China+Brazil=Telecom Profits, 1/8 Top Performer
Major indexes were up slightly at the time of this writing, though last week’s bull momentum seems to be receding a bit. Broad-based gains on muted volume are the rule for the day as investors take stock of last week’s bull run, which left the Dow sitting at its all-time record.
So far this year, emerging market stocks, especially from China, have made a strong showing in our Top Performer reports. Many analysts expect a lasting emerging market rally this year as capital seeks out more attractive valuations than available on the pricey US equity market.
Today’s Top Performer is the latest addition to this trend. In fact, it was the best out of several China-related stocks near the top of today’s leaderboards. Today’s stock features some less common geographic diversification: a US firm financed by a Chinese bank operating chiefly in Brazil.
NII Holdings, based in Virginia, is focused on providing an array of mobile business services in the Brazilian telecom market, including phone and mobile internet. They operate under the Nextel brand.
Their stock posted gains in excess of 25% this morning after announcing a new financing agreement with more favorable terms. Under the terms of the agreement, China Development Bank will substantially extend the payment terms of much of NIHD’s debt in exchange for preferential creditor status with the firm.
Investors piled into the stock, assured that NIHD has the longterm capital access it needs to capture more of Brazil’s growing mobile data market.
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