Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
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Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

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<ul>
<li>For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This service is now being widely used by risk managers, fundamental investors and quant funds.</li>
<li>Our proprietary Corporate Governance (CG) scoring system now covers over 1,725 stocks including over 200 in Korea.</li>
<li>RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha. Over the past 5…</li>
</ul>


For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This service is now being widely used by risk managers, fundamental investors and quant funds.
Our proprietary Corporate Governance (CG) scoring system now covers over 1,725 stocks including over 200 in Korea.
RRG CG scores have a proven ability to highlight the risk of frauds and misstatements by EM companies and a track record of adding alpha. Over the past 5…


Corporate Governance Issues in Some of the Most Widely Held Korean Corporates

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

<p>Lotte Group’s four key affiliates <a href="https://www.smartkarma.com/entities/2338" target="_blank" data-smartkarma-citation="entities:2338:1">Lotte Shopping Co (023530 KS)</a>, <a href="https://www.smartkarma.com/entities/16050" target="_blank" data-smartkarma-citation="entities:16050:1">Lotte Confectionery Co Ltd (004990 KS)</a>, <a href="https://www.smartkarma.com/entities/4843" target="_blank" data-smartkarma-citation="entities:4843:1">Lotte Chilsung Beverage Co (005300 KS)</a> and <a href="https://www.smartkarma.com/entities/3306" target="_blank" data-smartkarma-citation="entities:3306:1">Lotte Food Co Ltd (002270 KS)</a> are widely expected to hold separate board meetings this week to vote on plans to break up their business structure into holding and operating companies through equity spinoff. Furthermore, these four holding entities will likely come under <a href="https://www.smartkarma.com/entities/22725" target="_blank" data-smartkarma-citation="entities:22725:1">Hotel Lotte Co Ltd (900281 KS)</a> to make it sole parent entity. If this reorganization process goes through as planned, Lotte Group’s governance structure would become much simplified. Of course, Lotte Group will also break off most of its remaining circular shareholding links. </p>

Lotte Group’s four key affiliates Lotte Shopping Co (023530 KS), Lotte Confectionery Co Ltd (004990 KS), Lotte Chilsung Beverage Co (005300 KS) and Lotte Food Co Ltd (002270 KS) are widely expected to hold separate board meetings this week to vote on plans to break up their business structure into holding and operating companies through equity spinoff. Furthermore, these four holding entities will likely come under Hotel Lotte Co Ltd (900281 KS) to make it sole parent entity. If this reorganization process goes through as planned, Lotte Group’s governance structure would become much simplified. Of course, Lotte Group will also break off most of its remaining circular shareholding links. 

Lotte Group Restructuring Part 1 - Shareholding Status & Investment Opportunity

Thematic (Sector/Industry)

<div><div class="content-highlight"><h2>Japan</h2></div></div><h2>Strong pick-up truck sales in US</h2><p><a href="https://www.smartkarma.com/profiles/940" target="_blank" data-smartkarma-citation="accounts:940">Nick Tanner</a> suggested paying attention to the continued recovery of US pick-up truck sales for <a href="https://www.smartkarma.com/entities/15064" target="_blank" data-smartkarma-citation="entities:15064:1">Toyo Tire &amp; Rubber Co Ltd (5105 JP)</a>, nearly 60% of whose operating profit is coming from North America. However, Nick cautiously pointed out that we might want to closely watch Toyo's profitability this year, which is expected to be slightly lower than that of last year. <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a> also put out a piece on the strong pick-up sales in US. He argued that the ongoing…</p>

JapanStrong pick-up truck sales in USNick Tanner suggested paying attention to the continued recovery of US pick-up truck sales for Toyo Tire &amp; Rubber Co Ltd (5105 JP), nearly 60% of whose operating profit is coming from North America. However, Nick cautiously pointed out that we might want to closely watch Toyo's profitability this year, which is expected to be slightly lower than that of last year. Mio Kato, CFA also put out a piece on the strong pick-up sales in US. He argued that the ongoing…

