Report
Dave Nicoski ...
  • Ross LaDuke
EUR 234.38 For Business Accounts Only

Int'l Insights: Emerging Markets Strategy

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. RS for the MSCI EM index is consolidating when compared to the MSCI EAFE index, which we believe is largely due to consolidation in the U.S. dollar. Therefore, the direction of the dollar will be critical for EM equities. A breakout in the USD may begin to create problems for EM, whereas a failure to break above 97.70-98 resistance and a gradual weakening of the USD should be an environment where EM can outperform. Below we highlight attractive and actionable themes within EM:


• EM Countries: China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. Additional attractive countries highlighted in this report include Greece, South Africa, India, and Taiwan... see chart below and page 2.

• EM Sectors: Overweight cyclicals, underweight defensives: MSCI EM cyclical Sectors Consumer Discretionary and Technology remain leadership -- overweight. On the other hand, MSCI EM defensive Sectors Consumer Staples, Utilities, and Health Care are underperforming -- underweight/select interest only... see page 3.
Outside of the above themes, a bottoms-up approach is required to uncover attractive and actionable stocks. On page 4 we include a table of all stocks highlighted in this report, sorted first by sector and then by country... see page 4.
Underlyings
Accton Technology Corp.

Accton Technology is engaged in the research, development, manufacture and sale of computer network system, customer premises equipment, optoelectronic communication subsystem, application-specific integrated circuit (ASIC), uninterruptible power supply system, power supply and spare parts, integrated services digital network point of sale system and inverse multiplexer, cellular mobile communication network packet data network, wireless local area network (WLAN), wireless local loop (WLL) system; and import and export trading. Through its subsidiaries, Co. is also engaged in investment holding; and research, development and manufacture of bluetooth related products.

African Rainbow Minerals Limited

African Rainbow Minerals is engaged in the exploration, development, operation and holding of interests in the mining and minerals industry. Co.'s operations are focused on precious metals, ferrous metals and alloys, which include platinum group metals, nickel, iron ore, manganese ore, chrome ore, ferromanganese and ferrochrome alloys. Co. maintains an investment in Harmony. Co.'s partners at its South African operations are Anglo Platinum, Assore, Impala Platinum, Norilsk Nickel and Xstrata Coal South Africa. Co. is organized in four operating divisions: ARM Platinum (which includes platinum and nickel), ARM Ferrous, ARM Coal and ARM Exploration.

Bajaj Finance Limited

Bajaj Finance Limited is a non-banking finance company (NBFC). The Company is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. Its consumer lending products include two-wheelers and three-wheelers finance, consumer durables finance, digital products finance, retailer finance, salaried personal loans, e-commerce consumer finance, e-commerce seller finance and home loan. Its SME lending products include loan against property and business loans. Its commercial lending products include loan against securities and financial institutions group lending business. Its rural lending products include personal loans cross-sell, salaried personal loans and gold loans. It offers retail fixed deposits and wholesale fixed deposits. It is engaged in life insurance distribution, general insurance distribution and mutual fund distribution.

BYD Electronic (International) Co. Ltd.

BYD Electronic (International) is an investment holding company. Through its subsidiaries, Co. is engaged in the manufacturing of handset components and modules. Co. also provides design and assembly services for handsets to its customers. Co. provides handset manufacturers of different brands with such services as the manufacture of such handset components as casings, structural parts, and modules, as well as complete handset design and assembly. Co. also provides such services as design, parts manufacturing and assembly for manufacturers of other electronic products.

Central China Land Media (A)

Jiaozho Xin'an Science & Technology is engaged in the manufacture of chemicals such as sodium carbonate, both high-grade and heavy-weighted sodium carbonate, light-weighted calcium carbonate, oxidized calcium, and chemistry re-agent. Co. is also engaged in the installation of chemistry re-agent, manufacture and sale of medicine and supply coal gases.

