Value Investing in Asia

Chapter 9How Everything Comes Together

I love it when a plan comes together

— John “Hannibal” Smith (The A-Team)

This is where all the pieces come together.

With the help of five case studies, we will bring you through our thought processes all the way from how we arrived at these companies, to understanding their operations, then all the way on to the valuation techniques employed.

Here is what we will be exploring for each company:

• business – what they do
• type of value – what type of value we are looking at
• screening – how we arrived at this company
• what's interesting – analysis of the business (financial and non-financial factors)
• major shareholders
• valuation.

Remember, our valuations are based on our own estimates, meaning that it is unique to us. As our case studies are purely for educational purposes, they should not be taken as investment advice.

When working on one of your opportunities, you may use this section to guide your investment process. With this framework in place, you would be able to customise it to fit your personal style. Just bear in mind to always challenge the assumptions that led you to your investment decision.

From the get-go, we made known to you that our book serves as a guide on how to move from the theoretical to the practical application of a value-based approach when investing in Asia. And we plan to keep this promise.

With what we have learned up to this point, we will incorporate the knowledge obtained by applying it to five case studies, ...