The Week That Was in NorthAsia@Smartkarma: Trucks, Pachinko, and Life Insurance

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>It was reported in Korea's Maeil Economic Daily today that <strong><a href="https://www.smartkarma.com/entities/16050" target="_blank" data-smartkarma-citation="entities:16050:1">Lotte Confectionery Co Ltd (004990 KS)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/2338" target="_blank" data-smartkarma-citation="entities:2338:1">Lotte Shopping Co (023530 KS)</a></strong> plan to spin off their investments stakes of various Lotte affiliates and merge them into one investment holding company. Then, it is expected that Hotel Lotte will become the major owner of the newly created holdco for the investment holdings of Lotte Confectionery and Lotte Shopping. However, this is yet to be finalized.</li>
<li>This is likely to reduce the circular…</li>
</ul>


It was reported in Korea's Maeil Economic Daily today that Lotte Confectionery Co Ltd (004990 KS) and Lotte Shopping Co (023530 KS) plan to spin off their investments stakes of various Lotte affiliates and merge them into one investment holding company. Then, it is expected that Hotel Lotte will become the major owner of the newly created holdco for the investment holdings of Lotte Confectionery and Lotte Shopping. However, this is yet to be finalized.
This is likely to reduce the circular…


Lotte Confectionery & Lotte Shopping: Spin Offs + A Merger

Global TMT, Consumer, Korea, Deep Fundamental

Julian Yoon

<p>Hypermarkets in Korea experienced a golden age of growth driven by strong SSSg trend and store expansion through 2011.  In 2012, the Korean government enacted protectionist legislation that forced hypermarkets to close two Sundays (for some stores, two Wednesdays) a month.  The legislation was enacted in order to protect traditional retail/mom and pops.  As it took about 2-3 years for the mandatory closures to fully scale up across all of the hypermarket operators' stores, many investors assumed…</p>

Hypermarkets in Korea experienced a golden age of growth driven by strong SSSg trend and store expansion through 2011.  In 2012, the Korean government enacted protectionist legislation that forced hypermarkets to close two Sundays (for some stores, two Wednesdays) a month.  The legislation was enacted in order to protect traditional retail/mom and pops.  As it took about 2-3 years for the mandatory closures to fully scale up across all of the hypermarket operators' stores, many investors assumed…

Korea Consumer: Are Hypermarkets a Dying Breed? On the Ground in Seoul.

South Korea

Lotte Shopping Co., Ltd. operates department stores and discount stores in South Korea.  The Company retails clothing, household goods, foods and other items through several branches.  Lotte Shopping also operates supermarkets and movie theaters.

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Lotte Shopping Co (023530 KS)

Corporate Governance Issues in Some of the Most Widely Held Korean Corporates

For the past 7 years Riedel Research has been issuing company-specific Corporate Governance scores on companies in the Emerging Markets. This...

David Riedel

Lotte Group Restructuring Part 1 - Shareholding Status & Investment Opportunity

Lotte Group’s four key affiliates Lotte Shopping Co (023530 KS), Lotte Confectionery Co Ltd (004990 KS), Lotte Chilsung Beverage Co (005300 KS) and...

Sanghyun Park

The Week That Was in NorthAsia@Smartkarma: Trucks, Pachinko, and Life Insurance

JapanStrong pick-up truck sales in USNick Tanner suggested paying attention to the continued recovery of US pick-up truck sales for Toyo Tire &...

Sanghyun Park

Lotte Confectionery & Lotte Shopping: Spin Offs + A Merger

It was reported in Korea's Maeil Economic Daily today that Lotte Confectionery Co Ltd (004990 KS) and Lotte Shopping Co (023530 KS) plan to spin...

Douglas Kim

Korea Consumer: Are Hypermarkets a Dying Breed? On the Ground in Seoul.

Hypermarkets in Korea experienced a golden age of growth driven by strong SSSg trend and store expansion through 2011. In 2012, the Korean...

Julian Yoon

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52-week Range

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