Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective. We believe this recent RS weakness could very well be part of a longer-term RS bottoming process - especially if the U.S. dollar (DXY) is unable to break above 98. Below we highlight attractive and actionable themes within EM: • EM Countries: China has assumed a...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
​Reiterate BUY and trim our TP to NT$50: Pou Chen’s share price has dropped around 14% since we upgraded the stock in Aug, mainly due to the market’s concerns on 1) a slow-down in sports industry growth weighing on inventory adjustment & ASP pressure; and 2) the uncertainty of Nan Shan Life’s unrealized-loss position. However, better than feared 3Q16 earnings results show these concerns were overdone. Overall, we remain positive on the stock as 1) it benefits from Adidas and UA’s stron...
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