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Value Investing in Asia

Book Description

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.

Table of Contents

  1. Cover
  2. Title Page
  3. Disclaimer
  4. Foreword
  5. Preface
  6. Acknowledgments
    1. From Stanley:
    2. From Mun Hong:
  7. About the Authors
  8. Chapter 1: Value Investing in Asia
    1. Finding Value
    2. The Investor and the Market
    3. Why Value Investing Works
    4. Three Types of Value to Be Found
  9. Chapter 2: Key Developments in Asia
    1. What Is in Asia?
    2. What Has Happened in Asia?
  10. Chapter 3: Uniquely Asia
    1. What Asia Has Going for It
    2. Corporate Governance in Asia
    3. Shareholder Structure
    4. Succession
    5. Disclosure and Transparency
    6. “Smart” Money Gets Hit Too
    7. Government – The Elephant in the Room
    8. Don't Bet Your House on Legal Prosecution
    9. Activism and Shorting
  11. Chapter 4: The Future of Investing in Asia
    1. ASEAN, Pushing Ahead
    2. The Wall Street of Asia
    3. From “Guanxi” to Transparency
    4. The Future of Healthcare
    5. The Asian Consumer Story Lives On
  12. Chapter 5: Using the Right Process
    1. Asset Value
    2. Current Earning Power Value
    3. Growth Value
    4. Special Situations
    5. Narrow Your Search – Screening
    6. Screen Your Screens
    7. The 5-Fingers Rule
    8. The Importance of the 5-Fingers Rule
  13. Chapter 6: Research Like a Businessman
    1. Getting the Right Data
    2. Annual Reports Are Your Best Friend
    3. Making Sense of an Annual Report
    4. Don't Stop at One
    5. Why Should I Read a Competitor's Annual Report?
    6. Who Do I Speak To?
    7. It is More Than Just the Numbers
  14. Chapter 7: Finding Red Flags
    1. What are Red Flags?
    2. Auditor's Opinion
    3. Financial Red Flags
    4. Non-Financial Red Flags
  15. Chapter 8: Three Simple Valuation Techniques to Live By
    1. Price-to-Book Ratio
    2. Price-to-Earnings Ratio
    3. Discounted Cash Flow
    4. Always Remember Your Margin of Safety
  16. Chapter 9: How Everything Comes Together
    1. CASE STUDY Value Through Assets – Hongkong Land Holdings Limited
    2. CASE STUDY Current Earning Power – Tingyi (Cayman Islands) Holdings Corporation
    3. CASE STUDY Growth in Cyclicality – First Resources Limited
    4. CASE STUDY Special Situation – Dalian Wanda Commercial Properties Co., Limited
    5. CASE STUDY High Growth (The Land of Fast-Growing Unicorns) – Tencent Holdings Limited
  17. Conclusion
  18. Interviews: An Interview with Wong Kok Hoi of APS Asset Management
    1. What Makes APS Unique?
    2. Investment Philosophy and Strategy
    3. On APS's Investment Process
    4. On Company Visits
    5. Asia's Investment Outlook
    6. Industries Beyond APS's Circle of Competence
    7. On Reviewing of Positions
    8. On Spotting Red Flags
    9. On Market Exuberance
    10. On Transparency and Disclosures
    11. Advice to Investors
  19. An Interview with Tan Chong Koay of Pheim Asset Management
    1. What Makes Pheim Unique?
    2. Investment Philosophy and Strategy
    3. Investment Process
    4. Investment Universe
    5. On Market Timing
    6. On What Makes Asia Unique
    7. The Difference between Investing in the United States and Asia
    8. On Company Visits
    9. On Corporate Governance in Asia
    10. On Exchange-Traded Funds (“ETF”)
    11. Advice to Investors
  20. An Interview with Wong Seak Eng, Kevin Tok and Eric Kong of Aggregate Asset Management
    1. Investment Philosophy and Strategy
    2. Investment Process
    3. Investment Universe
    4. When to Sell a Stock
    5. Detecting Red Flags
    6. On What Makes Asia Unique
    7. Investors' Advice
  21. An Interview with Yeo Seng Chong of Yeoman Capital Management
    1. Investment Philosophy and Strategy
    2. Investment Process
    3. When to Sell a Stock
    4. On What Makes Asia Unique
    5. Advice for New Investors
  22. An Interview with David Kuo of Motley Fool Singapore
  23. Index
  24. End User License Agreement