Monthly Strategy October 2015

Table of Contents


Russia Stance
     Russia Valuations
     Russia Top Stock Picks
     Russia Top Bond Picks
     Russia Last Month Performance Review

Korea Stance
     Korea Valuations
     Korea Top Stock Picks
     Korea Top Bond Picks
     Korea Last Month Performance Review

China Stance
     China Valuations
     China Top Stock Picks
     China Top Bond Picks
     China Last Month Performance Review

India Stance
     India Valuations
     India Top Stock Picks
     India Top Bond Picks
     India Last Month Performance Review

Brazil Stance
     Brazil Valuations
     Brazil Top Stock Picks
     Brazil Top Bond Picks
     Brazil Last Month Performance Review

Turkey Stance
     Turkey Valuations
     Turkey Top Stock Picks
     Turkey Top Bond Picks
     Turkey Last Month Performance Review

South Africa Stance
     South Africa Valuations
     South Africa Top Stock Picks
     South Africa Top Bond Picks
     South Africa Last Month Performance Review

countryPub.gif


Emerging markets are under pressure while occasional flights from dollars create spikes of appetite for emerging market assets. Still the overall mood is not as upbeat as it used to be. It looks like developed nations pay attention to emerging market growth, while there is still lacking a co-ordinated effort on behalf of developed market institutions to contain current emerging markets rout, there is a chance that the current rout in emerging markets could be stopped.

India still remains investor's darling, as little bad is associated with the destination India.

It has been flagged by the BOK that the rates are likely to remain flat now. Still we see market as supported by the overall balanced economic structure and fairly robust growth vs. the remainder of the emerging markets.

Turkey proves to be a higher beta play on the emerging markets it bounces in line with the emerging markets index and it is unlikely to diverge far from overall GEM index. Its drag into Syria as well as drag into upcoming November elections weigh on the negative side of the risk equation.

Yet if one thinks that one day the peace returns to the region, and Damask, Lebanon, Tehran and Tripoli all become investment destinations as well as Tbilisi, Baku, Yerevan and Odessa, Turkey should benefit. Especially Turkish banks. On our previous calculations global financial center of mass will be located in the Black Sea not far from Istanbul when many of the currently Frontier markets get flows.

South Africa could be under pressure, given the rand lagging devaluation vs. reais or the ruble. While Brazil should be quite attractive for most investors looking for bargains on the emerging markets.

China still a big worry for most radars. Most of the investors optimism towards China has been connected with liberalisation of its markets and with hopes that liberalisation will create inflows into to China domestic markets.

And it makes sense: why hold US AAA debt that yields 2% where you can get hold of the AAA debt in China with 4% yield.

But the liberalisation created the flow both ways, in and out of China. While it is still quite difficult to take money out of China the water finds its way while most of the China domestic investors are now looking for dollar exposure, being afraid that yuan is not strong enough to sustain domestic run for the dollars if economy continues to hiccup.

While it is insane to think that with over 3 trln$ in reserves yuan can be voluntarily any weaker if PBOC doesn't want it to be weaker. Still the mood of the domestic investors investors creates flows that are not positive for China domestic markets.

It is difficult to imagine that optimism returns quickly to the China markets. They are more likely to remain flat through the end of the year in our view, buoyed by the still fairly strong growth that China is generating.



Russia macro arguments - balance to just slightly negative vs. extremely negative just months ago. On the positive side for risk months of low oil price have been priced in. While devaluation has created advantages for domestic producers and exporters. Ukraine is a lot more quiet now. Most of the military risk premia for Ukraine can be written off now.

On the domestic political front it has been all fairly quiet. Whatever remained of the opposition - was crushed with a small finger by the power vertical in September regional election. So the domestic political risk needs probably to be taken off radar as well.

The list of negatives is not long . Here - we list the bleak outlook for growth and further deterioration and pressure on the private sector. This is not something new however.

Overall if risk appetite goes from extremely negative to just small negative, this could be very positive for Russian asset prices.

Syria is far and Russia is likely to be quite content in the region. It is also quite unlikely that Russia can do anything major in Syria, given that it could harm Israel, while Russia is unlikely to do anything harming to that country, being Israel’s long time ally. Russian strategy is to troll in geopolitical influence to bargain for stuff.

One of the key things that Russia is bargaining for is legitimisation of its elite, that has been under pressure recently (and the pressure is not only from sanctions) as it became obvious that it's not the business skills that are important in Russia but the ability to take liaise with the state like in many other emerging markets countries actually.

But a combination of the size of Russia, it impulsive outbursts, its pioneering ability to troll as well as to offer murky incentives to its loyals is what weighs negatively on the balance of things for Russia.

Although it's quite possible that any of the current BRICS could grow into a pariah like that, Russia has been quite far ahead of the rest of its peers.

But it's not impossible that one day the world sinks further into diplomacy a la St.Petersburg in the 90ties when the likes of China, Brazil, or India, or Canada or Korea given that they all are bigger than Russia in dollar terms, could send a crue of its paratroopers somewhere to the other side of earth to show its strength given that US and Russia and a handful of european countries have done it now.













Russia Performance Snapshot

Index 1 month Ch%YTD Ch%1 year Ch%
RTSI$:IND -4.65-0.13-30.17
MSCI Russia -4.565.06-30.39
MSCI GEM -3.26-17.18-21.21
MSCI BRIC -3.53-16.52-20.23
MSCI World -3.80-8.50-8.44

Indexes YTD performance %
MSCI IndexYTDChange
HUNGARY19.5
RUSSIA5.1
RUSSIA ADR/GDR-0.5
EM EASTERN EUROPE-1.7
AC EUROPE Growth-2.1
INDIA-6.3
INDIA DOMESTIC-6.3
ACFM EUROPE + CIS (E+C)-7.5
AC EUROPE-7.5
PHILIPPINES-7.6
SELECT OECD COUNTRIES-7.6
ACFM AMERICA INDEX-8.2
AC AMERICAS-8.2
ACWI ex AUSTRALIA-8.2
UNITED ARAB EMIRATES DOMESTIC-8.3
ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
ACFM ASIA-8.4
KUKJE INDEX (ACWI ex Korea)-8.4
AC ASIA-8.4
ACWI WITH BRAZIL ADR-8.4
ACWI + FRONTIER MARKETS (ACWI FM)-8.5
AC FAR EAST-8.5
ACWI WITH USA GROSS-8.5
World-8.5
ACWI ex EMU-8.7
ACWI FM ex JAPAN-9.1
ACWI ex JAPAN-9.1
UNITED ARAB EMIRATES-9.1
EAFE + EM-9.7
AC ASIA PACIFIC-10.2
AC PACIFIC-10.4
ACWI ex USA-10.6
ACWI FM ex USA-10.6
KOREA-11.8
CZECH REPUBLIC-11.8
ZHONG HUA-12.0
EM EUROPE & MIDDLE EAST-12.2
QATAR DOMESTIC-12.3
AC ASIA ex JAPAN+CHINA A-12.7
EM EUROPE-12.7
EM EASTERN EUROPE ex RUSSIA-12.7
AC EUROPE Value-12.9
GOLDEN DRAGON-13.0
EFM EUROPE + CIS (E+C)-13.1
CHINA-13.5
ASIA APEX 50-13.6
EFM CEEC ex RU-13.8
QATAR-13.9
CHINA 50-14.3
BRIC WITH BRAZIL ADR-14.3
AC ASIA ex JAPAN-14.3
EM ASIA-14.5
EFM ASIA-14.5
MEXICO-14.6
EM (EMERGING MARKETS)+CHINA A-15.0
AC FAR EAST ex JAPAN-15.1
EFM EMEA-15.1
EM EMEA-15.1
TAIWAN-15.4
EM FAR EAST-15.6
JORDAN + EGYPT + MOROCCO-15.8
AC ASIA PACIFIC ex JAPAN-15.9
EFM AFRICA ex ZA-16.0
AC FAR EAST ex JAPAN ex HK-16.2
EM WITH BRAZIL ADR-16.4
POLAND-16.4
BRIC-16.5
AC PACIFIC ex JAPAN-16.7
EFM (EMERGING + FRONTIER MARKETS)-17.1
EM (EMERGING MARKETS)-17.2
BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
AC PACIFIC ex JAPAN ex HK-17.6
EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
CHILE-17.8
EM 50-17.8
CHINA A 50-18.0
EFM AFRICA-18.0
SOUTH AFRICA-18.2
EM LATIN AMERICA ex BRAZIL-18.3
EGYPT-18.5
THAILAND-20.6
EMERGING MARKETS HORIZON-22.1
EM ex ASIA-22.6
EMERGING + FRONTIER MARKETS WORKFORCE-23.7
SOUTH EAST ASIA-24.6
ANDEAN-25.2
EFM EUROPE + CIS (E+C) ex RU-25.7
PERU-26.5
MALAYSIA-27.4
EM LATIN AMERICA WITH BRAZIL ADR-28.3
EM LATIN AMERICA-30.5
EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
TURKEY-33.4
INDONESIA-34.5
COLOMBIA-37.6
BRAZIL-40.9
BRAZIL ADR-42.6
GREECE-53.3

Indexes 1m performance %
IndexLastChnge
Korea Stock Exchange KOSPI Index1979.322.98
FTSE/JSE Africa All Share Index50088.860.23
S&P BSE SENSEX Index26237.05-0.18
Borsa Istanbul 100 Index74205.47-1.34
Dow Jones Industrial Average16284.7-1.47
Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
S&P 500 Index1920.03-2.64
Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
FTSE 100 Index6061.61-2.98
Hong Kong Hang Seng Index20846.3-3.32
Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
Shanghai Stock Exchange Composite Index3052.781-3.76
S&P/TSX Composite Index13306.96-3.98
Jakarta Stock Exchange Composite Index4259.387-4.24
Nikkei 22517722.42-4.31
Russian Trading System Cash Index786.35-4.65
MICEX Index1642.97-5.20
Russian Depositary Index USD948.48-5.36
Deutsche Boerse AG German Stock Index DAX9660.44-5.84
Karachi Stock Exchange KSE100 Index32397.25-6.71

Currencies 1m performance %
TickerLastChnge
USDBRL:CUR 3.94759.03
USDMYR:CUR4.40455.97
USDIDR:CUR146594.16
USDZAR:CUR 13.76373.88
USDTRL:CUR 30187903.78
USDTRY:CUR3.01863.77
USDNOK:CUR 8.50542.88
USDHRK:CUR6.86442.45
USDTHB:CUR36.3831.82
USDGBP:CUR0.66111.79
USDCZK:CUR24.3871.65
USDCHF:CUR0.97651.57
USDPLN:CUR3.80731.32
USDARS:CUR9.41861.31
USDSGD:CUR1.42661.30
USDTWD:CUR32.7531.24
USDCOP:CUR3087.441.14
USDAUD:CUR 1.41771.13
USDBGN:CUR1.75471.13
USDCAD:CUR 1.32931.13
USDLTL:CUR3.09691.10
USDEUR:CUR 0.8971.09
USDDKK:CUR6.69161.05
USDHUF:CUR281.10.90
USDRON:CUR3.9620.76
USDCLP:CUR696.380.64
USDRUB:CUR 65.21990.50
USDMXN:CUR16.83360.36
USDPKR:CUR104.5050.30
USDKWD:CUR0.302530.12
USDKRW:CUR 1176.350.05
USDPHP:CUR46.7280.02
USDQAR:CUR3.64180.00
USDHKD:CUR7.750.00
USDBDT:CUR77.7750.00
USDAED:CUR3.6730.00
USDOMR:CUR0.38505-0.01
USDSAR:CUR3.7505-0.02
USDPEN:CUR3.2334-0.10
USDCNY:CUR 6.3571-0.19
USDNZD:CUR1.5613-0.46
USDJPY:CUR 120.19-0.50
USDSEK:CUR8.3865-0.65
USDCNH:CUR6.3621-0.86
USDISK:CUR127.9-1.08
USDINR:CUR 65.5538-1.28

Bond rates 1m performance %
countryyield1wk1d1m1y
BRAZIL 5.95%0.74 -39 +72 +164
NEW ZEALAND 3.29%0.09 +4 +8 -84
MEXICO 3.79%0.01 -12 -3 +26
SWITZERLAND -0.17%-0.02 -1 -5 -59
JAPAN » 0.35%-0.02 +2 -2 -18
CANADA 1.43%-0.06 0 -6 -71
AUSTRALIA » 2.60%-0.06 +2 -6 -88
UNITED STATES » 2.07%-0.12 +3 -10 -33
FRANCE 1.00%-0.15 +1 -16 -24
GERMANY » 0.60%-0.20 +2 -19 -30
UNITED KINGDOM » 1.76%-0.20 0 -17 -60
NETHERLANDS 0.79%-0.20 +1 -20 -25
SPAIN 1.89%-0.21 +1 -25 -17
ITALY 1.73%-0.23 +1 -27 -55
PORTUGAL 2.39%-0.24 +1 -33 -67
SOUTH KOREA 2.06%-0.24 -9 -24 -81
INDIA 7.54%-0.24 0 -22 -94
HONG KONG 1.49%-0.27 -1 -27 -45
SINGAPORE 2.52%-0.30 -7 -29 +7
GREECE 8.11%-0.77 +8 -96 +174

Commodities 1m performance %
nameunitsPriceChng
SugarUSD/LB.12.8820.49
PalladiumUSD/T OZ.656.0510.01
RiceUSD/CWT13.229.08
Copper$/t5160.000.49
COCOAUSD/MT3114.000.48
SilverUSD/T OZ.14.57-0.61
HogsUSD/LB.66.73-1.91
CoffeeUSD/LB.121.35-2.37
GOLDUSD/T OZ.1112.67-2.54
NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
OIL BrentUSD/BBL.48.75-7.46
CattleUSD/LB.130.93-8.57
PlatinumUSD/T OZ.912.57-9.84

Best Stocks 1m in USD %ch
stockcountrytickernamestockcurrentch
RUHYDR:RMRusHydro JSC0.6114.52
RUMOEX:RMMoscow Exchange80.007.12
RUSBERP:RMSberbank of Russia58.056.30
RUFIVE:LIX5 Group17.406.10
RURTKM:RMRostelecom OJSC85.984.98
RUSBER:RMSberbank of Russia75.300.57
RUMFON:RMMegafon815.0-0.38
RUFEES:RMFGC UES JSC0.06-0.50
RUVTBR:RMVTB Bank OJSC0.07-0.50
RUSIBN:RMGazpromneft145.90-1.18

Worst Stocks 1m in USD %
stockcountrytickernamestockcurrentch
RUQIWI:USQIWI16.12-38.36
RUTCS:LITinkoff CS1.75-12.50
RUAFLT:RMAeroflot35.23-12.36
RUYNDX:USYandex10.73-12.05
RULKOH:RMLukoil OAO2242.9-11.82
RUTMKS:LITMK OAO3.09-11.71
RUGMKN:RMMMC Norilsk Nickel OJSC9500.0-10.56
RUGAZP:RMGazprom OAO134.55-9.66
RULSRG:LILSR Group1.81-9.50
RUEVR:LNEvraz72.90-9.28

Best Stocks YTD in USD %
stockcountrytickernamestockcurrentch
RUAFKS:RMAFK Sistema18.4047.36
RUFIVE:LIX5 Group17.4042.62
RUSBERP:RMSberbank of Russia58.0540.58
RUURKA:RMUralkali OJSC193.5537.62
RUIRAO:RMInter RAO JSC1.0534.64
RUTMKS:LITMK OAO3.0933.19
RUTRMK:RMTMK50.9032.77
RUSSA:LISistema JSFC6.8832.05
RUSNGS:RMSurgutneftegas OAO33.5030.04
RUCHMF:RMSeverstal OAO700.027.33

Worst Stocks YTD in USD %
stockcountrytickernamestockcurrentch
RUEVR:LNEvraz72.90-54.19
RUTCS:LITinkoff CS1.75-45.14
RU486:HKRusal3.11-40.38
RUYNDX:USYandex10.73-40.26
RUQIWI:USQIWI16.12-20.16
RUMFON:LIMegaFon OAO12.15-11.83
RURTKM:RMRostelecom OJSC85.98-9.78
RUMFON:RMMegafon815.0-9.26
RULKOH:RMLukoil OAO2242.9-7.97
RUSIBN:RMGazpromneft145.90-6.85

Sector Performance 1m in USD %
NameSectorch
Utilities1.9
Financials-1.4
Consumer Staples-1.4
Communications-4.9
Energy-4.9
Materials-8.1
Consumer Discretionary-12.4
Technology-38.4

Sector Performance YTD in USD %
NameSectorch
Utilities19.1
Consumer Staples19.0
Energy10.4
Financials9.3
Materials6.2
Communications1.9
Consumer Discretionary-0.2
Technology-20.2

Russia - Gross domestic product, constant prices Percent change rankings

  • Gross domestic product, constant prices Percent change 2015


Source:IMF, Midlincoln

Russia - Gross domestic product, current prices U.S. dollars rankings

  • Gross domestic product, current prices U.S. dollars 2015


Source:IMF, Midlincoln

Russia - Gross domestic product per capita, current prices U.S. dollars rankings

  • Gross domestic product per capita, current prices U.S. dollars 2015


Source:IMF, Midlincoln

Russia - Inflation, end of period consumer prices Percent change rankings

  • Inflation, end of period consumer prices Percent change 2015


Source:IMF, Midlincoln

Russia - General government structural balance Percent of potential GDP rankings

  • General government structural balance Percent of potential GDP 2015


Source:IMF, Midlincoln

Russia - Current account balance Percent of GDP rankings

  • Current account balance Percent of GDP 2015


Source:IMF, Midlincoln

Table of Contents


Russia Stance
     Russia Valuations
     Russia Top Stock Picks
     Russia Top Bond Picks
     Russia Last Month Performance Review

Korea Stance
     Korea Valuations
     Korea Top Stock Picks
     Korea Top Bond Picks
     Korea Last Month Performance Review

China Stance
     China Valuations
     China Top Stock Picks
     China Top Bond Picks
     China Last Month Performance Review

India Stance
     India Valuations
     India Top Stock Picks
     India Top Bond Picks
     India Last Month Performance Review

Brazil Stance
     Brazil Valuations
     Brazil Top Stock Picks
     Brazil Top Bond Picks
     Brazil Last Month Performance Review

Turkey Stance
     Turkey Valuations
     Turkey Top Stock Picks
     Turkey Top Bond Picks
     Turkey Last Month Performance Review

South Africa Stance
     South Africa Valuations
     South Africa Top Stock Picks
     South Africa Top Bond Picks
     South Africa Last Month Performance Review


















Russia



Our Stance

Russia macro arguments - balance to just slightly negative vs. extremely negative just months ago. On the positive side for risk months of low oil price have been priced in. While devaluation has created advantages for domestic producers and exporters. Ukraine is a lot more quiet now. Most of the military risk premia for Ukraine can be written off now.

On the domestic political front it has been all fairly quiet. Whatever remained of the opposition - was crushed with a small finger by the power vertical in September regional election. So the domestic political risk needs probably to be taken off radar as well.

The list of negatives is not long . Here - we list the bleak outlook for growth and further deterioration and pressure on the private sector. This is not something new however.

Overall if risk appetite goes from extremely negative to just small negative, this could be very positive for Russian asset prices.

Syria is far and Russia is likely to be quite content in the region. It is also quite unlikely that Russia can do anything major in Syria, given that it could harm Israel, while Russia is unlikely to do anything harming to that country, being Israel�s long time ally. Russian strategy is to troll in geopolitical influence to bargain for stuff.

One of the key things that Russia is bargaining for is legitimisation of its elite, that has been under pressure recently (and the pressure is not only from sanctions) as it became obvious that it's not the business skills that are important in Russia but the ability to take liaise with the state like in many other emerging markets countries actually.

But a combination of the size of Russia, it impulsive outbursts, its pioneering ability to troll as well as to offer murky incentives to its loyals is what weighs negatively on the balance of things for Russia.

Although it's quite possible that any of the current BRICS could grow into a pariah like that, Russia has been quite far ahead of the rest of its peers.

But it's not impossible that one day the world sinks further into diplomacy a la St.Petersburg in the 90ties when the likes of China, Brazil, or India, or Canada or Korea given that they all are bigger than Russia in dollar terms, could send a crue of its paratroopers somewhere to the other side of earth to show its strength given that US and Russia and a handful of european countries have done it now.

Universe in October

Some key metrics and valuations
valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
QIWI plcQIWI:USCyprus Consumer Finance1058.001.52%10.943.7033.8216.63-45.29%-3.37
TCS Group Holding PLCTCS:LICyprus Banks319.6217.31%2.620.3212.2145.35-59.89%-2.54
Severstal PAOCHMF:RMRussian Federation Steel Producers9251.207.29%-1.15-0.00117.24%
Surgutneftegas OAOSNGSP:RMRussian Federation Integrated Oils4795.7321.13%1.611.5797.5234.0283.14%215.47
VTB Bank PJSCVTBR:RMRussian Federation Diversified Banks13833.711.75%-0.69-0.0075.34%
AK Transneft OAOTRNFP:RMRussian Federation Midstream - Oil & Gas3623.930.52%9.391.0110.764.8872.45%81.11
MMC Norilsk Nickel PJSCGMKN:RMRussian Federation Base Metals23880.453.23%11.082.0518.5035.7963.69%109.31
Moscow Exchange MICEX-RTS PJSCMOEX:RMRussian Federation Security & Cmdty Exchanges2816.944.99%10.765.5851.8653.6938.45%135.65
Tatneft PAOTATN:RMRussian Federation Integrated Oils10442.073.52%6.611.2518.9123.2737.90%75.87
Surgutneftegas OAOSNGS:RMRussian Federation Integrated Oils18957.801.95%1.381.3497.102.6930.63%131.45
Uralkali PJSCURKA:RMRussian Federation Agricultural Chemicals8547.85--2.070.0030.07%
Inter RAO UES PJSCIRAO:RMRussian Federation Elec & Gas Mktg & Trading1777.950.10%---0.0021.60%
Magnit PJSCMGNT:RMRussian Federation Food & Drug Stores17444.362.29%22.841.436.2652.3019.97%58.10
Sistema JSFCAFKS:RMRussian Federation Telecom Carriers2711.862.66%-0.14-0.0018.91%
Lukoil PJSCLKOH:RMRussian Federation Integrated Oils28994.287.20%10.540.232.1875.8914.73%84.67
Federal Grid Co Unified Energy System PJSCFEES:RMRussian Federation Utility Networks1195.851.13%-0.44-0.008.81%
Rosneft OAOROSN:RMRussian Federation Integrated Oils39604.283.50%8.850.485.4230.986.70%36.66
Gazprom Neft OAOSIBN:RMRussian Federation Integrated Oils11065.625.30%4.710.4810.1924.965.48%38.33
Sberbank of RussiaSBERP:RMRussian Federation Banks912.050.79%---0.004.36%
Gazprom PAOGAZP:RMRussian Federation Integrated Oils49592.965.48%8.060.546.7044.171.72%46.94
Sberbank of RussiaSBER:RMRussian Federation Banks25377.960.61%7.720.638.164.710.66%8.22
Aeroflot - Russian Airlines PJSCAFLT:RMRussian Federation Airlines686.50---0.00-8.17%
Novatek OAONVTK:LIRussian Federation Exploration & Production27038.002.19%---0.00-8.97%
X5 Retail Group NVFIVE:LIRussian Federation Food & Drug Stores4345.00-10.830.403.69-0.00-9.09%-13.82
RusHydro PJSCHYDR:RMRussian Federation Power Generation3583.742.68%8.080.637.8021.65-11.74%12.04
Rostelecom PJSCRTKM:RMRussian Federation Telecom Carriers3601.703.94%20.190.693.4279.55-14.54%50.64
Sistema JSFCSSA:LIRussian Federation Telecom Carriers3151.002.24%---0.00-17.02%
Magnit PJSCMGNT:LIRussian Federation Food & Drug Stores21995.001.73%---0.00-19.47%
MegaFon PJSCMFON:RMRussian Federation Telecom Carriers7832.602.03%13.001.5011.5426.39-19.48%7.86
United Co RUSAL PLC486:HKRussian Federation Base Metals6116.39-6.080.6310.36-0.00-26.59%-19.90
Evraz PLCEVR:LNRussian Federation Steel Producers1700.86--0.160.00-32.22%
Mail.Ru Group LtdMAIL:LIRussian Federation Internet Media3708.00-4.156.5599.99-0.00-36.05%120.04
TMK PAOTRMK:RMRussian Federation Steel Producers801.174.77%-0.13-0.00-39.39%
LSR Group PJSCLSRG:LIRussian Federation Real Estate Owners & Developers953.0316.03%---0.00-40.47%
Mobile TeleSystems PJSCMBT:USRussian Federation Telecom Carriers7356.004.81%---0.00-47.08%
MegaFon PJSCMFON:LIRussian Federation Telecom Carriers7347.002.28%---0.00-52.63%
Yandex NVYNDX:USRussian Federation Internet Media3614.00-16.534.4226.74-0.00-58.08%-45.46
TMK PAOTMKS:LIRussian Federation Steel Producers741.459.70%---0.00-64.15%

Index Sector Valuations vs GEM Average

SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
Communications39322.210.310.3794505.812.543.33.03.213.318.2-26.941.813.6-28.2-32.6-0.7
Consumer Discretionary686.50.26.6509681.00.027.02.016.49.6-8.23.1
Consumer Staples43784.411.57.5584775.320.838.02.01.820.428.2-27.75.710.34.6-2.712.3
Energy194114.751.012.6973390.432.840.84.74.47.512.4-39.519.69.7-9.911.5-21.0
Financials45271.311.932.82543065.76.726.01.74.08.18.8-8.013.320.47.123.53.2
Materials51039.413.47.6590209.416.727.54.53.110.118.1-44.216.89.8-7.050.3-0.1
Utilities6557.61.73.7288099.011.832.21.73.18.112.4-34.77.813.45.61.0-5.6

Top 5 Russia Index Long Picks

valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
Surgutneftegas OAOSNGSP:RMRussian Federation Integrated Oils4795.7321.13%1.611.5797.5234.0283.14%215.47
Moscow Exchange MICEX-RTS PJSCMOEX:RMRussian Federation Security & Cmdty Exchanges2816.944.99%10.765.5851.8653.6938.45%135.65
Surgutneftegas OAOSNGS:RMRussian Federation Integrated Oils18957.801.95%1.381.3497.102.6930.63%131.45
Mail.Ru Group LtdMAIL:LIRussian Federation Internet Media3708.00-4.156.5599.99-0.00-36.05%120.04
MMC Norilsk Nickel PJSCGMKN:RMRussian Federation Base Metals23880.453.23%11.082.0518.5035.7963.69%109.31

Top 5 Russia Index Short Picks

valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
Yandex NVYNDX:USRussian Federation Internet Media3614.00-16.534.4226.74-0.00-58.08%-45.46
United Co RUSAL PLC486:HKRussian Federation Base Metals6116.39-6.080.6310.36-0.00-26.59%-19.90
X5 Retail Group NVFIVE:LIRussian Federation Food & Drug Stores4345.00-10.830.403.69-0.00-9.09%-13.82
QIWI plcQIWI:USCyprus Consumer Finance1058.001.52%10.943.7033.8216.63-45.29%-3.37
TCS Group Holding PLCTCS:LICyprus Banks319.6217.31%2.620.3212.2145.35-59.89%-2.54

Russia Index



Source: Midlincoln

Russia Index vs. RTSI$:IND



Source: Midlincoln



Weekly Fund flow into Russia focused funds showed (Previous Week)-7.2 USD mn of outflow.


Top 10 Russia Focused Funds by Inflows Last Week
Fund Namefund flow mn$Total Assets mn$
ISHARES MSCI RUSSIA ADR/GDR UCITS ETF (CEBB)24.3182.3
HSBC GLOBAL INVESTMENT FUNDS - RUSSIA EQUITY (XU8R)11.2203.2
HSBC MSCI RUSSIA CAPPED UCITS ETF $ (H4ZM)6.750.4
LYXOR ETF RUSSIA DOW JONES RUSSIA GDR - D USD (LYRUS)6.6357.4
CREDIT SUISSE SICAV LUX EQUITY RUSSIA - B (CLLRUSB)4.462.4
RAIFFEISEN-RUSSLAND-AKTIEN - VA (RKCH)1.752.5
COMSTAGE ETF MSCI RUSSIA 30% CAPPED TRN UCITS ETF (CBMRUC30)1.410.6
SWEDBANK ROBUR RYSSLANDSFOND (SWRRYSS)1.3381.4
PIONEER INVEST RUSSIA STOCK - T (FHDE)1.129.9
DWS RUSSIA (DWSRUSS)1.0127.8

Top 10 Russia Focused Funds by Outflow Last Week
Fund Namefund flow mn$Total Assets mn$
JPMORGAN FUNDS - RUSSIA FUND - A$ (JPMRUSS)-3.8445.1
JPMORGAN FUNDS - RUSSIA FUND - D$ (JPMRUDA)-3.7445.1
LYXOR ETF RUSSIA DOW JONES RUSSIA GDR - D HKD (RUS)-3.3357.4
DIREXION DAILY RUSSIA BEAR 3X SHARES (RUSS)-1.940.6
RBS MARKET ACCESS DAXGLOBAL RUSSIA INDEX UCITS ETF (MDRI)-1.110.9
EAST CAPITAL LUX - RUSSIAN FUND (EC0A)-1.1370.6
EAST CAPITAL RUSSIAN FUND (EACRUSS)-1.0306.6
SEB FUND 2 - SEB RUSSIA FUND - C USD (SEBRUSC)-0.970.0
EQUITY RUSSIA OPPORTUNITIES - CD (PRUSICD)-0.479.6
SPDR S&P RUSSIA ETF (RBL)-0.422.4

Bond Picks

Souvereign Eurobonds


BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
RUSSIAN (FEDERATION OF) RegS 30117.67.50USDMar 31, 20304.053.43-0.220.60
  • Russian proposal of a debate in the Security Council dealing with ...
    • RUSSIAN (FEDERATION OF) RegS 28156.112.75USDJun 24, 20287.476.28-0.625.60
  • Russia begins airstrikes in Syria, but West disputes targets
    • RUSSIAN FEDERATION (GOVERNMENT) RegS 20102.85.00USDApr 29, 20204.054.30-0.983.67
  • Seven unanswered questions about Clinton's emails
    • RUSSIAN FEDERATION RegS 2399.384.88USDSep 16, 20236.604.97-1.066.13
  • Neymar to miss Brazil qualifiers as CAS rejects CBF appeal
    • RUSSIAN (FEDERATION OF) RegS 18119.711.00USDJul 24, 20182.483.57-0.400.50
  • Fifa scandal: Force Greg Dyke to explain FA support for Michel ...

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    ALFA BOND ISSUANCE PLC RegS 21101.07.75USDApr 28, 20214.457.51-0.883.10
  • Organic farmers face growing pains as demand outpaces supply
    • SB CAPITAL SA RegS 22100.36.13USDFeb 7, 20225.266.05-1.557.05
  • The two biggest things we know for sure after New York City's 2-1 ...
    • VIMPELCOM HOLDINGS NV RegS 2299.507.50USDMar 1, 20225.127.60-1.325.50
  • VimpelCom Reports 4Q14 and FY14 Results
    • TMK CAPITAL SA RegS 1896.757.75USDJan 27, 20182.149.33-0.861.38
  • Family business buys iconic SA winery
    • GAZ CAPITAL SA RegS 2881.994.95USDFeb 6, 20288.777.17-0.562.99
  • Parex Announces Agreement to Develop the Aguas Blancas Light ...

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    RUSSIAN FEDERATION 271.268.15RUBFeb 3, 20276.7611.08-0.720.12
  • Russia denies killing civilians in Syria, as US and Russia hold ...
    • RUSSIAN FEDERATION 211.317.60RUBApr 14, 20214.1311.36-0.620.11
  • The Russian Federation must not use cluster munitions in Syria
    • RUSSIAN FEDERATION 231.227.00RUBJan 25, 20235.2811.31-0.520.10
  • Team South Africa named for 2015 IPC Athletics World Champs
    • RUSSIAN FEDERATION 171.447.40RUBJun 14, 20171.5111.41-0.580.10
  • US accuses Russia of 'throwing gasoline on fire' of Syrian civil war
    • RUSSIAN FEDERATION 171.457.40RUBApr 19, 20171.3711.30-0.630.10
  • US accuses Russia of 'throwing gasoline on fire' of Syrian civil war

    • Russia Last Month Review



    Russia RTSI$:IND Index lost-4.65% last month. To finish the month at 786.35

    MSCI Russia Index lost-4.56% last month. Its overall up 5.06% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    RUB last month lost -0.5% against US dollar. To finish the month at 65.2199per USD.

    Sovereign eurobonds are trading with average yield of 5.74% and tightened by -0.38% last month.

    Corporate eurobonds are trading with average yield of 6.46% and tightened by -0.07% last month.

    Local currency bonds are trading with average yield of 11.32% and widened by0.25% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in Russia included RusHydro JSC +14.52%, Moscow Exchange +7.12%, Sberbank of Russia +6.30%, X5 Group +6.10%, Rostelecom OJSC +4.98%, Sberbank of Russia +0.57%, Megafon-0.38%, FGC UES JSC-0.50%, VTB Bank OJSC-0.50%, Gazpromneft-1.18%, .

    Worst stocks last month included QIWI -38.36%, Tinkoff CS -12.50%, Aeroflot -12.36%, Yandex -12.05%, Lukoil OAO -11.82%, TMK OAO -11.71%, MMC Norilsk Nickel OJSC -10.56%, Gazprom OAO -9.66%, LSR Group -9.50%, Evraz -9.28%,

    Best stocks YTD included AFK Sistema +47.36%, X5 Group +42.62%, Sberbank of Russia +40.58%, Uralkali OJSC +37.62%, Inter RAO JSC +34.64%, TMK OAO +33.19%, TMK +32.77%, Sistema JSFC +32.05%, Surgutneftegas OAO +30.04%, Severstal OAO +27.33%,

    While worst stocks YTD included Evraz -54.19%, Tinkoff CS -45.14%, Rusal -40.38%, Yandex -40.26%, QIWI -20.16%, MegaFon OAO -11.83%, Rostelecom OJSC -9.78%, Megafon -9.26%, Lukoil OAO -7.97%, Gazpromneft -6.85%,
    In terms of sector performance last month the best sectors included Utilities +1.9%, Financials-1.4%, Consumer Staples-1.4%,

    While worst sector performance last month showed Technology -38.4%, Consumer Discretionary -12.4%, Materials -8.1%,

    YTD the best sectors remain Utilities +19.1%, Consumer Staples +19.0%, Energy +10.4%,
    While the worst sectors are Technology -20.2%, Consumer Discretionary -0.2%, Communications 1.9%,

    Russia currency vs. USD



    Source: Midlincoln

    Russia RTSI$:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for Russia include:


  • Russia Defends the Presence of Its Military Advisers in Syria
  • Vladimir Putin Has Been Skipping His Leg Days and It Has Been ...
  • Putin and Pope Hold Talks at United Nations
  • De-Dollarization: Armenia's initiative to switch to Russian ruble in ...
  • Dagestan: Russia's Most Troublesome Republic
  • Russia's Putin, Medvedev pump iron together0:48
  • Navalny to Pay 4.5 Million Rubles of Damages in Yves Rocher Case
  • Vlad's Got His Eye on You
  • Russian Bans Footage of Opposition Leader's Fiery Courtroom ...
  • Belarus, Russia agree on 24m tonnes of oil deliveries in 2016
  • PRESS DIGEST - Russia - July 24
  • Putin: eu should help greek economy
  • Why the coming 'rates rage' will wreak havoc across the globe
  • China Budget Law amendment allows more bond sales by local ...
  • Fitch: China Local Gov't Bond Law to Improve Budget Transparency
  • Russia's Lake Baikal Water Level Nearing Critical Stage
  • Russia's insurgency hits home
  • Former Chechen rebel Akhmed Zakayev released from arrest in ...
  • EU Joins U.S. With New Sanctions on Russia Over Ukraine
  • Russia Deputy Premier Kozak Included on EU Sanctions List
  • A Homecoming For Russia's Mr. Fix-It?
  • Li Keqiang and Prime Minister Dmitry Medvedev of Russia Co-chair ...
  • ETF Watch: China Debt Fund Launches
  • China Debt, Greek Elections, Drag Markets Lower
  • Norway Wants Answers as Sanctioned Russian Official Enters Country
  • Playing Tourist in China Can Be Deadly
  • 'Rocket explosion' sent Russian spacecraft into tailspin
  • Soccer Body Echoes IOC by Asking Russia to Clarify Anti-Gay Law
  • American Paid by Putin Is Snowboarder Made Russian for Games
  • Russia appoints Borzakovsky as top athletics coach
  • David Ignatius: Prince Saud al-Faisal took the long view
  • US official: Plane debris same type as MH370
  • Russia halts gas supply to Ukraine
  • Russian Smoking Ban Takes Effect Amid Dispute Over Higher Taxes
  • Dhaka, Moscow sign defence, nuclear power agreements
  • Dhaka, Moscow sign defence, nuclear power agreements
  • Oscar Hopeful Says Putin-Era Hell Tale Is Path to Salvation
  • Russia Bans Hollywood Film for 'Distortion' of World War II Past
  • Dhaka, Moscow sign defence, nuclear power agreements
  • Gunfire in Donetsk as Rebel Leader Refuses Ukrainian Unity
  • Putin Puts Troops on Full Alert in Western Russia Drills
  • Putin's Victory Parade Puts Officials on Edge Amid U.S. Boycott
  • Ruble Set for Monthly Drop as Traders Probe Intervention Policy
  • Russian Bonds Climb as China Purchases $1 Billion of Ruble Debt
  • Russia Declares Worst Is Over as Economy Adapts to Sanctions
  • Britain Targets Russian Media
  • Russian scientists squeezed by sanctions, Kremlin policies
  • Russian scientists squeezed by sanctions, Kremlin policies
  • Next stop Berlin - IRJ's full InnoTrans preview
  • Global Rail Equipment Market: Trends and Opportunities 2014-2019 ...
  • Research and Markets: Global Rail Equipment Market: Trends and ...
  • Putin Keeps Finance, Defense, Foreign Ministers, Adds Dvorkovich
  • 888 Bites Back at Luis Suarez: May Drop Sponsorship
  • Russian president Vladimir Putin fights on for World Cup 2018 in ...
  • Minister of Agriculture in Moscow on larger export of Serbian food
  • Serbian Agriculture Minister: Increased exports to Russia cannot ...
  • The Prime Minister Meets China's Special Envoy, Vice Foreign ...
  • Manchin Urges West Virginians to Read Iran Nuclear Deal on His ...
  • Secret Audio Recordings Exposes:How Hilary Clinton Distorted ...
  • Mum's Facebook video of struggle to change disabled daughter on ...
  • Obama's Message to Tehran: Direct War Against Iran on Back ...
  • News of the military shipment comes as Canada announced ...
  • Twelve Who Have Putin's Ear
  • Russia's Foreign Ministry's new press head is a breath of fresh air
  • New Foreign Ministry spokesperson brings whiff of change
  • Wang Yi Holds Talks with Foreign Minister Vladimir Makei of Belarus
  • Mechel Rebounds as Debt Talk Quells Bankruptcy Concern
  • Russian Industrial Output Surprises With Biggest Drop Since 2009
  • Russian Car Sales Fell 38% in May as Ruble Gains Eased Pressure
  • Oleg Sentsov Trial: Euro Filmmakers Again Urge Russia To Release ...
  • Relations between Serbia and Turkey “key for stability”
  • Iranian, Russian Air Force Commanders Meet in Tehran
  • Dhaka, Moscow sign defence, nuclear power agreements
  • Vietnam, Russia boost education cooperation
  • Dhaka, Moscow sign defence, nuclear power agreements
  • Russian Recession Finds No Bottom as Economic Skid Worsens
  • Russia Sees GDP Growth Restart in Fourth Quarter After Recession
  • Bank of Russia Scraps Easing Pledge, Setting Policy Adrift
  • Walking with Readers and Writers
  • Russia's parliamentary elections: LIVE Updates
  • Russia Hockey Team Killed in Plane Crash [PHOTOS, LIST OF ...
  • Who's Who In Russia's New Government
  • Brief introduction of Chinese vice premiers, state councilors
  • CSAT: risks, threats and vulnerabilities faced by Romania in 2015
  • Dragon at the doorstep Myanmar's changing ties with China
  • World Press: Cherchez la femme
  • Head of Major College Reportedly Emigrates Under Pressure
  • Russian government approved, only quarter of ministers stay
  • Chechen Leader Has His Ministers On The Ropes
  • Rise in Russian part-time workers due to economic crisis
  • Jolla chief quits: Fawning Putin lickspittles to take over?
  • BRICS Communications ministers to meet in Russia, bridge digital ...
  • Russia to provide satellite internet in remote settlements
  • Iran, Russia Plan Cooperation on Water Projects
  • Paris Meet Must Come Out With 'Feasible' Roadmap to Fight Global ...
  • 'Meet Must Come Out With 'Feasible' Roadmap for Global Warming'
  • Russia Says Arctic Well Drilled With Exxon Strikes Oil
  • Statoil Prepares Last Well of Disappointing 2014 Arctic Campaign
  • Gas-Driven Growth Powers Morales Re-Election Bid in Bolivia
  • Putin Orders New Counterterrorism Committee
  • Siloviki Take The Reins In Post-Oligarchy Era
  • Ready to Take Off
  • 32 people killed in plane crash in Tyumen
  • Brekkie Wrap: Tyson Beckford's nephew arrested over fatal crash ...
  • FULL TRANSCRIPT: Ambassador Vitaly Churkin
  • Education Notes
  • Meehan urges Mount Wachusett Community College grads to stay ...
  • Meehan urges Mount Wachusett Community College grads to stay ...
  • India for enhanced global partnership in disaster management
  • Rajnath Singh holds bilateral meetings with Japanese, Russian ...
  • India to cooperate with Japan, Russia in disaster management

    While some economic events and news headlines include:



  • Journalism Must Discuss Russian Economic Development - Rossiya ...
  • World Bank Downgrades Russia's Economic Outlook
  • Russian growth woes worse than previously thought
  • Kuban agricultural holding seeks Asian investment to fund growth
  • ​BRICS leadership passes to Russia, $100bn development bank ...
  • The 'Dying Russian Nation' Is Not Unique
  • Scotch whisky exports slump by 7% as key export markets dry up
  • Russia must profit from weak ruble by diversifying exports, say ...
  • Russia Said to Keep $50 Oil Outlook in Budget After Crude Gains
  • Russia's Budget Deficit More Than Doubles in a Month
  • UPDATE 3-Russia's Sberbank sees margin squeeze worsening in ...

