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Financial Analysis
  • Indian Banks: 1HFY18 Review and 2018 Outlook

    Source: Ang Ben You, David Marshall
    Date Submitted: 10 Jan 2018
    Views: 10
    Downloads: 0
    • Indian banks reported lower annualized aggregate profitability in 1HFY18 due to weaker net interest revenues and higher provisions related to RBI's two lists of accounts which are slated for insolvency resolution.
    • The government's INR 2.1 tn recapitalization package is a game changer and has largely removed the capital uncertainty banks have been facing.
    • For banks under our coverage, our rough calculation reveals a capital requirement that is ~64% of the total amount pledged (INR 2.1 tn) by the government under our scenario analysis which we think is reasonable but not especially harsh.
    • Asset quality is already showing signs of stabilization and improvement but the recapitalization plan should also help support this picture into 2018 as banks find greater impetus to take haircuts and resolve NPAs on their books.
    • The expectation of a substantial pick up in credit growth due to the capital pledge is logical but we remain skeptical as the plan will be spread over two years and risk aversion will also likely  take some time to abate.
    • Removing capital concerns will help with bank valuations and in tandem with the recently introduced "Alternative Mechanism" (AM), should help with banking consolidation.
    • IFRS 9 implementation should also be easier to swallow with with more capital and a phased implementation of the CET 1 impact. 
  • Asian High Yield Outlook: 8 Themes for 2018

    Source: Sandra Chow, CFA, Cheong Yin Chin, CFA, Lakshmanan R
    Date Submitted: 26 Dec 2017
    Views: 32
    Downloads: 0
    • Asian high yield is too expensive" lament many investors we meet. We agree. We propose a more defensive strategy next year. Current Asian high yield spreads offer little compensation for the incremental credit risk compared to investment grade, or to US high yield. We suggest a 'barbell' approach in terms of credit quality: combining a core portfolio of defensive names with a few higher-beta credits to boost returns. 
    • Credit quality is generally improving or stable among the names we cover.  But this does not justify the extent of the Asian high yield rally. Technical factors - the imbalance between demand (large inflows into emerging markets and the fabled 'Chinese onshore bid') and supply (at record levels, but still not enough to dent demand) - have been the key reason.  As supply risk increases, we are concerned that the balance will tip away from the market's favour. 
    • We highlight 8 themes that could drive the Asian high yield markets next year.  These include: 1) the effect of China's regulators and China's domestic bond markets on offshore bond supply; 2) LGFV issuance and maturity walls; 3) China's capacity cuts and their impact on commodity prices; 4) Asian high yield bond supply risk; 5) China's property market slowdown; 6) few distressed opportunities; 7) the reach for yield into frontier markets and riskier credits; 8) Fed surprise risk.  
  • SGX’s Indonesia-Focused Coal Plays Average 50.7% Gain YTD

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 23
    Downloads: 0
    SGX’s Indonesia-Focused Coal Plays Average 50.7% Gain YTD
    • SGX’s three Indonesia-focused coal miners – Golden Energy and Resources, Geo Energy Resources and BlackGold Natural Resources – have averaged a price gain of 50.7% in the 2017 YTD, as Indonesia’s benchmark coal price surged to a 10-month high.
    • In October, Indonesia's reference coal price, known as Harga Batubara Acuan (HBA), jumped 2.1% month-on-month to US$93.99 per metric tonne, after soaring 9.6% month-on-month in September, according to data from the country's Ministry of Energy and Mineral Resources. HBA is now at its highest since December 2016. 
    • Coal is expected to remain a vital source in meeting Indonesia's growing domestic electrification needs. In 2015, Indonesian President Widodo unveiled an ambitious 35,000 MW program to boost the country's electrification ratio to 97% by 2019, with about 25,000 MW of capacity expected to come from coal-fired power plants.
  • Oil & Maritime Indices Veered on Global Growth

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 191
    Downloads: 4
    Oil & Maritime Indices Veered on Global Growth
    • Two key factors currently driving the price of oil price include an upcoming decision by OPEC on whether to extend production cuts (30 Nov), in addition to continued production growth of shale in the US.
    • While price of WTI Crude Oil rallied +38% from 21 June to 8 Nov, this was largely a price recovery with the current price +3% higher than its end of 2016 level. This has coincided with downstream plays, more sensitive to global growth and trade, outperforming the oil & gas upstream plays.
    • Since 30 June, the more-downstream SGX Maritime Index has gained +24%, led by performances of Cosco Shipping International (+110.9%) and Yangzijiang Shipbuilding (+42.0%), whilst the more-upstream SGX Oil & Gas Index generated a marginal gain.
  • Longer Term Drivers of SGX Agricultural Plays

