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The Lehman report comes almost eight months after Mr. Suria's first research report on Amazon's convertible bonds, in which he questioned Amazon's promises of future profitability.
Many of Asia's listed Internet plays are portals, among the easiest e-businesses to assemble though among the most speculative in terms of future profitability.
Last June, in Mr. Suria's first report on Amazon's convertible bonds, the analyst questioned the company's promises of future profitability, and Amazon shares lost 19percentt of their value.
Now that Wall Street is holding the e-tailers accountable and demanding signs of future profitability, Web merchants have shown a new respect for their bricks-and-mortar brethren.
"In this instance, such a statement can only mean that investors are entitled to the following specifics: what management knows as of the date of filing; how they know it and when they came to know it; how it changes expectations of future profitability and liquidity (quantified to the extent possible)." Management will have to outline the actions it is taking to mitigate the damage.
The bank can book the the credits now, UBS spokesman Dominic Gerster told Forbes.com, based on expectations of future profitability.
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In each of the sectors that we analyse, we are seeing examples of innovations being implemented by businesses that are focused on future profitability.
The bank has pinned some of its hopes for future profitability on its asset management business, as profits from riskier businesses like trading get undercut by a spate of new regulation.
Citigroup has pinned some of its hope for future profitability on its vast international footprint, but some regions produced lackluster returns.
Stock markets are only the aggregate of investors' estimates of the future profitability of the companies listed on them.
The optimal sequence was WPWWPWPWPW (where W is wheat and P is pasture) and its net present value (total profitability over 10 years, accounting for discounting of future profit) was $462.04 ha−1.
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