E Global Tech, Pharma, Finance And Energy Stock Highlights


Fibra Uno (FBASFwon a coveted buy recommendation from Citi Research today in an analysis of all the REITs (Fibras) in Mexico despite its relatively low yield compared to later entrants. It is the oldest and largest firm in the sector and Citi says current valuation makes this a good buy into a diversified REIT offering good liquidity. Its NAV Citi says is 40 peso/share based on cashflow, and it trades at a premium over its net asset value of only 0.07%. Negatives include its aggressive growth program which can pay off if growth picks up in Mexico and the USA (where many of its tenants come from.) With shopping malls, it will gain from more spending, and with factories for leasing, from more demand.

Citi cites a specific risk with FBASF from self-dealing between the real estate group with runs it and their other holdings. The creation of a special independent administration to oversee its links with the El-Mann property family does not remove this risk. A potential target could artificially boosting its rental income to improve the price it can command if it is part of the family's holdings. (Thanks to Eduardo Garcia of www.sentidocomun.co.mx for getting me the Citi report.)

In addition to the sub of Investor A/B of Sweden (IVSBF), wheelchair tech has attracted Toyota of Japan, which has signed up the inventor of Segway, Dean Kamen, to help the disabled and the old keep on moving. IVSBF is holding up better than the other Swedish holding company, Industrivärden


Now that it has signed up to produce Nokia-labelled basic cellphones in China, and to acquire Alcatel-Lucent, Nokia (NOK) is planning to lay off about 15% of its staff world wide. It has already begun cutting manpower levels in Finland and Germany, but the latest is that it wants to save $1 billion by 2018. Being Nordic it will help the people let go with a “bridge” program to help the 10,000-15,000 employees let go find new jobs. NOK is up over 2.5% today.

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