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
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Monthly regional and global conference calls
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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.

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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 class="ul1"><li class="li2">Trends in Consumer Sentiment across three key groups of countries is very concerning and clearly illustrate the risk that a Brexit or other blows to consumer sentiment in Europe pose to the global economy.</li></ul><ul class="ul1"><li class="li2">In this month's analysis of the RRG Global Consumer Sentiment Index (GCSI) we highlight the delicate balance of the global economy going into the June 23rd (Brexit) referendum and outline our recommended asset allocation going into and coming out of the UK's decision. </li></ul>

Trends in Consumer Sentiment across three key groups of countries is very concerning and clearly illustrate the risk that a Brexit or other blows to consumer sentiment in Europe pose to the global economy.In this month's analysis of the RRG Global Consumer Sentiment Index (GCSI) we highlight the delicate balance of the global economy going into the June 23rd (Brexit) referendum and outline our recommended asset allocation going into and coming out of the UK's decision. 

The Future of the Global Economy Lies in the Hands of a Small Group of Countries

Independent TMT Analyst

Edison Lee, CFA

Equity Bottom-Up

<ul><li>This is the first of a series of articles examining major China vs US Internet stocks.</li><li>Baidu dominates the Chinese search market; Alphabet dominates the rest of the world. It is wrong to automatically assume Baidu has stronger growth potential.</li><li>China's advertising market size and growth have been inflated by illegitimate and dubious businesses. Baidu's recent problem with healthcare advertising shows the bubble can burst.</li><li>A catch-up in smartphone penetration in emerging markets will drive stronger but lower-risk growth at Alphabet.</li><li>Current stock prices imply Alphabet's equity risk premium is 225 bps higher than that of Baidu. The other way round is more reasonable.</li></ul>

This is the first of a series of articles examining major China vs US Internet stocks.Baidu dominates the Chinese search market; Alphabet dominates the rest of the world. It is wrong to automatically assume Baidu has stronger growth potential.China's advertising market size and growth have been inflated by illegitimate and dubious businesses. Baidu's recent problem with healthcare advertising shows the bubble can burst.A catch-up in smartphone penetration in emerging markets will drive stronger but lower-risk growth at Alphabet.Current stock prices imply Alphabet's equity risk premium is 225 bps higher than that of Baidu. The other way round is more reasonable.

Alphabet Beats Baidu on Risk, Growth Potential and Valuation

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

We recently reduced our numbers for <a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179">BIDU</a> on concerns about the impact of a recent issue with a military hospital on advertising. New regulations were imposed and we reduced our numbers to take a modest revenue decline from hospitals into account. However, it is now clear the impact has been more severe than expected. BIDU cut its guidance this week and held an investor call on Tuesday morning (Asia time). The stock was pummeled in the after-market, down over 5% before rallying somewhat in…

We recently reduced our numbers for BIDU on concerns about the impact of a recent issue with a military hospital on advertising. New regulations were imposed and we reduced our numbers to take a modest revenue decline from hospitals into account. However, it is now clear the impact has been more severe than expected. BIDU cut its guidance this week and held an investor call on Tuesday morning (Asia time). The stock was pummeled in the after-market, down over 5% before rallying somewhat in…

BIDU: Advertising Headwinds Mount. Guidance Cut.

Following a ‘risk-on’ rally early in the early part of last week global stocks dropped going into Friday on concerns that a series of key events later this month may stress the global economy and financial markets.At the center of these concerns is the uncertainty surrounding the potential for the UK to exit the European Union (Brexit). On June 23rd voters will decide whether Britain will leave or remain in the European Union. Concerns over a possible Brexit surged on Friday following the release of a poll from the Independent showing increasing support for a Brexit, with 55% vote to ‘leave’ against a 45% vote to ‘remain’.Further fueling uncertainty is the US Feds upcoming FOMC meeting set to take place on June 15th. While the Fed is not expected to hike rates in June (the implied probability of a June rate hike is currently just 2%) , investors are very concerned that a surprise hike could trigger volatility across global financial markets.Our proprietary indicators continue to indicate the global economy is strong enough to withstand a potential shock stemming from a surprise rate hike in the US or a Brexit.

Following a ‘risk-on’ rally early in the early part of last week global stocks dropped going into Friday on concerns that a series of key events later this month may stress the global economy and financial markets.At the center of these concerns is the uncertainty surrounding the potential for the UK to exit the European Union (Brexit). On June 23rd voters will decide whether Britain will leave or remain in the European Union. Concerns over a possible Brexit surged on Friday following the release of a poll from the Independent showing increasing support for a Brexit, with 55% vote to ‘leave’ against a 45% vote to ‘remain’.Further fueling uncertainty is the US Feds upcoming FOMC meeting set to take place on June 15th. While the Fed is not expected to hike rates in June (the implied probability of a June rate hike is currently just 2%) , investors are very concerned that a surprise hike could trigger volatility across global financial markets.Our proprietary indicators continue to indicate the global economy is strong enough to withstand a potential shock stemming from a surprise rate hike in the US or a Brexit.

Anxiety Over Brexit Surges While Key Economic Data Continue to Improve

When we last wrote about <a href="https://www.smartkarma.com/entities/446" target="_blank" data-smartkarma-citation="entities:446">Jd.Com </a>after their 1Q16 results, we noted "...the company was cautious in its comments on the macro environment and competition. There may have been some walking back from previous growth targets of 2x sector growth rates."  At the time we thought they were just being cautious.In a recent meeting though, it really does sound like JD.Com's expectations have been reduced.  Although still largely unofficial, they now seem to be guiding for sales growth of 40-44% in 2Q16 and…

When we last wrote about Jd.Com after their 1Q16 results, we noted "...the company was cautious in its comments on the macro environment and competition. There may have been some walking back from previous growth targets of 2x sector growth rates."  At the time we thought they were just being cautious.In a recent meeting though, it really does sound like JD.Com's expectations have been reduced.  Although still largely unofficial, they now seem to be guiding for sales growth of 40-44% in 2Q16 and…

JD.Com: Weaker Sales Growth but More Focus on Profitability

China

JD.com, Inc. is an online direct sales company in China. The Company offers a wide selection of products through its website and mobile applications. JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (9618 HK)

The Future of the Global Economy Lies in the Hands of a Small Group of Countries

Trends in Consumer Sentiment across three key groups of countries is very concerning and clearly illustrate the risk that a Brexit or other blows...

David Riedel

Alphabet Beats Baidu on Risk, Growth Potential and Valuation

This is the first of a series of articles examining major China vs US Internet stocks. Baidu dominates the Chinese search market; Alphabet...

Edison Lee, CFA

BIDU: Advertising Headwinds Mount. Guidance Cut.

We recently reduced our numbers for BIDU on concerns about the impact of a recent issue with a military hospital on advertising. New regulations...

New Street Research

Anxiety Over Brexit Surges While Key Economic Data Continue to Improve

Following a ‘risk-on’ rally early in the early part of last week global stocks dropped going into Friday on concerns that a series of key events...

David Riedel

JD.Com: Weaker Sales Growth but More Focus on Profitability

When we last wrote about Jd.Com after their 1Q16 results, we noted "...the company was cautious in its comments on the macro environment and...

New Street Research

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