L.P.N. Development PCL (BKK:LPN, Financial) is a leading real estate developer in Thailand that has consistently generated premium margins, return on capital and strong cash flow. L.P.N. shares were weak in the fourth quarter, as the market struggled with the potential impact of Fed tapering, which has already caused interest rates to rise noticeably throughout the developing world. Intensified political unrest in the quarter also drove investors out of Thai capital markets. Despite near-term stock volatility, we remain enthusiastic towards the company's investment merits and prospects. (Michael Kass)
From Ron Baron (Trades, Portfolio)'s Baron Funds' fourth quarter 2013 commentary.