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 0
    Downloads: 0
    Longer Term Drivers of SGX Agricultural Plays
    • SGX lists eight Agricultural Products stocks with a combined market capitalisation of S$29 billion. In the 2017 YTD, these stocks averaged a -13.7% price change, compared to +16.7% in 2016. Global Palm Resources Holdings, which registered a price change of +15.4% in the YTD, was the best-performing stock in the sector.
    • Zion Market Research has forecast the global palm oil market to grow at a CAGR of 7.2% between 2016 and 2021. Growth drivers include higher living standards, changing eating habits, growing demand for vegetable oil as a feedstock for biodiesel production as well as low prices compared to soybean and other vegetable oils.
    • Palm oil prices for the rest of 2017 are projected to remain firm, given the seasonally strong fourth quarter, according to Bloomberg Intelligence. A further boost could come from weaker-than-expected output, as well as an anticipated cut in Europe's import tariffs for Indonesia's biodiesel.
  • Highlights of Gold Opportunities on SGX

    Source: SGX My Gateway
    Date Submitted: 26 Dec 2017
    Views: 20
    Downloads: 0
    Highlights of Gold Opportunities on SGX
    • SGX offers investors opportunities to participate in the gold sector through three mining stocks – Wilton Resources, CNMC Goldmine and Anchor Resources – and one Exchange Traded Fund, the SPDR Gold Shares ETF.
    • Spot gold has fallen over 4% since hitting a one-year high of US$1,349.22 on 7 September 2017, which reduces its YTD gain to 12%. Bullion's performance has been impacted by flagging investor interest after the recent surge in US equity markets, the focus on cryptocurrencies like Bitcoin, and as central banks began paring their stimulus policies.
    • The World Gold Council has consistently flagged the diversification role of gold, noting that the commodity fulfils a classic role as a haven asset. A key motivation for including bullion in a portfolio has been the metal’s history of maintaining low correlations to most other asset classes, which helps to reduce overall portfolio risk.
  • Carbon Pricing: The Business Case for Low-Carbon Innovation

    Source: Rochelle March
    Date Submitted: 22 Dec 2017
    Views: 3
    Downloads: 0
    The belief that economic growth is possible without lowering carbon emissions is becoming harder to sell by the minute.
  • Exploring Forecast Error and the Informational Content of Implied Volatility in the Taiwan Market

    Source: Yen-Hsien Lee, Chi-Tai Lin, Shu-Mei Chiang
    Date Submitted: 18 Oct 2012
    Views: 1
    Downloads: 0
    This paper employs the autoregressive conditional jump intensity model, incorporating a forecast error, to investigate the relationships between the changes in the implied volatility and the relevant determinants in the Taiwan market. We further apply the orthogonality test to explore forecast error and content of information. The empirical results show that the changes in the implied volatility are affected by the contemporaneous returns, lagged returns, lagged changes in the implied volatility, contemporaneous daily changes in the realized volatility and lagged forecast error.
  • ITMs versus OTMs

    Source: Sun-Joong Yoon, So Hyun Kang
    Date Submitted: 20 Aug 2012
    Views: 0
    Downloads: 0
    By comparing liquidity and price discovery effects, the market microstructure literature insists that in-the-money options (ITMs) are informationally inferior to out-of-the-money options. However, such an argument is at odds with the anecdotal point that ITMs may be more effective for hedging future volatility risk. ITMs are driven by institutional investors, who are considered to be informed traders, and can provide significant hedging benefits such that a hedging with ITMs requires fewer options and less frequent rebalancing.
  • The Impact of Corporate Governance on the Relationship between Investment Opportunities and Dividend Policy: An Endogenous Switching Model Approach

    Source: Kun-Li Lin, Chung-Hua Shen
    Date Submitted: 17 Apr 2012
    Views: 0
    Downloads: 0
    This study investigates the role of corporate governance in the relationship between investment opportunities and dividend payouts. The study sample is divided into strong and weak governance regimes to investigate outcome and substitute effects, where the former stresses the negative relationship between investment opportunity and dividend payouts in a strong governance regime while the latter emphasizes the positive relationship between the two in a weak governance regime.
  • Information Content of Dividends and Share Repurchases