    Companies Reported last month include:



    2015-09-02 Mail.RU
    RU
  • Will Europe's ticking time bomb bomb Libya again?
  • 40 Force: Tax Time

    2015-09-03 Gazprom OAO
    RU
  • Gazprom OAO (ADR) Responds To EU Antitrust Charges
  • Gazprom to cut dividend as profits plunge (OGZPY)

    Best Stocks Last Month and News


    RusHydro JSC+14.52%
  • Shulginov named new head, Dod resigns at RusHydro
    Moscow Exchange+7.12%
  • Moscow Exchange suffers almost two-hour outage due to technical ...
    Sberbank of Russia+6.30%
  • Russia's Sberbank says to decide on Yamal LNG financing terms by ...
    X5 Group+6.10%
  • Russian retailer X5 Retail Group launched a business forum ...
    Rostelecom OJSC+4.98%
  • Russian TV to broadcast in Hindi
    Sberbank of Russia+0.57%
  • Russia's Sberbank says to decide on Yamal LNG financing terms by ...
    Megafon-0.38%
  • MegaFon acquires 4 subsidiaries of regional operator Smarts
    FGC UES JSC-0.50%
  • Moody's: Liquidity and domestic exposure to shape Russian ...
    VTB Bank OJSC-0.50%
  • Putin's China Turn Hits Potholes as Trade Drops, Markets Slide
    Gazpromneft-1.18%
  • Gazprom Neft, Rosneft & Bashneft to Discuss New Multi-billion USD ...

    Worst Stocks Last Month and News


    QIWI -38.36%
  • Qiwi PLC Receives $34.70 Consensus Target Price from Analysts ...
    Tinkoff CS -12.50%
  • Tour de France: Thrills, spills and telephone pole on Stage 16 won ...
    Aeroflot -12.36%
  • Aeroflot To Acquire Transaero For Symbolic Price Of One Ruble
    Yandex -12.05%
  • Yandex N.V. Short Interest Update
    Lukoil OAO -11.82%
  • Move Over Exxon, Russian Drillers Are Oil World's Top Performers
    TMK OAO -11.71%
  • OAO TMK (TRUBNAYA METALLUR KOMPA)
    MMC Norilsk Nickel OJSC -10.56%
  • Botwana's BCL picks up Norilsk Nickel Africa assets for $337M
    Gazprom OAO -9.66%
  • Gazprom gas output seen at all-time low in 2015 (OGZPY)
    LSR Group -9.50%
  • Modulating mammary tumor growth, metastasis and ...
    Evraz -9.28%
  • Evraz's distressed SA unit gets successful bidder

    View Russia Econ Page






    • Korea Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    KOSPI:IND 2.983.33-0.61
    MSCI Korea 1.76-11.76-19.40
    MSCI GEM -3.26-17.18-21.21
    MSCI BRIC -3.53-16.52-20.23
    MSCI World -3.80-8.50-8.44

    Indexes YTD performance %
    MSCI IndexYTDChange
    HUNGARY19.5
    RUSSIA5.1
    RUSSIA ADR/GDR-0.5
    EM EASTERN EUROPE-1.7
    AC EUROPE Growth-2.1
    INDIA-6.3
    INDIA DOMESTIC-6.3
    ACFM EUROPE + CIS (E+C)-7.5
    AC EUROPE-7.5
    PHILIPPINES-7.6
    SELECT OECD COUNTRIES-7.6
    ACFM AMERICA INDEX-8.2
    AC AMERICAS-8.2
    ACWI ex AUSTRALIA-8.2
    UNITED ARAB EMIRATES DOMESTIC-8.3
    ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
    ACFM ASIA-8.4
    KUKJE INDEX (ACWI ex Korea)-8.4
    AC ASIA-8.4
    ACWI WITH BRAZIL ADR-8.4
    ACWI + FRONTIER MARKETS (ACWI FM)-8.5
    AC FAR EAST-8.5
    ACWI WITH USA GROSS-8.5
    World-8.5
    ACWI ex EMU-8.7
    ACWI FM ex JAPAN-9.1
    ACWI ex JAPAN-9.1
    UNITED ARAB EMIRATES-9.1
    EAFE + EM-9.7
    AC ASIA PACIFIC-10.2
    AC PACIFIC-10.4
    ACWI ex USA-10.6
    ACWI FM ex USA-10.6
    KOREA-11.8
    CZECH REPUBLIC-11.8
    ZHONG HUA-12.0
    EM EUROPE & MIDDLE EAST-12.2
    QATAR DOMESTIC-12.3
    AC ASIA ex JAPAN+CHINA A-12.7
    EM EUROPE-12.7
    EM EASTERN EUROPE ex RUSSIA-12.7
    AC EUROPE Value-12.9
    GOLDEN DRAGON-13.0
    EFM EUROPE + CIS (E+C)-13.1
    CHINA-13.5
    ASIA APEX 50-13.6
    EFM CEEC ex RU-13.8
    QATAR-13.9
    CHINA 50-14.3
    BRIC WITH BRAZIL ADR-14.3
    AC ASIA ex JAPAN-14.3
    EM ASIA-14.5
    EFM ASIA-14.5
    MEXICO-14.6
    EM (EMERGING MARKETS)+CHINA A-15.0
    AC FAR EAST ex JAPAN-15.1
    EFM EMEA-15.1
    EM EMEA-15.1
    TAIWAN-15.4
    EM FAR EAST-15.6
    JORDAN + EGYPT + MOROCCO-15.8
    AC ASIA PACIFIC ex JAPAN-15.9
    EFM AFRICA ex ZA-16.0
    AC FAR EAST ex JAPAN ex HK-16.2
    EM WITH BRAZIL ADR-16.4
    POLAND-16.4
    BRIC-16.5
    AC PACIFIC ex JAPAN-16.7
    EFM (EMERGING + FRONTIER MARKETS)-17.1
    EM (EMERGING MARKETS)-17.2
    BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
    AC PACIFIC ex JAPAN ex HK-17.6
    EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
    CHILE-17.8
    EM 50-17.8
    CHINA A 50-18.0
    EFM AFRICA-18.0
    SOUTH AFRICA-18.2
    EM LATIN AMERICA ex BRAZIL-18.3
    EGYPT-18.5
    THAILAND-20.6
    EMERGING MARKETS HORIZON-22.1
    EM ex ASIA-22.6
    EMERGING + FRONTIER MARKETS WORKFORCE-23.7
    SOUTH EAST ASIA-24.6
    ANDEAN-25.2
    EFM EUROPE + CIS (E+C) ex RU-25.7
    PERU-26.5
    MALAYSIA-27.4
    EM LATIN AMERICA WITH BRAZIL ADR-28.3
    EM LATIN AMERICA-30.5
    EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
    TURKEY-33.4
    INDONESIA-34.5
    COLOMBIA-37.6
    BRAZIL-40.9
    BRAZIL ADR-42.6
    GREECE-53.3

    Indexes 1m performance %
    IndexLastChnge
    Korea Stock Exchange KOSPI Index1979.322.98
    FTSE/JSE Africa All Share Index50088.860.23
    S&P BSE SENSEX Index26237.05-0.18
    Borsa Istanbul 100 Index74205.47-1.34
    Dow Jones Industrial Average16284.7-1.47
    Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
    S&P 500 Index1920.03-2.64
    Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
    FTSE 100 Index6061.61-2.98
    Hong Kong Hang Seng Index20846.3-3.32
    Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
    Shanghai Stock Exchange Composite Index3052.781-3.76
    S&P/TSX Composite Index13306.96-3.98
    Jakarta Stock Exchange Composite Index4259.387-4.24
    Nikkei 22517722.42-4.31
    Russian Trading System Cash Index786.35-4.65
    MICEX Index1642.97-5.20
    Russian Depositary Index USD948.48-5.36
    Deutsche Boerse AG German Stock Index DAX9660.44-5.84
    Karachi Stock Exchange KSE100 Index32397.25-6.71

    Currencies 1m performance %
    TickerLastChnge
    USDBRL:CUR 3.94759.03
    USDMYR:CUR4.40455.97
    USDIDR:CUR146594.16
    USDZAR:CUR 13.76373.88
    USDTRL:CUR 30187903.78
    USDTRY:CUR3.01863.77
    USDNOK:CUR 8.50542.88
    USDHRK:CUR6.86442.45
    USDTHB:CUR36.3831.82
    USDGBP:CUR0.66111.79
    USDCZK:CUR24.3871.65
    USDCHF:CUR0.97651.57
    USDPLN:CUR3.80731.32
    USDARS:CUR9.41861.31
    USDSGD:CUR1.42661.30
    USDTWD:CUR32.7531.24
    USDCOP:CUR3087.441.14
    USDAUD:CUR 1.41771.13
    USDBGN:CUR1.75471.13
    USDCAD:CUR 1.32931.13
    USDLTL:CUR3.09691.10
    USDEUR:CUR 0.8971.09
    USDDKK:CUR6.69161.05
    USDHUF:CUR281.10.90
    USDRON:CUR3.9620.76
    USDCLP:CUR696.380.64
    USDRUB:CUR 65.21990.50
    USDMXN:CUR16.83360.36
    USDPKR:CUR104.5050.30
    USDKWD:CUR0.302530.12
    USDKRW:CUR 1176.350.05
    USDPHP:CUR46.7280.02
    USDQAR:CUR3.64180.00
    USDHKD:CUR7.750.00
    USDBDT:CUR77.7750.00
    USDAED:CUR3.6730.00
    USDOMR:CUR0.38505-0.01
    USDSAR:CUR3.7505-0.02
    USDPEN:CUR3.2334-0.10
    USDCNY:CUR 6.3571-0.19
    USDNZD:CUR1.5613-0.46
    USDJPY:CUR 120.19-0.50
    USDSEK:CUR8.3865-0.65
    USDCNH:CUR6.3621-0.86
    USDISK:CUR127.9-1.08
    USDINR:CUR 65.5538-1.28

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    BRAZIL 5.95%0.74 -39 +72 +164
    NEW ZEALAND 3.29%0.09 +4 +8 -84
    MEXICO 3.79%0.01 -12 -3 +26
    SWITZERLAND -0.17%-0.02 -1 -5 -59
    JAPAN » 0.35%-0.02 +2 -2 -18
    CANADA 1.43%-0.06 0 -6 -71
    AUSTRALIA » 2.60%-0.06 +2 -6 -88
    UNITED STATES » 2.07%-0.12 +3 -10 -33
    FRANCE 1.00%-0.15 +1 -16 -24
    GERMANY » 0.60%-0.20 +2 -19 -30
    UNITED KINGDOM » 1.76%-0.20 0 -17 -60
    NETHERLANDS 0.79%-0.20 +1 -20 -25
    SPAIN 1.89%-0.21 +1 -25 -17
    ITALY 1.73%-0.23 +1 -27 -55
    PORTUGAL 2.39%-0.24 +1 -33 -67
    SOUTH KOREA 2.06%-0.24 -9 -24 -81
    INDIA 7.54%-0.24 0 -22 -94
    HONG KONG 1.49%-0.27 -1 -27 -45
    SINGAPORE 2.52%-0.30 -7 -29 +7
    GREECE 8.11%-0.77 +8 -96 +174

    Commodities 1m performance %
    nameunitsPriceChng
    SugarUSD/LB.12.8820.49
    PalladiumUSD/T OZ.656.0510.01
    RiceUSD/CWT13.229.08
    Copper$/t5160.000.49
    COCOAUSD/MT3114.000.48
    SilverUSD/T OZ.14.57-0.61
    HogsUSD/LB.66.73-1.91
    CoffeeUSD/LB.121.35-2.37
    GOLDUSD/T OZ.1112.67-2.54
    NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
    OIL BrentUSD/BBL.48.75-7.46
    CattleUSD/LB.130.93-8.57
    PlatinumUSD/T OZ.912.57-9.84

    Best Stocks 1m in USD %ch
    stockcountrytickernamestockcurrentch
    SK086280:KSHyundai Glovis Co Ltd222500.0032.38
    SK006400:KSSamsung SDI Co Ltd108500.0028.95
    SK011210:KSHyundai Wia Corp130500.0027.25
    SK051910:KSLG Chem Ltd287000.0022.07
    SK018880:KSHalla Visteon Climate Control Corp43000.0020.90
    SK010620:KSHyundai Mipo Dockyard66600.0019.73
    SK009830:KSHanwha Chemical Corp21500.0017.11
    SK028050:KSSamsung Engineering Co Ltd31050.0016.23
    SK012330:KSHyundai Mobis235500.0015.95
    SK034020:KSDoosan Heavy Industries & Construction C21300.0014.77

    Worst Stocks 1m in USD %
    stockcountrytickernamestockcurrentch
    SK037620:KSMirae Asset Securities Co Ltd27350.00-28.63
    SK011200:KSHyundai Merchant Marine Co Ltd6230.00-26.66
    SK047810:KSKorea Aerospace Industries Ltd72400.00-19.77
    SK069960:KSHyundai Department Store Co Ltd133500.00-10.45
    SK004800:KSHyosung Corp116500.00-9.03
    SK034730:KSSK C&C Co Ltd246000.00-8.93
    SK005490:KSPOSCO171500.00-8.09
    SK071050:KSKorea Investment Holdings Co Ltd63100.00-7.93
    SK036570:KSNCSoft Corp195000.00-5.16
    SK010130:KSKorea Zinc Co Ltd479500.00-5.10

    Best Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    SK047810:KSKorea Aerospace Industries Ltd72400.00999.99
    SK009830:KSHanwha Chemical Corp21500.0069.44
    SK068270:KSCelltrion Inc68300.0063.49
    SK001040:KSCJ Corp268000.0059.76
    SK004800:KSHyosung Corp116500.0058.39
    SK011170:KSLotte Chemical Corp266500.0054.90
    SK051910:KSLG Chem Ltd287000.0047.46
    SK012630:KSHyundai Development Co-Engineering & Con56800.0036.49
    SK000100:KSYuhan Corp243000.0033.32
    SK035250:KSKangwon Land Inc43050.0031.69

    Worst Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    SK002790:KSAMOREPACIFIC Group164000.00-84.72
    SK090430:KSAmorepacific Corp388500.00-83.73
    SK042660:KSDaewoo Shipbuilding & Marine Engineering6410.00-68.04
    SK005490:KSPOSCO171500.00-42.11
    SK011200:KSHyundai Merchant Marine Co Ltd6230.00-42.06
    SK010140:KSSamsung Heavy Industries Co Ltd12650.00-41.03
    SK037620:KSMirae Asset Securities Co Ltd27350.00-40.78
    SK006260:KSLS Corp35000.00-40.06
    SK047050:KSDaewoo International Corp20400.00-39.68
    SK034220:KSLG Display Co Ltd22500.00-37.82

    Sector Performance 1m in USD %
    NameSectorch
    Communications6.6
    Consumer Discretionary6.3
    Industrials4.7
    Technology3.9
    Materials3.8
    Energy3.3
    Consumer Staples3.1
    Utilities1.6
    Financials1.6
    Health Care-3.0

    Sector Performance YTD in USD %
    NameSectorch
    Health Care48.4
    Materials12.5
    Energy4.0
    Consumer Staples-2.8
    Financials-7.5
    Consumer Discretionary-7.6
    Utilities-9.1
    Communications-11.9
    Technology-18.2
    Industrials-19.0

    Korea - Gross domestic product, constant prices Percent change rankings

    • Gross domestic product, constant prices Percent change 2015


    Source:IMF, Midlincoln

    Korea - Gross domestic product, current prices U.S. dollars rankings

    • Gross domestic product, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    Korea - Gross domestic product per capita, current prices U.S. dollars rankings

    • Gross domestic product per capita, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    Korea - Inflation, end of period consumer prices Percent change rankings

    • Inflation, end of period consumer prices Percent change 2015


    Source:IMF, Midlincoln

    Korea - General government structural balance Percent of potential GDP rankings

    • General government structural balance Percent of potential GDP 2015


    Source:IMF, Midlincoln

    Korea - Current account balance Percent of GDP rankings

    • Current account balance Percent of GDP 2015


    Source:IMF, Midlincoln

    Table of Contents


    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review


















    Korea



    Our Stance

    It has been flagged by the BOK that the rates are likely to remain flat now. Still we see market as supported by the overall balanced economic structure and fairly robust growth vs. the remainder of the emerging markets.

    Universe in October

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Korea Aerospace Industries Ltd047810:KSDefense Primes6248.280.34%43.472.896.6514.7890.30%76.91
    Korea Gas Corp036460:KSDaegu Korea, Republic of (South) Utility Networks3156.790.63%6.430.111.714.05-24.53%-16.55
    Doosan Corp000150:KSKorea, Republic of (South) 00003A7E Electrical Power Equipment1992.543.21%-0.09-0.007.78%
    Lotte Chemical Corp011170:KSKorea, Republic of (South) Basic & Diversified Chemicals8172.090.36%14.920.714.765.37100.15%104.01
    S-Oil Corp010950:KSKorea, Republic of (South) Refining & Marketing6810.211.56%32.880.341.0351.2980.05%108.15
    LG Household & Health Care Ltd051900:KSKorea, Republic of (South) Household Products11930.330.45%34.862.607.4615.6978.93%75.86
    Hanwha Chemical Corp009830:KSKorea, Republic of (South) Basic & Diversified Chemicals3075.160.68%72.700.450.6249.4470.14%56.14
    Celltrion Inc068270:KSKorea, Republic of (South) Generic Pharma6689.92-106.9515.7014.68-0.0066.99%-16.63
    Amorepacific Corp090430:KSKorea, Republic of (South) Household Products19036.980.24%49.965.2810.5711.9964.09%45.34
    CJ Corp001040:KSKorea, Republic of (South) Packaged Food6769.830.35%27.830.391.409.7463.96%55.92
    Hyosung Corp004800:KSKorea, Republic of (South) Basic & Diversified Chemicals3696.381.63%10.960.333.0117.8661.95%80.51
    NCSoft Corp036570:KSKorea, Republic of (South) Application Software3588.981.80%16.924.6127.2530.4657.19%106.62
    SK Innovation Co Ltd096770:KSKorea, Republic of (South) Refining & Marketing9057.09-37.690.180.48-0.0050.20%21.64
    Hyundai Development Co-Engineering & Construction012630:KSKorea, Republic of (South) Non-Residential Bldg Const3814.960.51%29.260.943.2114.9248.75%46.27
    AMOREPACIFIC Group002790:KSKorea, Republic of (South) Household Products11414.800.20%88.130.690.7817.6346.39%-14.68
    Hanwha Corp000880:KSKorea, Republic of (South) Insurance Services & Other2547.601.26%-0.07-0.0037.88%
    Yuhan Corp000100:KSKorea, Republic of (South) Specialty Pharma2386.070.70%25.892.409.2718.1235.96%46.11
    Samsung Electro-Mechanics Co Ltd009150:KSKorea, Republic of (South) Electronics Components3973.051.21%6.930.659.388.3935.31%54.79
    Korea Zinc Co Ltd010130:KSKorea, Republic of (South) Base Metals8026.021.31%15.841.7911.3020.7533.03%57.89
    Kangwon Land Inc035250:KSKorea, Republic of (South) Casinos & Gaming7729.582.02%22.285.3924.1945.0128.59%84.16
    GS Holdings Corp078930:KSKorea, Republic of (South) Food & Drug Stores3912.052.45%-0.39-0.0028.08%
    KT&G Corp033780:KSKorea, Republic of (South) Tobacco12858.303.12%13.503.1723.4842.1224.97%85.72
    S-1 Corp012750:KSKorea, Republic of (South) Comml & Res Bldg Equip & Sys3108.671.21%28.151.796.3634.0622.44%43.36
    LG Chem Ltd051915:KSKorea, Republic of (South) Basic & Diversified Chemicals1262.202.10%---0.0021.48%
    LG Chem Ltd051910:KSKorea, Republic of (South) Basic & Diversified Chemicals16342.451.39%21.560.904.1729.9721.18%42.41
    Korea Investment Holdings Co Ltd071050:KSKorea, Republic of (South) Institutional Brokerage2940.271.14%9.102.2024.1810.3720.70%54.80
    Orion Corp/Republic of Korea001800:KSKorea, Republic of (South) Packaged Food5155.350.60%25.552.158.4115.3320.68%27.52
    Hanwha Life Insurance Co Ltd088350:KSKorea, Republic of (South) Life Insurance5999.972.24%11.010.484.3624.6619.25%45.91
    Samsung Electronics Co Ltd005935:KSKorea, Republic of (South) Communications Equipment19364.352.08%---0.0013.14%
    Daewoo Securities Co Ltd006800:KSKorea, Republic of (South) Institutional Brokerage3354.412.09%11.442.5322.1223.9112.35%55.58
    Hyundai Marine & Fire Insurance Co Ltd001450:KSKorea, Republic of (South) P&C Insurance2400.672.40%8.990.212.3421.5810.53%34.10
    Dongbu Insurance Co Ltd005830:KSKorea, Republic of (South) P&C Insurance3802.072.32%8.710.313.5620.219.44%33.15
    Samsung Electronics Co Ltd005930:KSKorea, Republic of (South) Communications Equipment158330.181.64%9.200.839.0215.099.32%32.88
    SK Holdings Co Ltd034730:KSKorea, Republic of (South) IT Services15748.730.77%53.844.398.1541.467.76%12.18
    Shinsegae Co Ltd004170:KSKorea, Republic of (South) Department Stores1979.650.49%5.790.9015.542.846.79%28.03
    Daelim Industrial Co Ltd000210:KSKorea, Republic of (South) Non-Residential Bldg Const2218.520.13%-0.28-0.006.31%
    E-MART Inc139480:KSKorea, Republic of (South) Food & Drug Stores5365.000.67%12.230.473.848.196.18%14.64
    Samsung Securities Co Ltd016360:KSKorea, Republic of (South) Institutional Brokerage2994.401.43%10.922.5223.0815.625.25%41.67
    Hyundai Securities Co Ltd003450:KSKorea, Republic of (South) Institutional Brokerage1506.220.67%7.651.5019.615.133.81%29.54
    Coway Co Ltd021240:KSKorea, Republic of (South) Home Improvement5639.092.35%22.782.9212.8253.533.66%55.88
    Samsung Fire & Marine Insurance Co Ltd000810:KSKorea, Republic of (South) P&C Insurance11479.241.60%14.000.614.3622.402.65%24.06
    LG Uplus Corp032640:KSKorea, Republic of (South) Telecom Carriers4388.921.28%13.930.483.4517.832.61%18.61
    CJ CheilJedang Corp097950:KSKorea, Republic of (South) Packaged Food4370.020.52%31.290.491.5716.272.23%-2.57
    Korea Electric Power Corp015760:KSKorea, Republic of (South) Utility Networks26669.471.03%6.800.527.657.001.16%17.66
    Hyundai Motor Co005387:KSKorea, Republic of (South) Automobiles3619.910.89%---0.00-0.76%
    Lotte Confectionery Co Ltd004990:KSKorea, Republic of (South) Packaged Food2587.130.25%143.321.310.9135.83-0.93%-98.86
    Hyundai Motor Co005385:KSKorea, Republic of (South) Automobiles2351.700.92%---0.00-1.58%
    Hite Jinro Co Ltd000080:KSKorea, Republic of (South) Beverages1409.994.27%54.550.851.56232.93-3.55%185.04
    Samsung Life Insurance Co Ltd032830:KSKorea, Republic of (South) Life Insurance17270.421.79%14.120.745.2425.27-3.70%21.34
    SK Telecom Co Ltd017670:KSKorea, Republic of (South) Telecom Carriers17795.403.66%9.771.0610.8535.76-4.50%40.99
    Korean Air Lines Co Ltd003490:KSKorea, Republic of (South) Airlines1983.95--0.170.00-4.93%
    Kia Motors Corp000270:KSKorea, Republic of (South) Automobiles17937.171.94%7.570.445.8114.69-6.47%15.11
    Doosan Heavy Industries & Construction Co Ltd034020:KSKorea, Republic of (South) Electrical Power Equipment1956.453.50%-0.12-0.00-6.65%
    Hyundai Mobis Co Ltd012330:KSKorea, Republic of (South) Auto Parts19111.731.31%6.850.608.768.97-6.70%12.83
    Hanwha Techwin Co Ltd012450:KSKorea, Republic of (South) Defense Primes1398.82--0.650.00-8.23%
    Samsung SDI Co Ltd006400:KSKorea, Republic of (South) Electronics Components6381.460.93%-0.93-0.00-9.25%
    Hyundai Department Store Co Ltd069960:KSKorea, Republic of (South) Department Stores2694.530.52%12.311.9615.926.40-9.25%9.41
    Hyundai Motor Co005380:KSKorea, Republic of (South) Automobiles30377.030.62%6.390.385.953.96-9.60%2.57
    KB Financial Group Inc105560:KSKorea, Republic of (South) Banks11370.122.28%8.370.839.9219.08-9.65%19.63
    Daewoo Engineering & Construction Co Ltd047040:KSKorea, Republic of (South) Non-Residential Bldg Const2356.85-25.480.271.06-0.00-10.20%-25.97
    Kumho Petrochemical Co Ltd011780:KSKorea, Republic of (South) Basic & Diversified Chemicals1591.282.47%11.180.343.0427.61-12.05%16.07
    KT Corp030200:KSKorea, Republic of (South) Telecom Carriers6787.02-35.080.330.94-0.00-12.19%-37.68
    NH Investment & Securities Co Ltd005940:KSKorea, Republic of (South) Institutional Brokerage2441.921.58%8.631.6218.7713.64-13.44%18.99
    Shinhan Financial Group Co Ltd055550:KSKorea, Republic of (South) Banks16522.032.34%8.900.869.6620.83-14.42%15.82
    LG Corp003550:KSKorea, Republic of (South) Industrial Distribution & Rental9177.381.62%12.401.078.6320.09-14.56%10.41
    Lotte Shopping Co Ltd023530:KSKorea, Republic of (South) Department Stores7224.360.75%23.280.281.2017.46-14.90%-10.87
    BNK Financial Group Inc138930:KSKorea, Republic of (South) Banks3034.781.45%3.280.7522.874.76-15.24%17.75
    Industrial Bank of Korea024110:KSKorea, Republic of (South) Banks6358.263.23%7.960.779.6725.71-15.72%20.35
    SK Hynix Inc000660:KSKorea, Republic of (South) Semiconductor Devices23331.390.80%5.271.4327.134.22-16.03%18.70
    Cheil Worldwide Inc030000:KSKorea, Republic of (South) Advertising & Marketing1779.45-17.800.683.82-0.00-16.86%-22.19
    Hyundai Heavy Industries Co Ltd009540:KSKorea, Republic of (South) Shipbuilding6216.49--0.100.00-20.33%
    Hanon Systems018880:KSKorea, Republic of (South) Auto Parts3692.092.41%18.290.794.3244.08-20.48%18.28
    Hankook Tire Co Ltd161390:KSKorea, Republic of (South) Auto Parts4252.301.00%7.480.7710.297.48-21.69%-2.75
    NHN Entertainment Corp181710:KSKorea, Republic of (South) Application Software1070.59-37.631.834.86-0.00-23.85%-47.97
    Hyundai Steel Co004020:KSKorea, Republic of (South) Steel Producers5985.361.44%7.700.384.9411.09-24.02%-7.05
    Samsung Card Co Ltd029780:KSKorea, Republic of (South) Consumer Finance3583.832.78%7.811.2516.0121.71-24.28%14.28
    LS Industrial Systems Co Ltd010120:KSKorea, Republic of (South) Electrical Power Equipment1146.212.92%14.400.594.1042.05-24.46%15.93
    GS Engineering & Construction Corp006360:KSKorea, Republic of (South) Non-Residential Bldg Const1534.58--0.160.00-25.26%
    LG Innotek Co Ltd011070:KSKorea, Republic of (South) Electronics Components1763.130.29%18.290.321.755.30-26.98%-29.57
    NAVER Corp035420:KSKorea, Republic of (South) Internet Media15803.720.14%30.895.5618.004.32-27.45%-27.37
    OCI Co Ltd010060:KSKorea, Republic of (South) Basic & Diversified Chemicals1756.260.23%-0.66-0.00-27.50%
    Mirae Asset Securities Co Ltd037620:KSKorea, Republic of (South) Institutional Brokerage2013.160.36%5.651.3924.602.03-28.53%1.10
    LG Electronics Inc066570:KSKorea, Republic of (South) Consumer Electronics6510.350.86%24.370.130.5320.96-28.84%-23.07
    LG Display Co Ltd034220:KSKorea, Republic of (South) Electronics Components7040.492.18%5.390.295.3811.75-28.94%-8.55
    Hana Financial Group Inc086790:KSKorea, Republic of (South) Diversified Banks6676.182.29%7.210.547.4916.51-29.70%-4.26
    Hyundai Glovis Co Ltd086280:KSKorea, Republic of (South) Logistics Services6895.280.93%19.950.572.8618.55-29.82%-19.71
    DGB Financial Group Inc139130:KSKorea, Republic of (South) Banks1532.863.03%5.310.6311.8616.09-29.95%1.34
    SK Networks Co Ltd001740:KSKorea, Republic of (South) Refining & Marketing1492.471.43%-0.08-0.00-30.25%
    Hyundai Engineering & Construction Co Ltd000720:KSKorea, Republic of (South) Infrastructure Construction3468.691.38%10.230.222.1514.12-36.21%-21.52
    Hyundai Mipo Dockyard Co Ltd010620:KSKorea, Republic of (South) Shipbuilding1154.80--0.300.00-37.49%
    KCC Corp002380:KSKorea, Republic of (South) Basic & Diversified Chemicals3905.182.08%13.061.269.6527.16-37.85%-5.45
    Doosan Infracore Co Ltd042670:KSKorea, Republic of (South) Construction & Mining Machinery1185.73--0.180.00-39.27%
    Daewoo International Corp047050:KSKorea, Republic of (South) Metal Svc Center & Other Whslrs2103.382.33%11.750.131.1127.38-39.59%-14.21
    Hyundai Merchant Marine Co Ltd011200:KSKorea, Republic of (South) Marine Shipping1179.72--0.190.00-40.01%
    Hyundai Wia Corp011210:KSKorea, Republic of (South) Auto Parts2978.930.63%7.560.435.694.76-40.29%-28.75
    LS Corp006260:KSKorea, Republic of (South) Electrical Components1011.313.42%36.550.100.27125.00-40.96%56.41
    POSCO005490:KSKorea, Republic of (South) Steel Producers12847.994.66%24.620.220.89114.73-42.24%57.41
    Samsung Heavy Industries Co Ltd010140:KSKorea, Republic of (South) Shipbuilding2549.321.95%-0.26-0.00-44.88%
    Samsung Engineering Co Ltd028050:KSKorea, Republic of (South) Infrastructure Construction991.55-51.980.130.25-0.00-50.00%-93.08
    Daewoo Shipbuilding & Marine Engineering Co Ltd042660:KSKorea, Republic of (South) Shipbuilding1036.222.38%-0.08-0.00-64.33%
    Samsung C&T Corp/Old000830:KSKorea, Republic of (South) Chemicals Distribution6456.211.04%33.640.260.7734.99

    Index Sector Valuations vs GEM Average

    SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
    Communications46554.55.910.3794505.816.843.31.93.221.318.217.010.913.62.7-13.2-0.7
    Consumer Discretionary111572.014.16.6509681.014.027.01.22.010.616.4-35.48.49.61.2-6.43.1
    Consumer Staples84809.810.77.5584775.318.138.00.91.832.028.213.58.510.31.843.612.3
    Energy17359.82.212.6973390.420.140.81.54.435.612.4187.10.79.79.055.0-21.0
    Financials107828.413.632.82543065.719.726.02.04.010.08.813.610.020.410.4-5.13.2
    Health Care9076.01.12.3178295.84.820.30.71.025.931.7-18.313.317.03.758.813.6
    Industrials60642.47.75.8453138.211.123.41.41.824.118.629.64.911.46.5-4.422.9
    Materials75220.09.57.6590209.422.727.51.93.119.018.15.04.29.85.612.2-0.1
    Technology247102.731.310.8833615.614.229.21.52.312.618.9-33.310.719.89.15.32.8
    Utilities29826.33.83.7288099.06.732.21.03.16.812.4-45.27.013.46.4-1.6-5.6

    Top 5 Korea Index Long Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Hite Jinro Co Ltd000080:KSKorea, Republic of (South) Beverages1409.994.27%54.550.851.56232.93-3.55%185.04
    S-Oil Corp010950:KSKorea, Republic of (South) Refining & Marketing6810.211.56%32.880.341.0351.2980.05%108.15
    NCSoft Corp036570:KSKorea, Republic of (South) Application Software3588.981.80%16.924.6127.2530.4657.19%106.62
    Lotte Chemical Corp011170:KSKorea, Republic of (South) Basic & Diversified Chemicals8172.090.36%14.920.714.765.37100.15%104.01
    KT&G Corp033780:KSKorea, Republic of (South) Tobacco12858.303.12%13.503.1723.4842.1224.97%85.72

    Top 5 Korea Index Short Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Lotte Confectionery Co Ltd004990:KSKorea, Republic of (South) Packaged Food2587.130.25%143.321.310.9135.83-0.93%-98.86
    Samsung Engineering Co Ltd028050:KSKorea, Republic of (South) Infrastructure Construction991.55-51.980.130.25-0.00-50.00%-93.08
    NHN Entertainment Corp181710:KSKorea, Republic of (South) Application Software1070.59-37.631.834.86-0.00-23.85%-47.97
    KT Corp030200:KSKorea, Republic of (South) Telecom Carriers6787.02-35.080.330.94-0.00-12.19%-37.68
    LG Innotek Co Ltd011070:KSKorea, Republic of (South) Electronics Components1763.130.29%18.290.321.755.30-26.98%-29.57

    Korea Index



    Source: Midlincoln

    Korea Index vs. KOSPI:IND



    Source: Midlincoln



    Weekly Fund flow into Korea focused funds showed (Previous Week)-7.2 USD mn of outflow.


