How to Get Into the Right Global Markets

Robert Powell MarketWatch May 11, 2011

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May 11, 2011, 12:01 a.m. EDT

By Robert Powell, MarketWatch

BOSTON (MarketWatch) "” In times like these, when the debt of one of the world's oldest countries gets downgraded and the value of homes in the U.S. falls for the 57th straight month, it would be easy to overlook whatever good investment ideas are floating around out there.

But the truth of the matter is that it's still possible to make money here and there, even in these choppy waters. And plenty of investors feel that way. In fact, half of some 13,000 investors across 12 countries plan to invest outside their home country in 2011, according to the Franklin Templeton Global Investor Sentiment survey.

Greece expects that a June audit of its budgets will show that a new financial-aid package of nearly $86 billion will be needed to cover its financial needs stretching into 2013.

And feeding into that craze, fund firms are more than happy to serve up product to meet the demand. Vanguard, Dreyfus Corp. and Russell Investments are just a few of the firms launching new international products.

For his part, Stephen P. Carr, a CFA charter holder and director of research at Peloton Wealth Strategists said in an interview that "international investing" does hold promise. The key to making it work, however, is the screening process.

And the first big screen, from his perspective, is searching for companies, mostly mid caps, that have good governance and access to and/or are generating revenue in growing markets. They are either companies based overseas that have ADRS or they are U.S.-based firms that generate a good portion of their revenue outside the U.S. "International investing has changed and U.S. companies aren't necessarily U.S. companies," he said. "The key is revenue source."

At least two companies pass the first screen and one such firm is Millicom International Cellular SA /quotes/comstock/15*!micc/quotes/nls/micc MICC +2.53% , which is based in Europe and tapping into the fastest-growing markets for cell phones and pre-paid cell phone cards, those being sub-Sahara Africa and Central America.

/quotes/comstock/15*!micc/quotes/nls/micc MICC 111.36, +2.75, +2.53%

According to report released by Pyramid Research this week, for instance, total mobile phones sold to end users globally will reach 1.46 billion in 2011 and smart phone sales will account for 27% of total handset sell-through. "Much of the projected total market growth in 2011 will come from the Africa and Middle East region, which will see a strong demand for low-end smart phone models, ultra low-cost handsets and dual-SIM and full touch-screen feature phones," Stela Bokun, an analyst for Pyramid Research, said in a release.

Millicom is trading close to Peloton's price target of $115 and the stock just touched a 52-week high, but Carr did note the target is subject to revision.

A similar story "” where a company has good governance and access to attractive emerging markets "” can be found in South America. Endesa Chile /quotes/comstock/13*!eoc/quotes/nls/eoc EOC -0.75% is the largest electric utility company in Chile and it's growing at a rate of 5.5%, more than 3½ times the growth rate of electric utility companies in the U.S., according to Carr. "Demand is growing in what some think is a sleepy industry," he said.

Peloton's price target for Endesa is $64, so it has some room to go before hitting the target.

Joint ventures in emerging markets

U.S. based firms that are using joint-venture model to gain access to and generate revenue in the right emerging markets also fit the bill. When it comes to overlooked investment ideas, Carr said, "I'd go with the importance of the joint-venture model both for specific operating company performance and as a signal about an emerging economy transitioning from commodity production to internal consumption."

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And one company that passes through this screen is Cummins Inc. /quotes/comstock/13*!cmi/quotes/nls/cmi CMI +0.70% , which makes diesel engines. According to Carr, Cummins is an example of a U.S. based company that's not really a U.S. company.

Consider: Cummins didn't have access to key emerging markets such as India, China and Brazil so it formed joint venture with firms based in those countries. In India, it teamed up with Tata Motors Limited, that country's largest automobile maker, to form Tata Cummins Limited /quotes/comstock/13*!tcl/quotes/nls/tcl TCL +1.91% . And now, Cummins plans to do the same in Africa.

To be sure, Cummins might not be an undiscovered gem. The company is trading close to its 52-week high as well as close to Peloton's target price of $122 per share. But Carr suggests the company has the ability to continue its streak of surprising Wall Street. Revenues are forecast to rise from $10.8 billion in 2009 to $20 billion by 2014, but it's possible the company will reach $17.5 billion this year.

And though it's not a mid-cap company, nor is it a stock held by Peloton as of this writing, Carr said Merck & Co. /quotes/comstock/13*!mrk/quotes/nls/mrk MRK +0.79% also fits the model of a firm generating revenue outside the U.S. in the right markets, using the joint-venture model. In April, Merck and India's Sun Pharmaceutical Industries announced plans to create a joint venture that will focus on marketing branded generic drugs in emerging markets. According to Carr, the pharmaceutical industry anticipates quite a bit growth of in emerging markets.