    Source: Inbong Ha, Gwangheon Hong, Bong Soo Lee
    Date Submitted: 15 Aug 2011
    Views: 0
    Downloads: 0
    Share repurchases have become a popular means of paying out cash to shareholders, and one of their often cited motives is their signaling of undervaluation of repurchasing firms. Dividends are often viewed as signaling future earnings. However, in theory, signaling of current undervaluation should be closely related to signaling of future cash flows.
  • Hedge Ratio Stability and Hedging Effectiveness of Time-Varying Hedge Ratios in Volatile Index Futures Markets: Evidence from the Asian Financial Crisis

    Source: Janchung Wang, Hsinan Hsu
    Date Submitted: 28 Sep 2010
    Views: 9
    Downloads: 0
    Hedge ratio stability is especially important because hedgers are likely to use the estimate of historical hedge ratios to hedge future positions of their portfolios. One main purpose of the present study is to examine hedge ratio stability during the Asian financial crisis and post-crisis, periods characterized by high price volatility, using the Nikkei 225, Hang Seng, and KOSPI 200 index futures contracts.
  • Impact of the Change in Tick Size on Transaction Costs and Liquidity: An Empirical Investigation of the Taiwan Stock Exchange

    Source: Su-Wen Kuo, Chin-Sheng Huang, Chia-Cheng Chen
    Date Submitted: 30 Jul 2010
    Views: 0
    Downloads: 0
    The minimum price variation on the Taiwan Stock Exchange reduced for most price categories on March 1, 2005. The present paper simultaneously examines the institutional and endogenous impacts of tick size changes on transaction costs, market liquidity, and trading activity. The empirical evidence suggests that following a reduction in tick size, uniform declines are discernible in transaction costs and market liquidity.
  • Nonlinear Dynamic Relations Between Equity Return and Equity Fund Flow: Korean Market Empirical Evidence

    Source: Sei-Wan Kim, Youngmin Kim
    Date Submitted: 22 Mar 2010
    Views: 0
    Downloads: 0
    This research studies the dynamic relationship between equity returns and equity fund flows by incorporating nonlinear properties of the two variables. Nonlinear estimation based on a smooth transition autoregressive model reveals results different from those previously reported based on a linear relationship. Our empirical results find that there is significant mutual Granger causality between equity returns and equity fund flows.
  • Intraday Volatility Patterns in the Taiwan Stock Market and the Impact on Volatility Forecasting

    Source: Yaw-Huei Wang, Yun-Yi Wang
    Date Submitted: 10 Feb 2010
    Views: 0
    Downloads: 0
    Given the growing importance of the Taiwan stock market, the present study sets out to provide a comprehensive investigation of the intraday time series of the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX). We begin by exploring the intraday volatility patterns and then go on to examine their impact on intraday volatility forecasting.
  • The Information Content of Earning per Share and Social Contribution Value per Share in China

    Source: Teresa Chu,Yi Wang
    Date Submitted: 15 Dec 2017
    Views: 272
    Downloads: 5
    This is a conference paper presented at the 2017 CSEAR North Asia Conference.
  • AFM - Mutual Funds and Affiliated Analyst Recommendations: Optimism or Information Sharing?