    Top 10 Korea Focused Funds by Inflows Last Week
    Fund Namefund flow mn$Total Assets mn$
    KOREA EQUITY FUND INC (KEF)11.581.5
    KIM INVESTMENT FUNDS - KOREA NAVIGATOR FUND - X USD (KIMKNXU)3.373.6
    INVESCO KOREAN EQUITY FUND - B INC (INVKGBB)2.7291.7
    INVESCO KOREAN EQUITY FUND - C INC (INVKGDB)2.6291.7
    LYXOR ETF MSCI KOREA (KOR)1.484.8
    HSBC GLOBAL INVESTMENT FUNDS - KOREAN EQUITY - AD (JM5D)1.143.5
    BARING KOREA FEEDER FUND (BRGKORI)0.773.9
    HSBC GLOBAL INVESTMENT FUNDS - KOREAN EQUITY - ECEUR (HSBKECE)0.239.0
    FIRST TRUST SOUTH KOREA ALPHADEX FUND (FKO)0.23.5
    WISDOMTREE KOREA HEDGED EQUITY FUND (DXKW)0.122.7

    Top 10 Korea Focused Funds by Outflow Last Week
    Fund Namefund flow mn$Total Assets mn$
    ISHARES MSCI SOUTH KOREA CAPPED ETF (EWY)-49.03050.0
    DB X-TRACKERS MSCI KOREA TRN INDEX UCITS ETF (XKSD)-24.9308.1
    JPMORGAN FUNDS - KOREA EQUITY FUND - B-$ACC (JPJFKAB)-3.7148.5
    JPMORGAN FUNDS - KOREA EQUITY FUND (JR63)-3.5165.6
    JPMORGAN FUNDS - KOREA EQUITY FUND - A$D (JPFJKAD)-3.5148.5
    DB X-TRACKERS MSCI SOUTH KOREA HEDGED EQUITY FUND (DBKO)-0.5127.5
    PARVEST EQUITY SOUTH KOREA - CC (PARSKCC)-0.110.6
    PARVEST EQUITY SOUTH KOREA - CD (PARSKCD)-0.110.6
    PARVEST EQUITY SOUTH KOREA - N (PARSKLC)-0.110.6
    NEXT NOTES KOSPI200 LEVERAGE ETN (2033)-0.14.3

    Bond Picks

    Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    EXPORT-IMPORT BANK OF KOREA 21109.84.38USDSep 15, 20215.292.59-0.251.40
  • Ted Cruz, The Lone Stranger
    • KOREA DEVELOPMENT BANK 24104.63.75USDJan 22, 20247.113.11-0.211.50
  • Things to do in and around Greenwich
    • KOREA DEVELOPMENT BANK (THE) 17103.63.88USDMay 4, 20171.541.54-0.110.00
  • Things to do in and around Greenwich
    • EXPORT-IMPORT BANK OF KOREA 17103.24.00USDJan 11, 20171.251.470.00-0.20
  • BUSINESS IN BRIEF 1/10
    • KOREA EAST-WEST POWER CO LTD RegS 18101.52.63USDNov 27, 20183.012.12-0.060.10
  • BUSINESS IN BRIEF 29/9

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    KOREA MONETARY STABILIZATION BOND 150.082.90KRWDec 2, 20150.171.42-0.120.00
  • Emerging Markets Bond ETFs Might be the Better EM Bets
    • KOREA (REPUBLIC OF) 200.105.00KRWJun 10, 20204.191.78-0.150.00
  • The Latest: North Korea's FM presses US for peace treaty
    • KOREA (REPUBLIC OF) 170.093.50KRWMar 10, 20171.411.57-0.080.00
  • US,ROK Marines test CBRN response during gas attack
    • KOREA (REPUBLIC OF) 290.125.50KRWDec 10, 202910.472.23-0.130.00
  • Authorities Prohibit Access to North Korean Capital Ahead of Ruling ...
    • KOREA (REPUBLIC OF) 160.084.00KRWMar 10, 20160.441.45-0.12-0.01
  • New Hamburg native helps fuel South Korea's Olympic hockey hopes

    • Korea Last Month Review



    Korea KOSPI:IND Index gained 2.98% last month. To finish the month at 1979.32

    MSCI Korea Index gained 1.76% last month. Its overall down -11.76% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    KRW last month lost -0.05% against US dollar. To finish the month at 1176.35per USD.

    Corporate eurobonds are trading with average yield of 2.34% and tightened by -0.07% last month.

    Local currency bonds are trading with average yield of 1.90% and tightened by -0.22% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in Korea included Hyundai Glovis Co Ltd +32.38%, Samsung SDI Co Ltd +28.95%, Hyundai Wia Corp +27.25%, LG Chem Ltd +22.07%, Halla Visteon Climate Control Corp +20.90%, Hyundai Mipo Dockyard +19.73%, Hanwha Chemical Corp +17.11%, Samsung Engineering Co Ltd +16.23%, Hyundai Mobis +15.95%, Doosan Heavy Industries & Construction C +14.77%, .

    Worst stocks last month included Mirae Asset Securities Co Ltd -28.63%, Hyundai Merchant Marine Co Ltd -26.66%, Korea Aerospace Industries Ltd -19.77%, Hyundai Department Store Co Ltd -10.45%, Hyosung Corp -9.03%, SK C&C Co Ltd -8.93%, POSCO -8.09%, Korea Investment Holdings Co Ltd -7.93%, NCSoft Corp -5.16%, Korea Zinc Co Ltd -5.10%,

    Best stocks YTD included Korea Aerospace Industries Ltd +999.99%, Hanwha Chemical Corp +69.44%, Celltrion Inc +63.49%, CJ Corp +59.76%, Hyosung Corp +58.39%, Lotte Chemical Corp +54.90%, LG Chem Ltd +47.46%, Hyundai Development Co-Engineering & Con +36.49%, Yuhan Corp +33.32%, Kangwon Land Inc +31.69%,

    While worst stocks YTD included AMOREPACIFIC Group -84.72%, Amorepacific Corp -83.73%, Daewoo Shipbuilding & Marine Engineering -68.04%, POSCO -42.11%, Hyundai Merchant Marine Co Ltd -42.06%, Samsung Heavy Industries Co Ltd -41.03%, Mirae Asset Securities Co Ltd -40.78%, LS Corp -40.06%, Daewoo International Corp -39.68%, LG Display Co Ltd -37.82%,
    In terms of sector performance last month the best sectors included Communications +6.6%, Consumer Discretionary +6.3%, Industrials +4.7%,

    While worst sector performance last month showed Health Care -3.0%, Utilities 1.6%, Financials 1.6%,

    YTD the best sectors remain Health Care +48.4%, Materials +12.5%, Energy +4.0%,
    While the worst sectors are Industrials -19.0%, Technology -18.2%, Communications -11.9%,

    Korea currency vs. USD



    Source: Midlincoln

    Korea KOSPI:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for Korea include:


  • Park administration with steady stream of lawsuits meant to muzzle ...
  • S. Korean fishing boat capsizes; 10 dead, 8 believed missing
  • North and South Korea to discuss reunions for families separated by ...
  • South Korea's prime minister post: The roles and past resignations
  • Morocco marks 16th anniversary of king's reign
  • Mathews Phosa: Looking for scapegoats creates culture of impunity
  • Justice minister declares far-reaching graft probe
  • Ruling party inches closer to unilateral approval of PM
  • Stop testing the public's patience
  • Cable car approval draws backlash
  • Environment ministry OKs controversial cable car on Mount Seorak
  • Japan, China agree to boost cooperation to curb PM2.5, other air ...
  • North Korea Newsletter No.377 (Aug. 27, 2015)
  • South Korea will hold talks with North Korea
  • South Korea, North Korea hold their first peace talks in nearly a year
  • Ambassadors: International Pressure Key to Change in North Korea
  • Asian Sister State programs honor First Lady Yumi Hogan
  • Kim Moo-sung takes deep bow to Korean War Veterans in US
  • South Korea takes hard line in talks with North
  • Remarks at the Global Leadership in the Arctic: Cooperation ...
  • Japan, South Korea move closer to a summit this fall
  • Meeting raises speculation of cut in policy rate
  • Won Gains Most in Two Weeks as China's Rate Cut Supports Shares
  • Finance minister, BOK chief to attend G-20 meeting
  • Pres. Park avoids in-person meetings, and that may cause bungled ...
  • [Editorial] Hastily drawn plan
  • Seoul announces post-MERS plan for infectious diseases
  • Defense minister Han Min-koo reports parliamentary session on ...
  • (LEAD) S. Korea, Australia to hold joint talks of foreign, defense ...
  • S. Korea, Australia to hold joint talks of foreign, defense ministers ...
  • Gov't reneges on a consensus
  • Representatives of tripartite talks hold closed-door meeting
  • South Korea heading for labour 'ice age'
  • 2015 ShopRite LPGA Classic tournament field
  • South Korea ferry verdicts bring disappointment, vow to appeal
  • ShopRite LPGA Classic Round 1 tee times
  • Choi vows action to rev economy
  • G-20 Seeks Reassurances that China Plans to Calm Markets
  • S. Korea seeks China's support for new Asia development bank
  • Ministers' remarks on election come under fire
  • DIARY- Emerging Markets Economic Events to Sept 9
  • Finance minister, BOK chief to attend G-20 meeting
  • Heads of FSS and FTC abruptly offer resignations
  • Fair Trade Commission to Examine Prices of Imported Car ...
  • Putin Thrives on Russian Passivity
  • Park needs to focus on economy
  • Former 'comfort woman' dies at 89
  • [Reporter's Column] When 'fitting in' precedes quest for justice
  • Opposition party seeks to impeach home affairs minister
  • Home minister faces impeachment motion
  • Uzbekistan, Korea upgrade economic partnership
  • BUSINESS IN BRIEF 5/9
  • S. Korea moves to boost slumping exports to Russia
  • Trade minister urges quick approval of FTAs with China, Vietnam
  • Anti-graft drive hits local governments
  • Minister of State (Independent Charge): Rao Inderjit Singh
  • Efforts to achieve Millennium Development Goals- 2015
  • Park administration with steady stream of lawsuits meant to muzzle ...
  • Park urged to change governing style
  • Blue House leak furor rekindled
  • South Korea plans casino at Incheon Airport to lure Chinese gamblers
  • South Korean President Park Geun-Hye accepts PM's resignation in ...
  • S. Korean teenager has joined Islamic State group, officials say
  • “Change Partners”*
  • S. Korea set to chair int'l anti-money laundering policymaking body
  • S. Korea set to chair int'l anti-money laundering policymaking body
  • LG Uplus admits illegal sales practices
  • Korean regulator KCC again fines 3 mobile players over subsidies
  • LGU+ Calls Accusations of Its Multilevel Marketing Tactics “Unfair”
  • Int'l body defers grading S. Korea on human rights
  • Judge will head human rights agency
  • Court chief appointed as National Human Rights Commission ...
  • [Weekender] World Water Forum to focus on solutions
  • Minister pushes for middle-class housing projects
  • Unification minister nominee faces challenges to capitalize on his ...
  • CEOs 'lax management' criticized
  • Korea suffers worsening drought
  • Farmers hit by MERS, drought, FTA
  • Fate of Wolsong-1 nuclear reactor up in the air
  • Fate of Wolsong-1 nuclear reactor up in the air
  • South Korea to store low radioactive waste next month at the earliest
  • The Long Odds Against New York's Fugitive Prisoners
  • The Greatest Good
  • State Department stays quiet about exit from Chinese-owned ...
  • Government urged to enhance transparency
  • Korea raises profile in anti-graft campaign
  • Korea raises profile in anti-graft campaign
  • The Two Koreas Agree To Hold High-Level Talks This Autumn
  • Pan-democrats vow 'close contact' with Hong Kong citizens over ...
  • Chinese private equity firms find lucrative returns in film production ...
  • Gov't to spend 5.7 tln won for 5G, drones
  • Korean Government to Invest 5.7 Trillion Won to Nurture Future ...
  • GSMA Welcomes Launch of World's First Commercial ...

    While some economic events and news headlines include:



  • New Korea economic data reduces chances of more rate cuts
  • Korea to lag emerging markets in growth
  • South Korea Consumer Price Index Growth (YoY) fell from previous ...
  • Export contribution to S. Korea's growth hits 5-year low
  • The way we give disaster aid to poor countries makes no sense
  • South Korea's housing market booms - except for prices
  • South Korea Cuts Interest Rate
  • Export contribution to S. Korea's growth hits 5-year low
  • Free-trade lemmings are perilously close to the cliff
  • Macau's Glitter Fades as Beijing Takes Firmer Hand
  • South Korea in balancing act on household debt

    Companies Reported last month include:


    Best Stocks Last Month and News


    Hyundai Glovis Co Ltd+32.38%
  • Seoul shares edge up, helped by automakers; won falls
    Samsung SDI Co Ltd+28.95%
  • Power Bank Market by Capacity Range, Number of USB Port ...
    Hyundai Wia Corp+27.25%
  • Hyundai Motor Falls to Four-Year Low After Korea Sales Slump
    LG Chem Ltd+22.07%
  • LG Chem to supply EV batteries to Chinese automaker
    Halla Visteon Climate Control Corp+20.90%
  • Shares of Visteon Corporation (NYSE:VC) Sees Large Outflow of ...
    Hyundai Mipo Dockyard+19.73%
  • Aker Philadelphia Shipyard Holds Ceremonial Keel Laying for ...
    Hanwha Chemical Corp+17.11%
  • Solar Panels Market Forecast to Reach $180.7 Billion by 2021
    Samsung Engineering Co Ltd+16.23%
  • Seoul shares end flat in choppy trade; won firms before Fed move
    Hyundai Mobis+15.95%
  • Hyundai Mobis Jumps On Buyback: A Hyundai Merger In The Works?
    Doosan Heavy Industries & Construction C+14.77%
  • ORBCOMM CFO to Present at 6th Annual Craig-Hallum Alpha ...

    Worst Stocks Last Month and News


    Mirae Asset Securities Co Ltd -28.63%
  • Asian Stocks Follow U.S. Lower as Jobs Data Fuel Rate-Rise Bets
    Hyundai Merchant Marine Co Ltd -26.66%
  • Capital Product Partners LP Announces The Delivery Of The M/V ...
    Korea Aerospace Industries Ltd -19.77%
  • Absence of 90-seat turboprop a curious market failure
    Hyundai Department Store Co Ltd -10.45%
  • HiteJinro launches premium soju gift sets
    Hyosung Corp -9.03%
  • WR Grace to provide UNIPOL® PP technology and services to ...
    SK C&C Co Ltd -8.93%
  • Hon Hai to team up with SK Group in financial services: Gou
    POSCO -8.09%
  • Hyundai Samho ships out of Posco
    Korea Investment Holdings Co Ltd -7.93%
  • Live: Sensex trims losses to trade 100 points lower, cable firms rise
    NCSoft Corp -5.16%
  • Largest South Korean Game Company Readies for Western Launch ...
    Korea Zinc Co Ltd -5.10%
  • Watch List: Akamai Technologies, Inc. (NASDAQ:AKAM), Teck ...

    View Korea Econ Page






    • China Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    SHCOMP:IND -3.76-5.6229.14
    MSCI China -2.33-13.48-7.34
    MSCI GEM -3.26-17.18-21.21
    MSCI BRIC -3.53-16.52-20.23
    MSCI World -3.80-8.50-8.44

    Indexes YTD performance %
    MSCI IndexYTDChange
    HUNGARY19.5
    RUSSIA5.1
    RUSSIA ADR/GDR-0.5
    EM EASTERN EUROPE-1.7
    AC EUROPE Growth-2.1
    INDIA-6.3
    INDIA DOMESTIC-6.3
    ACFM EUROPE + CIS (E+C)-7.5
    AC EUROPE-7.5
    PHILIPPINES-7.6
    SELECT OECD COUNTRIES-7.6
    ACFM AMERICA INDEX-8.2
    AC AMERICAS-8.2
    ACWI ex AUSTRALIA-8.2
    UNITED ARAB EMIRATES DOMESTIC-8.3
    ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
    ACFM ASIA-8.4
    KUKJE INDEX (ACWI ex Korea)-8.4
    AC ASIA-8.4
    ACWI WITH BRAZIL ADR-8.4
    ACWI + FRONTIER MARKETS (ACWI FM)-8.5
    AC FAR EAST-8.5
    ACWI WITH USA GROSS-8.5
    World-8.5
    ACWI ex EMU-8.7
    ACWI FM ex JAPAN-9.1
    ACWI ex JAPAN-9.1
    UNITED ARAB EMIRATES-9.1
    EAFE + EM-9.7
    AC ASIA PACIFIC-10.2
    AC PACIFIC-10.4
    ACWI ex USA-10.6
    ACWI FM ex USA-10.6
    KOREA-11.8
    CZECH REPUBLIC-11.8
    ZHONG HUA-12.0
    EM EUROPE & MIDDLE EAST-12.2
    QATAR DOMESTIC-12.3
    AC ASIA ex JAPAN+CHINA A-12.7
    EM EUROPE-12.7
    EM EASTERN EUROPE ex RUSSIA-12.7
    AC EUROPE Value-12.9
    GOLDEN DRAGON-13.0
    EFM EUROPE + CIS (E+C)-13.1
    CHINA-13.5
    ASIA APEX 50-13.6
    EFM CEEC ex RU-13.8
    QATAR-13.9
    CHINA 50-14.3
    BRIC WITH BRAZIL ADR-14.3
    AC ASIA ex JAPAN-14.3
    EM ASIA-14.5
    EFM ASIA-14.5
    MEXICO-14.6
    EM (EMERGING MARKETS)+CHINA A-15.0
    AC FAR EAST ex JAPAN-15.1
    EFM EMEA-15.1
    EM EMEA-15.1
    TAIWAN-15.4
    EM FAR EAST-15.6
    JORDAN + EGYPT + MOROCCO-15.8
    AC ASIA PACIFIC ex JAPAN-15.9
    EFM AFRICA ex ZA-16.0
    AC FAR EAST ex JAPAN ex HK-16.2
    EM WITH BRAZIL ADR-16.4
    POLAND-16.4
    BRIC-16.5
    AC PACIFIC ex JAPAN-16.7
    EFM (EMERGING + FRONTIER MARKETS)-17.1
    EM (EMERGING MARKETS)-17.2
    BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
    AC PACIFIC ex JAPAN ex HK-17.6
    EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
    CHILE-17.8
    EM 50-17.8
    CHINA A 50-18.0
    EFM AFRICA-18.0
    SOUTH AFRICA-18.2
    EM LATIN AMERICA ex BRAZIL-18.3
    EGYPT-18.5
    THAILAND-20.6
    EMERGING MARKETS HORIZON-22.1
    EM ex ASIA-22.6
    EMERGING + FRONTIER MARKETS WORKFORCE-23.7
    SOUTH EAST ASIA-24.6
    ANDEAN-25.2
    EFM EUROPE + CIS (E+C) ex RU-25.7
    PERU-26.5
    MALAYSIA-27.4
    EM LATIN AMERICA WITH BRAZIL ADR-28.3
    EM LATIN AMERICA-30.5
    EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
    TURKEY-33.4
    INDONESIA-34.5
    COLOMBIA-37.6
    BRAZIL-40.9
    BRAZIL ADR-42.6
    GREECE-53.3

    Indexes 1m performance %
    IndexLastChnge
    Korea Stock Exchange KOSPI Index1979.322.98
    FTSE/JSE Africa All Share Index50088.860.23
    S&P BSE SENSEX Index26237.05-0.18
    Borsa Istanbul 100 Index74205.47-1.34
    Dow Jones Industrial Average16284.7-1.47
    Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
    S&P 500 Index1920.03-2.64
    Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
    FTSE 100 Index6061.61-2.98
    Hong Kong Hang Seng Index20846.3-3.32
    Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
    Shanghai Stock Exchange Composite Index3052.781-3.76
    S&P/TSX Composite Index13306.96-3.98
    Jakarta Stock Exchange Composite Index4259.387-4.24
    Nikkei 22517722.42-4.31
    Russian Trading System Cash Index786.35-4.65
    MICEX Index1642.97-5.20
    Russian Depositary Index USD948.48-5.36
    Deutsche Boerse AG German Stock Index DAX9660.44-5.84
    Karachi Stock Exchange KSE100 Index32397.25-6.71

    Currencies 1m performance %
    TickerLastChnge
    USDBRL:CUR 3.94759.03
    USDMYR:CUR4.40455.97
    USDIDR:CUR146594.16
    USDZAR:CUR 13.76373.88
    USDTRL:CUR 30187903.78
    USDTRY:CUR3.01863.77
    USDNOK:CUR 8.50542.88
    USDHRK:CUR6.86442.45
    USDTHB:CUR36.3831.82
    USDGBP:CUR0.66111.79
    USDCZK:CUR24.3871.65
    USDCHF:CUR0.97651.57
    USDPLN:CUR3.80731.32
    USDARS:CUR9.41861.31
    USDSGD:CUR1.42661.30
    USDTWD:CUR32.7531.24
    USDCOP:CUR3087.441.14
    USDAUD:CUR 1.41771.13
    USDBGN:CUR1.75471.13
    USDCAD:CUR 1.32931.13
    USDLTL:CUR3.09691.10
    USDEUR:CUR 0.8971.09
    USDDKK:CUR6.69161.05
    USDHUF:CUR281.10.90
    USDRON:CUR3.9620.76
    USDCLP:CUR696.380.64
    USDRUB:CUR 65.21990.50
    USDMXN:CUR16.83360.36
    USDPKR:CUR104.5050.30
    USDKWD:CUR0.302530.12
    USDKRW:CUR 1176.350.05
    USDPHP:CUR46.7280.02
    USDQAR:CUR3.64180.00
    USDHKD:CUR7.750.00
    USDBDT:CUR77.7750.00
    USDAED:CUR3.6730.00
    USDOMR:CUR0.38505-0.01
    USDSAR:CUR3.7505-0.02
    USDPEN:CUR3.2334-0.10
    USDCNY:CUR 6.3571-0.19
    USDNZD:CUR1.5613-0.46
    USDJPY:CUR 120.19-0.50
    USDSEK:CUR8.3865-0.65
    USDCNH:CUR6.3621-0.86
    USDISK:CUR127.9-1.08
    USDINR:CUR 65.5538-1.28

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    BRAZIL 5.95%0.74 -39 +72 +164
    NEW ZEALAND 3.29%0.09 +4 +8 -84
    MEXICO 3.79%0.01 -12 -3 +26
    SWITZERLAND -0.17%-0.02 -1 -5 -59
    JAPAN » 0.35%-0.02 +2 -2 -18
    CANADA 1.43%-0.06 0 -6 -71
    AUSTRALIA » 2.60%-0.06 +2 -6 -88
    UNITED STATES » 2.07%-0.12 +3 -10 -33
    FRANCE 1.00%-0.15 +1 -16 -24
    GERMANY » 0.60%-0.20 +2 -19 -30
    UNITED KINGDOM » 1.76%-0.20 0 -17 -60
    NETHERLANDS 0.79%-0.20 +1 -20 -25
    SPAIN 1.89%-0.21 +1 -25 -17
    ITALY 1.73%-0.23 +1 -27 -55
    PORTUGAL 2.39%-0.24 +1 -33 -67
    SOUTH KOREA 2.06%-0.24 -9 -24 -81
    INDIA 7.54%-0.24 0 -22 -94
    HONG KONG 1.49%-0.27 -1 -27 -45
    SINGAPORE 2.52%-0.30 -7 -29 +7
    GREECE 8.11%-0.77 +8 -96 +174

    Commodities 1m performance %
    nameunitsPriceChng
    SugarUSD/LB.12.8820.49
    PalladiumUSD/T OZ.656.0510.01
    RiceUSD/CWT13.229.08
    Copper$/t5160.000.49
    COCOAUSD/MT3114.000.48
    SilverUSD/T OZ.14.57-0.61
    HogsUSD/LB.66.73-1.91
    CoffeeUSD/LB.121.35-2.37
    GOLDUSD/T OZ.1112.67-2.54
    NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
    OIL BrentUSD/BBL.48.75-7.46
    CattleUSD/LB.130.93-8.57
    PlatinumUSD/T OZ.912.57-9.84

    Best Stocks 1m in USD %ch
    stockcountrytickernamestockcurrentch
    CH1211:HKByd Co Ltd40.8530.72
    CH1055:HKChina Southern Airlines Co Ltd5.6925.61
    CH489:HKDongfeng Motor Group Co Ltd9.6520.63
    CH2238:HKGuangzhou Automobile Group Co Ltd6.3119.73
    CH210:HKDaphne International Holdings Ltd1.7617.33
    CH753:HKAir China Ltd6.1116.16
    CH1186:HKChina Railway Construction Corp Ltd11.3814.03
    CH1336:HKNew China Life Insurance Co Ltd33.3013.85
    CH3898:HKZhuzhou CSR Times Electric Co Ltd57.0513.76
    CH763:HKZTE Corp17.6413.22

    Worst Stocks 1m in USD %
    stockcountrytickernamestockcurrentch
    CH2333:HKGreat Wall Motor Co Ltd8.56-56.81
    CH1025:HKWumart Stores Inc3.12-23.90
    CH883:HKCNOOC Ltd7.93-17.31
    CH857:HKPetroChina Co Ltd5.37-16.87
    CH3333:HKEvergrande Real Estate Group Ltd4.40-13.39
    CH1066:HKShandong Weigao Group Medical Polymer Co4.88-12.23
    CH2338:HKWeichai Power Co Ltd7.19-11.45
    CH1898:HKChina Coal Energy Co Ltd3.13-11.33
    CH694:HKBeijing Capital International Airport Co7.21-10.32
    CH386:HKChina Petroleum & Chemical Corp4.71-9.60

    Best Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    CH691:HKChina Shanshui Cement Group Ltd6.2969.21
    CH2313:HKShenzhou International Group Holdings Lt39.9055.97
    CH1055:HKChina Southern Airlines Co Ltd5.6954.31
    CH2020:HKAnta Sports Products Ltd20.0046.09
    CH1833:HKIntime Retail Group Co Ltd8.0042.45
    CH3333:HKEvergrande Real Estate Group Ltd4.4040.23
    CH1211:HKByd Co Ltd40.8534.69
    CH656:HKFosun International Ltd13.3031.00
    CH338:HKSinopec Shanghai Petrochemical Co Ltd2.9530.05
    CH1919:HKChina COSCO Holdings Co Ltd4.9429.07

    Worst Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    CH2333:HKGreat Wall Motor Co Ltd8.56-80.58
    CH2338:HKWeichai Power Co Ltd7.19-78.00
    CH881:HKZhongsheng Group Holdings Ltd3.14-55.11
    CH1025:HKWumart Stores Inc3.12-52.98
    CH6030:HKCITIC Securities Co Ltd13.80-52.71
    CH2318:HKPing An Insurance Group Co of China Ltd38.35-51.48
    CH1157:HKZoomlion Heavy Industry Science and Tech2.91-50.73
    CH1088:HKChina Shenhua Energy Co Ltd11.84-48.37
    CH1171:HKYanzhou Coal Mining Co Ltd3.44-47.60
    CH3368:HKParkson Retail Group Ltd1.03-46.87

    Sector Performance 1m in USD %
    NameSectorch
    Technology8.2
    Consumer Discretionary6.2
    Industrials2.7
    Materials1.1
    Financials0.4
    Health Care-2.8
    Utilities-3.1
    Consumer Staples-4.5
    Communications-4.5
    Energy-11.4

    Sector Performance YTD in USD %
    NameSectorch
    Consumer Discretionary-0.6
    Communications-1.4
    Industrials-1.7
    Materials-3.8
    Health Care-11.5
    Technology-15.6
    Utilities-15.6
    Financials-18.1
    Consumer Staples-25.2
    Energy-37.2

    China - Gross domestic product, constant prices Percent change rankings

    • Gross domestic product, constant prices Percent change 2015


    Source:IMF, Midlincoln

    China - Gross domestic product, current prices U.S. dollars rankings

    • Gross domestic product, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    China - Gross domestic product per capita, current prices U.S. dollars rankings

    • Gross domestic product per capita, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    China - Inflation, end of period consumer prices Percent change rankings

    • Inflation, end of period consumer prices Percent change 2015


    Source:IMF, Midlincoln

    China - General government structural balance Percent of potential GDP rankings

    • General government structural balance Percent of potential GDP 2015


    Source:IMF, Midlincoln

    China - Current account balance Percent of GDP rankings

    • Current account balance Percent of GDP 2015


    Source:IMF, Midlincoln

    Table of Contents


    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review


















    China



    Our Stance

    China still a big worry for most radars. Most of the investors optimism towards China has been connected with liberalisation of its markets and with hopes that liberalisation will create inflows into to China domestic markets. And it makes sense: why hold US AAA debt that yields 2% where you can get hold of the AAA debt in China with 4% yield. But the liberalisation created the flow both ways, in and out of China. While it is still quite difficult to take money out of China the water finds its way while most of the China domestic investors are now looking for dollar exposure, being afraid that yuan is not strong enough to sustain domestic run for the dollars if economy continues to hiccup. While it is insane to think that with over 3 trln$ in reserves yuan can be voluntarily any weaker if PBOC doesn't want it to be weaker. Still the mood of the domestic investors investors creates flows that are not positive for China domestic markets. It is difficult to imagine that optimism returns quickly to the China markets. They are more likely to remain flat through the end of the year in our view, buoyed by the still fairly strong growth that China is generating.

    Universe in October

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Zhongsheng Group Holdings Ltd881:HKBeijing, 100007 China Automotive Retailers936.132.66%12.630.110.8733.60-59.45%-4.12
    China Shanshui Cement Group Ltd691:HKChina Cement & Aggregates2742.58--1.210.00129.56%
    China Southern Airlines Co Ltd1055:HKChina Airlines10505.290.91%7.040.405.686.4195.85%134.39
    China Communications Construction Co Ltd1800:HKChina Infrastructure Construction28853.162.03%9.550.363.7719.3991.16%138.26
    Zhuzhou CSR Times Electric Co Ltd3898:HKChina Railroad Rolling Stock8524.130.89%19.624.1321.0517.4690.28%142.66
    China Railway Group Ltd390:HKChina Infrastructure Construction37508.771.32%11.910.221.8515.7278.43%117.58
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers8930.8411.31%3.890.4611.8344.0076.16%161.58
    China Railway Construction Corp Ltd1186:HKChina Infrastructure Construction28876.901.54%10.580.211.9816.2973.59%114.78
    Shenzhou International Group Holdings Ltd2313:HKChina Apparel, Footwear & Acc Design6985.941.68%19.803.7919.1433.2660.16%126.26
    Fosun International Ltd656:HKChina Steel Producers14486.321.17%9.631.2412.8811.2754.09%102.09
    China Merchants Bank Co Ltd3968:HKChina Banks71143.484.16%7.171.3518.8329.8351.59%126.57
    China COSCO Holdings Co Ltd1919:HKChina Marine Shipping6512.00-9.120.647.02-0.0048.35%79.74
    CRRC Corp Ltd1766:HKChina Railroad Rolling Stock54359.611.43%20.401.014.9529.1745.87%93.08
    China Shipping Container Lines Co Ltd2866:HKChina Marine Shipping4688.39-48.180.861.78-0.0045.33%32.43
    Intime Retail Group Co Ltd1833:HKChina Department Stores2474.193.10%11.782.5921.9936.5244.37%124.58
    Ping An Insurance Group Co of China Ltd2318:HKChina Life Insurance94734.971.26%11.480.998.6214.4643.44%88.54
    Chongqing Rural Commercial Bank Co Ltd3618:HKChina Banks5676.005.29%5.060.9919.5726.7735.63%110.39
    Beijing Capital International Airport Co Ltd694:HKChina Transport Support Services4347.612.20%17.913.3918.9339.4033.92%107.83
    China Life Insurance Co Ltd2628:HKChina Life Insurance115861.941.73%14.881.268.4725.7433.85%86.67
    New China Life Insurance Co Ltd1336:HKChina Life Insurance17262.450.73%9.760.555.647.1231.08%67.57
    ZTE Corp763:HKChina Communications Equipment10454.841.16%17.670.613.4520.5025.24%65.01
    Air China Ltd753:HKChina Airlines14149.291.05%8.340.617.318.7624.56%65.78
    Jiangsu Expressway Co Ltd177:HKChina Infrastructure Construction6489.554.75%13.955.1436.8566.2624.55%147.20
    People's Insurance Co Group of China Ltd/The1339:HKChina P&C Insurance21896.260.30%7.280.364.952.1823.17%56.51
    ANTA Sports Products Ltd2020:HKChina Specialty Apparel Stores6548.522.86%22.304.1118.4363.7822.47%115.87
    Sino-Ocean Land Holdings Ltd3377:HKChina Real Estate Owners & Developers4733.554.92%6.710.8212.2233.0121.86%93.87
    PICC Property & Casualty Co Ltd2328:HKChina P&C Insurance32412.261.99%9.500.828.6318.9121.82%73.35
    Tencent Holdings Ltd700:HKChina Application Software172774.190.25%42.0412.4229.5410.5119.67%51.17
    Zijin Mining Group Co Ltd2899:HKChina Precious Metal Mining10299.354.61%14.930.533.5568.8318.61%109.55
    Sinopec Shanghai Petrochemical Co Ltd338:HKChina Basic & Diversified Chemicals9218.06-23.990.351.46-0.0018.38%29.34
    Zhejiang Expressway Co Ltd576:HKChina Infrastructure Construction4987.614.54%11.312.9225.8251.3518.24%117.59
    China Longyuan Power Group Corp Ltd916:HKChina Power Generation9218.450.84%17.222.9417.0714.4617.12%64.93
    Shanghai Electric Group Co Ltd2727:HKChina Electrical Power Equipment19262.971.52%19.960.663.3130.3416.68%63.86
    Longfor Properties Co Ltd960:HKChina Real Estate Owners & Developers7533.423.55%5.650.8915.7520.0614.19%77.84
    Great Wall Motor Co Ltd2333:HKChina Automobiles15837.030.91%9.481.2212.878.6313.82%59.33
    China Pacific Insurance Group Co Ltd2601:HKChina Life Insurance34711.742.02%14.800.966.4929.9012.98%68.05
    Shui On Land Ltd272:HKChina Real Estate Owners & Developers2019.613.18%8.931.8220.3828.4011.54%84.88
    AviChina Industry & Technology Co Ltd2357:HKChina Aircraft & Parts4676.260.38%38.751.092.8114.738.48%20.76
    Bank of Communications Co Ltd3328:HKChina Banks64157.945.90%5.251.0019.0530.988.27%86.53
    BBMG Corp2009:HKChina Cement & Aggregates5425.941.05%11.100.635.6811.668.20%47.92
    Huaneng Power International Inc902:HKChina Power Generation19520.265.21%8.300.8410.1243.247.42%85.97
    Haitong Securities Co Ltd6837:HKChina Institutional Brokerage22929.032.40%6.972.3033.0016.737.02%83.27
    Bank of China Ltd3988:HKChina Banks164774.196.63%4.891.1022.4932.426.42%89.94
    China Construction Bank Corp939:HKChina Banks179870.976.78%4.941.2425.1033.495.84%92.98
    China Minsheng Banking Corp Ltd1988:HKChina Banks46659.233.03%4.610.8017.3513.975.62%65.82
    Sinopharm Group Co Ltd1099:HKChina Health Care Supply Chain10265.031.35%19.150.291.5125.855.33%47.04
    Country Garden Holdings Co Ltd2007:HKChina Real Estate Owners & Developers8539.742.69%5.060.5210.2813.614.65%56.97
    Hengan International Group Co Ltd1044:HKChina Household Products12275.102.69%23.293.9416.9262.653.93%93.70
    Industrial & Commercial Bank of China Ltd1398:HKChina Banks241290.326.55%5.121.3325.9833.543.52%91.40
    Golden Eagle Retail Group Ltd3308:HKChina Department Stores2036.773.48%11.453.4930.4839.853.51%95.88
    China CITIC Bank Corp Ltd998:HKChina Banks39445.94-4.530.7616.78-0.002.08%47.82
    Anhui Conch Cement Co Ltd914:HKChina Cement & Aggregates15431.613.29%10.831.9017.5435.631.51%77.34
    Uni-President China Holdings Ltd220:HKChina Beverages4129.810.22%42.521.172.759.35-0.61%2.47
    Zhaojin Mining Industry Co Ltd1818:HKChina Precious Metal Mining1583.481.49%27.831.896.7941.47-2.05%51.87
    Guangzhou R&F Properties Co Ltd2777:HKChina Real Estate Owners & Developers3151.744.81%5.110.5310.3724.58-2.24%61.09
    Agricultural Bank of China Ltd1288:HKChina Banks155354.847.31%4.571.0021.8833.41-5.78%78.43
    Agile Property Holdings Ltd3383:HKChina Real Estate Owners & Developers2158.195.88%4.500.347.5626.46-6.31%56.70
    Shanghai Pharmaceuticals Holding Co Ltd2607:HKChina Health Care Supply Chain7409.422.08%13.650.392.8628.39-6.87%44.22
    Guangzhou Automobile Group Co Ltd2238:HKChina Automobiles14481.292.88%11.351.5613.7432.69-6.98%61.59
    Byd Co Ltd1211:HKChina Automobiles20911.74-170.601.530.90-0.00-11.83%-148.04
    China Communications Services Corp Ltd552:HKChina Infrastructure Construction2841.943.66%8.250.232.7930.20-11.98%46.24
    China International Marine Containers Group Co Ltd2039:HKChina Fabricated Metal & Hardware6220.772.68%10.670.454.2228.60-12.46%43.17
    CITIC Securities Co Ltd6030:HKChina Institutional Brokerage26987.352.21%7.422.2930.8616.40-14.07%59.26
    Dongfeng Motor Group Co Ltd489:HKChina Automobiles11740.132.36%6.640.649.6415.67-14.67%37.49
    ENN Energy Holdings Ltd2688:HKChina Utility Networks6118.191.89%13.051.279.7324.66-15.97%38.87
    Aluminum Corp of China Ltd2600:HKChina Base Metals9862.97--0.220.00-16.06%
    Datang International Power Generation Co Ltd991:HKChina Power Generation10025.685.19%18.440.522.8295.70-16.25%97.32
    Jiangxi Copper Co Ltd358:HKChina Base Metals6404.262.35%11.350.171.5026.67-16.50%33.81
    China Coal Energy Co Ltd1898:HKChina Coal Operations11272.520.80%-0.63-0.00-17.08%
    China Petroleum & Chemical Corp386:HKChina Integrated Oils91927.744.60%13.420.211.5661.73-17.20%66.17
    China Telecom Corp Ltd728:HKChina Telecom Carriers39787.352.51%14.190.785.5035.62-17.98%42.43
    Zoomlion Heavy Industry Science and Technology Co Ltd1157:HKChina Construction & Mining Machinery5674.451.91%-0.93-0.00-25.85%
    Shandong Weigao Group Medical Polymer Co Ltd1066:HKChina Health Care Supplies3124.771.69%18.303.7720.6030.93-26.79%39.93
    Sihuan Pharmaceutical Holdings Group Ltd460:HKChina Generic Pharma5874.840.76%16.2713.0680.2712.37-27.70%82.16
    CNOOC Ltd883:HKChina Exploration & Production52021.556.31%7.991.4518.1550.42-29.15%64.91
    China National Building Material Co Ltd3323:HKChina Cement & Aggregates3420.524.19%4.380.194.3418.35-29.27%22.53
    Tingyi Cayman Islands Holding Corp322:HKChina Beverages10294.841.94%28.091.073.8154.49-30.20%33.50
    China BlueChemical Ltd3983:HKChina Agricultural Chemicals1302.710.57%50.180.801.5928.60-31.58%-18.07
    China Shenhua Energy Co Ltd1088:HKChina Coal Operations45380.266.83%7.981.0813.5354.50-34.50%59.05
    Want Want China Holdings Ltd151:HKChina Packaged Food10771.102.21%18.462.8715.5540.80-34.77%36.60
    Yanzhou Coal Mining Co Ltd1171:HKChina Coal Operations5125.160.61%111.730.340.3068.16-35.21%-44.99
    Tsingtao Brewery Co Ltd168:HKChina Beverages6644.521.56%22.381.526.7934.91-35.92%16.89
    PetroChina Co Ltd857:HKChina Integrated Oils232903.233.18%14.020.473.3544.58-36.50%30.91
    Weichai Power Co Ltd2338:HKChina Commercial Vehicles5378.582.44%13.050.352.6831.84-37.05%17.91
    SOHO China Ltd410:HKChina Real Estate Owners & Developers2361.554.61%9.858.5987.2145.41-38.61%117.65
    Lenovo Group Ltd992:HKChina Computer Hardware & Storage9832.903.87%13.290.201.5051.43-41.21%31.93
    Parkson Retail Group Ltd3368:HKChina Department Stores373.815.71%-0.54-0.00-50.82%
    Daphne International Holdings Ltd210:HKChina Specialty Apparel Stores400.00-447.620.320.07-0.00-50.91%-464.97
    China Oilfield Services Ltd2883:HKChina Oil & Gas Services & Equip10190.716.46%9.161.2413.5459.17-52.43%44.61
    Wumart Stores Inc1025:HKChina Food & Drug Stores543.23-10.310.171.65-0.00-56.69%-31.86
    Greentown China Holdings Ltd3900:HKHangzhou China Real Estate Owners & Developers1760.39-5.650.376.55-0.00-18.16%16.23
    Sun Art Retail Group Ltd6808:HKHong Kong (SAR) Food & Drug Stores7607.102.59%18.070.512.8246.80-28.20%36.84

    Index Sector Valuations vs GEM Average

    SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
    Communications39787.41.510.3794505.835.643.32.53.214.218.2-22.05.513.68.1-18.0-0.7
    Consumer Discretionary107380.14.16.6509681.017.127.01.82.010.916.4-33.510.09.6-0.415.33.1
    Consumer Staples52265.72.07.5584775.345.838.02.11.823.728.2-16.09.410.30.9-21.512.3
    Energy448821.217.312.6973390.449.340.84.24.412.412.40.06.09.73.7-31.4-21.0
    Financials1376357.953.032.82543065.727.426.05.04.06.98.8-21.619.520.40.912.83.2
    Health Care26674.11.02.3178295.824.220.31.51.016.931.7-46.721.517.0-4.5-9.113.6
    Industrials229202.78.85.8453138.223.123.41.81.815.818.6-15.15.911.45.551.422.9
    Materials80177.83.17.6590209.422.727.52.63.113.918.1-23.28.59.81.314.5-0.1
    Technology193061.97.410.8833615.613.129.20.52.339.318.9107.926.719.8-6.916.92.8
    Utilities44882.61.73.7288099.046.532.23.93.113.012.44.89.913.43.50.9-5.6

    Top 5 China Index Long Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Evergrande Real Estate Group Ltd3333:HKChina Real Estate Owners & Developers8930.8411.31%3.890.4611.8344.0076.16%161.58
    Jiangsu Expressway Co Ltd177:HKChina Infrastructure Construction6489.554.75%13.955.1436.8566.2624.55%147.20
    Zhuzhou CSR Times Electric Co Ltd3898:HKChina Railroad Rolling Stock8524.130.89%19.624.1321.0517.4690.28%142.66
    China Communications Construction Co Ltd1800:HKChina Infrastructure Construction28853.162.03%9.550.363.7719.3991.16%138.26
    China Southern Airlines Co Ltd1055:HKChina Airlines10505.290.91%7.040.405.686.4195.85%134.39

    Top 5 China Index Short Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Daphne International Holdings Ltd210:HKChina Specialty Apparel Stores400.00-447.620.320.07-0.00-50.91%-464.97
    Byd Co Ltd1211:HKChina Automobiles20911.74-170.601.530.90-0.00-11.83%-148.04
    Yanzhou Coal Mining Co Ltd1171:HKChina Coal Operations5125.160.61%111.730.340.3068.16-35.21%-44.99
    Wumart Stores Inc1025:HKChina Food & Drug Stores543.23-10.310.171.65-0.00-56.69%-31.86
    China BlueChemical Ltd3983:HKChina Agricultural Chemicals1302.710.57%50.180.801.5928.60-31.58%-18.07

    China Index



    Source: Midlincoln

    China Index vs. SHCOMP:IND



    Source: Midlincoln



    Weekly Fund flow into China focused funds showed (Previous Week)-7.2 USD mn of outflow.


