Johnny Le

4-20-11

FINAL SPRING 2011

EMERGING MARKETS ANALYSIS

Ràng wǒmen zhuàn yīxiē qián

MACRO TRENDS• Unrest in the Middle East and abroad

• Syria/Yemen/Libya

• Ivory coast

• LATAM “The Land of Money”

• Rare Earths, Energy, and Food

• Exploding EM middle classes

• Syrian unrest spreading; Government moving toward realignment to

dispel protests; Unsuccessful; Protesting leads to unsolicited shootings

by government security force

• Yemen unrest growing; Government reorganization successful; protests

mounting; president staying put; shootings on the rise

• Libya: NATO forces upping sorties into the region; more advisors on the

ground by French and British; Ghaddafi staying put as of now; rebels

advances, Misrata bombings.

• Ivory Coast: Elections reported as corrupt and current president refusing

to leave; Largest exporter of cocoa;

CÓMO RECUPERARSE DE LOS PAÍSES DE

AMÉRICA LATINA!• Argentina

• Beef, Corn, Soybean

• Brazil

• Sugar > ethanol (100% of automobiles run on E85)

• Mexico

• Telecommunications

• Peru

• Highest projected growth in 2011 6.5% (IMF)

• Chile

• Flurry of IPO’s

• Possible 6.5% growth in 2011 (central bank)

• AquaChile SA: salmon farmer (private company

KAK IGRATʹ V ENERGII , PRODUKTOV

PITANIYA, I RASSHIRENIE BUM

• Rare Earths: AVL, MCP, REE (Recyclers: TM, HIT, Panasonic)

AVLMCP

ENERGIIIR, JCI, WSO, HON, EMR, ETN

• Ingersoll-Rand, Johnson Controls, Watsco, Honeywell, Emerson Electric, Eaton

• Power control and energy efficiency heating, ventilation and air

conditioning, HVAC and smart grid integration

• Emerson

• Terrific HVAC business, market leader in energy efficient scroll

compressor technology—the heart of both residential and commercial

HVAC systems. It is also the main player in power management for data

centers

• Eaton

• Makes electrical control products, fuel efficient transmissions and hybrid

engines for trucks, as well as fluid power systems and aerospace

hydraulic systems that enable large aircraft to burn less fuel.

IRHON

EMRETN

EMR

ALIMENTAIRE• Healthier lifestyles = healthier dining choices made by consumers

• WFMI, CMG, PNRA

CMG

PNRA

WFMI

VAIŚVIKA KHĀDYA CALANA• POT, DE, CAT

POT

CAT DE