Changhong Huayi Compressor (A)

Huayi Compressor and its subsidiaries are engaged in the manufacture and sale of non-fluorine compressors, refrigerators and related fittings; the provision of related maintenance services; processing of refrigerate equipment and related raw materials; compensation trade; processing and selling of hardware; and the development, construction, operation and management of Jiaxipera industrial zone and related service packs. Co. distributes its products in the domestic market, and overseas markets such as Russia, the united Kingdom, Japan, Turkey, the United Arab Emirates etc. Co.'s main product is non-fluorine compressors.

Changjiang Publishing and Media (A)

Changjiang Publishing & Media is engaged in the manufacture, processing and sale of textile products, apparel and household textile products and its raw and auxiliary materials; management and undertaking of approved commodities; import and export operation; development and management of real estate; and undertakings of Chinese-foreign joint venture management and cooperative production. Co.'s products include cotton yarn, wool yarn, cotton, thread, grey cloth, printing cloth, wool fabric, casual attire, sweaters, trousers, professional attire and bedding.

China Tourism Group Duty Free Corporation Limited Class A

China International Travel Service and its subsidiaries are engaged in the provision of travel agent and tour arrangement services; the development of tour package and facilities; the investment in travel services and products; and the sale of duty free merchandise.

China West Construction Group (A)

China West Construction Group Co., Ltd. is a China-based company principally engaged in the manufacture and distribution of high performance concrete. The Company's main products include concrete for commercial use, cement and dry mixed mortars. The Company's products are applied in the construction of various buildings and structures. The Company is involved in the provision of external leasing, external monitoring and external repair services. The Company distributes its products primarily in domestic market.

Chongqing Brewery Co.Ltd Class A

Chongqing Brewery is engaged in the production and sale of beer. Through its subsidiaries, Co. is also engaged in the manufacture and sale of biochemical medicine, tablets and capsules and other pharmaceutical products; the provision of food, beverage and bar services; and the sale of commodity which including subsidiary food, beverage and liquor. Co.'s products include Sancheng beer, Chongqing beer, Daliangshan beer, Guoren beer and Jiuhuashan beer. Co.'s business is mainly operated in Chongqing, Zhejiang Province, Sichuan Province, Hunan Province and Anhui Province.

COWELL FASHION

Pilkor Electronics is engaged in the manufacture and sale of electronic parts. Co.'s products include metallized polyester film capacitors, EMI suppression capacitors, series impedance capacitors, metallized polypropylene film capacitors, PFC input capacitors, AC motor running capacitors, power electronic capacitors, and DC-Link capacitors.

DCB Bank

DCB Bank Limited is a scheduled commercial bank. The Bank's segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations. The Treasury Operations segment includes all financial markets activities undertaken on behalf of the Bank's customers, trading, maintenance of reserve requirements and resource mobilization from other banks and financial institutions. The Corporate/Wholesale Banking segment includes lending, deposit taking and other services offered to corporate customers. The Retail Banking segment includes lending, deposit taking and other services offered to retail customers. The Other Banking Operations segment includes para banking activities like third party product distribution, merchant banking. The Bank has approximately 200 branches and approximately 410 automated teller machine (ATM) centers.

Delta Electronics Inc.

Delta Electronics is engaged in the installation of electronic control system; the manufacture of power supply unit for computer, computer information system, and electronic engine; and the manufacture, design and sale of communication products and components. Through its subsidiaries, Co. is engaged in the manufacture and sale of electronic control equipment, transformer, electronic devices and products, solar battery, integrated circuits, networking system and peripherals equipment; equity investment; and the provision of information software services.

Elvalhalcor Hellenic Copper and Aluminium Industry SA

Elvalhalcor Hellenic Copper and Aluminium Industry SA Formerly known as Halcor SA., Metal Works. Elvalhalcor Hellenic Copper and Aluminium Industry SA, formerly Halcor Metals Work SA, is a Greece-based industrial producer of aluminum and copper. The Aluminum segment comprises the aluminum division, under the Elval brand name, and aluminum processing subsidiaries: Symetal, Elval Colour, Vepal, Anoxal and Viomal. It offers aluminum products and solutions, including coils, strips, sheets and foil for various applications and architectural and industrial aluminum profiles. The Copper segment offers copper solutions through its copper tubes division, under the brand name Halcor, and its copper processing subsidiaries. It is active in the following markets: automotive and shipbuilding; packaging; energy and power networks; renewable energy; industrial applications; heating, ventilation, air conditioning and refrigeration (HVAC&R), as well as building and construction. It has a production base across more than 10 industrial units and a market presence in over 100 countries.

