Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

<ul>
<li>China: Economy remains very, very strong with solid markets overseas and good growth at home. Large US trade deficit for 2017.</li>
<li>Mexico: Reports this week of sharp declines in auto sales. Perhaps signs of a weakening consumer outlook in Mexico. Something to watch as inflation there climbs and NAFTA comes back into focus.</li>
<li>South Africa: Mining production increased YoY in late 2017. Currency has been strong since political tensions eased in late 2017.</li>
</ul>Riedel Research Group Global Macro Weekly - Trumps…


China: Economy remains very, very strong with solid markets overseas and good growth at home. Large US trade deficit for 2017.
Mexico: Reports this week of sharp declines in auto sales. Perhaps signs of a weakening consumer outlook in Mexico. Something to watch as inflation there climbs and NAFTA comes back into focus.
South Africa: Mining production increased YoY in late 2017. Currency has been strong since political tensions eased in late 2017.
Riedel Research Group Global Macro Weekly - Trumps…

After a Rocky Week for US Foreign Policy Davos and Korea Provide and Opportunity - Will Trump Act?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

In order to understand the drivers of performance among EM active managers, we create a portfolio based on the aggregated holdings of 134 global emerging market equity funds. Fund holdings and stock performance are recorded on a monthly basis and annualised to provide absolute and relative performance figures for the year.We find that underweights positions in 'Big Tech' were a key driver of relative underperformance on the year. Sound stock selection in financial stocks generated positive relative returns, and Tencent was the must-have position for 2017.

In order to understand the drivers of performance among EM active managers, we create a portfolio based on the aggregated holdings of 134 global emerging market equity funds. Fund holdings and stock performance are recorded on a monthly basis and annualised to provide absolute and relative performance figures for the year.We find that underweights positions in 'Big Tech' were a key driver of relative underperformance on the year. Sound stock selection in financial stocks generated positive relative returns, and Tencent was the must-have position for 2017.

EM Positioning Review 2017. The Key Drivers of Performance

MD, Blue Lotus Research Institute

Gu Jun, CFA

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

Focus Media Information Technology Co, Ltd. / Equity Bottom-Up

Focus Media Information Technology Co, Ltd.

Promising 2018, raise TP to RMB 14.3● China’s non-internet ads spending shows strong recoveries in 2H17, which in our view is the response to increasing expensive online user acquisition cost.● In 2018, Focus Media plans further to expand media coverages in low-tier cities, which is the next growth opportunity, raising TP to RMB 14.3● We estimate that 4Q17’s total revenue and net profit would reach RMB 3.2 bn/1.65 bn, respectively, in line with company’s guidance.Offline ads spending saw strong…

Promising 2018, raise TP to RMB 14.3● China’s non-internet ads spending shows strong recoveries in 2H17, which in our view is the response to increasing expensive online user acquisition cost.● In 2018, Focus Media plans further to expand media coverages in low-tier cities, which is the next growth opportunity, raising TP to RMB 14.3● We estimate that 4Q17’s total revenue and net profit would reach RMB 3.2 bn/1.65 bn, respectively, in line with company’s guidance.Offline ads spending saw strong…

Focus Media (SZSE:002027) Promising 2018, Raise TP to RMB 14.3

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’ scenarios</li>
<li>Bond market volatility is exceeding equity as markets begin second guessing the ECB/BoJ exit path and chartists draw lines through the generational 10-yr Treasury secular downtrend.</li>
<li>With N. Korea receding as a near-term alibi for inaction, the Trump administration seems likely to risk a trade confrontation with China on steel/solar etc. within…</li>
</ul>


It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’ scenarios
Bond market volatility is exceeding equity as markets begin second guessing the ECB/BoJ exit path and chartists draw lines through the generational 10-yr Treasury secular downtrend.
With N. Korea receding as a near-term alibi for inaction, the Trump administration seems likely to risk a trade confrontation with China on steel/solar etc. within…


Bears Become Endangered Species, as Tech Faces Zeitgeist Shift…

Alibaba Group Holding  / Equity Bottom-Up

● We believe there is an increasing likelihood that the fallout in cash loan sector might spread to consumer finance. What might be at risk is Ant Financial’s (Ant Fin) balance sheet deleveraging;● Deleveraging will impact Alibaba’s GMV growth in 2018. It might also hurt Baidu’s near-term outlook. We cut BABA, JD and BIDU’s TP’s from US$190, US$55 and US$295 to US$185, US$50 and US$285.Regulators might require Ant Fin to put up more capitalThe December 1st regulation on the cash loan industry…

● We believe there is an increasing likelihood that the fallout in cash loan sector might spread to consumer finance. What might be at risk is Ant Financial’s (Ant Fin) balance sheet deleveraging;● Deleveraging will impact Alibaba’s GMV growth in 2018. It might also hurt Baidu’s near-term outlook. We cut BABA, JD and BIDU’s TP’s from US$190, US$55 and US$295 to US$185, US$50 and US$285.Regulators might require Ant Fin to put up more capitalThe December 1st regulation on the cash loan industry…

Consumer Finance Deleveraging Clouds 2018 Outlook

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

After a Rocky Week for US Foreign Policy Davos and Korea Provide and Opportunity - Will Trump Act?

China: Economy remains very, very strong with solid markets overseas and good growth at home. Large US trade deficit for 2017. Mexico: Reports...

David Riedel

EM Positioning Review 2017. The Key Drivers of Performance

In order to understand the drivers of performance among EM active managers, we create a portfolio based on the aggregated holdings of 134 global...

Steven Holden

Focus Media (SZSE:002027) Promising 2018, Raise TP to RMB 14.3

Promising 2018, raise TP to RMB 14.3● China’s non-internet ads spending shows strong recoveries in 2H17, which in our view is the response to...

Blue Lotus Research Institute

Bears Become Endangered Species, as Tech Faces Zeitgeist Shift…

It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’...

Sean Maher

Consumer Finance Deleveraging Clouds 2018 Outlook

● We believe there is an increasing likelihood that the fallout in cash loan sector might spread to consumer finance. What might be at risk is Ant...

Blue Lotus Research Institute

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