Robert Powell is editor of Retirement Weekly, published by MarketWatch. Learn more about Retirement Weekly here. Follow his tweets here.

/quotes/comstock/15*!micc/quotes/nls/micc Add MICC to portfolio MICC Millicom International Cellular SA $ 111.36 +2.75 +2.53% Volume: 646,636 May 10, 2011 4:00p var embeddedchart1616275766Chart = new EmbeddedChart('#embeddedchart1616275766', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:MICC'); jQuery.data($('#embeddedchart1616275766').get(0), 'embeddedchart', embeddedchart1616275766Chart); /quotes/comstock/13*!eoc/quotes/nls/eoc Add EOC to portfolio EOC Empresa Nacional de Electricidad SA (Chile) $ 56.63 -0.43 -0.75% Volume: 212,232 May 10, 2011 4:07p var embeddedchart77677813Chart = new EmbeddedChart('#embeddedchart77677813', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:EOC'); jQuery.data($('#embeddedchart77677813').get(0), 'embeddedchart', embeddedchart77677813Chart); /quotes/comstock/13*!cmi/quotes/nls/cmi Add CMI to portfolio CMI Cummins Engine Company, Inc $ 118.41 +0.82 +0.70% Volume: 1.25M May 10, 2011 4:01p var embeddedchart1240477559Chart = new EmbeddedChart('#embeddedchart1240477559', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:CMI'); jQuery.data($('#embeddedchart1240477559').get(0), 'embeddedchart', embeddedchart1240477559Chart); /quotes/comstock/13*!tcl/quotes/nls/tcl Add TCL to portfolio TCL Tata Communications Ltd $ 10.14 +0.19 +1.91% Volume: 62,704 May 10, 2011 3:59p var embeddedchart1891689957Chart = new EmbeddedChart('#embeddedchart1891689957', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:TCL'); jQuery.data($('#embeddedchart1891689957').get(0), 'embeddedchart', embeddedchart1891689957Chart); /quotes/comstock/13*!mrk/quotes/nls/mrk Add MRK to portfolio MRK Merck & Co Inc $ 36.77 +0.29 +0.79% Volume: 9.60M May 10, 2011 4:00p var embeddedchart1038067178Chart = new EmbeddedChart('#embeddedchart1038067178', NormalChartStyleNoDecimals, 240, 80, '1dy', '5mi', null, null, null, 'US:MRK'); jQuery.data($('#embeddedchart1038067178').get(0), 'embeddedchart', embeddedchart1038067178Chart); //$(document).ready(function() { var storywidth = $('#mainstory').width(); var maxwidth = storywidth; $('#maincontent pre').each(function (index, value) { var thiswidth = $(value).width(); if (thiswidth > maxwidth) maxwidth = thiswidth; }); var offset = maxwidth - storywidth; if (offset > 0) { var margin = 13; var blanketwidth = $('#blanket').width(); var contentwidth = $('#maincontent').width(); $('#blanket').width(blanketwidth + offset + margin); $('#maincontent').width(contentwidth + offset + margin); $('#mainstory').width(storywidth + offset + margin); } //});

Robert Powell has been a journalist covering personal finance issues for more than 20 years, writing and editing for publications such as The Wall Street Journal, the Financial Times, and Mutual Fund Market News.

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"Toyota fiscal-year net profit nearly doubles, but down 77% in latest quarter http://on.mktw.net/mDDQNx" 1:20 a.m. EDT, May 11, 2011 from MarketWatch

"China April consumer prices +5.3% vs. +5.2% forecast; producer price rise below estimate http://on.mktw.net/lPVHJ1" 9:08 p.m. EDT, May 10, 2011 from MarketWatch

"Hong Kong stocks rise in post-holiday trade, led by resources; Hang Seng Index up 0.6% http://on.mktw.net/iARzMw" 8:36 p.m. EDT, May 10, 2011 from MarketWatch

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Digging up value Why are three veteran money managers, who can put their money anywhere, still holding onto commodities? "¢ Read more: Investing Insights report maxwidth) maxwidth = thiswidth; }); var offset = maxwidth - storywidth; if (offset > 0) { var margin = 13; var blanketwidth = $('#blanket').width(); var contentwidth = $('#maincontent').width(); $('#blanket').width(blanketwidth + offset + margin); $('#maincontent').width(contentwidth + offset + margin); $('#mainstory').width(storywidth + offset + margin); } //});

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Will "?self restraint' kill Japan consumption?

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Chinese data raise concerns of slowdown

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Chinese data raise concerns of slowdown

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ITV shares weigh on London; M&S gains

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HSBC to slash costs by up to $3.5 billion

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Shares of Atos Origin drop 2.3% in Paris trade

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Deutsche Bank cuts Atos Origin to hold from buy

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Societe Generale upgrades RWE AG to hold from sell

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How to Get Into the Right Global Markets

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