First Abu Dhabi Bank P.J.S.C.

Foshan Haitian Flavouring & Food Co. Ltd. Class A

Foshan Haitian Flavouring and Food Company Ltd. is a China-based company, principally engaged in the manufacture and distribution of seasonings. The Company's products portfolio consists of soybean sauces, general sauces, oyster sauces, chicken essence seasonings, vinegar and others, with soybean sauces, general sauces and oyster sauces as its main products. Its general sauces are applied in barbecue sauces, hot pot sauces and others. Its oyster sauces are applied in cooking, salad dressings and others. The Company conducts its businesses mainly within domestic markets.

Fuyao Glass Industry Group Co. Ltd. Class H

GOME Retail Holdings Limited

GOME Retail Holdings and its subsidiaries are principally engaged in the operation and management of networks of electrical appliances, consumer electronic products retail stores and electronic products on-line sales in the People's Republic of China. Through its subsidiaries, Co. is also engaged in property holding, the provision of logistics services, business management services, investment holding and retailing of electrical appliances and consumer electronic products. Co. operates an electrical appliances and consumer electronics products retail network under the brand name GOME in different cities in China.

Hangcha Group (A)

Hangcha Group Co Ltd. Hangcha Group Co.,Ltd. is a China-based company principally engaged in the research, development, manufacture and distribution of forklifts and other industrial vehicles. The Company's products mainly include combustion forklifts, electric forklift and other industrial vehicles. Its products are applied in the fields of manufacture industry, transportation industry, warehousing industry, postal industry, wholesale and retail industry. The Company distributes its products within domestic market and to overseas markets, including Brazil, America, Russia, as well as Southeast Asia, among others.

HDFC Bank Limited

HDFC Bank is a commercial banking group based in India. Co. is engaged in providing banking and financial services. Co.'s operations are organized along four segments: Treasury, which includes its investment operations; Retail Banking, which serves retail customers with deposit products, loans and other services through a branch network and other delivery channels; Wholesale Banking, which provides loans, non-fund facilities and transaction services to corporations, public sector units, government bodies, and medium scale enterprises; and Other Banking Business, which includes para banking activities such as credit cards and debit cards.

Hellenic Petroleum SA

Hellenic Petroleum operates in the energy sector predominantly in Greece and the Balkans. Co.'s main activities include: refining and marketing of oil products ("R&M"); exploration, development and production, of hydrocarbons ("E&P"); manufacturing and marketing of petrochemical products; and power generation and trading. Refining, supply and trading are Co.'s core business and its main source of income and profit. Retail trading activities are split into domestic, comprising Co.'s Greek subsidiaries EKO and Hellenic Fuels, and International through local in-market retail subsidiary companies. Hydrocarbon exploration and production (E&P) Co. activities relate to Greece and abroad.

Hi Sun Group (P Chip)

Hi Sun Technology China is an investment holding company. Through its subsidiaries, Co. is engaged in the provision of customized information system consultancy and integration services; the sale of designed information technology products to financial institutions and banks; the provision of customized information system consultancy and integration services; the sale of information technology products to the telecommunication industries; the sale of electronic fund transfer point-of-sale ("EFT-POS") terminals; and the provision of interactive voice response ("IVR") platform operation services. Co.'s operations are conducted in Hong Kong, South East Asia, and the People's Republic of China.

Hongrun Construction Group (A)

Hongrun Construction Group Co. Ltd. HONGRUN CONSTRUCTION GROUP CO., LTD. is a China-based company principally engaged in construction business and municipal infrastructure investment business. The Company's main businesses include construction of buildings, roads and bridges, municipal public engineering, foundation engineering, building decoration engineering, as well as urban track traffic engineering and others. The Company is also engaged in real estate business and new energy development business. The Company mainly conducts its businesses within domestic markets.