    Top 10 China Focused Funds by Inflows Last Week
    Fund Namefund flow mn$Total Assets mn$
    INVESCO PRC EQUITY FUND - A (IUV6)51.3804.8
    HSBC GLOBAL INVESTMENT FUNDS - CHINESE EQUITY - A ACC GBP (HSCEAAS)34.62619.9
    DB X-TRACKERS HARVEST CSI 300 CHINA A-SHARES FUND (ASHR)26.9422.7
    HSBC EQUITY FUND/INDIA - DIVIDEND (HSBCHED)19.91732.0
    HSBC GLOBAL INVESTMENT FUNDS - CHINESE EQUITY - ED (HSBCHED)19.91732.0
    HSZ CHINA FUND - US$ (HSZCHID)8.9103.9
    JPMORGAN FUNDS - CHINA FUND - A HKD DIS (JFCHAIH)6.0154.7
    EASTSPRING CHINA DRAGON A SHARE SECURITIES FEEDER INVESTMENT TRUST UH - EQUITY (9685007)5.6350.5
    DWS INVEST - CHINESE EQUITIES - RDR1 GBP DIST (DWSCDS1)5.0241.1
    ISHARES DOW JONES CHINA OFFSHORE 50 UCITS DE (DJCHOEX)4.146.8

    Top 10 China Focused Funds by Outflow Last Week
    Fund Namefund flow mn$Total Assets mn$
    UBS LUX EQUITY FUND - CHINA OPPORTUNITY USD - P-ACC (UBFP)-145.41340.0
    ISHARES CHINA LARGE-CAP ETF (FXI)-97.45776.0
    HANG SENG INVESTMENT INDEX FUNDS SERIES - H-SHARE INDEX ETF (2828)-73.16304.8
    SPDR S&P CHINA ETF (GXC)-10.0849.7
    FIRST TRUST ISE CHINDIA INDEX FUND (FNI)-7.9218.7
    BARING INVESTMENT FUNDS - CHINA SELECT FUND - AEUR (BYQW)-5.968.2
    W.I.S.E. YUANTA/P-SHARES CSI 300 ETF (0061)-5.7353.3
    UBS LUX EQUITY FUND - CHINA OPPORTUNITY USD - P-ACC (SBCEHKI)-5.61202.0
    EASTSPRING CHINA DRAGON A SHARE SECURITIES MASTER INVESTMENT TRUST - EQUITY (9161637)-5.3319.8
    FUBON SSE 180 INDEX ETF (006205)-5.2357.8

    Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 2098.682.50USDApr 28, 20204.282.81-0.150.56
  • Sunshine Oilsands Ltd. Private Placement of HK$ 50 Million of ...
    • SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 24104.24.38USDApr 10, 20247.013.78-0.090.40
  • Sunshine Oilsands Ltd. Private Placement of HK$ 50 Million of ...
    • SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 23103.94.38USDOct 17, 20236.693.79-0.090.20
  • Despite Desire for SOE Reform, Progress in Oil Industry Is Fitful
    • SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 22101.43.90USDMay 17, 20225.773.65-0.03-0.10
  • U.S. GDP, Housing Data, Jackson Hole, F1: Week Ahead Aug. 22-29
    • SINOCHEM OVERSEAS CAPITAL CO LTD RegS 20104.84.50USDNov 12, 20204.533.460.05-0.50
  • More Toxic Goods Stored Near Tianjin Homes

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    STATE GRID OVERSEAS INVESTMENT 201 RegS 24105.04.13USDMay 7, 20247.163.44-0.171.00
  • BUSINESS IN BRIEF 10/9
    • SINOPEC GROUP OVERSEAS DEVELOPMENT RegS 23104.64.38USDOct 17, 20236.693.71-0.251.50
  • Despite Desire for SOE Reform, Progress in Oil Industry Is Fitful
    • CNOOC FINANCE (2012) LTD RegS 42104.35.00USDMay 2, 204214.274.71-0.060.00
  • Nexen's oil sands spill fuels concerns over pipeline safety
    • BANK OF COMMUNICATIONS CO LTD RegS 24101.24.50USDOct 3, 20243.614.19-0.09-0.20
  • Fuzzy Business: Sharpening the definition of covered business ...
    • TENCENT HOLDINGS LIMITED MTN RegS 19101.93.38USDMay 2, 20193.352.80-0.220.60
  • Audi, Mercedes and BMW hit back at Google and Appple: Firms buy ...

    • China Last Month Review



    China SHCOMP:IND Index lost-3.76% last month. To finish the month at 3052.781

    MSCI China Index lost-2.33% last month. Its overall down -13.48% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    CNY last month gained 0.19% against US dollar. To finish the month at 6.3571per USD.

    Sovereign eurobonds are trading with average yield of 3.42% and tightened by -0.04% last month.

    Corporate eurobonds are trading with average yield of 4.83% and widened by0.11% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in China included Byd Co Ltd +30.72%, China Southern Airlines Co Ltd +25.61%, Dongfeng Motor Group Co Ltd +20.63%, Guangzhou Automobile Group Co Ltd +19.73%, Daphne International Holdings Ltd +17.33%, Air China Ltd +16.16%, China Railway Construction Corp Ltd +14.03%, New China Life Insurance Co Ltd +13.85%, Zhuzhou CSR Times Electric Co Ltd +13.76%, ZTE Corp +13.22%, .

    Worst stocks last month included Great Wall Motor Co Ltd -56.81%, Wumart Stores Inc -23.90%, CNOOC Ltd -17.31%, PetroChina Co Ltd -16.87%, Evergrande Real Estate Group Ltd -13.39%, Shandong Weigao Group Medical Polymer Co -12.23%, Weichai Power Co Ltd -11.45%, China Coal Energy Co Ltd -11.33%, Beijing Capital International Airport Co -10.32%, China Petroleum & Chemical Corp -9.60%,

    Best stocks YTD included China Shanshui Cement Group Ltd +69.21%, Shenzhou International Group Holdings Lt +55.97%, China Southern Airlines Co Ltd +54.31%, Anta Sports Products Ltd +46.09%, Intime Retail Group Co Ltd +42.45%, Evergrande Real Estate Group Ltd +40.23%, Byd Co Ltd +34.69%, Fosun International Ltd +31.00%, Sinopec Shanghai Petrochemical Co Ltd +30.05%, China COSCO Holdings Co Ltd +29.07%,

    While worst stocks YTD included Great Wall Motor Co Ltd -80.58%, Weichai Power Co Ltd -78.00%, Zhongsheng Group Holdings Ltd -55.11%, Wumart Stores Inc -52.98%, CITIC Securities Co Ltd -52.71%, Ping An Insurance Group Co of China Ltd -51.48%, Zoomlion Heavy Industry Science and Tech -50.73%, China Shenhua Energy Co Ltd -48.37%, Yanzhou Coal Mining Co Ltd -47.60%, Parkson Retail Group Ltd -46.87%,
    In terms of sector performance last month the best sectors included Technology +8.2%, Consumer Discretionary +6.2%, Industrials +2.7%,

    While worst sector performance last month showed Energy -11.4%, Consumer Staples -4.5%, Communications -4.5%,

    YTD the best sectors remain Consumer Discretionary-0.6%, Communications-1.4%, Industrials-1.7%,
    While the worst sectors are Energy -37.2%, Consumer Staples -25.2%, Financials -18.1%,

    China currency vs. USD



    Source: Midlincoln

    China SHCOMP:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for China include:


  • Chinese President Mr. Xi Jinping urged to end forced organ ...
  • US badly needs successful visit by Xi Jinping
  • Chinese Vice President Stresses Cuba's Success
  • Li Yuanchao urges bigger role for applied math in economic growth
  • Full Text: Chinese Vice President Li Yuanchao's speech at the ...
  • Hong Kong police probe magistrate's perversion allegation against ...
  • Hong Kong marks 70th anniversary of Japan's surrender with ...
  • Birmingham City Chairman released from jail; Free to appeal money ...
  • Diacylglycerol kinase-ζ regulates mTORC1 and lipogenic ...
  • Ras association domain family member 10 suppresses gastric ...
  • Multifunctional upconversion–nanoparticles ...
  • NPC adopts new measures as local debt problem looms large
  • S. Korea seeks China's support for new Asia development bank
  • China Puts Cap on Local Government Debt
  • Top legislature ratifies China, Kazakstan criminal transfer treaty
  • Chinese Officials Vow To Fix Nation's Crumbling Reeducation System
  • Link between Terror and Organized Crime Worth Attention: UN
  • Hong Kong chief executive hits back at Liberal Party chairman's ...
  • Hong Kong leader CY Leung 'doesn't have the art of making people ...
  • Hong Kong must tackle decline in mainland visitor numbers, says ...
  • Hong Kong marks 70th anniversary of Japan's surrender with ...
  • Chief Executive of Macau urges residents to care about heritage sites
  • Macau Acting Chief Executive urges local youths to learn from history
  • Communist Party pledges to improve judicial independence ...
  • Women 'chained up and tortured' in labour camp
  • Erdoğan's comments on gender 'against Constitution'
  • Australian trade minister visits China to reassure on FTA
  • Bill Shorten calls China-Australia free trade agreement a 'dud deal'
  • Tony Abbott's fondness for controversy obscures success of China ...
  • Hong Kong star Rex Tso makes it 18 fights, 18 wins as he ...
  • Hong Kong exports fall for third straight month amid weak global ...
  • Hong Kong's economy could slow in second half of the year ...
  • Occupy activists arrested for obstructing Mong Kok clearance have ...
  • Secretary for justice faces a time of tests
  • Hong Kong officials 'waiting for more evidence' as they weigh up ...
  • Letter to Minister of Education Mr. Yuan Guiren
  • Taiwan flag removed for Chinese leadership visit
  • Officials to Lecture About Socialism and Xi Jinping Speeches to ...
  • Proposal to scrap Hong Kong tram service defies belief
  • Hong Kong military drill stokes fears in wake of Beijing's new ...
  • 'Tens of thousands' of protesters to rally in Hong Kong as Legco ...
  • David Jolly likely to survive third-party challenge
  • A look at the recent crop of movies about mental illness
  • Hollywood Comes Out For Gay Marriage: Lena Dunham, J.K. ...
  • Nhật cầu viện Mỹ, nếu Nhật có chiến tranh với Trung Quốc
  • Trung Quốc “ném át chủ” chiến đấu cơ J-11, khống chế Biển Đông
  • Bí ẩn xe hơi tự động tăng tốc đâm người như có "ma làm"
  • Govt makes U-turn on water testing at kindergartens
  • In about-face, Hong Kong authorities decide to run tests at public ...
  • Nursery water checks due to start
  • China and Georgia launch new cooperation in agriculture
  • More Ecological Requirements for Chinese Agriculture
  • Chinese moves to curb corn area won't lift soy sowings
  • Reporters deny colluding with education ministry intruders
  • China police, regulator probing illegal stock trading
  • Taiwan admits 'red supply chain' a threat to tech industry
  • Peter Slipper's $1100 in daily expenses
  • WeChat Makes E-Commerce Push to Serve Growing Users in ...
  • S.Korea airline chief's second daughter sorry for 'revenge' text
  • US Calls for Release of Chinese Lawyers, Religious Leaders
  • US, China should cooperate to maintain post-WWII order: Chinese ...
  • Xi's US Visit to See Surprising Results: Chinese Ambassador
  • Evicted tenants of Tsuen Wan subdivided flats end their sit-in, but ...
  • More land may go up for sale before end of quarter, Hong Kong's ...
  • Official use of English being 'neglected' by Hong Kong government
  • Hong Kong Green Building Week 2015 Ushers Hong Kong in Green ...
  • Hong Kong Green Building Week 2015 Launching Ceremony
  • Hong Kong building managers urged to publicise updated electricity ...
  • Japan, China explore cooperation against disasters
  • China's lottery authority promises transparency after embezzlement ...
  • China welfare lottery launches clean-up campaign
  • Final Round
  • Protests hit Carrie Lam's neighbourhood 'bus parade' to promote ...
  • Can CY Leung still govern Hong Kong effectively?
  • US human rights report on Occupy protests gets Hong Kong ...
  • Hong Kong's lead-in-drinking-water crisis: everything you need to ...
  • Hong Kong Legco president defends ex-minister brother against ...
  • Li Keqiang Meets with General Secretary of the Central Committee ...
  • China Central Bank Stakes Credibility On Unprecedented Statement
  • China Premier Li Says No Basis for Yuan's Continued Depreciation
  • "Hebei Gang" triumph in Zhou trial
  • Assassination plot behind Xi's call for loyalty: Boxun
  • Chen Wenqing appointed state security minister amid reshuffle
  • Search area for Flight MH370 to double if plane not found
  • Shenzhen Tells Ride App Firms to Stop Working with Private Drivers
  • Smart transport boosts traveling
  • New Hong Kong home affairs secretary Lau Kong-wah tight-lipped ...
  • Extending retirement age for all civil servants is fairer, and better for ...
  • Hong Kong unions call for later retirement for civil servants and ...
  • Health minister apologises as serious medical blunder affects nearly ...
  • Hong Kong won't follow World Health Organisation's Mers advice ...
  • Mers outbreak: Hong Kong warns against S Korea travel
  • Wine fit for an emperor
  • Anti-Occupy stalwarts join CY Leung delegation to Beijing
  • Hong Kong heads to Beijing: 287 delegates arrive for China's ...
  • North Korea Remembers Libya, So No Iranian-Style Deal
  • Wang Yi Holds Talks with Minister for Foreign Affairs and Regional ...
  • Gadhafi's fate only hardened Kim's resolve
  • Families of China's 'disappeared' say country is a place of fear and ...
  • Row over compensation for contract firemen killed in Tianjin blasts
  • Friday Asia Update: Top Five Stories for the Week of August 21, 2015
  • China's Record 400 Billionaires And Billionaire Families (Full List)
  • MH370: Debris Discovery May Support Theory on Missing Malaysia ...
  • China Focus: Cabinet officials grilled over water pollution
  • Photo & Imaging 2015 Held at Shanghai World Expo Exihibition ...
  • Li pledges compensation to Tianjin blast families
  • Education notes: Students honored
  • High-Ranking Retired Environmental Protection Official Mired in ...
  • China, Both Major Cause of and Potential Solution to Illegal Logging
  • How Beijing Intervened to Save China's Stocks
  • China's defense minister calls for strengthened coastal defense
  • China Defense Chief: Japan Bill to 'Complicate' Region
  • China defence minister Chang Wanquan brushes off fears over ...
  • SLW visits Hub Hong Kong
  • Collapsed retailer DSC owes 350 workers HK$10m
  • Hong Kong father who killed his sons in murder-suicide 'saw his ...
  • Hong Kong justice chief to meet top Beijing officials on three-day trip
  • Hong Kong and Macau justice chiefs meet as deal nears on extradition
  • SKYSCRAPERS: Two of Macao's landmarks--the Bank of China ...
  • Beijing loyalists not expecting two-thirds majority in elections for ...
  • Beijing contact with Hong Kong pan-democrats on hold until after ...
  • Hong Kong's Basic Law could be more 'imaginative and less ...
  • SKYSCRAPERS: Two of Macao's landmarks--the Bank of China ...
  • Kwan: city not ready for universal suffrage
  • Reform Higher Ed? Treat Badmin Like Bankers
  • Olympic Highlights
  • Beijing selected to host 2022 Winter Olympics
  • Australian FM says FTA with China "undeniably good for Australia"
  • Has China decided the Future of Tibet?
  • Devaluation Strengthens China's Hand at IMF
  • Ma Kai stresses consultative service for manufacturing
  • Chinese vice premier stresses innovation in manufacturing needed
  • ZAP and Jonway Auto Receive Accolades from China Vice Premier ...
  • 1 Department of Materials Science and Engineering, Pohang ...
  • A new conjugated poly(pyridinium salt) derived from phenanthridine ...
  • After Crash, China Holds Hundreds in Stock Market Crackdown
  • Uber back on road to gain public support
  • Exclusive interview with US DOT on Hong Kong CAD disability ...
  • Transport chief leaves for bridge discussions
  • Revenue at Macau casinos falls by a record 23 per cent in October
  • Revenue at Macau casinos falls by a record 23 per cent in October
  • Meet the real-life 'Mad Men' who inspired Don Draper
  • The Biggest Reason Each 2015 Top-10 NBA Draft Pick Could Bust
  • Which NBA Fanbase Has Been the Most Loyal During the Past 15 ...
  • Ranking the Most Memorable NCAA Tournament Games of the Past ...
  • HKU petitioner stands by claim students attacked professor at ...
  • Uphold academic freedom in resolving row over appointment, urge ...
  • HKU council members taken to hospital as meeting on pro-vice ...
  • Geingob Administration - the Achievements So Far - Part 2
  • India, China vow to keep border peace
  • SCO members should cooperate on defense: Chinese official
  • Gov. Snyder talks business in China
  • Chinese President Xi Jinping looking more vulnerable than ever ...
  • Statement by NSC Spokesperson Ned Price on National Security ...
  • China unveils targets for 2015: Li Keqiang's speech as it happened
  • China ready for SCO cooperation on law enforcement security
  • Making Accommodations
  • Hong Kong government supporters march to university urging ...
  • Top scientist quits HKU council, warning students against 'opening ...
  • Minos sworn in as new Samarahan Walikota
  • Zhou Shengxian defends 'embarrassing' environmental protection ...
  • High-Ranking Retired Environmental Protection Official Mired in ...
  • China's Anti-Corruption Fight Turns Toward Environmental Agency
  • Top 5 things about PAP's Aljunied GRC team
  • Arts Etc. – September 1, 2015
  • 6 rallies on Thursday for PAP, WP, SDP, SingFirst and independent
  • “The government should have better public tender terms, contract ...
  • Macau LRT's numerous contractors causing difficulties
  • The waiting game
  • The World's Next Superpower Announces Itself With an Epic Parade
  • China's Military Committed to Reform
  • US national security adviser in China ahead of Xi's US trip
  • Kenya auditor uncovers massive government misspending
  • China's Top Auditor Warns On Rising Local Debt And Mismanagement
  • Wiley Celebrates Partnership with China at BookExpo America 2015
  • Indonesia participates in CAExpo to boost exports to China
  • Area Near Tianjin Blast Site Normal after Rain: Official
  • Russia and China Aiming for Successful Conclusion of Negotiations ...
  • Improve service rather than offering endless discounts to lure ...
  • Two arrested as protests make a comeback
  • Baby milk curbs stay for now
  • Day in pictures: 12 November 2012
  • International Garden Expo opens in Beijing
  • China's new cabinet members endorsed
  • 10 things you need to know before European markets open
  • Retirement Age to Rise; Job Growth Expected to Slow
  • Data point to much sharper slowdown in Chinese economy
  • Changes to give 'Big 3' fresh zeal
  • Tianjin blasts hasten removal of more than 1000 factories
  • Sky ' s the limit for defense giants
  • Hong Kong leader Leung Chun-ying leaps to the defence of ...
  • Who is the biggest loser after rejection of 2017 electoral reform ...
  • New Hong Kong home affairs secretary Lau Kong-wah tight-lipped ...
  • Record iBond subscription means many Hong Kong investors will ...
  • New companies law will boost Hong Kong's competitiveness
  • Budget for high-speed railway rises to HK$71 billion after delays ...
  • Nigeria, Others Support Probes Of Chemical Weapons Use In Syria
  • Feature: Commemorative concert marks end of WWII at UN ...
  • Flight MH17: Russia blocks UN resolution on international tribunal
  • Yuan liquidity crisis shows Hong Kong's soft spot as offshore hub
  • Outlook bright but Fed offers no clear signs on hike
  • China Markets Live - Shanghai, Shenzhen reverse to finish sharply ...
  • Green shoots across economy: Frydenberg
  • Green shoots across economy: Frydenberg
  • Address by Ambassador Ma Zhaoxu at the Opening of the "One Belt ...
  • IMF may resort to Plan B if US does not approve reforms
  • Timing of proposed minimum wage hike important: TW minister
  • China trying to outperform Russia on weapons exports
  • Collective Action Against Grand Corruption
  • ICAC chief stays mum on high-profile probes
  • Hong Kong's ICAC steps up cooperation with mainland Chinese anti ...
  • Insurance product faces gloomy future
  • ICAC takes airport security boss Sidney Chau in for questioning
  • NFL probe says Patriots probably deflated balls and Tom Brady ...
  • Mike Allen's must-read briefing on what's driving the day in ...
  • BULLETIN BOARD: Sept. 2-8
  • In Yemen Amid Airstrikes on Sana'a, UN Envoy Silent, US Calls ...

    While some economic events and news headlines include:



  • Ambassador seeks to allay concerns over China's economic growth
  • Multinational China execs feel chill wind, not hot growth
  • China press: China may boost investment to stabilise growth
  • HK's Growth Enterprise Market jumps after China relaxes insurers ...
  • How China used more cement in 3 years than the US did in the ...
  • China's one-child policy proves hard to undo
  • Why Chinese Steel Exports Are Stirring Protests
  • China Export Gains Show Foreign Demand Still Aiding Growth
  • Iron ore price slump increases the Treasurer's budget headaches
  • China Projects 2015 Budget Deficit of 1.62 Trillion Yuan
  • China Expands Social-Security Fund Investments to Local ...

    Companies Reported last month include:



    2015-08-31 China Railway Group Ltd
    CH
  • China plans to cut number of big state firms to 40: state media
  • China's railway firms ink record 2014 profits as they look abroad

    2015-08-31 China Pacific Insurance Group Co Ltd
    CH
  • Fed Meeting, GDP, Abe, Apple, Buffett: Week Ahead April 25-May 2
  • Building again: the return of Japan's banks

    Best Stocks Last Month and News


    Byd Co Ltd+30.72%
  • Company Shares of Boyd Gaming Corporation (NYSE:BYD) Drops ...
    China Southern Airlines Co Ltd+25.61%
  • China Southern Airlines Co Ltd (ADR) (NYSE:ZNH) Should You Buy ...
    Dongfeng Motor Group Co Ltd+20.63%
  • Dongfeng Motors: Tantalizing Value Play
    Guangzhou Automobile Group Co Ltd+19.73%
  • Toyota's Texas Twist
    Daphne International Holdings Ltd+17.33%
  • Six groups eye regional airport dev't
    Air China Ltd+16.16%
  • India's Billionaires Want Their Own Airport
    China Railway Construction Corp Ltd+14.03%
  • Xinhua Insight: Railway to connect China, Thailand
    New China Life Insurance Co Ltd+13.85%
  • China Bankers Smash `Golden Bowls' to Join Online Startups
    Zhuzhou CSR Times Electric Co Ltd+13.76%
  • Value Partners Reduces Stake in Chinese Automobile Company in ...
    ZTE Corp+13.22%
  • ZTE Corporation, ZTE (USA) Inc., and T-Mobile USA Inc. v. Adaptix ...

    Worst Stocks Last Month and News


    Great Wall Motor Co Ltd -56.81%
  • Great Wall Motor Stock Can Drive 50% Higher
    Wumart Stores Inc -23.90%
  • Wumart to Buy Retail Stores From CP Lotus, Stocks Surge
    CNOOC Ltd -17.31%
  • CNOOC Ltd (CEO) is Upgraded by BofA/Merrill to Buy
    PetroChina Co Ltd -16.87%
  • PetroChina Co Ltd (ADR) (NYSE:PTR) First Half Profit Down with ...
    Evergrande Real Estate Group Ltd -13.39%
  • China's Big-Dollar Borrowers Hold Off on Hedging Foreign-Currency ...
    Shandong Weigao Group Medical Polymer Co -12.23%
  • QT Vascular Announces CE Mark Clearance Of ChocolateB. Touch ...
    Weichai Power Co Ltd -11.45%
  • Westport (WPRT), Fuel Systems (FSYS) Enter Merger Agreement
    China Coal Energy Co Ltd -11.33%
  • China Coal Energy Ad Lifted to "Hold" at Zacks (CCOZY)
    Beijing Capital International Airport Co -10.32%
  • Sluggish China Output and Investment Signal More Stimulus On Way
    China Petroleum & Chemical Corp -9.60%
  • China Petroleum & Chemical Enters Oversold Territory

    View China Econ Page






    • India Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    SENSEX:IND -0.18-4.52-1.31
    MSCI India 0.39-6.34-7.14
    MSCI GEM -3.26-17.18-21.21
    MSCI BRIC -3.53-16.52-20.23
    MSCI World -3.80-8.50-8.44

    Indexes YTD performance %
    MSCI IndexYTDChange
    HUNGARY19.5
    RUSSIA5.1
    RUSSIA ADR/GDR-0.5
    EM EASTERN EUROPE-1.7
    AC EUROPE Growth-2.1
    INDIA-6.3
    INDIA DOMESTIC-6.3
    ACFM EUROPE + CIS (E+C)-7.5
    AC EUROPE-7.5
    PHILIPPINES-7.6
    SELECT OECD COUNTRIES-7.6
    ACFM AMERICA INDEX-8.2
    AC AMERICAS-8.2
    ACWI ex AUSTRALIA-8.2
    UNITED ARAB EMIRATES DOMESTIC-8.3
    ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
    ACFM ASIA-8.4
    KUKJE INDEX (ACWI ex Korea)-8.4
    AC ASIA-8.4
    ACWI WITH BRAZIL ADR-8.4
    ACWI + FRONTIER MARKETS (ACWI FM)-8.5
    AC FAR EAST-8.5
    ACWI WITH USA GROSS-8.5
    World-8.5
    ACWI ex EMU-8.7
    ACWI FM ex JAPAN-9.1
    ACWI ex JAPAN-9.1
    UNITED ARAB EMIRATES-9.1
    EAFE + EM-9.7
    AC ASIA PACIFIC-10.2
    AC PACIFIC-10.4
    ACWI ex USA-10.6
    ACWI FM ex USA-10.6
    KOREA-11.8
    CZECH REPUBLIC-11.8
    ZHONG HUA-12.0
    EM EUROPE & MIDDLE EAST-12.2
    QATAR DOMESTIC-12.3
    AC ASIA ex JAPAN+CHINA A-12.7
    EM EUROPE-12.7
    EM EASTERN EUROPE ex RUSSIA-12.7
    AC EUROPE Value-12.9
    GOLDEN DRAGON-13.0
    EFM EUROPE + CIS (E+C)-13.1
    CHINA-13.5
    ASIA APEX 50-13.6
    EFM CEEC ex RU-13.8
    QATAR-13.9
    CHINA 50-14.3
    BRIC WITH BRAZIL ADR-14.3
    AC ASIA ex JAPAN-14.3
    EM ASIA-14.5
    EFM ASIA-14.5
    MEXICO-14.6
    EM (EMERGING MARKETS)+CHINA A-15.0
    AC FAR EAST ex JAPAN-15.1
    EFM EMEA-15.1
    EM EMEA-15.1
    TAIWAN-15.4
    EM FAR EAST-15.6
    JORDAN + EGYPT + MOROCCO-15.8
    AC ASIA PACIFIC ex JAPAN-15.9
    EFM AFRICA ex ZA-16.0
    AC FAR EAST ex JAPAN ex HK-16.2
    EM WITH BRAZIL ADR-16.4
    POLAND-16.4
    BRIC-16.5
    AC PACIFIC ex JAPAN-16.7
    EFM (EMERGING + FRONTIER MARKETS)-17.1
    EM (EMERGING MARKETS)-17.2
    BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
    AC PACIFIC ex JAPAN ex HK-17.6
    EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
    CHILE-17.8
    EM 50-17.8
    CHINA A 50-18.0
    EFM AFRICA-18.0
    SOUTH AFRICA-18.2
    EM LATIN AMERICA ex BRAZIL-18.3
    EGYPT-18.5
    THAILAND-20.6
    EMERGING MARKETS HORIZON-22.1
    EM ex ASIA-22.6
    EMERGING + FRONTIER MARKETS WORKFORCE-23.7
    SOUTH EAST ASIA-24.6
    ANDEAN-25.2
    EFM EUROPE + CIS (E+C) ex RU-25.7
    PERU-26.5
    MALAYSIA-27.4
    EM LATIN AMERICA WITH BRAZIL ADR-28.3
    EM LATIN AMERICA-30.5
    EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
    TURKEY-33.4
    INDONESIA-34.5
    COLOMBIA-37.6
    BRAZIL-40.9
    BRAZIL ADR-42.6
    GREECE-53.3

    Indexes 1m performance %
    IndexLastChnge
    Korea Stock Exchange KOSPI Index1979.322.98
    FTSE/JSE Africa All Share Index50088.860.23
    S&P BSE SENSEX Index26237.05-0.18
    Borsa Istanbul 100 Index74205.47-1.34
    Dow Jones Industrial Average16284.7-1.47
    Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
    S&P 500 Index1920.03-2.64
    Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
    FTSE 100 Index6061.61-2.98
    Hong Kong Hang Seng Index20846.3-3.32
    Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
    Shanghai Stock Exchange Composite Index3052.781-3.76
    S&P/TSX Composite Index13306.96-3.98
    Jakarta Stock Exchange Composite Index4259.387-4.24
    Nikkei 22517722.42-4.31
    Russian Trading System Cash Index786.35-4.65
    MICEX Index1642.97-5.20
    Russian Depositary Index USD948.48-5.36
    Deutsche Boerse AG German Stock Index DAX9660.44-5.84
    Karachi Stock Exchange KSE100 Index32397.25-6.71

    Currencies 1m performance %
    TickerLastChnge
    USDBRL:CUR 3.94759.03
    USDMYR:CUR4.40455.97
    USDIDR:CUR146594.16
    USDZAR:CUR 13.76373.88
    USDTRL:CUR 30187903.78
    USDTRY:CUR3.01863.77
    USDNOK:CUR 8.50542.88
    USDHRK:CUR6.86442.45
    USDTHB:CUR36.3831.82
    USDGBP:CUR0.66111.79
    USDCZK:CUR24.3871.65
    USDCHF:CUR0.97651.57
    USDPLN:CUR3.80731.32
    USDARS:CUR9.41861.31
    USDSGD:CUR1.42661.30
    USDTWD:CUR32.7531.24
    USDCOP:CUR3087.441.14
    USDAUD:CUR 1.41771.13
    USDBGN:CUR1.75471.13
    USDCAD:CUR 1.32931.13
    USDLTL:CUR3.09691.10
    USDEUR:CUR 0.8971.09
    USDDKK:CUR6.69161.05
    USDHUF:CUR281.10.90
    USDRON:CUR3.9620.76
    USDCLP:CUR696.380.64
    USDRUB:CUR 65.21990.50
    USDMXN:CUR16.83360.36
    USDPKR:CUR104.5050.30
    USDKWD:CUR0.302530.12
    USDKRW:CUR 1176.350.05
    USDPHP:CUR46.7280.02
    USDQAR:CUR3.64180.00
    USDHKD:CUR7.750.00
    USDBDT:CUR77.7750.00
    USDAED:CUR3.6730.00
    USDOMR:CUR0.38505-0.01
    USDSAR:CUR3.7505-0.02
    USDPEN:CUR3.2334-0.10
    USDCNY:CUR 6.3571-0.19
    USDNZD:CUR1.5613-0.46
    USDJPY:CUR 120.19-0.50
    USDSEK:CUR8.3865-0.65
    USDCNH:CUR6.3621-0.86
    USDISK:CUR127.9-1.08
    USDINR:CUR 65.5538-1.28

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    BRAZIL 5.95%0.74 -39 +72 +164
    NEW ZEALAND 3.29%0.09 +4 +8 -84
    MEXICO 3.79%0.01 -12 -3 +26
    SWITZERLAND -0.17%-0.02 -1 -5 -59
    JAPAN » 0.35%-0.02 +2 -2 -18
    CANADA 1.43%-0.06 0 -6 -71
    AUSTRALIA » 2.60%-0.06 +2 -6 -88
    UNITED STATES » 2.07%-0.12 +3 -10 -33
    FRANCE 1.00%-0.15 +1 -16 -24
    GERMANY » 0.60%-0.20 +2 -19 -30
    UNITED KINGDOM » 1.76%-0.20 0 -17 -60
    NETHERLANDS 0.79%-0.20 +1 -20 -25
    SPAIN 1.89%-0.21 +1 -25 -17
    ITALY 1.73%-0.23 +1 -27 -55
    PORTUGAL 2.39%-0.24 +1 -33 -67
    SOUTH KOREA 2.06%-0.24 -9 -24 -81
    INDIA 7.54%-0.24 0 -22 -94
    HONG KONG 1.49%-0.27 -1 -27 -45
    SINGAPORE 2.52%-0.30 -7 -29 +7
    GREECE 8.11%-0.77 +8 -96 +174

    Commodities 1m performance %
    nameunitsPriceChng
    SugarUSD/LB.12.8820.49
    PalladiumUSD/T OZ.656.0510.01
    RiceUSD/CWT13.229.08
    Copper$/t5160.000.49
    COCOAUSD/MT3114.000.48
    SilverUSD/T OZ.14.57-0.61
    HogsUSD/LB.66.73-1.91
    CoffeeUSD/LB.121.35-2.37
    GOLDUSD/T OZ.1112.67-2.54
    NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
    OIL BrentUSD/BBL.48.75-7.46
    CattleUSD/LB.130.93-8.57
    PlatinumUSD/T OZ.912.57-9.84

    Best Stocks 1m in USD %ch
    stockcountrytickernamestockcurrentch
    INDLFU:INDLF Ltd134.8023.13
    INRCAPT:INReliance Capital Ltd374.8020.72
    INRCOM:INReliance Communications Ltd71.6020.08
    INRPWR:INReliance Power Ltd43.9018.59
    INJPA:INJaiprakash Associates Ltd11.1517.04
    INWPL:INWockhardt Ltd1526.5015.20
    INSHTF:INShriram Transport Finance Co Ltd922.2014.90
    INTPWR:INTata Power Co Ltd65.9510.33
    INADE:INAdani Enterprises Ltd81.7510.19
    INAPHS:INApollo Hospitals Enterprise Ltd1457.6510.18

    Worst Stocks 1m in USD %
    stockcountrytickernamestockcurrentch
    INDIVI:INDivis Laboratories Ltd1118.90-52.06
    INADSEZ:INAdani Ports and Special Economic Zone Lt300.40-14.39
    INTTMT:INTata Motors Ltd292.30-12.95
    INHNDL:INHindalco Industries Ltd71.35-9.71
    INBHEL:INBharat Heavy Electricals Ltd201.90-9.68
    INCOAL:INCoal India Ltd326.90-9.61
    INJSP:INJindal Steel & Power Ltd61.25-8.15
    INHCLT:INHCL Technologies Ltd886.05-7.57
    INLT:INLarsen & Toubro Ltd1470.05-7.10
    INPIEL:INPiramal Enterprises Ltd893.90-7.02

    Best Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    INWPL:INWockhardt Ltd1526.5044.28
    INSIEM:INSiemens Ltd1350.7043.25
    INLPC:INLupin Ltd2083.0040.34
    INRBXY:INRanbaxy Laboratories Ltd859.9032.59
    INBPCL:INBharat Petroleum Corp Ltd851.3527.09
    INDRRD:INDr Reddys Laboratories Ltd4203.3526.02
    INAPHS:INApollo Hospitals Enterprise Ltd1457.6524.61
    INABNL:INAditya Birla Nuvo Ltd2173.5524.02
    INGCPL:INGodrej Consumer Products Ltd1228.9519.85
    INDABUR:INDabur India Ltd276.6513.86

    Worst Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    INBOB:INBank of Baroda182.90-83.70
    INADE:INAdani Enterprises Ltd81.75-83.70
    INUT:INUnitech Ltd6.15-64.22
    INJSP:INJindal Steel & Power Ltd61.25-61.34
    INJPA:INJaiprakash Associates Ltd11.15-57.10
    INBOI:INBank of India135.80-56.97
    INHNDL:INHindalco Industries Ltd71.35-56.44
    INKMB:INKotak Mahindra Bank Ltd647.10-50.42
    INTATA:INTata Steel Ltd212.00-49.17
    INHCLT:INHCL Technologies Ltd886.05-46.76

    Sector Performance 1m in USD %
    NameSectorch
    Utilities7.0
    Financials4.9
    Communications4.3
    Technology3.3
    Energy-0.2
    Materials-0.6
    Consumer Staples-1.1
    Consumer Discretionary-1.2
    Health Care-3.8
    Industrials-5.8

    Sector Performance YTD in USD %
    NameSectorch
    Health Care15.1
    Consumer Staples4.6
    Industrials0.3
    Communications-7.6
    Consumer Discretionary-19.3
    Technology-20.7
    Utilities-24.3
    Energy-25.8
    Financials-26.0
    Materials-28.1

    India - Gross domestic product, constant prices Percent change rankings

    • Gross domestic product, constant prices Percent change 2015


    Source:IMF, Midlincoln

    India - Gross domestic product, current prices U.S. dollars rankings

    • Gross domestic product, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    India - Gross domestic product per capita, current prices U.S. dollars rankings

    • Gross domestic product per capita, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    India - Inflation, end of period consumer prices Percent change rankings

    • Inflation, end of period consumer prices Percent change 2015


    Source:IMF, Midlincoln

    India - General government structural balance Percent of potential GDP rankings

    • General government structural balance Percent of potential GDP 2015


    Source:IMF, Midlincoln

    India - Current account balance Percent of GDP rankings

    • Current account balance Percent of GDP 2015


    Source:IMF, Midlincoln

    Table of Contents


    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review


















    India



    Our Stance

    India still remains investor's darling, as little bad is associated with the destination India. While it is lacking particular drivers at the moment.

