Earning Release

Korea Electric Power Corporation (NYSE:KEP) reported 3Q 09 results, with revenues and earnings surpassing our expectations. A decline in global oil prices and the appreciation of local currency benefited the company reducing its fuel expenses resulting in improved margins. We maintain our HOLD rating for the common stock based on our fundamental outlook and current levels. We will reassess the common stock rating in our next update report. Based on our fundamental outlook and as we continue to anticipate a positive currency impact on the ADR over our investment horizon, we do not anticipate a change in our ADR stock rating. We will reassess the ADR (2 ADR = 1 common shares) rating in our next update report.

News

Reed Elsevier NV (NYSE:ENL) released a trading update on its FY 2009 performance to date today. The company stated that though the major professional markets witnessed a growth, the impact of slowdown still prevails. This is evident from the advertising and promotion markets remaining still under pressure due to the impact of global recession. However, the company’s restructuring initiatives are on track to deliver targeted cost savings. At the same time, the company’s target markets possess attractive inherent growth characteristics with encouraging growth prospects for the longer term. Hence at current levels we maintain our rating and will reassess our estimates and target price for Reed Elsevier common stock after the company releases its FY 2009 results. We expect to take a 6-24 month horizon as we no longer expect a significant positive currency impact on the ADR over the medium term. Also, we now anticipate a significant negative currency impact on the European stock over the long term. However, considering long term fundamental growth prospects, we maintain our BUY rating for the ADR.

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