Huolinhe Opencut Coal Industry (A)

HUOLINHE OPENCUT COAL INDUSTRY CORPORATION LIMITED OF INNER MONGOLIA is a China-based company principally engaged in the mining, processing and distribution of coal products, and thermal power generation business. The Company's products mainly include lignite and thermal power. Its coal products are mainly distributed to coal-burning enterprises in Inner Mongolia, Jilin Province and Liaoning Province, which are applied in thermal power, coal chemical industry and local heating. Its electricity products are mainly distributed to State Grid northeast division, which are applied in electricity and heat distribution.

Inner Mongolia Yili Industrial Group Co. Ltd. Class A

Inner Mongolia Yili Industrial Group, through its subsidiaries, is engaged in the purchasing, processing and selling milk; raising milk cows and animals; import and export trading; manufacturing and selling cold beverages; manufacturing milk powder, fluid milk, frozen food and dairy food; assets and enterprise entrusted operations; industrial plantation; processing agricultural product; manufacturing and selling dairy products; investment development; selling minerals, animals and by-products; real estate development, operation and consultation services; purchasing agricultural by-products; and purchasing and selling feeds.

International Container Terminal Services Inc.

International Container Terminal Services is an international operator of common user container terminals serving the global container shipping industry. Co.'s business is the acquisition, development, operation and management of container terminals focusing on facilities with total annual throughputs ranging from 50,000 to 2,500,000 twenty-foot equivalent units (TEUs). Co. also handles break bulk cargoes (BBC) and provides a number of ancillary services such as storage, container packing and unpacking, inspection, weighing, and services for refrigerated containers or reefers. Co. is involved in approximately 29 terminal concessions and port development projects in 21 countries worldwide.

KrungThai Card Public Co. Ltd.

Krungthai Card Public Company Limited is a Thailand-based company engaged in credit card, personal loan and other related businesses. The Company's businesses are divided into three categories: KTC personal unit, which includes credits card and personal loans; corporate unit, which involves in credit cards issuing for business owners, credit cards for financial flexibility, such as travel expenses, seminar and training organization, reception expenses or office supplies, as well as credit cards for products or services payment by government agency, and services unit, such as FLEXI installment plan on KTC credit cards, online shopping and the redemption of accumulated points from credit cards under Forever Rewards program.

KUMBA IRON ORE LTD

Kumba Iron Ore is engaged in the exploration, extraction, beneficiation, marketing, sale and shipping of iron ore. Co. produces iron ore in South Africa at Sishen and Kolomela mines in the Northern Cape province and at Thabazimbi mine in the Limpopo province. As of Dec. 31 2013, Co.'s total iron ore proved and probable reserves from mining operation was 530.7 million tonnes and 544.6 million tonnes, respectively.

Kweichow Moutai Co. Ltd. Class A

Kweichow Moutai is engaged in the manufacture and sale of "Guizhou Moutai" series distilled spirits; manufacture and sale of beverages, food and packaging materials; development of anti-counterfeiting technologies; and research and development of relevant IT products. Through its subsidiaries, Co. is also engaged in the wholesale of agricultural vice-local products, building materials, decoration materials, metal materials, machineries, electronic products, telecommunication products, hardware, rubber products, general merchandises and furniture. Co.'s products include millesimes liquor, gift liquor, common liquor and other liquor series.

Longfor Group Holdings Ltd.

Longfor Properties Co. is an investment holding company. Through its subsidiaries, Co. is principally engaged in the property development, property investment and property management businesses in the People's Republic of China. Co. has three segments: property development, which develops and sells office premises, commercial and residential properties; property investment, which leases investment properties, which are developed by Co. to generate rental income and to gain from the appreciation in the properties' values in the long term; and property management and related services, which mainly represents the income generated from property management.

Midea Group Co. Ltd. Class A

Midea Group Co., Ltd. is a China-based company principally engaged in the manufacture and distribution of household electronics. The Company's products are categorized into three types, including consumer appliances, heating ventilating and air conditioning (HAVC) and robot and automation systems. The Company's products mainly consist of central air conditioning systems, heating and ventilation systems, kitchen appliances, refrigerators, washing machines and other small home appliances, such as water dispensers, water purifying devices, air purifiers, electric kettles, dust collectors and humidifiers. The Company is also involved in the production of motors, as well as logistics business. The Company distributes its products within domestic market and to overseas markets.