    Universe in October

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Wockhardt LtdWPL:INIndia Generic Pharma2629.221.29%42.113.768.9354.32101.29%108.36
    Siemens LtdSIEM:INIndia Electrical Power Equipment7341.370.45%52.433.837.3023.5967.20%31.59
    LIC Housing Finance LtdLICHF:INIndia Mortgage Finance3748.461.03%17.502.2012.5718.0355.27%54.29
    Lupin LtdLPC:INIndia Generic Pharma14273.620.36%38.587.1518.5313.8953.35%33.12
    United Spirits LtdUNSP:INIndia Beverages7362.89--5.220.0043.44%
    Dr Reddy's Laboratories LtdDRRD:INIndia Generic Pharma11058.370.47%30.794.8315.6914.4743.06%28.35
    Apollo Hospitals Enterprise LtdAPHS:INIndia Health Care Facilities3151.160.39%65.833.895.9125.6739.43%-8.89
    Asian Paints LtdAPNT:INIndia Specialty Chemicals12728.690.71%59.455.909.9242.2136.67%15.28
    Aditya Birla Nuvo LtdABNL:INIndia Telecom Carriers4361.970.32%20.071.075.336.4236.61%14.22
    United Breweries LtdUBBL:INIndia Beverages3803.610.11%96.305.285.4810.5933.43%-60.87
    Piramal Enterprises LtdPIEL:INIndia Specialty Pharma2413.532.19%5.523.0755.6212.0932.63%80.74
    Kotak Mahindra Bank LtdKMB:INIndia Banks18469.330.07%33.324.7014.112.3331.76%0.80
    Bharat Petroleum Corp LtdBPCL:INIndia Refining & Marketing9515.502.63%12.900.251.9433.9330.03%38.92
    Zee Entertainment Enterprises LtdZ:INIndia Entertainment Content5929.900.56%46.387.8716.9725.9730.01%12.50
    Dabur India LtdDABUR:INIndia Household Products7483.380.72%45.636.2313.6532.8528.35%15.15
    Divi's Laboratories LtdDIVI:INIndia Specialty Pharma4628.530.88%35.419.3526.4031.1628.18%36.26
    Infosys LtdINFO:INIndia IT Services40377.681.95%20.984.7522.6440.9128.03%56.53
    Housing Development Finance Corp LtdHDFC:INIndia Mortgage Finance30858.991.02%22.804.1017.9823.2625.97%30.33
    HDFC Bank LtdHDFCB:INIndia Banks42051.120.74%24.674.3317.5518.2625.04%22.10
    Adani Ports & Special Economic Zone LtdADSEZ:INIndia Transport Support Services10036.020.35%28.2310.6537.739.8821.60%26.90
    Rural Electrification Corp LtdRECL:INIndia Commercial Finance4113.723.94%5.011.2925.7519.7416.56%42.96
    Cipla Ltd/IndiaCIPLA:INIndia Generic Pharma8388.610.29%46.254.8010.3813.4116.43%-20.10
    GlaxoSmithKline Consumer Healthcare LtdSKB:INIndia Packaged Food3898.060.91%41.736.0314.4537.9714.90%11.52
    Sun Pharmaceutical Industries LtdSUNP:INIndia Generic Pharma34236.590.32%49.028.0616.4415.6914.84%-16.13
    Hindustan Unilever LtdHUVR:INIndia Household Products27466.031.82%40.995.5913.6474.6014.60%47.77
    Bank of BarodaBOB:INIndia Banks6597.471.72%10.240.797.7117.6111.43%12.44
    UltraTech Cement LtdUTCEM:INIndia Cement & Aggregates11754.140.32%36.483.198.7411.6710.04%-20.10
    Shriram Transport Finance Co LtdSHTF:INIndia Consumer Finance3336.271.05%21.132.3711.2222.197.75%5.95
    Coal India LtdCOAL:INIndia Coal Operations33499.655.99%15.903.0419.1295.247.03%91.41
    Larsen & Toubro LtdLT:INIndia Infrastructure Construction21939.051.06%29.921.545.1531.726.64%-0.49
    Bajaj Auto LtdBJAUT:INIndia Automobiles11017.132.03%23.723.3214.0048.155.01%29.36
    Ambuja Cements LtdACEM:INIndia Cement & Aggregates5002.242.29%---0.002.72%
    State Bank of IndiaSBIN:INIndia Banks28126.201.45%10.510.706.6615.242.03%-0.66
    Wipro LtdWPRO:INIndia IT Services22583.862.02%16.753.0117.9733.841.35%22.33
    Bharat Heavy Electricals LtdBHEL:INIndia Electrical Power Equipment7712.750.57%34.611.654.7719.730.77%-23.42
    HCL Technologies LtdHCLT:INIndia IT Services17824.520.61%15.983.1319.599.750.57%-0.15
    ACC LtdACC:INIndia Cement & Aggregates3908.392.21%21.912.169.8648.42-0.30%21.99
    Idea Cellular LtdIDEA:INIndia Telecom Carriers8676.430.38%16.611.7210.366.31-0.42%-14.44
    Tata Consultancy Services LtdTCS:INIndia IT Services80110.541.49%25.745.2420.3638.35-0.50%18.39
    ICICI Bank LtdICICIBC:INIndia Banks24886.771.79%13.181.7913.5823.59-2.16%7.76
    Reliance Industries LtdRIL:INIndia Refining & Marketing44891.381.11%11.270.716.3012.51-2.33%-8.87
    Power Grid Corp of India LtdPWGR:INIndia Utility Networks10602.131.52%13.693.9328.7120.81-2.81%18.94
    Mahindra & Mahindra LtdMM:INIndia Automobiles12167.250.94%24.021.184.9122.58-6.06%-16.66
    DLF LtdDLFU:INIndia Real Estate Owners & Developers3774.681.45%45.513.217.0565.99-6.20%7.26
    ITC LtdITC:INIndia Tobacco41790.131.84%28.006.9724.8951.52-6.23%28.11
    Hero MotoCorp LtdHMCL:INIndia Automobiles7756.951.18%21.371.858.6625.22-8.43%-10.00
    Adani Enterprises LtdADE:INIndia Coal Operations1423.411.66%4.760.142.947.90-8.82%-16.81
    NTPC LtdNTPC:INIndia Power Generation16135.721.96%10.521.2912.2620.62-10.07%-1.78
    Reliance Capital LtdRCAPT:INIndia P&C Insurance1465.142.38%9.281.0511.3122.09-12.27%-2.22
    Mahindra & Mahindra Financial Services LtdMMFS:INIndia Automobiles2114.471.65%14.962.2314.9124.68-12.86%-2.31
    Canara BankCBK:INIndia Banks2536.353.46%4.900.285.7116.95-13.17%-9.48
    Titan Co LtdTTAN:INIndia Apparel, Footwear & Acc Design4746.630.66%37.892.546.7025.01-14.61%-34.86
    Oil India LtdOINL:INIndia Exploration & Production4233.844.48%10.572.7425.9247.35-20.21%28.42
    JSW Steel LtdJSTL:INIndia Steel Producers3371.521.21%12.460.413.2915.08-21.93%-30.10
    Reliance Communications LtdRCOM:INIndia Telecom Carriers2881.23-23.770.833.49-0.00-24.40%-58.75
    GAIL India LtdGAIL:INIndia Utility Networks6043.941.93%12.460.655.2224.05-28.29%-25.56
    Tata Motors LtdTTMT:INIndia Automobiles17210.41-8.030.435.35-0.00-31.72%-48.47
    Oil & Natural Gas Corp LtdONGC:INIndia Exploration & Production33607.123.71%11.941.3711.4744.30-34.44%-4.68
    Bank of IndiaBOI:INIndia Banks1490.403.42%4.660.204.2915.94-34.84%-33.35
    Reliance Infrastructure LtdRELI:INIndia Utility Networks1485.842.17%5.380.5610.4111.67-34.92%-32.29
    Reliance Power LtdRPWR:INIndia Power Generation1974.59-12.461.8514.85-0.00-35.09%-46.78
    Cairn India LtdCAIR:INIndia Exploration & Production4743.625.47%6.912.1631.2637.80-41.23%6.84
    Hindalco Industries LtdHNDL:INIndia Base Metals2566.381.23%19.550.160.8224.05-44.53%-53.29
    Tata Steel LtdTATA:INIndia Steel Producers3529.393.38%-0.18-0.00-46.14%
    Jaiprakash Associates LtdJPA:INIndia Cement & Aggregates478.01--0.150.00-55.06%
    Jindal Steel & Power LtdJSP:INIndia Steel Producers993.77--0.330.00-57.44%
    Unitech LtdUT:INIndia Real Estate Owners & Developers292.24-2.210.5424.43-0.00-63.94%-55.79
    Ranbaxy Laboratories LtdRBXY:INIndia Generic Pharma5619.53---0.00
    Godrej Consumer Products LtdGCPL:INMumbai, 400079 India Household Products6721.780.43%48.245.2410.8620.7430.41%-0.30
    Bharti Airtel LtdBHARTI:INNew Delhi, 110 070 India Telecom Carriers21079.300.65%24.371.465.9915.84-14.63%-31.24

    Index Sector Valuations vs GEM Average

    SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
    Communications42928.84.910.3794505.813.343.30.53.225.418.239.68.213.65.4-1.0-0.7
    Consumer Discretionary55012.96.36.6509681.021.327.01.32.019.416.418.37.99.61.7-13.23.1
    Consumer Staples98525.911.37.5584775.348.538.01.51.835.828.227.018.310.3-8.010.812.3
    Energy131914.515.112.6973390.445.140.83.44.412.512.40.812.19.7-2.4-7.8-21.0
    Financials171747.119.632.82543065.718.826.01.24.019.98.8126.113.920.46.515.63.2
    Health Care86399.19.92.3178295.816.320.30.51.042.731.734.717.217.0-0.228.713.6
    Industrials47029.25.45.8453138.223.823.40.71.833.818.681.712.411.4-1.018.322.9
    Materials44332.55.17.6590209.422.027.51.23.139.718.1119.38.29.81.63.7-0.1
    Technology160896.618.410.8833615.635.229.21.62.322.218.917.520.519.8-0.77.02.8
    Utilities36242.24.13.7288099.019.832.21.83.111.712.4-5.616.013.4-2.6-13.4-5.6

    Top 5 India Index Long Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Wockhardt LtdWPL:INIndia Generic Pharma2629.221.29%42.113.768.9354.32101.29%108.36
    Coal India LtdCOAL:INIndia Coal Operations33499.655.99%15.903.0419.1295.247.03%91.41
    Piramal Enterprises LtdPIEL:INIndia Specialty Pharma2413.532.19%5.523.0755.6212.0932.63%80.74
    Infosys LtdINFO:INIndia IT Services40377.681.95%20.984.7522.6440.9128.03%56.53
    LIC Housing Finance LtdLICHF:INIndia Mortgage Finance3748.461.03%17.502.2012.5718.0355.27%54.29

    Top 5 India Index Short Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    United Breweries LtdUBBL:INIndia Beverages3803.610.11%96.305.285.4810.5933.43%-60.87
    Reliance Communications LtdRCOM:INIndia Telecom Carriers2881.23-23.770.833.49-0.00-24.40%-58.75
    Unitech LtdUT:INIndia Real Estate Owners & Developers292.24-2.210.5424.43-0.00-63.94%-55.79
    Hindalco Industries LtdHNDL:INIndia Base Metals2566.381.23%19.550.160.8224.05-44.53%-53.29
    Tata Motors LtdTTMT:INIndia Automobiles17210.41-8.030.435.35-0.00-31.72%-48.47

    India Index



    Source: Midlincoln

    India Index vs. SENSEX:IND



    Source: Midlincoln



    Weekly Fund flow into India focused funds showed (Previous Week)-7.2 USD mn of outflow.


    Top 10 India Focused Funds by Inflows Last Week
    Fund Namefund flow mn$Total Assets mn$
    KOTAK FUNDS - INDIA MIDCAP FUND - A GBP (KOTIMAG)63.1867.2
    MORGAN STANLEY INDIA INVESTMENT FUND INC (IIF)53.1452.6
    ACMBERNSTEIN SICAV - INDIA GROWTH PORTFOLIO - A (XAYM)6.7303.7
    AMUNDI ETF MSCI INDIA UCITS ETF (CI2U)2.7290.5
    MORGAN STANLEY INVESTMENT FUNDS - INDIAN EQUITY FUND - A (XTS8)2.3206.7
    GOLDMAN SACHS INDIA EQUITY PORTFOLIO - R USD ACC (GSIERUA)2.01648.0
    LYXOR ETF MSCI INDIA (INDI)1.71534.0
    OCEAN DIAL GATEWAY TO INDIA FUND - C GBP (ODGTICG)1.4261.9
    ASHBURTON INDIAN EQUITY OPPORTUNITIES FUND - INDIA OPP - I (ASHIORI)1.374.3
    ISHARES INDIA INDEX ETF (XID)1.345.2

    Top 10 India Focused Funds by Outflow Last Week
    Fund Namefund flow mn$Total Assets mn$
    WISDOMTREE INDIA EARNINGS FUND (EPI)-29.91706.0
    IPATH MSCI INDIA INDEX ETN (INP)-29.4289.4
    ISHARES INDIA 50 ETF (INDY)-28.7830.7
    ISHARES MSCI INDIA ETF (INDA)-23.13524.0
    JUPITER GLOBAL FUND - INDIA SELECT (FGV5)-13.4282.3
    COMGEST GROWTH PLC - GROWTH INDIA (WYZ3)-10.2200.9
    VONTOBEL INDIA SELECT FUND - CLASS 1 (VINSEL1)-7.3239.1
    DB X-TRACKERS CNX NIFTY UCITS ETF (XNIF)-5.6228.1
    DWS INDIA (DBINDIA)-4.9177.3
    AMUNDI FUNDS - EQUITY INDIA - AU(D) (CAINDCD)-4.4524.0

    Bond Picks

    Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    RELIANCE HOLDINGS USA INC RegS 22109.15.40USDFeb 14, 20225.443.77-0.261.20
  • Migratory Bird Treaty Act: Question Of Unintentional “Take” Primed ...
    • BHARTI AIRTEL INTERNATIONAL NETHER RegS 23104.95.13USDMar 11, 20236.234.35-0.050.00
  • We'll be one of the first to raise stake to 49%: Douglas Henck
    • STATE BANK OF INDIA/LONDON RegS 19102.53.62USDApr 17, 20193.292.860.02-0.20
  • Interop Las Vegas Partners with NPower Volunteer Program to ...
    • ONGC VIDESH LTD RegS 24102.14.63USDJul 15, 20247.184.330.01-0.40
  • Government to Auction 69 Marginal Fields Owned by ONGC, Oil India
    • EXPORT-IMPORT BANK OF INDIA MTN RegS 23100.74.00USDJan 14, 20236.293.88-0.211.02
  • Democrats Rebel To Block Obama's Trade Deals

    • India Last Month Review



    India SENSEX:IND Index lost-0.18% last month. To finish the month at 26237.05

    MSCI India Index gained 0.39% last month. Its overall down -6.34% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    INR last month gained 1.28% against US dollar. To finish the month at 65.5538per USD.

    Corporate eurobonds are trading with average yield of 5.09% and widened by1.09% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in India included DLF Ltd +23.13%, Reliance Capital Ltd +20.72%, Reliance Communications Ltd +20.08%, Reliance Power Ltd +18.59%, Jaiprakash Associates Ltd +17.04%, Wockhardt Ltd +15.20%, Shriram Transport Finance Co Ltd +14.90%, Tata Power Co Ltd +10.33%, Adani Enterprises Ltd +10.19%, Apollo Hospitals Enterprise Ltd +10.18%, .

    Worst stocks last month included Divis Laboratories Ltd -52.06%, Adani Ports and Special Economic Zone Lt -14.39%, Tata Motors Ltd -12.95%, Hindalco Industries Ltd -9.71%, Bharat Heavy Electricals Ltd -9.68%, Coal India Ltd -9.61%, Jindal Steel & Power Ltd -8.15%, HCL Technologies Ltd -7.57%, Larsen & Toubro Ltd -7.10%, Piramal Enterprises Ltd -7.02%,

    Best stocks YTD included Wockhardt Ltd +44.28%, Siemens Ltd +43.25%, Lupin Ltd +40.34%, Ranbaxy Laboratories Ltd +32.59%, Bharat Petroleum Corp Ltd +27.09%, Dr Reddys Laboratories Ltd +26.02%, Apollo Hospitals Enterprise Ltd +24.61%, Aditya Birla Nuvo Ltd +24.02%, Godrej Consumer Products Ltd +19.85%, Dabur India Ltd +13.86%,

    While worst stocks YTD included Bank of Baroda -83.70%, Adani Enterprises Ltd -83.70%, Unitech Ltd -64.22%, Jindal Steel & Power Ltd -61.34%, Jaiprakash Associates Ltd -57.10%, Bank of India -56.97%, Hindalco Industries Ltd -56.44%, Kotak Mahindra Bank Ltd -50.42%, Tata Steel Ltd -49.17%, HCL Technologies Ltd -46.76%,
    In terms of sector performance last month the best sectors included Utilities +7.0%, Financials +4.9%, Communications +4.3%,

    While worst sector performance last month showed Industrials -5.8%, Health Care -3.8%, Consumer Discretionary -1.2%,

    YTD the best sectors remain Health Care +15.1%, Consumer Staples +4.6%, Industrials +0.3%,
    While the worst sectors are Materials -28.1%, Financials -26.0%, Energy -25.8%,

    India currency vs. USD



    Source: Midlincoln

    India SENSEX:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for India include:


  • Speech by the President of India, Shri Pranab Mukherjee at the ...
  • Today, get ready for President Pranab Mukherjee's class!
  • President reminisces of 'poet' Kalam, their 'friendship'
  • Conflict arises when radicals push ideologies: Prime Minister ...
  • 'Armed forces personnel who retired prematurely entitled to OROP'
  • US Professors Protest Indian Prime Minister Narendra Modi's Silicon ...
  • Invigorating Islam in India
  • Is Hamid Ansari a soft target for zealots?
  • 'Vice President's comments were absolutely appropriate'
  • 'Achhe din' wasn't BJP slogan: Union minister Narendra Singh Tomar
  • Narendra Singh Tomar to participate in 'AIMEX- 2015' in Sydney
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  • Narendra Singh Tomar to participate in 'AIMEX- 2015' in Sydney
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  • Delhi Confidential: Not Available
  • Gowda to lay stone for academic buildings of CUK
  • New Fish Research Hub to be Built in Bathinda
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  • Abhay Kumar Singh appointed Private Secretary to Agriculture ...
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  • Infrastructure hurdles mar PM's speech
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  • India's most influential think-tanks
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  • India debates pornography
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  • Delhi Confidential: Lift scare
  • India embarks on national drive to protect its forest inhabitants
  • Inclusion of Kamar, Paharia Castes in PTGs Demanded
  • Kashmir, terror dominate agenda
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  • PM raises concern on predatory airfares by airlines: Civil Aviation ...
  • Aviation minister says he carries matchboxes on flights
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  • Congress, Others Have Done Nothing for Minorities: Union Minister ...
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  • External Affairs Minister Sushma Swaraj Invites Diaspora to Invest in ...
  • Swaraj departs for home after tour to Germany, Egypt
  • India-Pakistan talks: Sushma Swaraj speech highlights
  • Current Affairs 2015: Ministry of Urban Development came out with a ...
  • List of 100 Smart Cities to be Out by September 1: Venkaiah Naidu
  • Govt unveils list of 98 smart cities; UP and TN get the most
  • Daily Market Strategy - No mercy! Weak start to the week
  • Sensex, Nifty to open on a weak note
  • India is a huge opportunity for Turkish Business: Arun Jaitley
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  • High Power Decisions Made it Happen
  • QBullet: Nitish's Latest Gambit, Doval Secret Trips and More
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  • In Indore, all-community Kanwar Yatra lays thrust on social harmony
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  • PM Narendra Modi asks scientists to put end to silo approach
  • PM Modi asks scientists to put end to silo approach
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  • BJP ministers at RSS meet 'like son going to mother': Naidu
  • Trying for consensus before calling extended monsoon session for ...
  • India eyes energy assets abroad in low price regime
  • External Affairs Minister Sushma Swaraj Invites Diaspora to Invest in ...
  • Interpol seeks reasons for red corner notice against Lalit Modi
  • Jitendra Singh to inaugurate 'FICCI HEAL 2015′
  • Celebrating AIISH Mysuru's 50th year
  • Government Failed to Curb Corruption in AIIMS: Parliamentary ...
  • PM Narendra Modi Attends BJP-RSS Meet In New Delhi
  • Pharma company staffers warn of strike if demands not met
  • Congress should apologise for horse-trading: Ananth Kumar
  • Devaluing currency a dangerous trend: RBI governor Raghuram ...
  • 'India picking up' is the narrative now: RBI Governor Raghuram Rajan
  • RBI asks Govt to speed up reforms in banking system
  • Smt Maneka Sanjay Gandhi calls for strict action by states against ...
  • Maneka Gandhi seeks ban on junk food for students
  • After tiff, senior officer in WCD Ministry put on compulsory wait
  • Capital district gets four key projects
  • An eye on Assembly polls?
  • Pune may become part of Nagpur-Mumbai e-way plan: Gadkari
  • Govt to set up model science labs in every district
  • BJP-ruled states discuss education & cultural policy, RSS present
  • RAISINA TATTLE: Kejriwal not present at Metro opening
  • GCMMF MD, RS Sodhi Receives Prestigious QIMPRO GOLD ...
  • India Celebrates National Milk Day
  • SAD to take up anti-Sikh riots issue with Home Ministry
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  • List of Council of ministers in Modi Cabinet
  • Narendra Modi's Cabinet: A complete list of those who made the cut
  • Modi likely to address RSS-BJP meeting today
  • PM Narendra Modi Attends BJP-RSS Meet In New Delhi
  • Government set to bring private sector under the new disability ...
  • BJP rolls out loans for the needy: PM Modi wants to help 57.7 ...
  • Union Minister Dharmendra Pradhan launches NTPC Hospital Rs ...
  • 2000 mw solar power park in Karnataka soon
  • Kalraj Mishra to start Pradhan Mantri Suraksha Bima Yojana in Deoria
  • Country has witnessed drastic changes since BJP came to power ...
  • All set for two-day job fair
  • Allottees may get ownership rights of tenements soon
  • Prime Minister to hand over keys to allottees on September 11
  • TN Yet To Build 12.94Lakhs Houses for Urban Poor
  • Union Minister Dharmendra Pradhan launches NTPC Hospital Rs ...
  • 2000 mw solar power park in Karnataka soon
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  • New York Welcomes India's Legislative Leaders
  • 30000 Expected at New York's International Yoga Day Celebration
  • Govt Braces for Major Diplomatic Rejig
  • 'Subsidy For Electric Cars Can Be Increased on Need Basis'
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  • Centre urged Odisha to start a pilot project based on electric, hybrid ...
  • Now, Sripad Naik wants 'control' on Goa pub culture
  • Swine flu: Nadda Says Govt Distributes Ayurvedic Medicenes to States
  • PMO turns down 21 proposals for foreign trips by 12 ministers
  • 7.37 lakh practitioners, 3600 hospitals for alternative medicine in India
  • PMO turns down 21 proposals for foreign trips by 12 ministers
  • PM Narendra Modi allocates 'AYUSH' department to Shripad Naik
  • Ravi Shankar Prasad launches government's new health initiative ...
  • Grand alliance in Bihar a sinking ship: Ravi Shankar Prasad
  • Only child porn websites will be banned: Ravi Shankar Prasad
  • Centre expreses resolve to eradicate poverty
  • Regional Buzz: Rana Gurmeet Sodhi CM, at least on screen
  • Roadmap for development of Eastern and North Eastern Region
  • ATDC Gurgaon Contributes at National Workshop on ISDS in ...
  • ATDC Contributes at Growing Intimate Apparel Industry
  • Galleria Intima 2015: Textile minister says India's intimate wear ...
  • IAS probationers to start their career from the national capital
  • Modi government announces OROP; says cost to exchequer ...
  • Jeevan Pramaan, the Aadhaar-based Digital Life Certification ...
  • What Namami Gange?
  • Private entities to manufacture space related equipment
  • Isro's commercial arm earns Rs 209 cr by launching 5 British satellites
  • UP to install Point of Sales machines at ration shops
  • 'Modi is the only factor in the Bihar elections': Ram Vilas Paswan
  • I do not want to be a CM, ever: Ram Vilas Paswan
  • Delhi registry-cum-bench of IPAB inaugurated
  • Govt to give priority to infra development: Nirmala
  • Experts urge Centre to review food policy
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  • What Namami Gange?
  • Isro's commercial arm earns Rs 209 cr by launching 5 British satellites
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  • Shri Piyush Goyal launches Electrification programme for Diyara ...
  • 2000 mw solar power park in Karnataka soon
  • SAHAJ launched in 12 cities, including Odisha capital
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  • Lunch date
  • Kateel calls for a public meeting in DK
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    While some economic events and news headlines include:



  • Why India should get over its obsession with GDP growth
  • Banking plays major role in growth of India's economy: Suresh Prabhu
  • India Headlines: GDP Growth of 7.8%, Foreign Investment Peaking?
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  • India holds up Scotch whisky's declining exports
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  • FM presents revenue surplus Rs 32310 crore budget
  • Column: Looking at the Budget
  • As bad debt bites, Indian banks call for US-type bankruptcy law

    Companies Reported last month include:


    Best Stocks Last Month and News


    DLF Ltd+23.13%
  • DLF gets shareholder nod to raise Rs7,500 crore
    Reliance Capital Ltd+20.72%
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    Reliance Communications Ltd+20.08%
  • Reliance Communications inched up in afternoon trade at stock ...
    Reliance Power Ltd+18.59%
  • India's Paris Pledge: 40% Renewables by 2030; 33-35% reduction ...
    Jaiprakash Associates Ltd+17.04%
  • Jai Prakash Associates to justify itself to exchange
    Wockhardt Ltd+15.20%
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    Shriram Transport Finance Co Ltd+14.90%
  • TABLE-Indian Corporate Bonds dealt-Aug 31
    Tata Power Co Ltd+10.33%
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    Adani Enterprises Ltd+10.19%
  • China's GCL ties up with Adani Enterprises for green energy
    Apollo Hospitals Enterprise Ltd+10.18%
  • Apollo Hospitals to see delay in Proton Therapy centre, two other ...

    Worst Stocks Last Month and News


    Divis Laboratories Ltd -52.06%
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    Adani Ports and Special Economic Zone Lt -14.39%
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    Tata Motors Ltd -12.95%
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    Hindalco Industries Ltd -9.71%
  • Hindalco says aluminium prices seen rising next year on China boost
    Bharat Heavy Electricals Ltd -9.68%
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    Coal India Ltd -9.61%
  • Banks Warned Against Financing Share Sale Of Coal India
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    HCL Technologies Ltd -7.57%
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    Larsen & Toubro Ltd -7.10%
  • Larsen & Toubro Limited
    Piramal Enterprises Ltd -7.02%
  • Piramal Encourages Pharma To Embrace Green Chemistry Ahead ...

    View India Econ Page






    • Brazil Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    IBOV:IND -3.36-9.89-16.74
    MSCI Brazil -12.11-40.88-50.09
    MSCI GEM -3.26-17.18-21.21
    MSCI BRIC -3.53-16.52-20.23
    MSCI World -3.80-8.50-8.44

    Indexes YTD performance %
    MSCI IndexYTDChange
    HUNGARY19.5
    RUSSIA5.1
    RUSSIA ADR/GDR-0.5
    EM EASTERN EUROPE-1.7
    AC EUROPE Growth-2.1
    INDIA-6.3
    INDIA DOMESTIC-6.3
    ACFM EUROPE + CIS (E+C)-7.5
    AC EUROPE-7.5
    PHILIPPINES-7.6
    SELECT OECD COUNTRIES-7.6
    ACFM AMERICA INDEX-8.2
    AC AMERICAS-8.2
    ACWI ex AUSTRALIA-8.2
    UNITED ARAB EMIRATES DOMESTIC-8.3
    ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
    ACFM ASIA-8.4
    KUKJE INDEX (ACWI ex Korea)-8.4
    AC ASIA-8.4
    ACWI WITH BRAZIL ADR-8.4
    ACWI + FRONTIER MARKETS (ACWI FM)-8.5
    AC FAR EAST-8.5
    ACWI WITH USA GROSS-8.5
    World-8.5
    ACWI ex EMU-8.7
    ACWI FM ex JAPAN-9.1
    ACWI ex JAPAN-9.1
    UNITED ARAB EMIRATES-9.1
    EAFE + EM-9.7
    AC ASIA PACIFIC-10.2
    AC PACIFIC-10.4
    ACWI ex USA-10.6
    ACWI FM ex USA-10.6
    KOREA-11.8
    CZECH REPUBLIC-11.8
    ZHONG HUA-12.0
    EM EUROPE & MIDDLE EAST-12.2
    QATAR DOMESTIC-12.3
    AC ASIA ex JAPAN+CHINA A-12.7
    EM EUROPE-12.7
    EM EASTERN EUROPE ex RUSSIA-12.7
    AC EUROPE Value-12.9
    GOLDEN DRAGON-13.0
    EFM EUROPE + CIS (E+C)-13.1
    CHINA-13.5
    ASIA APEX 50-13.6
    EFM CEEC ex RU-13.8
    QATAR-13.9
    CHINA 50-14.3
    BRIC WITH BRAZIL ADR-14.3
    AC ASIA ex JAPAN-14.3
    EM ASIA-14.5
    EFM ASIA-14.5
    MEXICO-14.6
    EM (EMERGING MARKETS)+CHINA A-15.0
    AC FAR EAST ex JAPAN-15.1
    EFM EMEA-15.1
    EM EMEA-15.1
    TAIWAN-15.4
    EM FAR EAST-15.6
    JORDAN + EGYPT + MOROCCO-15.8
    AC ASIA PACIFIC ex JAPAN-15.9
    EFM AFRICA ex ZA-16.0
    AC FAR EAST ex JAPAN ex HK-16.2
    EM WITH BRAZIL ADR-16.4
    POLAND-16.4
    BRIC-16.5
    AC PACIFIC ex JAPAN-16.7
    EFM (EMERGING + FRONTIER MARKETS)-17.1
    EM (EMERGING MARKETS)-17.2
    BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
    AC PACIFIC ex JAPAN ex HK-17.6
    EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
    CHILE-17.8
    EM 50-17.8
    CHINA A 50-18.0
    EFM AFRICA-18.0
    SOUTH AFRICA-18.2
    EM LATIN AMERICA ex BRAZIL-18.3
    EGYPT-18.5
    THAILAND-20.6
    EMERGING MARKETS HORIZON-22.1
    EM ex ASIA-22.6
    EMERGING + FRONTIER MARKETS WORKFORCE-23.7
    SOUTH EAST ASIA-24.6
    ANDEAN-25.2
    EFM EUROPE + CIS (E+C) ex RU-25.7
    PERU-26.5
    MALAYSIA-27.4
    EM LATIN AMERICA WITH BRAZIL ADR-28.3
    EM LATIN AMERICA-30.5
    EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
    TURKEY-33.4
    INDONESIA-34.5
    COLOMBIA-37.6
    BRAZIL-40.9
    BRAZIL ADR-42.6
    GREECE-53.3

    Indexes 1m performance %
    IndexLastChnge
    Korea Stock Exchange KOSPI Index1979.322.98
    FTSE/JSE Africa All Share Index50088.860.23
    S&P BSE SENSEX Index26237.05-0.18
    Borsa Istanbul 100 Index74205.47-1.34
    Dow Jones Industrial Average16284.7-1.47
    Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
    S&P 500 Index1920.03-2.64
    Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
    FTSE 100 Index6061.61-2.98
    Hong Kong Hang Seng Index20846.3-3.32
    Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
    Shanghai Stock Exchange Composite Index3052.781-3.76
    S&P/TSX Composite Index13306.96-3.98
    Jakarta Stock Exchange Composite Index4259.387-4.24
    Nikkei 22517722.42-4.31
    Russian Trading System Cash Index786.35-4.65
    MICEX Index1642.97-5.20
    Russian Depositary Index USD948.48-5.36
    Deutsche Boerse AG German Stock Index DAX9660.44-5.84
    Karachi Stock Exchange KSE100 Index32397.25-6.71

    Currencies 1m performance %
    TickerLastChnge
    USDBRL:CUR 3.94759.03
    USDMYR:CUR4.40455.97
    USDIDR:CUR146594.16
    USDZAR:CUR 13.76373.88
    USDTRL:CUR 30187903.78
    USDTRY:CUR3.01863.77
    USDNOK:CUR 8.50542.88
    USDHRK:CUR6.86442.45
    USDTHB:CUR36.3831.82
    USDGBP:CUR0.66111.79
    USDCZK:CUR24.3871.65
    USDCHF:CUR0.97651.57
    USDPLN:CUR3.80731.32
    USDARS:CUR9.41861.31
    USDSGD:CUR1.42661.30
    USDTWD:CUR32.7531.24
    USDCOP:CUR3087.441.14
    USDAUD:CUR 1.41771.13
    USDBGN:CUR1.75471.13
    USDCAD:CUR 1.32931.13
    USDLTL:CUR3.09691.10
    USDEUR:CUR 0.8971.09
    USDDKK:CUR6.69161.05
    USDHUF:CUR281.10.90
    USDRON:CUR3.9620.76
    USDCLP:CUR696.380.64
    USDRUB:CUR 65.21990.50
    USDMXN:CUR16.83360.36
    USDPKR:CUR104.5050.30
    USDKWD:CUR0.302530.12
    USDKRW:CUR 1176.350.05
    USDPHP:CUR46.7280.02
    USDQAR:CUR3.64180.00
    USDHKD:CUR7.750.00
    USDBDT:CUR77.7750.00
    USDAED:CUR3.6730.00
    USDOMR:CUR0.38505-0.01
    USDSAR:CUR3.7505-0.02
    USDPEN:CUR3.2334-0.10
    USDCNY:CUR 6.3571-0.19
    USDNZD:CUR1.5613-0.46
    USDJPY:CUR 120.19-0.50
    USDSEK:CUR8.3865-0.65
    USDCNH:CUR6.3621-0.86
    USDISK:CUR127.9-1.08
    USDINR:CUR 65.5538-1.28

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    BRAZIL 5.95%0.74 -39 +72 +164
    NEW ZEALAND 3.29%0.09 +4 +8 -84
    MEXICO 3.79%0.01 -12 -3 +26
    SWITZERLAND -0.17%-0.02 -1 -5 -59
    JAPAN » 0.35%-0.02 +2 -2 -18
    CANADA 1.43%-0.06 0 -6 -71
    AUSTRALIA » 2.60%-0.06 +2 -6 -88
    UNITED STATES » 2.07%-0.12 +3 -10 -33
    FRANCE 1.00%-0.15 +1 -16 -24
    GERMANY » 0.60%-0.20 +2 -19 -30
    UNITED KINGDOM » 1.76%-0.20 0 -17 -60
    NETHERLANDS 0.79%-0.20 +1 -20 -25
    SPAIN 1.89%-0.21 +1 -25 -17
    ITALY 1.73%-0.23 +1 -27 -55
    PORTUGAL 2.39%-0.24 +1 -33 -67
    SOUTH KOREA 2.06%-0.24 -9 -24 -81
    INDIA 7.54%-0.24 0 -22 -94
    HONG KONG 1.49%-0.27 -1 -27 -45
    SINGAPORE 2.52%-0.30 -7 -29 +7
    GREECE 8.11%-0.77 +8 -96 +174

    Commodities 1m performance %
    nameunitsPriceChng
    SugarUSD/LB.12.8820.49
    PalladiumUSD/T OZ.656.0510.01
    RiceUSD/CWT13.229.08
    Copper$/t5160.000.49
    COCOAUSD/MT3114.000.48
    SilverUSD/T OZ.14.57-0.61
    HogsUSD/LB.66.73-1.91
    CoffeeUSD/LB.121.35-2.37
    GOLDUSD/T OZ.1112.67-2.54
    NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
    OIL BrentUSD/BBL.48.75-7.46
    CattleUSD/LB.130.93-8.57
    PlatinumUSD/T OZ.912.57-9.84

    Best Stocks 1m in USD %ch
    stockcountrytickernamestockcurrentch
    BZCSMG3:BZCia de Saneamento de Minas Gerais-COPASA12.4520.20
    BZJBSS3:BZJBS SA16.808.89
    BZBRKM5:BZBraskem SA16.678.66
    BZELET6:BZCentrais Eletricas Brasileiras SA8.756.86
    BZESTC3:BZEstacio Participacoes SA14.103.70
    BZUSIM5:BZUsinas Siderurgicas de Minas Gerais SA3.353.10
    BZCSNA3:BZCia Siderurgica Nacional SA3.922.72
    BZEMBR3:BZEmbraer SA25.501.77
    BZCSAN3:BZCosan SA Industria e Comercio20.131.72
    BZKLBN4:BZKlabin SA4.251.25

    Worst Stocks 1m in USD %
    stockcountrytickernamestockcurrentch
    BZLREN3:BZLojas Renner SA18.40-82.87
    BZBRSR6:BZBanco do Estado do Rio Grande do Sul SA5.58-33.79
    BZPETR4:BZPetroleo Brasileiro SA7.24-27.74
    BZPCAR4:BZCia Brasileira de Distribuicao Grupo Pao50.31-27.33
    BZPOMO4:BZMarcopolo SA1.60-26.63
    BZPETR3:BZPetroleo Brasileiro SA8.54-26.25
    BZCCRO3:BZCCR SA12.17-24.99
    BZNATU3:BZNatura Cosmeticos SA19.50-24.51
    BZMPLU3:BZMultiplus SA31.97-22.29
    BZBBAS3:BZBanco do Brasil SA15.20-21.81

    Best Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    BZSUZB5:BZSuzano Papel e Celulose SA19.2915.44
    BZFIBR3:BZFibria Celulose SA53.8011.41
    BZRADL3:BZRaia Drogasil SA39.103.84
    BZJBSS3:BZJBS SA16.800.99
    BZKLBN4:BZKlabin SA4.25-0.65
    BZCRUZ3:BZSouza Cruz SA26.80-6.61
    BZSULA11:BZSul America SA17.85-6.92
    BZUGPA3:BZUltrapar Participacoes SA66.80-12.59
    BZENBR3:BZEDP - Energias do Brasil SA11.48-13.84
    BZBVMF3:BZBM&FBovespa SA11.08-24.27

    Worst Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    BZPCAR4:BZCia Brasileira de Distribuicao Grupo Pao50.31-999.99
    BZLREN3:BZLojas Renner SA18.40-83.80
    BZGOAU4:BZMetalurgica Gerdau SA2.92-82.60
    BZOIBR4:BZOi SA2.79-78.18
    BZBRSR6:BZBanco do Estado do Rio Grande do Sul SA5.58-74.09
    BZPOMO4:BZMarcopolo SA1.60-67.65
    BZCSMG3:BZCia de Saneamento de Minas Gerais-COPASA12.45-66.71
    BZKROT3:BZKroton Educacional SA7.71-66.51
    BZWEGE3:BZWEG SA15.45-66.01
    BZCMIG4:BZCia Energetica de Minas Gerais6.99-64.19

    Sector Performance 1m in USD %
    NameSectorch
    Materials-3.0
    Utilities-5.1
    Health Care-10.6
    Consumer Staples-11.8
    Technology-12.8
    Industrials-13.5
    Financials-13.8
    Energy-13.9
    Communications-14.6
    Consumer Discretionary-18.2

    Sector Performance YTD in USD %
    NameSectorch
    Consumer Staples-23.8
    Health Care-26.6
    Materials-37.7
    Energy-39.3
    Technology-42.0
    Utilities-43.3
    Financials-45.6
    Industrials-50.5
    Consumer Discretionary-54.4
    Communications-60.9

    Brazil - Gross domestic product, constant prices Percent change rankings

    • Gross domestic product, constant prices Percent change 2015


    Source:IMF, Midlincoln

    Brazil - Gross domestic product, current prices U.S. dollars rankings

    • Gross domestic product, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    Brazil - Gross domestic product per capita, current prices U.S. dollars rankings

    • Gross domestic product per capita, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    Brazil - Inflation, end of period consumer prices Percent change rankings

    • Inflation, end of period consumer prices Percent change 2015


    Source:IMF, Midlincoln

    Brazil - General government structural balance Percent of potential GDP rankings

    • General government structural balance Percent of potential GDP 2015


    Source:IMF, Midlincoln

    Brazil - Current account balance Percent of GDP rankings

    • Current account balance Percent of GDP 2015


    Source:IMF, Midlincoln

    Table of Contents


    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review


















    Brazil



    Our Stance

    Brazil should be quite attractive for most investors looking for bargains on the emerging markets.

