://www.smartkarma.com/entities/22108" target="_blank" data-smartkarma-citation="entities:22108:1">Royal Dutch Shell PLC (RDSA LN)</a>, <a href="https://www.smartkarma.com/entities/21847" target="_blank" data-smartkarma-citation="entities:21847:1">BP PLC (BP/ LN EQUITY)</a>, <a href="https://www.smartkarma.com/entities/812" target="_blank" data-smartkarma-citation="entities:812:1">Total Sa (FP FP)</a>, <a href="https://www.smartkarma.com/entities/21030" target="_blank" data-smartkarma-citation="entities:21030:1">Statoil ASA (STL NO)</a>A challenging year-end quarter. Oil majors posted disappointing 4Q16 results which surprised the markets on the downside. With the exception of Total, the peer group missed brokers’ expectations both on the earnings and the revenue estimates. Impairment charges negatively impacted Exxon and Statoil, respectively for $2bn and $2.3bn…

This report covers: Exxon Mobil Corp (XOM US), Chevron Corp (CVX US), Royal Dutch Shell PLC (RDSA LN), BP PLC (BP/ LN EQUITY), Total Sa (FP FP), Statoil ASA (STL NO)A challenging year-end quarter. Oil majors posted disappointing 4Q16 results which surprised the markets on the downside. With the exception of Total, the peer group missed brokers’ expectations both on the earnings and the revenue estimates. Impairment charges negatively impacted Exxon and Statoil, respectively for $2bn and $2.3bn…

Oil Majors 4Q16 Results: After a Difficult 2016, Sentiment Turning Positive for 2017

China

Yankuang Energy Group Company Limited operates coal businesses. The Company produces fine coal, blown coal, power coal, and coal chemical products. Yankuang Energy Group also conducts power generation, railway transport, machinery manufacturing, and heating businesses.

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Yankuang Energy Group (1171 HK)

Who Wins and Who Loses from Oil Under $50? Hint: Invest in Asia

Hungary: Faster earnings growth should drive GDP higher in coming months.Mexico: Expected to raise rates 50bps next Thursday in the wake of...

David Riedel

New York and London Battle for Saudi Aramco IPO

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO...

Thierry Bros, PhD

Asia Frontier Capital Travel Report: Laos

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos...

Asia Frontier Capital

Are International Oil Companies Adapting to Climate Change Challenges?

As International Oil Companies (IOC) have now published their FY2016 results, let's compare their level of oil and gas production to see which one...

Thierry Bros, PhD

Oil Majors 4Q16 Results: After a Difficult 2016, Sentiment Turning Positive for 2017

This report covers: Exxon Mobil Corp (XOM US), Chevron Corp (CVX US), Royal Dutch Shell PLC (RDSA LN), BP PLC (BP/ LN EQUITY), Total Sa (FP FP),...

Massimo Bellino

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