Description

Strategy and Economics
4 Asia/GEMs Strategy Index Target Increased by
21% to 985 by June 2010 – but Raising More Cash
Jonathan Garner, Michael Wang, Vinicius Silva
6 Asia/EM Equity Strategy
Downgrade Korea, Turkey and Hungary to UW;
Upgrade Mexico, Indonesia and Czech
Jonathan Garner, Michael Wang, Vinicius Silva
9 Brazil Economics
Are Lower Real Rates Here to Stay?
Marcelo Carvalho
13 CEE Economics
No Longer a Bottomless Pit
Pasquale Diana
16 Colombia Economics
Looking Past the Bottom
33 Brazil Education Grounds for a Re-Rating in
Multiples During 2010
Javier Martinez de Olcoz Cerdan, Flavio Queiroz,
Gustavo Wigman, Alessandro Baldoni
35 China Coal Sector
Start of a New Upcycle
Wee-Kiat Tan, Sara Chan
37 China Pharmaceuticals
Investing in Traditional Chinese Medicine (TCM)
Bin Li, Sean Wu, Christopher Lui
39 LatAm Pulp & Paper
Pulp Rally Priced In; Strong Real Capping Upside
Carlos De Alba, Bruno Montanari, Cesar Medina
41 Mexican Airports Rating Realignment as Traffic
Bottoms Out, Flu Fears Ease
Nicolai Sebrell, Augusto Ensiki
43 Russia Steel & Mining
Upgrading on Improving Market Conditions
Dmitriy Kolomytsyn, Marina Zavolock
45 Saudi Banks Regional Premium Deserved:
Riyad Bank Our Top Pick
Daniel Cowan, Magdalena Stoklosa
49 South Africa Banks
Earnings Trough in 2009:
Louis Chetty, Magdalena Stoklosa
51 Taiwan TFT LCD
Opportunities in Touch
Frank Wang, Jerry Su
Company Analysis
53