    Universe in October

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    BB Seguridade Participacoes SABBSE3:BZInsurance Services & Other14564.366.25%13.7220.9699.9985.75-5.43%220.39
    Fibria Celulose SAFIBR3:BZBrazil Paper7768.260.49%-3.75-0.00112.93%
    Raia Drogasil SARADL3:BZBrazil Food & Drug Stores3544.34-44.431.693.80-0.0096.01%56.41
    Suzano Papel e Celulose SASUZB5:BZBrazil Paper5108.070.79%-2.24-0.0095.53%
    Klabin SAKLBN4:BZBrazil Paper5885.182.52%---0.0089.37%
    JBS SAJBSS3:BZBrazil Packaged Food11933.251.06%14.300.332.3115.1653.36%57.55
    Sul America SASULA11:BZBrazil Managed Care1714.010.18%10.230.373.621.8442.49%38.74
    Lojas Renner SALREN3:BZBrazil Specialty Apparel Stores3290.620.92%23.842.229.3121.9338.87%47.30
    Souza Cruz SACRUZ3:BZBrazil Tobacco10583.863.08%24.236.4126.4574.6334.91%112.79
    Ultrapar Participacoes SAUGPA3:BZBrazil Refining & Marketing9857.442.32%26.680.531.9961.9033.80%72.03
    Ambev SAABEV3:BZBrazil Beverages80889.300.75%24.757.5530.5118.5629.75%55.09
    Lojas Americanas SALAME4:BZBrazil Department Stores4971.180.28%53.171.242.3314.8928.29%-6.64
    Porto Seguro SAPSSA3:BZBrazil Life Insurance2820.241.88%10.850.625.7120.4022.78%39.07
    WEG SAWEGE3:BZBrazil Industrial Machinery6995.520.49%26.413.1211.8112.9420.83%20.20
    Braskem SABRKM5:BZBrazil Basic & Diversified Chemicals3209.053.20%8.990.333.6728.7719.88%44.35
    Transmissora Alianca de Energia Eletrica SATAEE11:BZBrazil Investment Companies1796.874.22%6.024.0967.9425.4017.65%106.00
    EDP - Energias do Brasil SAENBR3:BZBrazil Utility Networks1447.691.13%4.360.5813.304.9317.31%32.20
    Cielo SACIEL3:BZBrazil Consumer Finance18846.431.12%22.368.3137.1625.0416.29%57.16
    Embraer SAEMBR3:BZBrazil Aircraft & Parts5007.200.08%45.391.222.693.6315.63%-22.42
    CETIP SA - Mercados OrganizadosCTIP3:BZBrazil Security & Cmdty Exchanges2325.920.87%19.286.6734.6016.7713.72%46.83
    BRF SABRFS3:BZBrazil Packaged Food14922.800.15%24.131.988.213.6210.68%-0.60
    Odontoprev SAODPV3:BZBrazil Managed Care1358.910.76%25.494.4017.2619.379.84%22.01
    Lojas Americanas SALAME3:BZBrazil Department Stores4971.180.40%38.030.892.3415.219.70%-9.75
    Multiplus SAMPLU3:BZBrazil Advertising & Marketing1373.587.45%14.062.6018.49104.758.54%118.74
    Banco Santander Brasil SASANB11:BZBrazil Banks14588.295.34%---0.006.74%
    BM&FBovespa SA - Bolsa de Valores Mercadorias e FuturosBVMF3:BZBrazil Security & Cmdty Exchanges5403.741.07%19.489.7650.1020.84-2.08%50.41
    Tractebel Energia SATBLE3:BZBrazil Utility Networks5521.072.90%13.643.2423.7539.56-2.84%47.85
    Hypermarcas SAHYPE3:BZBrazil Specialty Pharma2806.34-27.242.218.11-0.00-5.22%-23.32
    Itau Unibanco Holding SAITUB4:BZBrazil Diversified Banks44394.780.61%7.681.0613.804.68-6.24%5.59
    Centrais Eletricas Brasileiras SAELET6:BZBrazil Power Generation2243.32--0.400.00-6.56%
    Itausa - Investimentos Itau SAITSA4:BZBrazil Investment Companies13973.550.75%6.4710.6899.994.85-7.44%157.04
    Banco Bradesco SABBDC3:BZBrazil Banks33147.550.64%8.130.647.875.20-9.33%-3.36
    Cia Paranaense de EnergiaCPLE6:BZBrazil Utility Networks1843.702.93%7.440.557.3921.80-10.46%12.32
    Telefonica Brasil SAVIVT4:BZBrazil Telecom Carriers16085.640.48%12.481.2810.265.99-11.52%-6.73
    Cia de Saneamento Basico do Estado de Sao PauloSBSP3:BZBrazil Utility Networks3051.57-15.231.087.09-0.00-12.59%-19.70
    TOTVS SATOTS3:BZBrazil Application Software1346.042.40%19.302.8714.8746.32-13.16%29.76
    Multiplan Empreendimentos Imobiliarios SAMULT3:BZBrazil Real Estate Owners & Developers2119.810.24%22.797.3932.435.47-14.22%1.91
    MRV Engenharia e Participacoes SAMRVE3:BZBrazil Homebuilders806.705.55%6.210.6810.9534.47-14.63%25.60
    BR Properties SABRPR3:BZBrazil Real Estate Owners & Developers836.552.03%37.294.3911.7775.70-14.87%36.34
    Centrais Eletricas Brasileiras SAELET3:BZBrazil Power Generation2243.32--0.230.00-19.40%
    Banco Bradesco SABBDC4:BZBrazil Banks33147.550.78%7.350.587.895.73-19.41%-12.11
    Vale SAVALE3:BZBrazil Steel Raw Material Suppliers24948.793.74%-1.25-0.00-21.17%
    CPFL Energia SACPFE3:BZBrazil Utility Networks3868.56-16.780.764.53-0.00-21.73%-32.96
    Duratex SADTEX3:BZBrazil Wood Building Materials1205.81-16.971.156.78-0.00-23.08%-32.25
    M Dias Branco SAMDIA3:BZBrazil Packaged Food2101.80-12.821.8014.04-0.00-24.40%-22.15
    Vale SAVALE5:BZBrazil Steel Raw Material Suppliers24948.794.76%-0.98-0.00-28.39%
    AES Tiete SAGETI4:BZBrazil Power Generation1362.265.35%31.731.745.48169.76-29.97%114.56
    Cia Energetica de Sao PauloCESP6:BZBrazil Power Generation1250.3215.86%-1.47-0.00-30.38%
    CCR SACCRO3:BZBrazil Infrastructure Construction5488.148.07%19.172.6713.93154.70-30.51%119.97
    Cia HeringHGTX3:BZBrazil Department Stores676.503.81%9.421.6617.6235.89-30.67%14.45
    Localiza Rent a Car SARENT3:BZBrazil Automotive Retailers1378.720.85%13.251.329.9611.26-31.09%-22.09
    Cyrela Brazil Realty SA Empreendimentos e ParticipacoesCYRE3:BZBrazil Mortgage Finance898.054.75%6.190.6410.3429.40-32.30%2.28
    Cosan SA Industria e ComercioCSAN3:BZBrazil Refining & Marketing2426.793.19%-1.20-0.00-32.35%
    Tim Participacoes SATIMP3:BZBrazil Telecom Carriers4878.031.94%9.251.0010.8117.95-34.02%-13.49
    Qualicorp SAQUAL3:BZBrazil Professional Services1171.072.56%23.812.7811.6860.95-34.42%15.42
    Banco do Brasil SABBAS3:BZBrazil Banks13220.370.32%3.440.246.981.10-35.42%-29.76
    Natura Cosmeticos SANATU3:BZBrazil Household Products2461.274.34%14.101.258.8761.19-39.36%17.62
    Arteris SAARTR3:BZBrazil Infrastructure Construction819.051.70%8.340.799.4714.18-39.88%-23.54
    EcoRodovias Infraestrutura e Logistica SAECOR3:BZBrazil Infrastructure Construction954.6612.77%20.601.326.41263.06-40.00%209.89
    Estacio Participacoes SAESTC3:BZBrazil Educational Services1248.522.15%10.141.7417.1621.80-40.81%-10.96
    Kroton Educacional SAKROT3:BZBrazil Educational Services3945.760.65%12.293.0124.497.99-41.08%-19.87
    Bradespar SABRAP4:BZBrazil Investment Companies810.825.11%---0.00-41.58%
    BR Malls Participacoes SABRML3:BZBrazil Real Estate Owners & Developers1326.752.06%15.363.7924.6731.64-43.11%-1.13
    Cia Siderurgica Nacional SACSNA3:BZBrazil Steel Producers1677.994.31%-0.42-0.00-43.81%
    Gerdau SAGGBR4:BZBrazil Steel Producers2632.654.35%9.120.262.8539.67-44.12%-9.69
    Petroleo Brasileiro SAPETR3:BZBrazil Integrated Oils32126.76--0.410.00-46.88%
    Usinas Siderurgicas de Minas Gerais SAUSIM5:BZBrazil Steel Producers1650.200.96%-0.31-0.00-47.56%
    Cia Brasileira de DistribuicaoPCAR4:BZBrazil Food & Drug Stores3674.801.12%14.050.211.4915.74-49.69%-45.48
    Banco do Estado do Rio Grande do Sul SABRSR6:BZBrazil Banks681.390.49%3.070.227.171.50-52.47%-45.84
    Cia Energetica de Minas GeraisCMIG4:BZBrazil Utility Networks2291.186.38%2.810.4214.9517.93-52.97%-21.88
    Marcopolo SAPOMO4:BZBrazil Auto Parts428.95-8.830.536.00-0.00-56.05%-57.85
    Petroleo Brasileiro SAPETR4:BZBrazil Integrated Oils32126.76--0.340.00-59.38%
    Cia de Saneamento de Minas Gerais-COPASACSMG3:BZBrazil Utility Networks367.20-10.170.353.44-0.00-62.95%-68.65
    Oi SAOIBR4:BZBrazil Telecom Carriers817.25--0.100.00-75.86%
    Metalurgica Gerdau SAGOAU4:BZBrazil Steel Producers348.672.37%46.750.030.06110.80-76.03%-10.89
    Eneva SAENEV3:BZRio De Janeiro, RJ 22210-903 Brazil Power Generation34.59--0.160.00-59.93%

    Index Sector Valuations vs GEM Average

    SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
    Communications23154.53.910.3794505.88.443.31.23.211.918.2-34.610.913.62.7-17.3-0.7
    Consumer Discretionary22889.23.96.6509681.018.327.01.02.028.616.474.49.79.6-0.1-1.63.1
    Consumer Staples130111.422.17.5584775.321.038.01.01.823.528.2-16.722.810.3-12.527.512.3
    Energy76537.713.012.6973390.48.040.82.54.426.712.4115.32.09.77.7-41.3-21.0
    Financials204903.034.832.82543065.713.526.01.54.010.18.814.837.320.4-16.9-7.63.2
    Health Care5879.31.02.3178295.85.020.30.41.021.931.7-30.98.917.08.112.213.6
    Industrials19264.63.35.8453138.29.423.43.21.828.218.651.69.711.41.7-0.722.9
    Materials79383.513.57.6590209.42.527.53.43.112.118.1-33.13.79.86.15.0-0.1
    Technology1346.00.210.8833615.646.329.22.42.319.318.92.114.919.84.9-13.22.8
    Utilities25524.84.33.7288099.012.732.24.73.113.212.46.512.513.40.9-16.3-5.6

    Top 5 Brazil Index Long Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    BB Seguridade Participacoes SABBSE3:BZInsurance Services & Other14564.366.25%13.7220.9699.9985.75-5.43%220.39
    EcoRodovias Infraestrutura e Logistica SAECOR3:BZBrazil Infrastructure Construction954.6612.77%20.601.326.41263.06-40.00%209.89
    Itausa - Investimentos Itau SAITSA4:BZBrazil Investment Companies13973.550.75%6.4710.6899.994.85-7.44%157.04
    CCR SACCRO3:BZBrazil Infrastructure Construction5488.148.07%19.172.6713.93154.70-30.51%119.97
    Multiplus SAMPLU3:BZBrazil Advertising & Marketing1373.587.45%14.062.6018.49104.758.54%118.74

    Top 5 Brazil Index Short Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Cia de Saneamento de Minas Gerais-COPASACSMG3:BZBrazil Utility Networks367.20-10.170.353.44-0.00-62.95%-68.65
    Marcopolo SAPOMO4:BZBrazil Auto Parts428.95-8.830.536.00-0.00-56.05%-57.85
    Banco do Estado do Rio Grande do Sul SABRSR6:BZBrazil Banks681.390.49%3.070.227.171.50-52.47%-45.84
    Cia Brasileira de DistribuicaoPCAR4:BZBrazil Food & Drug Stores3674.801.12%14.050.211.4915.74-49.69%-45.48
    CPFL Energia SACPFE3:BZBrazil Utility Networks3868.56-16.780.764.53-0.00-21.73%-32.96

    Brazil Index



    Source: Midlincoln

    Brazil Index vs. IBOV:IND



    Source: Midlincoln



    Weekly Fund flow into Brazil focused funds showed (Previous Week)-7.2 USD mn of outflow.


    Top 10 Brazil Focused Funds by Inflows Last Week
    Fund Namefund flow mn$Total Assets mn$
    ISHARES MSCI BRAZIL UCITS ETF (INC) (IBZL)2.8126.9
    ISHARES MSCI BRAZIL UCITS ETF (CSBR)1.770.3
    AMUNDI ETF MSCI BRAZIL UCITS ETF (BRZ)1.514.5
    NEXT FUNDS IBOVESPA LINKED EXCHANGE TRADED FUND (01311087)1.429.9
    NEXT FUNDS IBOVESPA LINKED EXCHANGE TRADED FUND (1325)1.229.9
    ISHARES MSCI BRAZIL INDEX ETF (XBZ)0.46.0
    NORDEA 1 SICAV - BRAZILIAN EQUITY FUND - HB EUR (NBRZHBE)0.47.0
    NORDEA 1 SICAV - BRAZILIAN EQUITY FUND - E EUR (NBRZEEE)0.47.0
    HSBC GLOBAL INVESTMENT FUNDS - BRAZIL EQUITY - X (HSBZIUX)0.3211.7
    HSBC GLOBAL INVESTMENT FUNDS - BRAZIL BOND - AD (HSBBADU)0.238.6

    Top 10 Brazil Focused Funds by Outflow Last Week
    Fund Namefund flow mn$Total Assets mn$
    FONDO MUTUO SECURITY FIXED INCOME BRL - A (SFIBRLA)-2198.999999.9
    DWS INVEST BRAZILIAN EQUITIES (FP7X)-3.531.1
    SHINHAN BNP BONJOUR BRAZIL INVESTMENT TRUST - MASTER (0766014)-2.915.1
    LEGG MASON GLOBAL FUNDS PLC - WESTERN ASSET BRAZIL BOND FUND - LM-WABB-ADMUSD$ (LMBZDAU)-1.622.6
    JPMORGAN FUNDS - BRAZIL EQUITY - A$ (JPBRADA)-1.5122.5
    JPMORGAN FUNDS - BRAZIL EQUITY - D$ (JPBRPAD)-1.5122.5
    LYXOR ETF BRAZIL IBOVESPA USD (LYRIO)-1.4182.2
    FONDITALIA - EQUITY BRAZIL F33 - T (FOIEBZT)-1.339.9
    FONDITALIA - EQUITY BRAZIL F33 - R (FOIEBZR)-1.339.9
    DWS BRAZIL BOND FUND - EUR DIST (DWSBRZB)-0.9121.4

    Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    BRAZIL FEDERATIVE REPUBLIC OF (GO 2584.754.25USDJan 7, 20257.416.460.98-6.35
  • Brazil is considering legalizing gambling to aid their failing economy
    • BRAZIL (FEDERATIVE REPUBLIC OF) 2194.004.88USDJan 22, 20214.646.221.66-7.50
  • October 1, 1975: The Thrilla In Manila
    • BRAZIL (FEDERATIVE REPUBLIC OF) 19103.05.88USDJan 15, 20193.004.881.68-5.50
  • October 1, 1975: The Thrilla In Manila
    • BRAZIL (FEDERATIVE REPUBLIC OF) 4571.005.00USDJan 27, 204512.297.440.74-7.25
  • October 1, 1975: The Thrilla In Manila
    • BRAZIL (FEDERATIVE REPUBLIC OF) 3790.257.13USDJan 20, 203710.158.091.28-13.25
  • October 1, 1975: The Thrilla In Manila

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    JBS INVESTMENTS GMBH RegS 2496.007.25USDApr 3, 20245.747.900.48-3.75
  • Chilton sells position in Kohlberg Kravis Roberts
    • BRF SA RegS 2493.004.75USDMay 22, 20246.915.790.58-4.25
  • Cheniere Energy, Inc. (LNG): More Bullish News On The Way
    • ITAU UNIBANCO HOLDING SA MTN RegS 2385.255.13USDMay 13, 20236.097.690.82-4.88
  • Exklusiv: Ranking der teuersten 300 Unternehmen der Welt
    • BANCO DO BRASIL (GRAND CAYMAN BRAN RegS 2381.005.88USDJan 19, 20235.729.542.07-10.75
  • Global players announce microinsurance venture at Davos
    • BANCO BTG PACTUAL SA (CAYMAN ISLA MTN RegS 2079.504.00USDJan 16, 20203.889.982.76-9.00

    Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    BRAZIL (FEDERATIVE REPUBLIC OF) 16234.90.00BRLJan 1, 20160.2614.340.27-27.70
  • October 1, 1975: The Thrilla In Manila
    • BRAZIL FEDERATIVE REPUBLIC OF GOVE 16225.90.00BRLApr 1, 20160.4815.841.60-28.30
  • QUICK NUMBERS: 20 facts on electricity in Africa that will surprise ...
    • BRAZIL FEDERATIVE REPUBLIC OF (GO 16217.70.00BRLJul 1, 20160.7115.861.63-28.30
  • Putin's closest ally – and his biggest liability
    • BRAZIL FEDERATIVE REPUBLIC OF (GO 21195.010.00BRLJan 1, 20213.7116.042.24-43.40
  • October 1, 1975: The Thrilla In Manila
    • BRAZIL FEDERATIVE REPUBLIC OF 25176.910.00BRLJan 1, 20255.2316.012.04-44.60
  • Brazil : Killing of Mr. Raimundo dos Santos Rodrigues

    • Brazil Last Month Review



    Brazil IBOV:IND Index lost-3.36% last month. To finish the month at 45059.34

    MSCI Brazil Index lost-12.11% last month. Its overall down -40.88% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    BRL last month lost -9.03% against US dollar. To finish the month at 3.9475per USD.

    Sovereign eurobonds are trading with average yield of 7.73% and widened by2.49% last month.

    Corporate eurobonds are trading with average yield of 11.66% and widened by4.77% last month.

    Local currency bonds are trading with average yield of 15.53% and widened by2.59% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in Brazil included Cia de Saneamento de Minas Gerais-COPASA +20.20%, JBS SA +8.89%, Braskem SA +8.66%, Centrais Eletricas Brasileiras SA +6.86%, Estacio Participacoes SA +3.70%, Usinas Siderurgicas de Minas Gerais SA +3.10%, Cia Siderurgica Nacional SA +2.72%, Embraer SA +1.77%, Cosan SA Industria e Comercio +1.72%, Klabin SA +1.25%, .

    Worst stocks last month included Lojas Renner SA -82.87%, Banco do Estado do Rio Grande do Sul SA -33.79%, Petroleo Brasileiro SA -27.74%, Cia Brasileira de Distribuicao Grupo Pao -27.33%, Marcopolo SA -26.63%, Petroleo Brasileiro SA -26.25%, CCR SA -24.99%, Natura Cosmeticos SA -24.51%, Multiplus SA -22.29%, Banco do Brasil SA -21.81%,

    Best stocks YTD included Suzano Papel e Celulose SA +15.44%, Fibria Celulose SA +11.41%, Raia Drogasil SA +3.84%, JBS SA +0.99%, Klabin SA-0.65%, Souza Cruz SA-6.61%, Sul America SA-6.92%, Ultrapar Participacoes SA-12.59%, EDP - Energias do Brasil SA-13.84%, BM&FBovespa SA-24.27%,

    While worst stocks YTD included Cia Brasileira de Distribuicao Grupo Pao -999.99%, Lojas Renner SA -83.80%, Metalurgica Gerdau SA -82.60%, Oi SA -78.18%, Banco do Estado do Rio Grande do Sul SA -74.09%, Marcopolo SA -67.65%, Cia de Saneamento de Minas Gerais-COPASA -66.71%, Kroton Educacional SA -66.51%, WEG SA -66.01%, Cia Energetica de Minas Gerais -64.19%,
    In terms of sector performance last month the best sectors included Materials-3.0%, Utilities-5.1%, Health Care-10.6%,

    While worst sector performance last month showed Consumer Discretionary -18.2%, Communications -14.6%, Energy -13.9%,

    YTD the best sectors remain Consumer Staples-23.8%, Health Care-26.6%, Materials-37.7%,
    While the worst sectors are Communications -60.9%, Consumer Discretionary -54.4%, Industrials -50.5%,

    Brazil currency vs. USD



    Source: Midlincoln

    Brazil IBOV:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for Brazil include:


  • Money dealer: Brazil president knew of kickback scheme
  • Pressão » Decisões contestadas por aliados desgastam ainda mais ...
  • Big business could help Brazilian President Dilma Rousseff survive ...
  • Desperate times, desperate moves
  • Brazilian VP seeks "national alliance" to deal with crisis
  • Frictions shake Brazil's ruling coalition
  • Cafouillage en vue au Brésil pendant le Mondial
  • Canada set up Rugby Trophy final date with Georgia
  • Con la vuelta de Robinho, Dunga dio su lista
  • Genetically Modified Mosquitoes Fight Dengue Fever
  • Protalix, Brazil's Ministry of Health Ink $280M Tech Transfer Deal
  • Brazil's President Makes Changes to Cabinet With Elections Ahead
  • Exclusive: Russia, US competing for space partnership with Brazil
  • Brazilian government changes tech minister - again
  • Brazilian athletes protest against new minister
  • Relations between China and Brazil to continue to grow
  • Brasil Post At The Vanguard Of Digital
  • A New Ministry of Culture in Brazil
  • Saab Wins $4.5 Billion Brazil Order as Spat Hurts Boeing
  • Brazil Plans to Build Aircraft Carrier, Defense Minister Says
  • First Nations are doing the work necessary to heal
  • Let Slip the Dogs of Currency War
  • China Devalues Yuan After Poor Economic Data
  • Desperate times, desperate moves
  • Brazil's president says, 'I'm not guilty,' but even allies wonder if she ...
  • Brazil Auditors Delay Ruling on Alleged Breach of Fiscal Law
  • Rousseff Budget Said to Be Rejected by Most Brazil Auditors
  • Brazil Launches New Global Advertising Campaign
  • Controlling Brazil's rip-off hoteliers
  • World Travel Market Latin America opens on an upbeat note
  • Mão amiga: UK to host 1000s of Brazilian students
  • Kraft Heinz owners include a Brazilian ex-surfer
  • Foxconn 'mulls $12bn Brazil move' as it seeks expansion
  • Brazil Boosts Key Rate for Sixth Time as Investors Doubt Tombini
  • Once-Skeptical Traders Now See Tombini Resolve to Tame Inflation
  • Brazil Central Bank Signals Rate Increases to Curb Inflation
  • Viet Nam, Brazil aim to build new connections
  • State of Rio de Janeiro Recognizes the Armenian Genocide
  • Brazil's Rousseff names ambassador to the US as foreign minister
  • Italy arrests 11 in search for Sicilian mafia boss of bosses
  • Mugshots of 'Mafia crooks who used secret code based on sheep'
  • Brazil judge says president's ex-chief of staff may have been bribed
  • Gold, greed and garimpeiros
  • Does Brazil's new speaker of the lower house want the government ...
  • Does Brazil's new speaker of the lower house want the government ...
  • Brazil Will Sell Licenses for $66 Billion of Roads and Rails
  • Water shortage deepens in central and northern Chile
  • Role Reversal: Angola's investments and export markets provide ...
  • 'A new era in the fishing industry history' begins
  • Who's who in the world of climate change diplomacy?
  • Brazil, China, India, South Africa in push for climate financing
  • Iran, Brazil to boost ties in labor sector
  • Pre-Market Activity Shows Gains For Petroleo Brasileiro SA ...
  • Petroleo Brasileiro SA Petrobras (PBR) Down In Early Morning ...
  • Wikileaks: NSA Wiretapped Brazilian President And Other Officials
  • DEPUTY SECRETARY ANTONY BLINKEN
  • NSA's Top Brazilian Political and Financial Targets Revealed by ...
  • Immigration Reform 2015: 'Marriage Fraud' Bill Targeting ...
  • Explainer: Brazil's Contentious Outsourcing Bill
  • A rebuke in Spain
  • Edward Snowden Wants Switzerland To Grant Him Asylum
  • 5 Perfect January Transfer Targets for Arsenal
  • Obama Announces Historic Revamp of US-Cuba Relations
  • BDS battle
  • With Jewish Democrats feeling heat, Obama appears to have ...
  • Lawmakers begin discussions on bill that would place a moratorium ...
  • Catching up in a hurry
  • Brazil plans a total of US$14.7bn in waterworks under PAC 2
  • Ministry of National Integration and Casa Civil deny misconduct by ...
  • India and Brazil tech innovation visions and priorities for 2014
  • China plans to build electric vehicles in São Paulo, Brazil
  • 5 Damn Good Reasons to Startup in Brazil
  • Plan launched to eradicate illegal fishing
  • Zambia's Aquaculture Sector gets Boost from Brazil
  • Five thousand tonnes of frozen Argentine shrimp to be imported
  • O atual entendimento do STJ sobre a impossibilidade de cumular ...
  • Nestle Approaches Brazil to Settle Garoto Antitrust Court Case
  • Entrevista: Luís Inácio Lucena Adams, advogado-geral da União
  • Brazilian national bank to fund port projects
  • Brazil Airports Scramble to Meet Demand Ahead of World Cup
  • World Cup 2014: 'No room for error' as Brazil scrambles to get its ...
  • Government improves regional airport infrastructure
  • Charles Walker MP interview: 'We don't want to criminalise being ill'
  • Broxbourne Council facing �130k legal bill
  • Catherine Wheel pub in Albury loses bid to keep children's ...
  • BD-Brazil accord soon on reducing export duty
  • South Africa a good investment: OBG
  • Xi Jinping's visit to Brazil is all about business
  • Brazil Central Bank Work Stoppage Tests Rousseff Budget Rigor
  • Levy Vows to Reduce Weight of Brazil Debt Without Saying How
  • Wikileaks: NSA Wiretapped Brazilian President And Other Officials
  • US Army Successfully Intercepts Missile During New ICBS Defense ...
  • Egyptian Space Authority Denies Losing Control of EgyptSat Two ...
  • The UN's Investigation Wars
  • BUSINESS IN BRIEF 6/9
  • Little Progress Made on Integrated GCC Missile Shield
  • Samsung lists LatAm obstacles for 2015: Economic recession, fierce ...
  • EDF, Sowitec sign 800MW Brazil wind deal
  • Digital sales channels a top 2015 priority for LatAm companies
  • Scientists Debate Climate Change Impacts on Tropical Diseases
  • Brick by Brick, Women Builders Make Their Way in Brazil
  • Brazilian president Dilma Rousseff officially welcomed to Bulgaria
  • Final thoughts on the Triple Crown
  • For Wolves' Adelman, family has always come first
  • Shop global, help local
  • Opposition Candidates Criticize Brazil's Rousseff
  • UN Security Council reform with permanent seat for India is 'urgent ...
  • Security Council: children and armed conflict
  • UN Peacebuilding Commission elects Swedish representative as ...
  • Brazil's poverty solution? Give money to women
  • Brazil's Bolsa Família: welfare model or menace?
  • Brazil slashes extreme poverty by 89% over the last decade
  • Brazil Defense Minister Resigns as Comments Rattle Rousseff
  • Brazil ETFs on Roller Coaster Ride Ahead of Elections - ETF News ...
  • Posse do Conselho de Igualdade Racial
  • Pretivm Reports Fourth Quarter and Year End 2014 Results
  • China gold firm Zijin posts first profit rise in 3 yrs
  • China's Zijin in talks to buy gold, copper mines abroad

    While some economic events and news headlines include:



  • Brazil And Climate Change: Push For Clean Energy Could Help ...
  • Brazil needs to improve finances to resume economic growth -Levy
  • S&P Affirms Brazil Rating as Fiscal Measures to Boost Confidence
  • Brazil's economy ekes out 0.3% growth
  • GUEST COLUMN: Latin America's challenges highlighted in Berlin ...
  • Why the Young Brazilian Population is Key to Brazil's Success
  • Brazil exports more soybean and maize to Arabs
  • Brazilian Iron Ore Exports Surge in February
  • Brazil surprising primary budget gap shows need of more cuts
  • Rousseff Says Brazil Won't Intervene in Currency as Real Tumbles
  • UPDATE 1-Brazil's Levy says confident of solution for states' debt

    Companies Reported last month include:


    Best Stocks Last Month and News


    Cia de Saneamento de Minas Gerais-COPASA+20.20%
  • Economia de água em BH diminui
    JBS SA+8.89%
  • JBS Seen Gaining $3.6 Billion With Collapse of Brazil's Real
    Braskem SA+8.66%
  • Braskem SA Stock Price Up 1.9% Following Analyst Upgrade (BAK)
    Centrais Eletricas Brasileiras SA+6.86%
  • ALERT: Rosen Law Firm Reminds Centrais Eletricas Brasileiras SA ...
    Estacio Participacoes SA+3.70%
  • Bovespa fecha estável após dia volátil com Fed e pressão de cena ...
    Usinas Siderurgicas de Minas Gerais SA+3.10%
  • Brazil stocks lower at close of trade; Bovespa down 0.11%
    Cia Siderurgica Nacional SA+2.72%
  • Companhia Siderurgica Nacional Receives Average ...
    Embraer SA+1.77%
  • Analysts Set Embraer SA Price Target at $37.25 (NYSE:ERJ)
    Cosan SA Industria e Comercio+1.72%
  • Fitch Affirms Cosan Limited's IDRs at 'BB'; Outlook Stable
    Klabin SA+1.25%
  • S&P Cuts Ratings on 31 Brazil Corporations to Junk

    Worst Stocks Last Month and News


    Lojas Renner SA -82.87%
  • Plummeting Commodity Demand Slams Nigerian, Brazilian Debt
    Banco do Estado do Rio Grande do Sul SA -33.79%
  • Banco do Estado do Rio Grande do Sul SA (incorporated in the ...
    Petroleo Brasileiro SA -27.74%
  • The Crazy Week Of The Brazilian Real
    Cia Brasileira de Distribuicao Grupo Pao -27.33%
  • Perfil de Luiz Antonio
    Marcopolo SA -26.63%
  • Brazil stocks higher at close of trade; Bovespa up 0.47%
    Petroleo Brasileiro SA -26.25%
  • The Crazy Week Of The Brazilian Real
    CCR SA -24.99%
  • CCR shares slide as Sao Paulo judge seeks to cancel road ...
    Natura Cosmeticos SA -24.51%
  • Brazil stocks higher at close of trade; Bovespa up 1.56%
    Multiplus SA -22.29%
  • Valeant Pharmaceuticals Intl Inc. (NYSE:VRX) announced that the ...
    Banco do Brasil SA -21.81%
  • Banco do Brasil, Bradesco Among Lenders Cut to Junk by S&P

    View Brazil Econ Page






    • Turkey Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    XU100:IND -1.34-13.43-1.06
    MSCI Turkey -4.93-33.38-25.71
    MSCI GEM -3.26-17.18-21.21
    MSCI BRIC -3.53-16.52-20.23
    MSCI World -3.80-8.50-8.44

