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Emerging-Market ADRs: Winners and Losers

5. Gol Linhas Aereas Inteligentes (GOL), the largest low-cost airline in Latin America, provides services on routes connecting all Brazilian cities, to other Latin American cities, and select tourist destinations in the Caribbean. The company owns shares either directly or indirectly in five subsidiaries -- VRG Linhas Aereas and four offshore finance subsidiaries. The stock accumulated 5.9% last week.

Of the 12 analysts covering the stock, 67% rated it a buy while remaining suggest a hold. There are no sell ratings on the stock. A Bloomberg consensus expects the stock to gain an average 44.7% to $18.62 in the upcoming 12 months.

Last week, Gol's shares gained on speculation that it would be buying closely held rival Webjet Linhas Aereas. The company said in its filing that it is in talks with Webjet, without disclosing further details. With this deal, Gol will compete with rival TAM, which will be acquired by Chilean airline LAN. An industry analyst believes that, with this acquisition, Gol would gain market share and extinguish competition.

Gol and WEbJet have signed a memorandum of understanding to allow GoI to buy 100% of WebJet capital stock for $61 million. The acquisition will boost Gol's market share to 41% from the current 36%. WebJet serves 16 domestic locations with 1,000 flights per week.

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