Value Investing in AsiaThe Definitive Guide to Investing in Asia
A practical, step-by-step guide to value investing in Asian stocks Value Investing in Asia offers a uniquely targeted guide to investors seeking new opportunities in Asian markets. Most value investing advice is geared toward US markets, leaving out the key guidance that pertains specifically to investing in publicly listed Asian companies — guidance that is critical for success. This book focuses on the opportunities and challenges of Asian markets, including current and historical case studies that illustrate various successes, risks and pitfalls. Step-by-step guidance helps you unearth great opportunities in Asia; from understanding the macroeconomic situation, to narrowing down on specific investment opportunities. Invaluable for both new and experienced investors, this practical reference shows you how to apply value investing principles specifically to Asian stocks. Investing in Asia comes with an inherent set of unique challenges that must be understood before any decisions are made; some of these challenges are the result of operating practices, some are the result of regulatory issues and others come from the markets themselves — yet regardless of the source, value investors in particular bear the brunt of the obstacles. This book shows you what you need to know, and how to invest intelligently in Asian companies. Step-by-step approach guides investors towards the practical application of value investing principles in Asia Navigate the challenges unique to Asian investing Examine real-life case studies that illustrate both risk and opportunity Delve into the key markets in Greater China and South-East Asia Includes exclusive interviews with well-known value investors in Asia Despite the challenges and risks, Asian markets represent significant opportunity — especially for investors seeking value. Value Investing in Asia offers a practical reference for new and experienced investors, with real-world guidance toward intelligently investing in Asian markets.
Disclaimer vii Foreword xiii Preface xv Acknowledgments xix About the Authors xxi Chapter 1 Value Investing in Asia 1 Finding Value The Investor and the Market Why Value Investing Works Three Types of Value to Be Found Chapter 2 Key Developments in Asia 11 What Is in Asia? What Has Happened in Asia? Chapter 3 Uniquely Asia 31 What Asia Has Going for It Corporate Governance in Asia Shareholder Structure Succession Disclosure and Transparency “Smart” Money Gets Hit Too Government – The Elephant in the Room Don’t Bet Your House on Legal Prosecution Activism and Shorting Chapter 4 The Future of Investing in Asia 75 ASEAN, Pushing Ahead The Wall Street of Asia From ‘‘Guanxi’’ to Transparency The Future of Healthcare The Asian Consumer Story Lives On Chapter 5 Using the Right Process 89 Asset Value Current Earning Power Value Growth Value Special Situations Narrow Your Search – Screening Screen Your Screens The 5-Fingers Rule The Importance of the 5-Fingers Rule Chapter 6 Research Like a Businessman 115 Getting the Right Data Annual Reports Are Your Best Friend Making Sense of an Annual Report Don’t Stop at One Why Should I Read a Competitor’s Annual Report? Who Do I Speak To? It is More Than Just the Numbers Chapter 7 Finding Red Flags 141 What are Red Flags? Auditor’s Opinion Financial Red Flags Non-Financial Red Flags Chapter 8 Three Simple Valuation Techniques to Live By 161 Price-to-Book Ratio Price-to-Earnings Ratio Discounted Cash Flow Always Remember Your Margin of Safety Chapter 9 How Everything Comes Together 185 Value Through Assets – Hongkong Land Holdings Limited Current Earning Power – Tingyi (Cayman Islands) Holdings Corporation Growth in Cyclicality – First Resources Limited Special Situation – Dalian Wanda Commercial Properties Co., Limited High Growth – Tencent Holdings Limited Conclusion 221 Interviews 225 An Interview with Wong Kok Hoi of APS Asset Management An Interview with Tan Chong Koay of Pheim Asset Management An Interview with Wong Seak Eng, Kevin Tok and Eric Kong of Aggregate Asset Management An Interview with Yeo Seng Chong of Yeoman Capital Management An Interview with David Kuo of Motley Fool Singapore Index 265
STANLEY LIM PEIR SHENQ, CFA, has worked in the investment industry for many years. Most recently, he was an analyst for The Motley Fool Singapore. He has written close to 2,000 investment articles online. Stanley is currently the chief editor for ValueInvestAsia.com. CHEONG MUN HONG, CFA, started his career as an investment analyst at a Singapore-licensed Trust Company. Over the course of his work, he has dealt with investments involving public and privately held entities. Mun Hong sits on the boards of listed companies.
PRAISE FOR VALUE INVESTING IN ASIA "The book is a great contribution to the investing society. Stanley and Mun Hong have been able to put together the valuable experiences and wisdom of many outstanding Asian fund managers!" —Dr. Tan Chong Koay, Executive Chairman, Pheim Asset Management Sdn Bhd "This is not just a book about value investing. Instead, it is a manual for value investing with an Asian twist that investors with an eye on the fastest-growing region in the world will reach for whenever they have questions that need answers." —Dr. David Kuo, CEO, The Motley Fool Singapore Pte. Ltd. "Stanley Lim and Mun Hong have skillfully woven three things together in this book for the Asian investor: the key principles of value investing, where to identify the investment opportunities and the mine fields to side step in Asia. With these skills, the investor can start investing in Asia." —Wong Kok Hoi, CFA, Founder & CIO, APS Asset Management Pte. Ltd. "In the search for value in Asia, discipline is key. Through easy-to-understand concepts and plenty of real life case studies, Stanley and Mun Hong have concisely detailed an investing process, incorporating quantitative and also qualitative factors to aid investors in their navigation through these waters." —Tan Chin Hwee, CFA, CA, Author of Asian Financial Statement Analysis "Investing in Asia is never easy because it's like navigating through a jungle. Stanley and Mun Hong have penned down a road map on how you can get in and out of the jungle safely—with your treasure intact." —Victor Chng and Rusmin Ang, Co-founders of FifthPerson.com; Authors of Value Investing in Growth Companies
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