    Indexes YTD performance %
    MSCI IndexYTDChange
    HUNGARY19.5
    RUSSIA5.1
    RUSSIA ADR/GDR-0.5
    EM EASTERN EUROPE-1.7
    AC EUROPE Growth-2.1
    INDIA-6.3
    INDIA DOMESTIC-6.3
    ACFM EUROPE + CIS (E+C)-7.5
    AC EUROPE-7.5
    PHILIPPINES-7.6
    SELECT OECD COUNTRIES-7.6
    ACFM AMERICA INDEX-8.2
    AC AMERICAS-8.2
    ACWI ex AUSTRALIA-8.2
    UNITED ARAB EMIRATES DOMESTIC-8.3
    ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
    ACFM ASIA-8.4
    KUKJE INDEX (ACWI ex Korea)-8.4
    AC ASIA-8.4
    ACWI WITH BRAZIL ADR-8.4
    ACWI + FRONTIER MARKETS (ACWI FM)-8.5
    AC FAR EAST-8.5
    ACWI WITH USA GROSS-8.5
    World-8.5
    ACWI ex EMU-8.7
    ACWI FM ex JAPAN-9.1
    ACWI ex JAPAN-9.1
    UNITED ARAB EMIRATES-9.1
    EAFE + EM-9.7
    AC ASIA PACIFIC-10.2
    AC PACIFIC-10.4
    ACWI ex USA-10.6
    ACWI FM ex USA-10.6
    KOREA-11.8
    CZECH REPUBLIC-11.8
    ZHONG HUA-12.0
    EM EUROPE & MIDDLE EAST-12.2
    QATAR DOMESTIC-12.3
    AC ASIA ex JAPAN+CHINA A-12.7
    EM EUROPE-12.7
    EM EASTERN EUROPE ex RUSSIA-12.7
    AC EUROPE Value-12.9
    GOLDEN DRAGON-13.0
    EFM EUROPE + CIS (E+C)-13.1
    CHINA-13.5
    ASIA APEX 50-13.6
    EFM CEEC ex RU-13.8
    QATAR-13.9
    CHINA 50-14.3
    BRIC WITH BRAZIL ADR-14.3
    AC ASIA ex JAPAN-14.3
    EM ASIA-14.5
    EFM ASIA-14.5
    MEXICO-14.6
    EM (EMERGING MARKETS)+CHINA A-15.0
    AC FAR EAST ex JAPAN-15.1
    EFM EMEA-15.1
    EM EMEA-15.1
    TAIWAN-15.4
    EM FAR EAST-15.6
    JORDAN + EGYPT + MOROCCO-15.8
    AC ASIA PACIFIC ex JAPAN-15.9
    EFM AFRICA ex ZA-16.0
    AC FAR EAST ex JAPAN ex HK-16.2
    EM WITH BRAZIL ADR-16.4
    POLAND-16.4
    BRIC-16.5
    AC PACIFIC ex JAPAN-16.7
    EFM (EMERGING + FRONTIER MARKETS)-17.1
    EM (EMERGING MARKETS)-17.2
    BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
    AC PACIFIC ex JAPAN ex HK-17.6
    EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
    CHILE-17.8
    EM 50-17.8
    CHINA A 50-18.0
    EFM AFRICA-18.0
    SOUTH AFRICA-18.2
    EM LATIN AMERICA ex BRAZIL-18.3
    EGYPT-18.5
    THAILAND-20.6
    EMERGING MARKETS HORIZON-22.1
    EM ex ASIA-22.6
    EMERGING + FRONTIER MARKETS WORKFORCE-23.7
    SOUTH EAST ASIA-24.6
    ANDEAN-25.2
    EFM EUROPE + CIS (E+C) ex RU-25.7
    PERU-26.5
    MALAYSIA-27.4
    EM LATIN AMERICA WITH BRAZIL ADR-28.3
    EM LATIN AMERICA-30.5
    EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
    TURKEY-33.4
    INDONESIA-34.5
    COLOMBIA-37.6
    BRAZIL-40.9
    BRAZIL ADR-42.6
    GREECE-53.3

    Indexes 1m performance %
    IndexLastChnge
    Korea Stock Exchange KOSPI Index1979.322.98
    FTSE/JSE Africa All Share Index50088.860.23
    S&P BSE SENSEX Index26237.05-0.18
    Borsa Istanbul 100 Index74205.47-1.34
    Dow Jones Industrial Average16284.7-1.47
    Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
    S&P 500 Index1920.03-2.64
    Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
    FTSE 100 Index6061.61-2.98
    Hong Kong Hang Seng Index20846.3-3.32
    Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
    Shanghai Stock Exchange Composite Index3052.781-3.76
    S&P/TSX Composite Index13306.96-3.98
    Jakarta Stock Exchange Composite Index4259.387-4.24
    Nikkei 22517722.42-4.31
    Russian Trading System Cash Index786.35-4.65
    MICEX Index1642.97-5.20
    Russian Depositary Index USD948.48-5.36
    Deutsche Boerse AG German Stock Index DAX9660.44-5.84
    Karachi Stock Exchange KSE100 Index32397.25-6.71

    Currencies 1m performance %
    TickerLastChnge
    USDBRL:CUR 3.94759.03
    USDMYR:CUR4.40455.97
    USDIDR:CUR146594.16
    USDZAR:CUR 13.76373.88
    USDTRL:CUR 30187903.78
    USDTRY:CUR3.01863.77
    USDNOK:CUR 8.50542.88
    USDHRK:CUR6.86442.45
    USDTHB:CUR36.3831.82
    USDGBP:CUR0.66111.79
    USDCZK:CUR24.3871.65
    USDCHF:CUR0.97651.57
    USDPLN:CUR3.80731.32
    USDARS:CUR9.41861.31
    USDSGD:CUR1.42661.30
    USDTWD:CUR32.7531.24
    USDCOP:CUR3087.441.14
    USDAUD:CUR 1.41771.13
    USDBGN:CUR1.75471.13
    USDCAD:CUR 1.32931.13
    USDLTL:CUR3.09691.10
    USDEUR:CUR 0.8971.09
    USDDKK:CUR6.69161.05
    USDHUF:CUR281.10.90
    USDRON:CUR3.9620.76
    USDCLP:CUR696.380.64
    USDRUB:CUR 65.21990.50
    USDMXN:CUR16.83360.36
    USDPKR:CUR104.5050.30
    USDKWD:CUR0.302530.12
    USDKRW:CUR 1176.350.05
    USDPHP:CUR46.7280.02
    USDQAR:CUR3.64180.00
    USDHKD:CUR7.750.00
    USDBDT:CUR77.7750.00
    USDAED:CUR3.6730.00
    USDOMR:CUR0.38505-0.01
    USDSAR:CUR3.7505-0.02
    USDPEN:CUR3.2334-0.10
    USDCNY:CUR 6.3571-0.19
    USDNZD:CUR1.5613-0.46
    USDJPY:CUR 120.19-0.50
    USDSEK:CUR8.3865-0.65
    USDCNH:CUR6.3621-0.86
    USDISK:CUR127.9-1.08
    USDINR:CUR 65.5538-1.28

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    BRAZIL 5.95%0.74 -39 +72 +164
    NEW ZEALAND 3.29%0.09 +4 +8 -84
    MEXICO 3.79%0.01 -12 -3 +26
    SWITZERLAND -0.17%-0.02 -1 -5 -59
    JAPAN » 0.35%-0.02 +2 -2 -18
    CANADA 1.43%-0.06 0 -6 -71
    AUSTRALIA » 2.60%-0.06 +2 -6 -88
    UNITED STATES » 2.07%-0.12 +3 -10 -33
    FRANCE 1.00%-0.15 +1 -16 -24
    GERMANY » 0.60%-0.20 +2 -19 -30
    UNITED KINGDOM » 1.76%-0.20 0 -17 -60
    NETHERLANDS 0.79%-0.20 +1 -20 -25
    SPAIN 1.89%-0.21 +1 -25 -17
    ITALY 1.73%-0.23 +1 -27 -55
    PORTUGAL 2.39%-0.24 +1 -33 -67
    SOUTH KOREA 2.06%-0.24 -9 -24 -81
    INDIA 7.54%-0.24 0 -22 -94
    HONG KONG 1.49%-0.27 -1 -27 -45
    SINGAPORE 2.52%-0.30 -7 -29 +7
    GREECE 8.11%-0.77 +8 -96 +174

    Commodities 1m performance %
    nameunitsPriceChng
    SugarUSD/LB.12.8820.49
    PalladiumUSD/T OZ.656.0510.01
    RiceUSD/CWT13.229.08
    Copper$/t5160.000.49
    COCOAUSD/MT3114.000.48
    SilverUSD/T OZ.14.57-0.61
    HogsUSD/LB.66.73-1.91
    CoffeeUSD/LB.121.35-2.37
    GOLDUSD/T OZ.1112.67-2.54
    NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
    OIL BrentUSD/BBL.48.75-7.46
    CattleUSD/LB.130.93-8.57
    PlatinumUSD/T OZ.912.57-9.84

    Best Stocks 1m in USD %ch
    stockcountrytickernamestockcurrentch
    TUFROTO:TIFord Otomotiv Sanayi AS32.305.51
    TUARCLK:TIArcelik AS14.754.13
    TUBIMAS:TIBIM Birlesik Magazalar AS53.652.68
    TUKCHOL:TIKOC Holding AS11.800.19
    TUSAHOL:TIHaci Omer Sabanci Holding AS8.87-1.75
    TUTAVHL:TITAV Havalimanlari Holding AS23.75-2.61
    TUSISE:TITurkiye Sise ve Cam Fabrikalari AS2.87-2.62
    TUEKGYO:TIEmlak Konut Gayrimenkul Yatirim Ortaklig2.51-2.86
    TUENKAI:TIEnka Insaat ve Sanayi AS5.00-3.05
    TUVAKBN:TITurkiye Vakiflar Bankasi Tao3.83-4.13

    Worst Stocks 1m in USD %
    stockcountrytickernamestockcurrentch
    TUKOZAL:TIKoza Altin Isletmeleri AS21.95-13.31
    TUHALKB:TITurkiye Halk Bankasi AS10.10-12.71
    TUTCELL:TITurkcell Iletisim Hizmetleri AS10.55-11.21
    TUYKBNK:TIYapi ve Kredi Bankasi AS3.37-9.54
    TUEREGL:TIEregli Demir ve Celik Fabrikalari TAS3.73-9.23
    TUGARAN:TITurkiye Garanti Bankasi AS7.03-8.20
    TUCCOLA:TICoca-Cola Icecek AS34.60-7.38
    TUISCTR:TITurkiye Is Bankasi4.71-6.80
    TUTTKOM:TITurk Telekomunikasyon AS5.97-6.00
    TUAEFES:TIAnadolu Efes Biracilik Ve Malt Sanayii A21.35-5.19

    Best Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    TUKOZAL:TIKoza Altin Isletmeleri AS21.958.90
    TUTUPRS:TITupras Turkiye Petrol Rafinerileri AS74.103.70
    TUTAVHL:TITAV Havalimanlari Holding AS23.75-3.76
    TUTOASO:TITofas Turk Otomobil Fabrikasi AS17.95-12.90
    TUBIMAS:TIBIM Birlesik Magazalar AS53.65-16.96
    TUFROTO:TIFord Otomotiv Sanayi AS32.30-23.20
    TUARCLK:TIArcelik AS14.75-23.90
    TUKCHOL:TIKOC Holding AS11.80-26.35
    TUENKAI:TIEnka Insaat ve Sanayi AS5.00-26.71
    TUAEFES:TIAnadolu Efes Biracilik Ve Malt Sanayii A21.35-27.21

    Worst Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    TUCCOLA:TICoca-Cola Icecek AS34.60-46.97
    TUYKBNK:TIYapi ve Kredi Bankasi AS3.37-46.66
    TUISCTR:TITurkiye Is Bankasi4.71-45.92
    TUHALKB:TITurkiye Halk Bankasi AS10.10-43.76
    TUTCELL:TITurkcell Iletisim Hizmetleri AS10.55-42.90
    TUGARAN:TITurkiye Garanti Bankasi AS7.03-42.24
    TUAKBNK:TIAkbank TAS6.78-39.41
    TUVAKBN:TITurkiye Vakiflar Bankasi Tao3.83-39.26
    TUSISE:TITurkiye Sise ve Cam Fabrikalari AS2.87-38.98
    TUTTKOM:TITurk Telekomunikasyon AS5.97-36.45

    Sector Performance 1m in USD %
    NameSectorch
    Consumer Discretionary0.2
    Energy-2.4
    Industrials-2.6
    Utilities-3.1
    Consumer Staples-3.3
    Financials-6.3
    Materials-8.4
    Communications-8.6

    Sector Performance YTD in USD %
    NameSectorch
    Industrials-3.8
    Energy-11.3
    Materials-21.8
    Consumer Discretionary-24.0
    Utilities-26.7
    Consumer Staples-30.4
    Communications-39.7
    Financials-39.9

    Turkey - Gross domestic product, constant prices Percent change rankings

    • Gross domestic product, constant prices Percent change 2015


    Source:IMF, Midlincoln

    Turkey - Gross domestic product, current prices U.S. dollars rankings

    • Gross domestic product, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    Turkey - Gross domestic product per capita, current prices U.S. dollars rankings

    • Gross domestic product per capita, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    Turkey - Inflation, end of period consumer prices Percent change rankings

    • Inflation, end of period consumer prices Percent change 2015


    Source:IMF, Midlincoln

    Turkey - General government structural balance Percent of potential GDP rankings

    • General government structural balance Percent of potential GDP 2015


    Source:IMF, Midlincoln

    Turkey - Current account balance Percent of GDP rankings

    • Current account balance Percent of GDP 2015


    Source:IMF, Midlincoln

    Table of Contents


    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review


















    Turkey



    Our Stance

    Turkey proves to be a higher beta play on the emerging markets it bounces in line with the emerging markets index and it is unlikely to diverge far from overall GEM index. Its drag into Syria as well as drag into upcoming November elections weigh on the negative side of the risk equation.

    Universe in October

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    TAV Havalimanlari Holding ASTAVHL:TIIstanbul, 34149 Turkey Transport Support Services2880.673.61%14.793.1020.9653.3936.17%93.27
    Tupras Turkiye Petrol Rafinerileri ASTUPRS:TITurkey Refining & Marketing6573.28-12.300.504.07-0.0072.71%62.01
    Tofas Turk Otomobil Fabrikasi ASTOASO:TITurkey Automobiles2979.835.53%12.471.028.1868.9646.96%109.16
    Ford Otomotiv Sanayi ASFROTO:TITurkey Automobiles3890.593.49%18.250.814.4463.6934.74%82.16
    Turk Hava Yollari AOTHYAO:TITurkey Airlines3973.78-4.370.4610.53-0.0032.91%36.60
    Arcelik ASARCLK:TITurkey Home Improvement3453.553.44%12.840.796.1544.1731.39%66.41
    BIM Birlesik Magazalar ASBIMAS:TITurkey Food & Drug Stores5933.171.39%37.091.092.9451.5626.06%41.00
    KOC Holding ASKCHOL:TITurkey Refining & Marketing10721.271.58%12.160.463.7819.2124.50%32.87
    Koza Altin Isletmeleri ASKOZAL:TITurkey Precious Metal Mining1077.154.73%8.004.0350.3837.8420.68%98.43
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3458.303.60%14.266.7947.6251.3419.33%101.56
    Turk Telekomunikasyon ASTTKOM:TITurkey Telecom Carriers7594.748.23%18.881.588.37155.3819.10%161.51
    Enka Insaat ve Sanayi ASENKAI:TITurkey Power Generation7144.801.43%13.811.6712.0919.7516.83%32.40
    Turkcell Iletisim Hizmetleri ASTCELL:TITurkey Telecom Carriers8329.9416.00%13.131.9715.00210.088.38%217.87
    Eregli Demir ve Celik Fabrikalari TASEREGL:TITurkey Steel Producers4730.3710.05%8.691.1613.3587.336.62%96.15
    Akbank TASAKBNK:TITurkey Banks9997.281.93%8.981.5617.3717.334.66%27.92
    Turkiye Is BankasiISCTR:TITurkey Diversified Banks7732.613.08%6.350.8112.7619.564.14%27.64
    Haci Omer Sabanci Holding ASSAHOL:TITurkey Banks6395.341.08%8.630.677.769.321.31%7.30
    Turkiye Garanti Bankasi ASGARAN:TITurkey Banks10967.811.76%8.401.4317.0214.78-0.30%20.64
    Turkiye Vakiflar Bankasi TAOVAKBN:TITurkey Banks3446.750.98%5.510.6411.625.40-1.55%7.49
    Anadolu Efes Biracilik Ve Malt Sanayii ASAEFES:TITurkey Beverages4845.831.91%-1.40-0.00-6.24%
    Yapi ve Kredi Bankasi ASYKBNK:TITurkey Banks5373.202.53%7.560.8711.5119.13-14.24%6.37
    Turkiye Halk Bankasi ASHALKB:TITurkey Banks4690.641.60%6.130.8714.199.81-17.82%-2.42
    Coca-Cola Icecek ASCCOLA:TITurkey Beverages3157.091.08%62.371.482.3767.36-19.03%-14.13
    Turkiye Sise ve Cam Fabrikalari ASSISE:TITurkey, 80620 Turkey Non Wood Building Materials1903.361.61%10.840.837.6617.4518.20%30.00

    Index Sector Valuations vs GEM Average

    SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
    Communications15924.712.110.3794505.843.312.33.215.918.2-12.611.813.61.813.5-0.7
    Consumer Discretionary14297.710.96.6509681.042.427.04.12.011.916.4-27.47.39.62.336.03.1
    Consumer Staples13936.110.67.5584775.337.238.01.51.845.928.262.82.710.37.64.612.3
    Energy17294.613.212.6973390.411.940.81.64.412.212.4-1.63.99.75.842.8-21.0
    Financials52061.939.732.82543065.717.126.02.04.08.18.8-8.016.220.44.2-0.33.2
    Industrials2880.72.25.8453138.253.423.43.61.814.818.6-20.421.011.4-9.636.222.9
    Materials7710.95.97.6590209.463.227.57.23.19.118.1-49.717.19.8-7.311.4-0.1
    Utilities7144.85.43.7288099.019.732.21.43.113.812.411.312.113.41.316.8-5.6

    Top 5 Turkey Index Long Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Turkcell Iletisim Hizmetleri ASTCELL:TITurkey Telecom Carriers8329.9416.00%13.131.9715.00210.088.38%217.87
    Turk Telekomunikasyon ASTTKOM:TITurkey Telecom Carriers7594.748.23%18.881.588.37155.3819.10%161.51
    Tofas Turk Otomobil Fabrikasi ASTOASO:TITurkey Automobiles2979.835.53%12.471.028.1868.9646.96%109.16
    Emlak Konut Gayrimenkul Yatirim Ortakligi ASEKGYO:TITurkey Real Estate Services3458.303.60%14.266.7947.6251.3419.33%101.56
    Koza Altin Isletmeleri ASKOZAL:TITurkey Precious Metal Mining1077.154.73%8.004.0350.3837.8420.68%98.43

    Top 5 Turkey Index Short Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Coca-Cola Icecek ASCCOLA:TITurkey Beverages3157.091.08%62.371.482.3767.36-19.03%-14.13
    Turkiye Halk Bankasi ASHALKB:TITurkey Banks4690.641.60%6.130.8714.199.81-17.82%-2.42
    Yapi ve Kredi Bankasi ASYKBNK:TITurkey Banks5373.202.53%7.560.8711.5119.13-14.24%6.37
    Haci Omer Sabanci Holding ASSAHOL:TITurkey Banks6395.341.08%8.630.677.769.321.31%7.30
    Turkiye Vakiflar Bankasi TAOVAKBN:TITurkey Banks3446.750.98%5.510.6411.625.40-1.55%7.49

    Turkey Index



    Source: Midlincoln

    Turkey Index vs. XU100:IND



    Source: Midlincoln



    Weekly Fund flow into Turkey focused funds showed (Previous Week)-7.2 USD mn of outflow.


    Top 10 Turkey Focused Funds by Inflows Last Week
    Fund Namefund flow mn$Total Assets mn$
    RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEX UCITS ETF (M9SE)-0.15.3
    CONCEPT FUND SOLUTIONS - DB X-TRACKERS MSCI TURKEY INDEX UCITS ETF DR (XDTK)-0.27.5

    Top 10 Turkey Focused Funds by Outflow Last Week
    Fund Namefund flow mn$Total Assets mn$
    CONCEPT FUND SOLUTIONS - DB X-TRACKERS MSCI TURKEY INDEX UCITS ETF DR (XDTK)-0.27.5
    RBS MARKET ACCESS DOW JONES TURKEY TITANS 20 INDEX UCITS ETF (M9SE)-0.15.3

    Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    TURKEY (REPUBLIC OF) 25113.47.38USDFeb 5, 20256.915.510.37-3.10
  • The final challenge for German reunification
    • TURKEY (REPUBLIC OF) 36106.76.88USDMar 17, 203611.126.280.39-4.90
  • MEHMET Y. YILMAZ >Polls show no difference from Turkey's June ...
    • TURKEY (REPUBLIC OF) 18108.06.75USDApr 3, 20182.283.380.32-1.10
  • MEHMET Y. YILMAZ >Polls show no difference from Turkey's June ...
    • TURKEY (REPUBLIC OF) 22106.46.25USDSep 26, 20225.745.150.37-2.30
  • As crisis and controversy grow, more Syrian refugees are on their ...
    • TURKEY (REPUBLIC OF) 24102.95.75USDMar 22, 20246.755.310.36-2.60
  • Baylor History Department Lecture to Analyze Relationship Between ...

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    TURKIYE IS BANKASI AS RegS 1799.343.88USDNov 7, 20172.014.210.27-0.59
  • REFERENCE: PUBLIC DISCLOSURE OF TURKIYE IS BANKASI AS ...
    • TURKIYE GARANTI BANKASI AS RegS 2296.375.25USDSep 13, 20225.815.890.30-2.13
  • Turkish state bank downscales in New York under Fed grip
    • YAPI VE KREDI BANKASI AS RegS 2093.784.00USDJan 22, 20203.945.640.29-1.24
  • Dodge & Cox International Stock Fund 2Q15 Commentary
    • AKBANK TAS RegS 2293.635.00USDOct 24, 20225.806.120.22-1.62
  • Citigroup Exit, HSBC in Last Place Show Turkey Banking Challenge

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    TURKEY (REPUBLIC OF) 1632.719.00TRYJan 27, 20160.3110.860.21-1.13
  • MEHMET Y. YILMAZ >Polls show no difference from Turkey's June ...
    • TURKEY (REPUBLIC OF) 1930.288.50TRYJul 10, 20193.0611.170.72-1.73
  • Baylor History Department Lecture to Analyze Relationship Between ...
    • TURKEY (REPUBLIC OF) 2032.4510.50TRYJan 15, 20203.3110.950.67-1.92
  • MEHMET Y. YILMAZ >Polls show no difference from Turkey's June ...
    • TURKEY (REPUBLIC OF) 2228.948.50TRYSep 14, 20225.0011.060.76-2.14
  • As crisis and controversy grow, more Syrian refugees are on their ...
    • TURKEY (REPUBLIC OF) 1829.576.30TRYFeb 14, 20182.1011.310.63-1.34
  • MEHMET Y. YILMAZ >Polls show no difference from Turkey's June ...

    • Turkey Last Month Review



    Turkey XU100:IND Index lost-1.34% last month. To finish the month at 74205.47

    MSCI Turkey Index lost-4.93% last month. Its overall down -33.38% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    TRL last month lost -3.78% against US dollar. To finish the month at 3018790per USD.

    Sovereign eurobonds are trading with average yield of 5.38% and widened by0.60% last month.

    Corporate eurobonds are trading with average yield of 5.47% and widened by0.76% last month.

    Local currency bonds are trading with average yield of 11.02% and widened by1.24% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in Turkey included Ford Otomotiv Sanayi AS +5.51%, Arcelik AS +4.13%, BIM Birlesik Magazalar AS +2.68%, KOC Holding AS +0.19%, Haci Omer Sabanci Holding AS-1.75%, TAV Havalimanlari Holding AS-2.61%, Turkiye Sise ve Cam Fabrikalari AS-2.62%, Emlak Konut Gayrimenkul Yatirim Ortaklig-2.86%, Enka Insaat ve Sanayi AS-3.05%, Turkiye Vakiflar Bankasi Tao-4.13%, .

    Worst stocks last month included Koza Altin Isletmeleri AS -13.31%, Turkiye Halk Bankasi AS -12.71%, Turkcell Iletisim Hizmetleri AS -11.21%, Yapi ve Kredi Bankasi AS -9.54%, Eregli Demir ve Celik Fabrikalari TAS -9.23%, Turkiye Garanti Bankasi AS -8.20%, Coca-Cola Icecek AS -7.38%, Turkiye Is Bankasi -6.80%, Turk Telekomunikasyon AS -6.00%, Anadolu Efes Biracilik Ve Malt Sanayii A -5.19%,

    Best stocks YTD included Koza Altin Isletmeleri AS +8.90%, Tupras Turkiye Petrol Rafinerileri AS +3.70%, TAV Havalimanlari Holding AS-3.76%, Tofas Turk Otomobil Fabrikasi AS-12.90%, BIM Birlesik Magazalar AS-16.96%, Ford Otomotiv Sanayi AS-23.20%, Arcelik AS-23.90%, KOC Holding AS-26.35%, Enka Insaat ve Sanayi AS-26.71%, Anadolu Efes Biracilik Ve Malt Sanayii A-27.21%,

    While worst stocks YTD included Coca-Cola Icecek AS -46.97%, Yapi ve Kredi Bankasi AS -46.66%, Turkiye Is Bankasi -45.92%, Turkiye Halk Bankasi AS -43.76%, Turkcell Iletisim Hizmetleri AS -42.90%, Turkiye Garanti Bankasi AS -42.24%, Akbank TAS -39.41%, Turkiye Vakiflar Bankasi Tao -39.26%, Turkiye Sise ve Cam Fabrikalari AS -38.98%, Turk Telekomunikasyon AS -36.45%,
    In terms of sector performance last month the best sectors included Consumer Discretionary +0.2%, Energy-2.4%, Industrials-2.6%,

    While worst sector performance last month showed Communications -8.6%, Materials -8.4%, Financials -6.3%,

    YTD the best sectors remain Industrials-3.8%, Energy-11.3%, Materials-21.8%,
    While the worst sectors are Financials -39.9%, Communications -39.7%, Consumer Staples -30.4%,

    Turkey currency vs. USD



    Source: Midlincoln

    Turkey XU100:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for Turkey include:


  • Kurdish Rebels Kill Soldiers in Attack, Turkish President Says
  • Recep Tayyip Erdogan tightens leash on Turkish media
  • Turkey's Erdogan says he will call a new election for Nov. 1
  • Turkey denies allegations it tipped off al Qaida abductors
  • Turkish prime minister to form interim govt before Nov. vote
  • Prime Minister Ahmet Davutoğlu says women's participation ...
  • PM Davutoğlu: New gov't represents every color of Turkey
  • 40 homes evacuated as forest fire erupts in western Turkey
  • 'Chaos exists because the system is not presidential,' Turkish ...
  • Turkey's peace process still on
  • Deputy PM changes mind on settlement process, says it has not ended
  • PKK poses problems for Erdogan's party as elections loom
  • Peace or presidency?
  • As our enemies, quiet down!
  • Finance Ministry resolves issue of 8 ministers serving without salaries
  • Key names out in Turkish interim govt, but AK Party still dominates
  • Global finance, business leaders to meet in Ankara
  • The Turkish economy might shrink in the second half of 2015 says ...
  • Iraq raids Shiite militia HQ over kidnapping of Turkish workers
  • One Iraqi Soldier Dead In Search For Kidnapped Turkish Workers
  • Turkey confirms 18 construction workers kidnapped in Baghdad
  • Here is a court decision
  • Turkey's trio of economic challenges
  • Zeybekci finds negative picture of economy 'cynical'
  • GÜNEŞ KÖMÜRCÜLER > What is the cost of terrorism to Turkey's ...
  • Erdogan Is Fighting Wars on Three Fronts
  • Gov't plans to seize critical media group ahead of election
  • Turkey's Bar Association to march to Anıtkabir to mark start of legal ...
  • Babacan, Çavuşoğlu may return to active politics
  • AK Party deputies critical of Erdoğan not running in snap election
  • Political analyst: MİT undermined Turkey during the settlement process
  • Questionable names in new cabinet show continuation of oppression
  • Interior Ministry to reward people reporting terrorists up to TL 4 million
  • G-20 ministers meet world business leaders in Ankara
  • Korea Seeks Chinese Support in Northeast Asia Initiative
  • Davutoğlu calls for global reduction of youth unemployment at G20
  • Defending Turkey's Actions
  • Turkey's ambassador to US Kılıç responds to former US ...
  • Republic of Turkey, Directorate General of Press & Information ...
  • Football terror takes on new dimension as Topal targeted
  • Turkey: Brief profiles of new members of interim Cabinet
  • PM Davutoğlu: New gov't represents every color of Turkey
  • Credit Suisse Sees Income Boost for Turkey Banks on New Measures
  • Lira Weakens With Bonds as Inflation Spurs Call for Higher Rates
  • A Globe-Spanning Guest List at Jackson Hole
  • Turkey's election cabinet members take over posts
  • Turkey: Brief profiles of new members of interim Cabinet
  • Finance Ministry resolves issue of 8 ministers serving without salaries
  • Turkey launches air strikes against Isis targets in Syria
  • Turkish FM announces deal against ISIL, US denies it
  • Turkey signs on to US air war in Syria, gets green light to hit Kurds
  • Turkey celebrates 93rd anniversary of Victory Day
  • Erdogan aims to boost bilateral ties during Asia trip
  • How will Turkey resolve the political deadlock?
  • Bull figure returns to Turkey
  • Finance Ministry resolves issue of 8 ministers serving without salaries
  • Yılmaz Güney films restored, digitized by Culture Ministry
  • Police officers and soldier killed in terrorists attacks laid to rest in ...
  • Turkey: Brief profiles of new members of interim Cabinet
  • PM Davutoğlu: New gov't represents every color of Turkey
  • Gov't offer frustrates unions, pay talks extend to next meeting
  • Finance Ministry resolves issue of 8 ministers serving without salaries
  • Gov't announces deal with unions over pay raise for public workers
  • Turkey: Brief profiles of new members of interim Cabinet
  • Istanbul: Visually impaired Muslims gather at Quran event
  • Visually impaired Muslims gather at Istanbul event
  • Turkey: Brief profiles of new members of interim Cabinet
  • PM Davutoğlu: New gov't represents every color of Turkey
  • Turkey allocates 10M liras for flood, landslide victims
  • Members of security forces killed in terrorist PKK attacks laid to rest
  • Turkey: Brief profiles of new members of interim Cabinet
  • PKK responsible for Baku-Turkish pipeline explosion
  • 7 AKP ministers bound by party's own 'no more than 3-terms' limit
  • First report ready for 3-level sub-sea tunnel of Istanbul
  • Dubious real estate jackpot for Turkish minister's daughter
  • DIARY-Turkey - to November 24
  • EU Minister Bozkır: Terrorism will spread as long as EU countries do ...
  • Turkish people indecisive over EU membership, survey reveals
  • Vestel plans to enter automotive sector
  • PM Davutoğlu: New gov't represents every color of Turkey
  • Ministries unite for toy design in digital age
  • Turkey expands food exports to Russia
  • CIHAN NEWS AGENCY Outlook GMT 18:00 Monday, February 20
  • Agriculture Ministry assures to buy unsold animals in Eid
  • Israel may have committed war crimes in Gaza, says UN's human ...
  • Vice-President Wina addresses UN Commission on Status of Women
  • Northern Ireland peace process template applies in Gaza - where ...
  • Ministers hand over posts to undersecretaries ahead of elections
  • Police officers and soldier killed in terrorists attacks laid to rest in ...
  • AK Party, CHP accelerate coalition talks

    While some economic events and news headlines include:



  • Rice price hike, 'job misery' major causes of hunger in PH
  • Fitch: Fiscal discipline key for Turkey
  • Samsung Group And Apple Eye Turkey For Growth
  • Technology Is The Path To Turkey's Future
  • Samsung Group And Apple Eye Turkey For Growth
  • Technology Is The Path To Turkey's Future
  • Turkey's 2.9 pct growth in 2014 fails to meet target
  • Turkish PMI dips to 6-year low, exports contract by 14 pct in March
  • Greece's cash crunch
  • Turkey runs deficit in February due to infrastructure, interest ...
  • Turkish Treasury to repay $16.5 billion of debt by June

    Companies Reported last month include:


    Best Stocks Last Month and News


    Ford Otomotiv Sanayi AS+5.51%
  • KAP : FORD OTOMOTIV SANAYI A.S. / FROTO [FROTO] KAR PAYI ...
    Arcelik AS+4.13%
  • Electrolux preparing for trial to complete $3.3B purchase of GE ...
    BIM Birlesik Magazalar AS+2.68%
  • BİM Aktüel'de Bu hafta (((2 Ekim Cuma 2015 ))Fırsatlı İndirimli Aktüel ...
    KOC Holding AS+0.19%
  • Koç Holding, İstanbul Bienali'ne olan desteğini 10 yıl daha uzattı
    Haci Omer Sabanci Holding AS-1.75%
  • Teknosa Turuncu İndirim Kataloğu Teknosa İndirimli Ürünler Listesi ...
    TAV Havalimanlari Holding AS-2.61%
  • Ohio bill might stop police from seizing your property
    Turkiye Sise ve Cam Fabrikalari AS-2.62%
  • (TEKRAR) KAP : TURKIYE SISE VE CAM FABRIKALARI A.S. / SISE ...
    Emlak Konut Gayrimenkul Yatirim Ortaklig-2.86%
  • ***Ekgyo***Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş.( Özel ...
    Enka Insaat ve Sanayi AS-3.05%
  • Financial close of coal-fired power project achieved
    Turkiye Vakiflar Bankasi Tao-4.13%
  • KAP : TURKIYE VAKIFLAR BANKASI T.A.O. / VAKBN [] IZAHNAME ...

    Worst Stocks Last Month and News


    Koza Altin Isletmeleri AS -13.31%
  • KAP : KOZA ALTIN ISLETMELERI A.S. / KOZAL [] HABER VE ...
    Turkiye Halk Bankasi AS -12.71%
    li>(TEKRAR) KAP : TURKIYE HALK BANKASI A.S. / HALKB [HLGYO ...
    Turkcell Iletisim Hizmetleri AS -11.21%
  • Turkcell Iletisim Hizmetleri A.S. Hits New 52-Week Low at $8.56 (TKC)
    Yapi ve Kredi Bankasi AS -9.54%
  • KAP : YAPI VE KREDI BANKASI A.S. / YKBNK [] IZAHNAME ...
    Eregli Demir ve Celik Fabrikalari TAS -9.23%
  • 28-09-2015 10:01 - ERDEMIR/PANDIR: ERDEMIR GRUBU'NA ...
    Turkiye Garanti Bankasi AS -8.20%
  • Penny Stocks Active Momentum - PACIFIC EXPLORATION (PEGFF ...
    Coca-Cola Icecek AS -7.38%
  • Currency woes continue in Q2 for Coca-Cola Icecek
    Turkiye Is Bankasi -6.80%
  • Hindistan, Türkiye ve Brezilya'dan ders çıkardı
    Turk Telekomunikasyon AS -6.00%
  • Tivibu stops streaming TV channels critical of gov't
    Anadolu Efes Biracilik Ve Malt Sanayii A -5.19%
  • BRIEF-S&P affirms Anadolu Efes long term credit rating at BBB- with ...

