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ADR Daily Report (Yahoo Finance) | The Market Mavens Report: Global Markets
| Issue | CUSIP | Exchange | Symbol | Ratio* | Industry | |
| AKBANK T.A.S. 144A | 009719105 | 144A | AKBANK | 1: | 200 | BKS |
| DEMIRBANK | 248105108 | OTC | DMRFY | 1: | 500 | BKS |
| EFES SINAI YATIRIM HOLDING A.S. 144A | 282014109 | 144A | EFRPP | 1: | 100 | MUL |
| EGS GAYRIMENKUL YATIRIM ORTAKLIGI 144A | 268498102 | 144A | EGSGYP | 1: | 300 | TEX |
| ERCIYAS BIRA 144A | 29480P102 | 144A | ECYAF | 1: | 20 | BEV |
| FINANS BANK A.S. 144A | 31770N102 | 144A | FNBXYP | 1: | 5 | BKS |
| HACE OMER SABANCI HOLDING S.A. 144A | 40450N100 | 144A | SARPP | 1: | 250 | MUL |
| MEDYA HOLDINGS A.S. | 585095102 | OTC | MDYHY | 1: | 250 | OTH |
| NET HOLDING INC. | 641076203 | OTC | NETHY | 1: | 5 | HOT |
| RAKS ELECTRONIK SANAYI VE TICARET A.S. | 751024100 | OTC | RKETY | 1: | 20 | EEI |
| TOFAS TURK OTOMOBIL FABRIKASI 144A | 900110107 | 144A | TOFAYP | 1: | 1 | AUT |
| TURKIYE GARANTI BANKASI | 900148404 | OTC | TURKY | 1: | 200 | BKS |
| TURKIYE GARANTI BANKASI 144A | 900148305 | 144A | TKGGY | 1: | 200 | BKS |
| TURKIYE IS BANKASI A.S. 144A | 900151101 | 144A | TYIBYP | 2: | 5 | BKS |
| UZEL MAKINA SANAYI A.S. | 918189101 | 144A | UZRPP | 1: | 250 | MAC |
| YAPI VE KREDI BANKASI A.S. 144A | 984848101 | 144A | YVKBY | 1: | 1000 | BKS |
| * Ratio: You'll probably notice a significant difference in price
of the stock, traded as an ADR and on its home exchange. You can easily
calculate an over- or undervaluation (and, of course, a fair valuation). All
you need is the ratio of ADR to stock, as listed in the table above, and the
exchange rate of the US-Dollar to this country's currency. The following,
generalized example explains how to calculate. On June 26, 1998, the Swiss ADR Sulzer Medica, with a ratio of 10:1, was priced USD 24 7/8. In Zurich, its home exchange, Sulzer traded at 379 Swiss Francs. The Dollar/Franc - Exchange rate was 1.526 (1 Dollar buys 1.526 Swiss Francs). Now we can calculate: Multiply the price in Dollar with the ratio (10): 24 7/8 x 10=USD 248.75. With other words, ten ADR's equal one share of Sulzer Medica and will cost you $248.75 (excluding transaction costs). Now you multiply this Dollar-amount with the exchange rate: $248.75 x 1.526=SFR 379.59. The ADR has been valued fair. The Bank of New York offers free software, which does all the calculation. |