Chart of the Day: Emerging markets’ net margin is still below peaks before the Asian and Global Financial Crises. Net margin in Developed markets is still at the highest it has been in over two decades–remains a risk.
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Chart of the Day: Indonesia and the Philippines still appear attractive but has switched place, and joined by Singapore. China has moved to unattractive from attractive.
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Free cash flow to the firm (FCFF) is the cash flow that a company is ‘free’ to distribute to all providers of money (both, debt and equity) without damaging its growth opportunities.
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Since debt is cheaper than equity, in theory, this would mean that a company would prefer to be fully funded by debt to minimize its cost of capital. However, it’s not the case in reality that a company has a capital structure that is 100% debt.
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Chart of the Day: Net-debt to equity is well-above the 2008 level, while times-interest-earned is slightly lower. Worth pointing out is that the effective interest rate is significantly lower now. Problematic if earnings stagnate and rates increase.
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Chart of the Day: US household debt is back just above the levels seen at the start of the new millennium; big deleveraging since the Global Financial Crisis. Corporates, though, are back to 2008 levels which could constitute a risk if rates were to increase.
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Chart of the Day: Since 2001, US household debt as a % of GDP has remained at about the same level. Corporate debt has increased a bit. While gov’t debt as a % of GDP has doubled since 2001.
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Chart of the Day: In 1H19, all Asian markets were up except for Malaysia. In local currency terms, Hong Kong was the strongest performer. For foreign investors, Thailand was the best as the Baht strengthened significantly.
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MONEY FM 89.3: Andrew Stotz is guest on Across the ASEAN to discuss The Thai SET’s Recent Strength and What’s Keeping Thai Markets Afloat?
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It is hard for the Bank of Thailand to weaken the Baht as the government 10-year bond yield is already pretty low at 2.2%. The Baht also has some safe-haven status as Thailand has relatively large international currency reserves.
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