    View Turkey Econ Page






    • South Africa Performance Snapshot

    Index 1 month Ch%YTD Ch%1 year Ch%
    JALSH:IND 0.230.641.53
    MSCI South Africa -7.04-18.19-16.29
    MSCI GEM -3.26-17.18-21.21
    MSCI BRIC -3.53-16.52-20.23
    MSCI World -3.80-8.50-8.44

    Indexes YTD performance %
    MSCI IndexYTDChange
    HUNGARY19.5
    RUSSIA5.1
    RUSSIA ADR/GDR-0.5
    EM EASTERN EUROPE-1.7
    AC EUROPE Growth-2.1
    INDIA-6.3
    INDIA DOMESTIC-6.3
    ACFM EUROPE + CIS (E+C)-7.5
    AC EUROPE-7.5
    PHILIPPINES-7.6
    SELECT OECD COUNTRIES-7.6
    ACFM AMERICA INDEX-8.2
    AC AMERICAS-8.2
    ACWI ex AUSTRALIA-8.2
    UNITED ARAB EMIRATES DOMESTIC-8.3
    ACWI WITH BRAZIL + INDIA + RUSSIA DR-8.4
    ACFM ASIA-8.4
    KUKJE INDEX (ACWI ex Korea)-8.4
    AC ASIA-8.4
    ACWI WITH BRAZIL ADR-8.4
    ACWI + FRONTIER MARKETS (ACWI FM)-8.5
    AC FAR EAST-8.5
    ACWI WITH USA GROSS-8.5
    World-8.5
    ACWI ex EMU-8.7
    ACWI FM ex JAPAN-9.1
    ACWI ex JAPAN-9.1
    UNITED ARAB EMIRATES-9.1
    EAFE + EM-9.7
    AC ASIA PACIFIC-10.2
    AC PACIFIC-10.4
    ACWI ex USA-10.6
    ACWI FM ex USA-10.6
    KOREA-11.8
    CZECH REPUBLIC-11.8
    ZHONG HUA-12.0
    EM EUROPE & MIDDLE EAST-12.2
    QATAR DOMESTIC-12.3
    AC ASIA ex JAPAN+CHINA A-12.7
    EM EUROPE-12.7
    EM EASTERN EUROPE ex RUSSIA-12.7
    AC EUROPE Value-12.9
    GOLDEN DRAGON-13.0
    EFM EUROPE + CIS (E+C)-13.1
    CHINA-13.5
    ASIA APEX 50-13.6
    EFM CEEC ex RU-13.8
    QATAR-13.9
    CHINA 50-14.3
    BRIC WITH BRAZIL ADR-14.3
    AC ASIA ex JAPAN-14.3
    EM ASIA-14.5
    EFM ASIA-14.5
    MEXICO-14.6
    EM (EMERGING MARKETS)+CHINA A-15.0
    AC FAR EAST ex JAPAN-15.1
    EFM EMEA-15.1
    EM EMEA-15.1
    TAIWAN-15.4
    EM FAR EAST-15.6
    JORDAN + EGYPT + MOROCCO-15.8
    AC ASIA PACIFIC ex JAPAN-15.9
    EFM AFRICA ex ZA-16.0
    AC FAR EAST ex JAPAN ex HK-16.2
    EM WITH BRAZIL ADR-16.4
    POLAND-16.4
    BRIC-16.5
    AC PACIFIC ex JAPAN-16.7
    EFM (EMERGING + FRONTIER MARKETS)-17.1
    EM (EMERGING MARKETS)-17.2
    BRIC WITH BRAZIL + INDIA + RUSSIA DR-17.5
    AC PACIFIC ex JAPAN ex HK-17.6
    EM WITH BRAZIL + INDIA + RUSSIA DR-17.6
    CHILE-17.8
    EM 50-17.8
    CHINA A 50-18.0
    EFM AFRICA-18.0
    SOUTH AFRICA-18.2
    EM LATIN AMERICA ex BRAZIL-18.3
    EGYPT-18.5
    THAILAND-20.6
    EMERGING MARKETS HORIZON-22.1
    EM ex ASIA-22.6
    EMERGING + FRONTIER MARKETS WORKFORCE-23.7
    SOUTH EAST ASIA-24.6
    ANDEAN-25.2
    EFM EUROPE + CIS (E+C) ex RU-25.7
    PERU-26.5
    MALAYSIA-27.4
    EM LATIN AMERICA WITH BRAZIL ADR-28.3
    EM LATIN AMERICA-30.5
    EFM LATIN AMERICA & CARIBBEAN INDEX-30.5
    TURKEY-33.4
    INDONESIA-34.5
    COLOMBIA-37.6
    BRAZIL-40.9
    BRAZIL ADR-42.6
    GREECE-53.3

    Indexes 1m performance %
    IndexLastChnge
    Korea Stock Exchange KOSPI Index1979.322.98
    FTSE/JSE Africa All Share Index50088.860.23
    S&P BSE SENSEX Index26237.05-0.18
    Borsa Istanbul 100 Index74205.47-1.34
    Dow Jones Industrial Average16284.7-1.47
    Mexican Stock Exchange Mexican Bolsa IPC Index42632.54-2.49
    S&P 500 Index1920.03-2.64
    Warsaw Stock Exchange WIG Total Return Index49824.59-2.84
    FTSE 100 Index6061.61-2.98
    Hong Kong Hang Seng Index20846.3-3.32
    Ibovespa Brasil Sao Paulo Stock Exchange Index45059.34-3.36
    Shanghai Stock Exchange Composite Index3052.781-3.76
    S&P/TSX Composite Index13306.96-3.98
    Jakarta Stock Exchange Composite Index4259.387-4.24
    Nikkei 22517722.42-4.31
    Russian Trading System Cash Index786.35-4.65
    MICEX Index1642.97-5.20
    Russian Depositary Index USD948.48-5.36
    Deutsche Boerse AG German Stock Index DAX9660.44-5.84
    Karachi Stock Exchange KSE100 Index32397.25-6.71

    Currencies 1m performance %
    TickerLastChnge
    USDBRL:CUR 3.94759.03
    USDMYR:CUR4.40455.97
    USDIDR:CUR146594.16
    USDZAR:CUR 13.76373.88
    USDTRL:CUR 30187903.78
    USDTRY:CUR3.01863.77
    USDNOK:CUR 8.50542.88
    USDHRK:CUR6.86442.45
    USDTHB:CUR36.3831.82
    USDGBP:CUR0.66111.79
    USDCZK:CUR24.3871.65
    USDCHF:CUR0.97651.57
    USDPLN:CUR3.80731.32
    USDARS:CUR9.41861.31
    USDSGD:CUR1.42661.30
    USDTWD:CUR32.7531.24
    USDCOP:CUR3087.441.14
    USDAUD:CUR 1.41771.13
    USDBGN:CUR1.75471.13
    USDCAD:CUR 1.32931.13
    USDLTL:CUR3.09691.10
    USDEUR:CUR 0.8971.09
    USDDKK:CUR6.69161.05
    USDHUF:CUR281.10.90
    USDRON:CUR3.9620.76
    USDCLP:CUR696.380.64
    USDRUB:CUR 65.21990.50
    USDMXN:CUR16.83360.36
    USDPKR:CUR104.5050.30
    USDKWD:CUR0.302530.12
    USDKRW:CUR 1176.350.05
    USDPHP:CUR46.7280.02
    USDQAR:CUR3.64180.00
    USDHKD:CUR7.750.00
    USDBDT:CUR77.7750.00
    USDAED:CUR3.6730.00
    USDOMR:CUR0.38505-0.01
    USDSAR:CUR3.7505-0.02
    USDPEN:CUR3.2334-0.10
    USDCNY:CUR 6.3571-0.19
    USDNZD:CUR1.5613-0.46
    USDJPY:CUR 120.19-0.50
    USDSEK:CUR8.3865-0.65
    USDCNH:CUR6.3621-0.86
    USDISK:CUR127.9-1.08
    USDINR:CUR 65.5538-1.28

    Bond rates 1m performance %
    countryyield1wk1d1m1y
    BRAZIL 5.95%0.74 -39 +72 +164
    NEW ZEALAND 3.29%0.09 +4 +8 -84
    MEXICO 3.79%0.01 -12 -3 +26
    SWITZERLAND -0.17%-0.02 -1 -5 -59
    JAPAN » 0.35%-0.02 +2 -2 -18
    CANADA 1.43%-0.06 0 -6 -71
    AUSTRALIA » 2.60%-0.06 +2 -6 -88
    UNITED STATES » 2.07%-0.12 +3 -10 -33
    FRANCE 1.00%-0.15 +1 -16 -24
    GERMANY » 0.60%-0.20 +2 -19 -30
    UNITED KINGDOM » 1.76%-0.20 0 -17 -60
    NETHERLANDS 0.79%-0.20 +1 -20 -25
    SPAIN 1.89%-0.21 +1 -25 -17
    ITALY 1.73%-0.23 +1 -27 -55
    PORTUGAL 2.39%-0.24 +1 -33 -67
    SOUTH KOREA 2.06%-0.24 -9 -24 -81
    INDIA 7.54%-0.24 0 -22 -94
    HONG KONG 1.49%-0.27 -1 -27 -45
    SINGAPORE 2.52%-0.30 -7 -29 +7
    GREECE 8.11%-0.77 +8 -96 +174

    Commodities 1m performance %
    nameunitsPriceChng
    SugarUSD/LB.12.8820.49
    PalladiumUSD/T OZ.656.0510.01
    RiceUSD/CWT13.229.08
    Copper$/t5160.000.49
    COCOAUSD/MT3114.000.48
    SilverUSD/T OZ.14.57-0.61
    HogsUSD/LB.66.73-1.91
    CoffeeUSD/LB.121.35-2.37
    GOLDUSD/T OZ.1112.67-2.54
    NATURAL GAS (NYMEX)USD/MMBTU2.53-5.95
    OIL BrentUSD/BBL.48.75-7.46
    CattleUSD/LB.130.93-8.57
    PlatinumUSD/T OZ.912.57-9.84

    Best Stocks 1m in USD %ch
    stockcountrytickernamestockcurrentch
    SASHF:SJSteinhoff International Holdings Ltd8490.002.86
    SAPIK:SJPick n Pay Stores Ltd6630.001.96
    SAMDC:SJMediclinic International Ltd11043.00-0.22
    SADSY:SJDiscovery Ltd13766.00-1.11
    SAANG:SJAngloGold Ashanti Ltd10949.00-1.30
    SABVT:SJBidvest Group Ltd32622.00-1.52
    SARDF:SJRedefine Properties Ltd1170.00-1.89
    SATBS:SJTiger Brands Ltd30479.00-2.13
    SANPN:SJNaspers Ltd173066.00-3.08
    SAMTN:SJMTN Group Ltd17800.00-3.17

    Worst Stocks 1m in USD %
    stockcountrytickernamestockcurrentch
    SANHM:SJNortham Platinum Ltd2693.00-31.25
    SAAMS:SJAnglo American Platinum Ltd22908.00-31.13
    SAARI:SJAfrican Rainbow Minerals Ltd5187.00-29.71
    SAHAR:SJHarmony Gold Mining Co Ltd863.00-26.35
    SAEXX:SJExxaro Resources Ltd5250.00-25.48
    SAIMP:SJImpala Platinum Holdings Ltd3842.00-25.31
    SAAGL:SJAnglo American PLC11560.00-24.22
    SAPPC:SJPPC Ltd1710.00-24.14
    SAMPC:SJMr Price Group Ltd19300.00-22.15
    SANPK:SJNampak Ltd2580.00-19.52

    Best Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    SASHF:SJSteinhoff International Holdings Ltd8490.0019.95
    SAPIK:SJPick n Pay Stores Ltd6630.005.74
    SAWHL:SJWoolworths Holdings Ltd/South Africa9680.005.37
    SADSY:SJDiscovery Ltd13766.003.71
    SASPP:SJSpar Group Ltd/The18500.00-3.78
    SANPN:SJNaspers Ltd173066.00-4.14
    SATRU:SJTruworths International Ltd8502.00-7.67
    SAMDC:SJMediclinic International Ltd11043.00-7.92
    SARDF:SJRedefine Properties Ltd1170.00-8.23
    SAINL:SJInvestec Ltd10585.00-8.89

    Worst Stocks YTD in USD %
    stockcountrytickernamestockcurrentch
    SAKIO:SJKumba Iron Ore Ltd7850.00-72.54
    SAHAR:SJHarmony Gold Mining Co Ltd863.00-66.48
    SAARI:SJAfrican Rainbow Minerals Ltd5187.00-63.42
    SAASR:SJAssore Ltd7434.00-58.31
    SAIMP:SJImpala Platinum Holdings Ltd3842.00-57.45
    SAEXX:SJExxaro Resources Ltd5250.00-57.43
    SAAGL:SJAnglo American PLC11560.00-54.94
    SANPK:SJNampak Ltd2580.00-50.36
    SAPPC:SJPPC Ltd1710.00-47.81
    SAAMS:SJAnglo American Platinum Ltd22908.00-43.64

    Sector Performance 1m in USD %
    NameSectorch
    Communications-4.2
    Consumer Staples-4.3
    Financials-7.9
    Health Care-8.2
    Technology-8.6
    Consumer Discretionary-9.5
    Industrials-14.8
    Energy-18.8
    Materials-20.6

    Sector Performance YTD in USD %
    NameSectorch
    Consumer Discretionary-10.7
    Consumer Staples-13.5
    Communications-15.6
    Technology-15.7
    Health Care-18.7
    Financials-19.2
    Industrials-33.9
    Energy-41.0
    Materials-47.7

    South Africa - Gross domestic product, constant prices Percent change rankings

    • Gross domestic product, constant prices Percent change 2015


    Source:IMF, Midlincoln

    South Africa - Gross domestic product, current prices U.S. dollars rankings

    • Gross domestic product, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    South Africa - Gross domestic product per capita, current prices U.S. dollars rankings

    • Gross domestic product per capita, current prices U.S. dollars 2015


    Source:IMF, Midlincoln

    South Africa - Inflation, end of period consumer prices Percent change rankings

    • Inflation, end of period consumer prices Percent change 2015


    Source:IMF, Midlincoln

    South Africa - General government structural balance Percent of potential GDP rankings

    • General government structural balance Percent of potential GDP 2015


    Source:IMF, Midlincoln

    South Africa - Current account balance Percent of GDP rankings

    • Current account balance Percent of GDP 2015


    Source:IMF, Midlincoln

    Table of Contents


    Russia Stance
         Russia Valuations
         Russia Top Stock Picks
         Russia Top Bond Picks
         Russia Last Month Performance Review

    Korea Stance
         Korea Valuations
         Korea Top Stock Picks
         Korea Top Bond Picks
         Korea Last Month Performance Review

    China Stance
         China Valuations
         China Top Stock Picks
         China Top Bond Picks
         China Last Month Performance Review

    India Stance
         India Valuations
         India Top Stock Picks
         India Top Bond Picks
         India Last Month Performance Review

    Brazil Stance
         Brazil Valuations
         Brazil Top Stock Picks
         Brazil Top Bond Picks
         Brazil Last Month Performance Review

    Turkey Stance
         Turkey Valuations
         Turkey Top Stock Picks
         Turkey Top Bond Picks
         Turkey Last Month Performance Review

    South Africa Stance
         South Africa Valuations
         South Africa Top Stock Picks
         South Africa Top Bond Picks
         South Africa Last Month Performance Review


















    South Africa



    Our Stance

    South Africa could be under pressure, given the rand lagging devaluation vs. reais or the ruble.

    Universe in October

    Some key metrics and valuations
    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Steinhoff International Holdings LtdSHF:SJSouth Africa Home Products Stores23174.061.95%21.481.707.9141.8961.60%80.73
    SPAR Group Ltd/TheSPP:SJSouth Africa Food & Drug Stores2467.103.03%22.220.512.3067.3358.07%96.28
    Discovery LtdDSY:SJSouth Africa Managed Care6633.541.24%15.972.3514.7219.8055.76%65.12
    Naspers LtdNPN:SJSouth Africa Entertainment Content58839.210.25%105.4710.479.9326.3751.94%-26.42
    Woolworths Holdings Ltd/South AfricaWHL:SJSouth Africa Food & Drug Stores7114.622.46%27.131.585.8266.7446.93%83.18
    Mediclinic International LtdMDC:SJSouth Africa Health Care Facilities8737.230.86%25.482.9511.5821.9139.20%38.02
    Redefine Properties LtdRDF:SJSouth Africa REIT4133.786.57%11.896.3753.5778.1234.08%144.69
    Foschini Group Ltd/TheTFG:SJSouth Africa Specialty Apparel Stores2303.364.03%16.251.8511.3865.4931.53%82.96
    RMB Holdings LtdRMH:SJSouth Africa Banks7178.314.03%13.50--0.0054.4130.24%61.96
    FirstRand LtdFSR:SJSouth Africa Banks21228.404.11%13.402.8120.9755.0727.20%80.66
    Rand Merchant Insurance Holdings LtdRMI:SJSouth Africa P&C Insurance4747.652.69%19.634.9825.3752.8027.17%76.53
    Bidvest Group Ltd/TheBVT:SJSouth Africa Food Products Wholesalers8530.912.64%18.260.613.3448.2126.56%50.66
    Truworths International LtdTRU:SJSouth Africa Specialty Apparel Stores2734.384.71% 0000400014.483.1521.7568.2026.49%92.78
    Investec LtdINL:SJSouth Africa Banks7498.613.26%13.651.4210.4044.5022.77%54.83
    Shoprite Holdings LtdSHP:SJSouth Africa Food & Drug Stores6915.402.37%21.090.773.6549.9821.25%44.61
    Netcare LtdNTC:SJSouth Africa Health Care Facilities4003.512.32%21.971.516.8750.9720.67%47.36
    Barclays Africa Group LtdBGA:SJSouth Africa Banks11238.105.45%11.081.5213.7260.3920.45%74.29
    Vodacom Group LtdVOD:SJSouth Africa Telecom Carriers15461.495.52%16.322.6716.3690.0918.70%99.64
    Standard Bank Group LtdSBK:SJSouth Africa Banks17191.644.47%11.831.5012.6852.8818.10%62.64
    Remgro LtdREM:SJSouth Africa Packaged Food10365.631.58%17.425.4331.1727.5217.66%49.75
    Nedbank Group LtdNED:SJSouth Africa Banks8410.864.73%10.151.4113.8948.0114.37%56.93
    Liberty Holdings LtdLBH:SJSouth Africa Life Insurance2798.884.97%8.550.475.5042.4914.20%44.45
    Pick n Pay Stores LtdPIK:SJSouth Africa Food & Drug Stores2221.081.92%34.640.441.2766.5113.99%37.94
    Growthpoint Properties LtdGRT:SJSouth Africa REIT5188.595.03%17.177.7044.8586.3713.81%118.66
    Imperial Holdings LtdIPL:SJSouth Africa Automotive Retailers2720.454.38%11.150.332.9648.8413.00%44.46
    Sappi LtdSAP:SJSouth Africa Paper1945.58-12.010.352.91-0.0010.81%-7.47
    Reunert LtdRLO:SJSouth Africa Office Electronics846.116.10%10.941.2811.7066.7310.30%68.61
    Tiger Brands LtdTBS:SJSouth Africa Packaged Food4595.902.94%17.931.689.3752.716.12%41.09
    Sanlam LtdSLM:SJSouth Africa Life Insurance10332.673.50%14.811.469.8651.845.00%42.70
    Mr Price Group LtdMPC:SJSouth Africa Specialty Apparel Stores4048.912.83%22.302.9813.3663.113.53%48.51
    MMI Holdings Ltd/South AfricaMMI:SJSouth Africa Life Insurance2920.416.18%13.590.826.0383.992.31%69.55
    Massmart Holdings LtdMSM:SJSouth Africa Mass Merchants1938.843.49%25.870.321.2490.290.05%56.52
    AngloGold Ashanti LtdANG:SJSouth Africa Precious Metal Mining7140.47--0.780.00-0.74%
    Gold Fields LtdGFI:SJSouth Africa Precious Metal Mining2257.220.61%171.001.000.58104.31-3.23%-78.52
    Barloworld LtdBAW:SJSouth Africa Industrial Distribution & Rental1432.583.86%9.320.283.0035.98-4.38%16.09
    Aspen Pharmacare Holdings LtdAPN:SJSouth Africa Generic Pharma10160.930.72%26.153.8114.5718.83-10.88%-12.82
    Life Healthcare Group Holdings LtdLHC:SJSouth Africa Health Care Facilities2952.333.82%21.812.8513.0783.31-11.18%54.20
    Northam Platinum LtdNHM:SJSouth Africa Precious Metal Mining1183.23--1.960.00-13.68%
    MTN Group LtdMTN:SJSouth Africa Telecom Carriers25428.176.88%12.732.3618.5487.58-17.03%67.17
    Sasol LtdSOL:SJSouth Africa Integrated Oils20700.894.31%8.621.4116.3637.15-21.56%14.14
    Anglo American Platinum LtdAMS:SJSouth Africa Precious Metal Mining5213.10-21.991.185.37-0.00-30.80%-56.61
    PPC LtdPPC:SJSouth Africa Cement & Aggregates773.395.80%12.060.967.9669.95-35.82%20.84
    Nampak LtdNPK:SJSouth Africa Containers & Packaging1249.666.20%10.910.827.5267.64-38.97%16.09
    Exxaro Resources LtdEXX:SJSouth Africa Coal Operations1554.934.68%4.271.2829.9819.98-52.02%-15.52
    African Rainbow Minerals LtdARI:SJSouth Africa Steel Raw Material Suppliers982.535.74%7.601.4519.0843.62-52.15%-6.23
    Impala Platinum Holdings LtdIMP:SJSouth Africa Precious Metal Mining1944.47-115.360.760.66-0.00-53.15%-177.04
    Assore LtdASR:SJSouth Africa Steel Raw Material Suppliers894.406.94%4.523.6079.6531.37-56.50%40.81
    Harmony Gold Mining Co LtdHAR:SJSouth Africa Precious Metal Mining282.01--0.260.00-57.65%
    Kumba Iron Ore LtdKIO:SJSouth Africa Steel Raw Material Suppliers2132.738.65%4.080.7017.1635.29-64.24%-25.06
    Anglo American PLCAGL:SJUnited Kingdom Steel Raw Material Suppliers14271.908.59%-0.53-0.00-39.13%

    Index Sector Valuations vs GEM Average

    SectorMarketCapUSDMCapinTotalPctMCapUSDmnGEMPctMCapUSDmnGEMPayoutRatioPayoutRatioGEMDivYieldDivYieldGEMPEPEGEMPE_DiscountvsGEMNetMarginNetMarginGEMMarginDifference1yrReturn1yrReturnGEM
    Communications99728.926.310.3794505.851.943.32.83.214.118.2-22.513.113.60.529.2-0.7
    Consumer Discretionary34981.29.26.6509681.048.527.02.62.019.916.421.39.59.60.146.43.1
    Consumer Staples44149.511.67.5584775.350.938.02.41.821.328.2-24.510.710.3-0.424.812.3
    Energy22255.85.912.6973390.436.040.84.34.48.312.4-33.117.39.7-7.6-23.7-21.0
    Financials102867.927.132.82543065.756.426.04.44.013.18.848.918.020.42.420.13.2
    Health Care32487.58.62.3178295.829.720.31.31.023.031.7-27.412.717.04.320.113.6
    Industrials1432.60.45.8453138.236.023.43.91.89.318.6-50.03.011.48.4-4.422.9
    Materials40270.710.67.6590209.47.527.57.43.113.718.1-24.310.39.8-0.5-28.8-0.1
    Technology846.10.210.8833615.666.729.26.12.310.918.9-42.311.719.88.110.32.8

    Top 5 South Africa Index Long Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Redefine Properties LtdRDF:SJSouth Africa REIT4133.786.57%11.896.3753.5778.1234.08%144.69
    Growthpoint Properties LtdGRT:SJSouth Africa REIT5188.595.03%17.177.7044.8586.3713.81%118.66
    Vodacom Group LtdVOD:SJSouth Africa Telecom Carriers15461.495.52%16.322.6716.3690.0918.70%99.64
    SPAR Group Ltd/TheSPP:SJSouth Africa Food & Drug Stores2467.103.03%22.220.512.3067.3358.07%96.28
    Truworths International LtdTRU:SJSouth Africa Specialty Apparel Stores2734.384.71% 0000400014.483.1521.7568.2026.49%92.78

    Top 5 South Africa Index Short Picks

    valuestockCountryIndustryMCapUSDmnDividendYieldPEPSNetMarginPctPayoutRatio52wkchangeScore
    Impala Platinum Holdings LtdIMP:SJSouth Africa Precious Metal Mining1944.47-115.360.760.66-0.00-53.15%-177.04
    Gold Fields LtdGFI:SJSouth Africa Precious Metal Mining2257.220.61%171.001.000.58104.31-3.23%-78.52
    Anglo American Platinum LtdAMS:SJSouth Africa Precious Metal Mining5213.10-21.991.185.37-0.00-30.80%-56.61
    Naspers LtdNPN:SJSouth Africa Entertainment Content58839.210.25%105.4710.479.9326.3751.94%-26.42
    Kumba Iron Ore LtdKIO:SJSouth Africa Steel Raw Material Suppliers2132.738.65%4.080.7017.1635.29-64.24%-25.06

    South Africa Index



    Source: Midlincoln

    South Africa Index vs. JALSH:IND



    Source: Midlincoln



    Weekly Fund flow into South Africa focused funds showed (Previous Week)-7.2 USD mn of outflow.


    Top 10 South Africa Focused Funds by Inflows Last Week
    Fund Namefund flow mn$Total Assets mn$
    NEXT FUNDS FTSE/JSE AFRICA TOP40 LINKED NOMURA ETF (1323)0.96.6
    NEXT FUNDS FTSE/JSE AFRICA TOP40 LINKED NOMURA ETF (01313087)0.06.6
    RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF (AFRI)0.09.7
    ISHARES MSCI SOUTH AFRICA UCITS ETF (IRSA)-0.119.2

    Top 10 South Africa Focused Funds by Outflow Last Week
    Fund Namefund flow mn$Total Assets mn$
    ISHARES MSCI SOUTH AFRICA UCITS ETF (IRSA)-0.119.2
    RBS MARKET ACCESS FTSE/JSE AFRICA TOP 40 INDEX UCITS ETF (AFRI)0.09.7
    NEXT FUNDS FTSE/JSE AFRICA TOP40 LINKED NOMURA ETF (01313087)0.06.6
    NEXT FUNDS FTSE/JSE AFRICA TOP40 LINKED NOMURA ETF (1323)0.96.6

    Bond Picks

    Souvereign Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    REPUBLIC OF SOUTH AFRICA 19111.06.88USDMay 27, 20193.233.640.34-1.50
  • Heyneke Meyer apologises to South African nation for defeat to Japan
    • SOUTH AFRICA (REPUBLIC OF) 20105.75.50USDMar 9, 20203.984.070.35-1.60
  • The Latest: North Korea's FM presses US for peace treaty
    • SOUTH AFRICA (REPUBLIC OF) 25104.95.88USDSep 16, 20257.615.230.32-2.70
  • There's No Conflict of Interest in the NYT's Review of Kissinger's ...
    • ESKOM HOLDINGS LTD RegS 2192.755.75USDJan 26, 20214.547.420.52-2.63
  • This Week In Securities Litigation
    • SOUTH AFRICA (REPUBLIC OF) 2497.704.67USDJan 17, 20246.805.010.35-2.30
  • Sectarian Clashes Kill 24 in Central African Republic Capital

    • Corporate Eurobonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    ESKOM HOLDINGS LTD RegS 2193.005.75USDJan 26, 20214.557.360.46-2.38
  • This Week In Securities Litigation
    • STANDARD BANK PLC MTN RegS 19106.78.13USDDec 2, 20193.536.250.52-2.50
  • The Future of Europe: the Eurozone Takes over - Stronger Integration.
    • ANGLOGOLD ASHANTI HOLDINGS PLC 2285.005.13USDAug 1, 20225.648.010.000.12
  • AngloGold uses sale to cut debt costs

    • Local Currency Bonds


    BondPriceCouponCurrencyMaturityDurationYield 1m Yield Ch pp 1m Price Ch. Abs
    SOUTH AFRICA (REPUBLIC OF) 268.1410.50ZARDec 21, 20266.608.580.17-0.63
  • The Latest: North Korea's FM presses US for peace treaty
    • SOUTH AFRICA (REPUBLIC OF) 365.286.25ZARMar 31, 20369.619.110.18-0.43
  • Fighting in Central African Republic capital kills 36
    • SOUTH AFRICA (REPUBLIC OF) 216.716.75ZARMar 31, 20214.478.200.17-0.48
  • At least 21 killed in attacks in Central African Republic capital
    • SOUTH AFRICA (REPUBLIC OF) 177.288.25ZARSep 15, 20171.787.370.05-0.47
  • Dozens Killed in Clashes in Central African Republic
    • SOUTH AFRICA (REPUBLIC OF) 415.306.50ZARFeb 28, 20419.909.170.19-0.44
  • US troops have turned to some unsavory partners to help find ...

    • South Africa Last Month Review



    South Africa JALSH:IND Index gained 0.23% last month. To finish the month at 50088.86

    MSCI South Africa Index lost-7.04% last month. Its overall down -18.19% since the beginning of the year.

    At the same time MSCI Emerging Markets Index is down -3.26% last month and is down -17.18% YTD.

    ZAR last month lost -3.88% against US dollar. To finish the month at 13.7637per USD.

    Sovereign eurobonds are trading with average yield of 5.76% and widened by0.76% last month.

    Corporate eurobonds are trading with average yield of 7.21% and widened by0.74% last month.

    Local currency bonds are trading with average yield of 8.49% and widened by0.32% last month.

    While Brent oil price last month lost -7.46%. To finish the month at 48.75 $/bbl.

    Best stocks last month in South Africa included Steinhoff International Holdings Ltd +2.86%, Pick n Pay Stores Ltd +1.96%, Mediclinic International Ltd-0.22%, Discovery Ltd-1.11%, AngloGold Ashanti Ltd-1.30%, Bidvest Group Ltd-1.52%, Redefine Properties Ltd-1.89%, Tiger Brands Ltd-2.13%, Naspers Ltd-3.08%, MTN Group Ltd-3.17%, .

    Worst stocks last month included Northam Platinum Ltd -31.25%, Anglo American Platinum Ltd -31.13%, African Rainbow Minerals Ltd -29.71%, Harmony Gold Mining Co Ltd -26.35%, Exxaro Resources Ltd -25.48%, Impala Platinum Holdings Ltd -25.31%, Anglo American PLC -24.22%, PPC Ltd -24.14%, Mr Price Group Ltd -22.15%, Nampak Ltd -19.52%,

    Best stocks YTD included Steinhoff International Holdings Ltd +19.95%, Pick n Pay Stores Ltd +5.74%, Woolworths Holdings Ltd/South Africa +5.37%, Discovery Ltd +3.71%, Spar Group Ltd/The-3.78%, Naspers Ltd-4.14%, Truworths International Ltd-7.67%, Mediclinic International Ltd-7.92%, Redefine Properties Ltd-8.23%, Investec Ltd-8.89%,

    While worst stocks YTD included Kumba Iron Ore Ltd -72.54%, Harmony Gold Mining Co Ltd -66.48%, African Rainbow Minerals Ltd -63.42%, Assore Ltd -58.31%, Impala Platinum Holdings Ltd -57.45%, Exxaro Resources Ltd -57.43%, Anglo American PLC -54.94%, Nampak Ltd -50.36%, PPC Ltd -47.81%, Anglo American Platinum Ltd -43.64%,
    In terms of sector performance last month the best sectors included Communications-4.2%, Consumer Staples-4.3%, Financials-7.9%,

    While worst sector performance last month showed Materials -20.6%, Energy -18.8%, Industrials -14.8%,

    YTD the best sectors remain Consumer Discretionary-10.7%, Consumer Staples-13.5%, Communications-15.6%,
    While the worst sectors are Materials -47.7%, Energy -41.0%, Industrials -33.9%,

    South Africa currency vs. USD



    Source: Midlincoln

    South Africa JALSH:IND Equity Index



    Source: Midlincoln


    Some Political news headlines for South Africa include:


  • ANC media onslaught fear is partly justified, partly paranoid
  • ANC at risk of losing Mandela Bay – Zuma
  • Cecil killer just saw a 'nice lion', says Jacob Zuma
  • Race is dividing SA - Rupert
  • NEWSPAPERS: FIFA, Reeva and Vavi
  • ANC-linked group scores as their Capitec stake soars to R2.5bn
  • Platinum Talks Today Will Seek End to Pay Strike at Mines
  • Race: The CEE report's errors of fact and interpretation - Solidarity
  • Is it unfair to pay two employees a different wage for the same job?
  • Petrol price to increase again
  • South Africa's rand weakens ahead of GDP, unemployment data
  • SA's Unemployment and GDP - the Crisis Continues
  • In a major policy shift, mothers in South Africa are encouraged to ...
  • Include non-communicable diseases for surveillance: India
  • Brazil's Health System Inspires Abroad, Frustrates at Home
  • Gangsters Torched by Vigilantes West of Johannesburg
  • South African Opposition Wants Parliament Recalled on Marikana
  • Lonmin Massacre Inquiry Clears Ramaphosa, Urges Police Probe
  • South Africa's New Finance Chief Pledges Fiscal Discipline
  • Zuma Promotes Nhlanhla Nene to South Africa Finance Minister
  • No Easy Days for South Africa's Nene Seeking ANC Support
  • The meetings industry in Ghana —What's on offer?
  • Five lies you need to stop believing about the lion cub petting industry
  • R200m for shoddy work
  • Transport department to probe East London plane crash
  • E-toll roads benefiting Gauteng, transport minister says
  • DA accuses Dipuo Peters of protecting head of RAF
  • Gigaba's appointment as HA minister looks good for Zimbabweans
  • James Kimonyo
  • Nosiviwe Noluthando Mapisa-Nqakula
  • Nxesi sets empowerment targets
  • Landowners can challenge expropriation bill
  • Meet those who are now rising in the ranks
  • “Bring Peace to the Muslim Soul”: Ebrahim Rasool Launches The ...
  • As dig continues, Islamic service honors freed slave in Georgetown
  • Muslim leaders tell petropowers to lead on climate change
  • Gauteng ANC chair opposes use of more govt funds for Nkandla
  • Mbalula Defends Zuma On Marikana Report
  • Gauteng ANC backs Mashatile's Nkandla comments
  • Yunus Carrim: how has he done so far?
  • Yunus Carrim the new communications minister
  • 'SA Connect is on track'
  • Usutuaije Maamberua
  • SA Taxis to get free Wi-Fi
  • Buses in South Africa get free Wi-Fi
  • Nosiviwe Noluthando Mapisa-Nqakula
  • Teacher union demands test ANC's resolve
  • UPDATE 1-Africa growth still robust but Ebola threatens western ...
  • Oriental Club bars cellist Katherine Jenkinson from breastfeeding ...
  • The 19th-century guidebook offering advice to Victorian women
  • A remarkable tale of rugby redemption... told by the former wildman ...
  • Hamilton County Pioneers - the Rogers Family
  • More than just another house
  • Taking sides on Mideast crisis
  • Time for Riah Phiyega to swallow the medicine she signed up for
  • William Saunderson-Meyer
  • EDITORIAL: Mining chiefs talk straight — finally
  • Mine Nationalization Would Kill Investment in South Africa, Chamber ...
  • South Africa's ANC Rejects Mine Nationalization Proposals
  • South African Airways Loses Chairwoman, Board in Dispute
  • Women 'ready to lead'
  • Kidnapped girls in Malawi to come back home to South Africa
  • Police to be deployed to pension pay points after Soshanguve ...
  • Durban Bid Team prepares for final countdown in campaign to host ...
  • Mbalula: 2010 bribery allegations is campaign to drag SA through ...
  • Public questions Mbalula's private life
  • A Cheer and a Half for Cheap Commodities
  • Irvin Jim decries state incoherence
  • The Agents of Economic Reform
  • Kanayo F Nwanze
  • Atedo NA Peterside
  • Accenture launched cloud based insights platform for businesses
  • African National Congress
  • Murray 17th in triathlon
  • Time to sort out ANC Youth League: Zuma
  • Rat attack: Bitten baby under observation
  • Rat infestations blamed on lack of hygiene
  • Owls, traps to address city's rat scourge
  • Saab, Embraer establish partnership for joint programme ...
  • Residents of Qunu in desperate water crisis
  • Burundi presidential poll delayed amid worsening violence
  • Jali and Mayisa partnership set to reunite against Nigeria
  • Full List of Jacob Zuma's 2014 cabinet – all the Ministers and Deputies
  • Eskom load shedding on Wednesday (27 May)
  • Bonds: is the pricing right?
  • Much still to be done to empower women
  • Depreciation of the rand: Impact on Zimbabwe business
  • Minister Nkoana-Mashabane concludes successful working visit to ...
  • UAE, South Africa want stronger ties
  • Minister Nkoana-Mashabane concludes successful visit to the AUE
  • Eskom granted air pollution quality extension
  • SA undecided on sale of rhino horn stockpile
  • Secret South African orphanage cares for baby rhinos
  • 60 Years - How the "Freedom Charter" Betrayed Africans
  • Zuma hears Khoi, San demands for land
  • Ownership no longer the key to empowering farm workers
  • Fishermen see hope in new rights allocations
  • Fishing-rights stink clings to top official Stevens
  • South Africa: Minister of Agriculture, Forestry and Fisheries Tina ...
  • Happy Premature April Fool's Day
  • ≈ Comments Off on Digital campaign to stop “corrective” rape ...
  • Balintulo v. Daimler AG: US Court of Appeals judgment
  • RÉUNION DE HAUT NIVEAU SUR L'ÉVALUATION DU PLAN D ...
  • Devant l'Assemblée générale, l'observateur de la Palestine avertit ...
  • QUATRIÈME COMMISSION: LES DÉLÉGATIONS PROFITENT DE ...
  • South Africa's ambassador to the US calls persecution of Christians ...
  • South African Ambassador Ebrahim Rasool on Obama, Miners and ...
  • Mob violence sets SA xenophobia apart
  • Report: Ted Cruz super PAC gets $15 million from two billionaire ...
  • Ikea issues warning over 27M Malm chests and dressers sold ...
  • Greek debt crisis: Banks to stay shut, capital controls imposed
  • Africa's elite exploit Chinese development aid, study reveals
  • It's time– again– for BDS to end oppression
  • How could I possibly be 'reviving' my career?

    While some economic events and news headlines include:



  • Is South Africa the most unequal society in the world?
  • 'SA investments are boosting African economies'
  • Barclays Africa seeks Nigerian investment banking license, sees ...
  • Private equity looking past South Africa for growth
  • Toronto Maple Leafs fans win their dream wedding
  • Zuma stance may harvest a food crisis
  • Government mulls panel to resolve exporters' issues, boost shipments
  • Op-Ed: South Africa in the Age of Austerity
  • Op-Ed: South Africa in the Age of Austerity
  • Highlights of South Africa's Budget Speech 2015
  • Op-Ed: South Africa in the Age of Austerity

    Companies Reported last month include:



    2015-08-31 Bidvest Group Ltd
    SA
  • Big moves from AfroCentric
  • Bidvest London Listing May Be Way to Finance US Deals

    2015-08-31 African Rainbow Minerals Ltd
    SA
  • S.Africa stocks end little changed, retailers rebound

    2015-09-02 Discovery Ltd
    SA
  • FMI has success with Highlander natural gas well test
  • Betting Against the Cable Bundle

    2015-09-03 Sanlam Ltd
    SA
  • Big moves from AfroCentric
  • Beneficiary funds: look at costs

    2015-09-07 Sasol Ltd
    SA
  • Sasol Ltd. (SSL) Reports FY14 Results
  • Sasol Profit Increases After Synthetic Fuel Output Rises

    2015-09-08 FirstRand Ltd
    SA
  • FirstRand earnings show all is not lost for banks
  • FirstRand Targets $924 Million for Expansion in Africa

    2015-09-08 Steinhoff International Holdings Ltd
    SA
  • DIARY-South Africa corporate events to May 2015
  • Steinhoff Targets Ikea Share in European Furniture Expansion

    2015-09-09 MMI Holdings Ltd/South Africa
    SA


    2015-09-10 Aspen Pharmacare Holdings Ltd
    SA
  • DIARY-South Africa corporate events to May 2015
  • Aspen looking for Japanese alliance

    2015-09-10 RMB Holdings Ltd
    SA
  • Lentuo International Reports Second Quarter 2014 Financial Results
  • Lentuo International Reports Second Quarter 2014 Financial Results

    2015-09-11 RMI Holdings
    SA
  • RMI Holdings: Earnings rise 18% on growth abroad
  • Royce Funds Commentary - 'Bullish on Japanese Small-Caps'

    2015-09-17 Remgro Ltd
    SA
  • DIARY-South Africa corporate events to May 2015
  • Remgro Full-Year Profit Gains on Banking, Health-Care Growth

    Best Stocks Last Month and News


    Steinhoff International Holdings Ltd+2.86%
  • Steinhoff's Markus Johannes Jooste: Building 'Africa's Ikea'
    Pick n Pay Stores Ltd+1.96%
  • Gabon Seen as Top Sub-Saharan Africa Country for Retail Growth
    Mediclinic International Ltd-0.22%
  • NSX Performs Strongly On Higher Share Prices
    Discovery Ltd-1.11%
  • ATAC Resources Ltd. Makes New Discovery of 47.24 m of 3.79 g/t ...
    AngloGold Ashanti Ltd-1.30%
  • AngloGold Ashanti Limited (NYSE:AU) Analyst Rating Update
    Bidvest Group Ltd-1.52%
  • Ushering the spring
    Redefine Properties Ltd-1.89%
  • BRIEF-Redefine Properties says 1.7 bln rand raised via placing
    Tiger Brands Ltd-2.13%
  • Clover Mulls Building South Africa's First Dairy Mega-Factory
    Naspers Ltd-3.08%
  • Naspers chairman Koos Bekker sells stock options worth $1.5bn
    MTN Group Ltd-3.17%
  • Small Cap Alert - Atlas Copco AB (ATLKY), MTN Group Ltd (ADR ...

    Worst Stocks Last Month and News


    Northam Platinum Ltd -31.25%
  • Northam Platinum Considers Buying Assets as It Returns to Profit
    Anglo American Platinum Ltd -31.13%
  • Anglo American Platinum Upgraded to Hold by Zacks (AGPPY)
    African Rainbow Minerals Ltd -29.71%
  • Impala Platinum Holdings Limited Stock Rating Lowered by Zacks ...
    Harmony Gold Mining Co Ltd -26.35%
  • Harmony Gold Mining: Cheap Enough To Consider?
    Exxaro Resources Ltd -25.48%
  • Rand Drops Record Low as Commodities Rout Weighs on Currency
    Impala Platinum Holdings Ltd -25.31%
  • Zacks Lowers Impala Platinum Holdings Limited to Sell (IMPUY)
    Anglo American PLC -24.22%
  • Analysts' Recent Ratings Changes for Anglo American plc (AAL)
    PPC Ltd -24.14%
  • BUSINESS IN BRIEF 27/9
    Mr Price Group Ltd -22.15%
  • Poor fashion choices hurt Mr Price sales
    Nampak Ltd -19.52%
  • CULLEN CAPITAL MANAGEMENT Just Released Its Q2 2015 ...

    View South Africa Econ Page

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