Milord Real Estate Development Group (A)

Celebrities Real Estate Development Group is engaged in the investment transfer of assets management, equity and property right; the provision of consultation services of investment planning; industrial investment; domestic trade; the development, investment, operation and management of real estate, transportation, storage and warehousing, scientific research information advisory services and market construction; and real estate development, operation and leasing. Through it subsidiaries, Co. is also engaged in construction of buildings; sale of hardware and electrical appliance; and the production and sale of commodity concrete and construction materials.

OTP Bank Nyrt

OTP Bank is a financial institution based in Hungary. Co. is engaged in retail banking (account management, bankcards and Electronic sevices - OTPdirekt) corporate banking and private banking. In Hungary traditional banking operations are performed by Co. while specialized services, including car leasing, investment funds and insurance are developed and offered by Co.'s subsidiaries. Co. expands its operations throughout the region via its foreign subsidiaries. As of Dec 31 2011, Co. had total assets of HUF10,200,527,000,000 and deposits of HUF6,398,853,000,000.

Reliance Industries Limited

Reliance Industries is primarily engaged in the production and market of petrochemical products, and refinery and retail of petroleum and LPG. Co.'s petrochemical products include polymer - polypropylene (PP), polyethylene (PE), poly vinyl chloride (PVC); polyester - polyester filament yarn (PFY), polyester staple fiber (PSF), polyethylene terephthalate (PET); polyester intermediates - paraxylene (PX), purified terephthalic acid (PTA), mono-ethylene glycol (MEG); and cracker products - ethylene, propylene and aromatics. Co. is also engaged in the manufacture of RELAB and textiles. Co.'s textile products are sold under the brand names: Only Vimal, Harmony, Reance, RueRel and V2.

Robinsons Land Corp.

Robinsons Land is engaged in selling, acquiring, developing, operating, leasing and disposing of real properties such as land, buildings, shopping malls, commercial centers and housing projects, hotels and mixed-used property projects. Co. operates its business in four divisions: Commercial Center, which include the development, leasing and management of shopping malls/commercial centers; Residential, which include the development and selling of residential condominium spaces, as well as residential projects; office division, which include the development and leasing of offices spaces; and hotel, which include owning and operating a chain of hotels in various locations in the Philippines.

S&T Motiv

S&T Motiv is engaged in the manufacture of automobile parts. Co.'s chassis division provides suspension module assembly, oil & gas damper ass'y, knuckle, spindle wheel bearing. Co.'s DC motors division provides seat adjusting / recliner motor, electric shift motor, pedal adjusting motor, electric power steering motor. Co.'s air bag and engine components division provides air bags, oil pump, throttle body, carburetor. Co.'s material division provides F/Head, R/head, cylindersrack Hsg for steering, case for Hsg T/M. Co.'s electronics & electronic devices division provides HVAC switch, instrument cluster, digital clock. Co.'s special business division provides various firearms.

Sberbank Russia PJSC

Sberbank Russia is an open joint stock commercial bank. Co.'s principal business activity is corporate and retail banking. This includes, but is not limited to, deposit taking and commercial lending in freely convertible currencies, local currencies of countries where the subsidiary banks operate and in Russian Roubles, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. Co.'s operations are conducted in both Russian and international markets. As of Dec 31 2014, Co. had total assets of RUB25.20 trillion.

Shandong Linglong Tyre Co. Ltd. Class A

SHANDONG LINGLONG TYRE CO., LTD. is a China-based company primarily engaged in the design, development, manufacturing and distribution of car tires. The main products of the Company include full-steel radial tire products, semi-steel radial tire products and skew tire products. The Company produces high speed tires, engineering truck tires, winter tires, high-performance tires, Sports Utility Vehicle (SUV) tires, light truck tires, agricultural tires. These products are applied in passenger cars, commercial cars and engineering machineries. The Company distributes its products in domestic and to overseas markets.

