Batch financial reads & comments

Batch financial reads & comments

Note: During the week, I create a batch of financial articles that do not seem urgent, and I read while on a long stationary bike ride on weekend. Below is today’s batch. – the ‘thumbs up’ icon mark the better posts imho.

  • NOK Nokia Corporation (NOK) CEO Rajeev Suri on Q4 2019 Results – Earnings Call Transcript by SA Transcripts
    • Comment: Given the stock price response to earnings, I was expecting something valuable. However, I found it just a bunch of noise and long winded ‘plans’ – execs totally missed the div stop and impact to cash flow while remarking about their increased cash flow in back-half 2019; India highlighted as major risk – still see major revenue inflection 2h 2020 – next earnings report will be interesting. Their comments about China business allow some interesting inferences but nothing actionable.
    • Conclusion: remains on my buy list but valuation must be right and urgency is lacking (on the purchase) – happy with my ERIC position!
  • πŸ‘πŸ½BEP: Brookfield Renewable Partners LP (BEP) on Q4 2019 Results – Earnings Call Transcript
    • Comment: This conference call was another lesson in executive strategy statements within the context of performance – didn’t hurt that they had a blow out quarter and the macro sentiment increases value perception. I actually passed this on to folks as a great example of exec communication – clarity and repetitious. This transcript is a must read if you are interested in executive communications, BEP and / or sustainable energy generation.
    • Conclusion: Even though i took profits on 20% of my position (at price >$52.00), I will buy more in multiple accounts – target price mid-$40s. I will also turn DRIP back on!
  • πŸ‘πŸ½IEMG A Rebound For Emerging Markets In The 2020s? by Invesco US – a linked article from same authors is also worth a look
    • Comment: A good high level narrative look at the past future decade in Emerging Markets – but NOT an actionable analysis. I used this to compare my narrative stance wrt EM but the deeper dive details for actions are sorely missing here (tho to be fair, it was not their intent). I think worth a quick look
  • πŸ‘πŸ½China, Asian Stocks, And Coronavirus Risk
    • Comment- There’s a bit of doom and gloom inside this post but not without value for an investor with current or planned investments in Asia.Β  I found their sections on India and Korea most interesting and helpful for my own EM narrative constructs — of the EM opportunities in the next phase (2-3 years?), I am leaning more toward Korea as last year’s dog and my experiences partnering w/ Samsung. – India is confusing imho but with demographics that cannot be ignored (this article didn’t help).
    • Conclusion: Keep my lean toward Korea and hedge my China exposure accordingly.

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