Shandong Longji Machinery (A)

Shandong Longji Machinery Co., Ltd. is a China-based company principally engaged in the manufacture and sales of automobile brake parts and components. The Company's main products include automobile braking disks, automobile brakes, including general brakes and truck brakes, brake blocks, wheel hubs and others. Through its subsidiaries, the Company is also engaged in the manufacture of automobile brake calipers and related products.

Shanghai International Airport Co. Ltd. Class A

Shanghai International Airport is engaged in the provision of ground handling services for domestic and international airline transportation enterprises and tourists. Co.'s approved operation scopes include leasing airline business space, commercial space and office space inside the airport; domestic trading; advertising; acting as a shipping and forwarding agent, declaration and examination agent; operation of other businesses related to airline transportation; and comprehensive development; and operation of other investment projects allowed by government policies.

Shanghai Tunnel Engineering Co. Ltd. Class A

Shanghai Tunnel Engineering is engaged in the undertakings of civil engineering construction projects, tunnel and urban construction roads and bridges, traffic, fire control and underground works; self-operation and acting as agent for import and export of various commodities and technologies; processing of imported materials; operation of counter trade and entrepot trade, approved international economic and technical cooperative businesses; manufacture, installation and leasing of machineries and equipments; provision of car repair services and internal transportation; and the building of branch offices.

Shengyi Technology Co. Ltd. Class A

Guangdong Shengyi SCI.TECH is engaged in the manufacture and sale of copper plate screen and bonding sheet; printed plate board, ceramic electronic components, liquid crystal products, electronic grade glass fabric, epoxy resin, copper foil, electronic-used flexible materials, display materials, seal materials, and leasehold of buildings. In addition, Co. is engaged in non-quota permitted management; and purchase of monopolized goods and export operation. Through its subsidiaries, Co. is also engaged in the provision of technology consultation and related services; manufacture and sale of silicon powder; and production and sale of multi-layer printed circuit board.

Shenzhen Investment Limited

Shenzhen Investment Limited is an investment holding company principally engaged in the development of properties. Along with subsidiaries, the Company operates its business through five segments. The Property Development segment is engaged in the development of residential, industrial and commercial properties. The Property Investment segment is engaged in the investment in residential, industrial and commercial properties. The Property Management segment is engaged in management properties. The Manufacture segment is engaged in the manufacturing and sale of industrial and commercial products. The products include liquid crystal display (LCD) products, among others. The Others segment is engaged in the operation of hotels, the manufacturing and sale of aluminum alloy products and agricultural products, as well as the design and construction of gardens, and other businesses.

Tianjin Zhonghuan Semiconductor Co. Ltd. Class A

TIANJIN ZHONGHUAN SEMICONDUCTOR CO., LTD. is a China-based company, principally engaged in the manufacture and distribution of new energy products, semiconductor materials, and semiconductor devices. The Company is also engaged in the operation of financial venture capital business and finance leasing business, as well as the development and operation of efficient photovoltaic power plant projects. The Company's products are mainly applied in consumer electronics, integrated circuits, rail transportation, smart grid transmission, new energy power generation, new energy vehicles, finance and other industries. The Company distributes its products within domestic market and to overseas markets.

Time Publishing and Media (A)

USTC Chuangxin is engaged in the development, manufacture and sale of electron, chemical products, new materials, bio-engineering, environmental protection products, energy conservation, medical instruments, nuclear instruments, plasma, low temperature superconductivity, electric appliances, mechanical vacuum, ion beam, microwave telecommunication, automatic control, textile printing preparations, environmental protection coating, and optical, mechanical and electronic integration products; radiation processing; development, production, sale and construction of fire auto-alarm system products, and provision of technical consulting and transferring.

Titan Company Limited

Titan is engaged in the watch division where Co. manufactures and sells a variety of watches with varying price range within India and overseas; in the jewelry division where Co. works through Tanishq and Zoya. Tanishq has a range of jewelry studded with diamonds or coloured gems in 18 kt gold, 22 kt pure gold and platinum; and Zoya is a chain of luxury jewelry boutiques; in the eyewear division where Titan Eye+ retails products which showcase contemporary designs, coupled with optical exams with Sankara Nethralaya; and in the precision engineering division, Co. sells its components globally and helps build machinery.

Topco Scientific Co. Ltd.

TOPCO SCIENTIFIC CO., LTD. is a Taiwan-based company principally engaged in the distribution of semiconductor related products. The Company provides semiconductor materials, including silicon wafers, solar silicon wafers, thermal couples, fluoro thermoplastics, polished wafers, epitaxy wafers, reclaim wafers, insulating materials and others, as well as liquid crystal display (LCD)/electronic materials and optoelectronic products, including light emitting diode (LED) chips, liquid crystal module (LCM) processing equipment and other products. The Company is also involved in environmental protection business, as well as the provision of solar related products. The Company distributes its products primarily in domestic market.

UPL Limited

UPL is a global producer of crop protection products, intermediates, specialty chemicals and other industrial chemicals based in India. Co. offers a range of products that includes insecticides, Fungicides, Herbicides, Fumigants, PGR and Rodenticides. Co. manufactures and markets Caustic Chlorine, White Phosphorus, Industrial Chemicals, Specialty Chemicals and is engaged in Captive Power Generation of 48.5 MW. Co. maintains a range of generic agrochemical and other chemical intermediates which are exported to more than 100 countries in the world.

Voltronic Power Technology

VOLTRONIC POWER TECHNOLOGY CORP. is a Taiwan-based company principally engaged in the manufacture and sales of uninterruptible power systems (UPSs). The Company's main products include off-line UPSs, on-line UPSs, inverters, voltage regulators (AVRs) and photovoltaic (PV) inverters. The Company distributes its products in domestic market and to overseas markets, such as the rest areas of Asia.

WNS (Holdings) Limited Sponsored ADR

Wuxi Commercial Mansion Grand Orient (A)

Wuxi Commerical Mansion Grnd Orient Co. is engaged in domestic trading; provision of repairing services for gold ornaments, maintenance of motorcycles, installation and maintenance of household electrical appliances, provision of processing services for costumes and spectacles, goods packaging and warehousing services, freight transportation, letting of properties, provison of electronic entertainment and economic information advisory services, design and creation of advertisements, provision of network technology consultation and transfer services, development and sales of computer softwares, beauty treatments and the provision of parking services.

Wuxi Little Swan Co. Ltd. B

Wuxi Little Swan is engaged in the manufacture and sale of household appliances, accessories and fittings and industrial ceramic; import and export business of raw materials, mechanical equipment and technology for Co.'s production; and provision of technical services for household appliances. Through its subsidiaries, Co. is engaged in manufacture and sale of computer control components, electric engines for household appliances, digital engines, commercial washing machines, dryers and its parts and refrigerators; and manufacture of air conditioners.

Yonghui Superstores Co. Ltd. Class A

YONGHUI SUPERSTORES CO., LTD. is a China-based company, principally engaged in the operation of regular chain supermarkets. The Company primarily engages in the dealing of fresh meat products, agricultural products, processed foods, daily necessities, clothing, household appliances, electronic products and imported goods, among others. The Company operates its businesses principally through the operation of general merchandise stores, superstores and supermarkets, among others. The Company is also engaged in the provision of related services. The Company mainly conducts its businesses within domestic markets.

Zhejiang Yongtai Technology (A)

Zhejiang Yongtai Technology Co ., Ltd. is a China-based company principally engaged in the research, development, manufacture and distribution of fluoric fine chemical products. The Company's main products include pharmaceutical fluorine-containing intermediates, fluoride-containing intermediates of herbicides, fungicides and pesticides, pesticides and related agents, fluorine-containing single crystal intermediates, single crystal and flat panel display color filter materials, lthium hexafluorophosphate and lithium bisfluorosulfonyl imide, among others. The Company distributes its products in domestic market and to overseas markets.

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Vermilion Research
Vermilion Research

Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.

Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.

Analysts
Dave Nicoski

Ross LaDuke

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