    Source: Kyoungwon Mo, Bobae Choi, Doowon Lee
    Date Submitted: 08 Dec 2017
    Views: 13
    Downloads: 0
    We question whether a new dimension of conflicts of interest exists for sell-side analysts due to a business group affiliation between asset management firms (AMFs) and brokerage firms. In family-controlled industrial conglomerates in Korea (chaebol), member firms keep close business ties and engage in mutual cross-debt guarantees with their fellow member firms. Interlocking ownership along with various business ties allows controlling families to exert substantial influences over all member firms of the same chaebol group. This study aims to investigate reporting incentives of affiliated analysts who are employed by a brokerage firm in a business group where the group holds both an AMF and a brokerage firm.
    In the US, mutual fund families have multiple distribution channels for their funds such as direct sales, fund supermarkets, or institutional sales. However, similar to European countries Korean fund management firms are heavily reliant on large banks, insurance companies or brokerage firms for their fund sales. Brokerage firms, therefore, are one of the most important marketing channel for mutual fund managers. In turn, mutual fund managers use brokerage service to trade, which makes them vital clients to brokerage firms. Ideally, fund managers should use brokerage firms which provide the most accurate research reports and the most competitive brokerage fees, while brokerage firms recommend the funds managed by the best performing AMFs. The problem is that the business groups in Korea are allowed to retain substantial ownership in both brokerage firms and AMFs, making those separate independent entities, by law, to be under influence of the same controlling families. This institutional structure restricts the chaebol member firms from following the ideal process in finding their business partners for brokerage services and fund distributions. However, both a brokerage firm and an AMF in the same business group can benefit by closely working with each other. First, brokerage firms can secure a steady stream of commissions from their affiliated AMFs. By commissioning a majority of the transactions to a fellow member firm, the AMF can also prevent their investment strategies from being leaked to other competitors in the market. Secondly, AMFs can secure a well-established distribution channel to promote their mutual funds. Employees in chaebol brokerage firms are also put under pressure to sell affiliated funds.
    In the presence of the group affiliation between a brokerage firm and an AMF, we conjecture two competing reporting incentives of affiliated analysts. On the one hand, to boost performance of affiliated fund management firm, analysts may give more optimistic opinions for affiliated stocks than other stocks. On the other hand, employees in the same chaebol can communicate more frequently via the internal media/portal services and through close business ties and employee movements between member firms. Therefore, affiliated analysts may utilize information advantages through the research pools provided by financial firms within the same chaebol and produce more accurate forecasts.
    By using analyst reports and the mutual fund holding data from July 1, 2000 to February 28, 2008, we calculate relative recommendations and forecast accuracy of affiliated and non-affiliated analysts. Our results show that more accurate and less biased earnings forecasts issued by the affiliated analysts on affiliated stocks, consistent with information sharing. However, affiliated analysts make more optimistic recommendations for affiliated stocks when the funding amounts on those stocks are high, when higher asset management fees are charged on the funds including those stocks and when those stocks are newly included to the affiliated fund.
    Our paper makes the following contributions to the extant literature. First, we investigate potential agency conflicts that analysts face caused by the business group affiliation between brokerage firms and AMFs. Our findings find that analysts become selectively optimistic to benefit affiliated mutual fund managers while maintain their reputation by providing more accurate forecasts for affiliated stocks in general. In addition, our findings contribute to the stream of literature on the investment strategies of mutual fund families. Mutual fund managers in US may face agency conflicts between their clients and mutual fund family that they belong to. The fund families are suspected to organize investment strategies across the member mutual funds to maximize the total group profit. Our study presents a special case where mutual fund managers strategically cooperate with affiliated analysts to maximize the total profits of their affiliated firms. Such tactical collaboration can also be used as window dressing purposes by mutual fund managers as we find the analyst recommendations are biased in favor of highly valuable stocks to affiliated fund managers.
     
  • 【中国市场策略】2018年展望:无限风光

    Source: Hong Hao, CFA
    Date Submitted: 05 Dec 2017
    Views: 97
    Downloads: 6
    This research appears on WenXin's blog "Hong Hao China Strategy" on 4 Dec 2017.
     
  • 【China Market Strategy】Outlook 2018: View from the Peak

    Source: Hong Hao, CFA
    Date Submitted: 05 Dec 2017
    Views: 381
    Downloads: 10
    This research appears on WenXin's blog "Hong Hao China Strategy" on 4 Dec 2017.
     
  • Changing Landscapes in the Singapore Retail Property Market

    Source: SGX My Gateway
    Date Submitted: 04 Dec 2017
    Views: 337
    Downloads: 2
    Changing Landscapes in the Singapore Retail Property Market
    • Singapore retail space vacancy rose to 7.7% in 1Q17 despite a 2.9% QoQ decline in price rentals. However, impact of retail headwinds may not be evenly felt across all malls.
    • New supply of retail malls largely located in Outside Central Regions, in line with the government’s plan of decentralised business districts and growth of regional centres.
    • SGX lists 12 Retail REITs & Property Trusts which have retail properties within their asset portfolios with a combined market capitalisation of S$30.9 billion. These 12 trusts have generated a market cap weighted average total return of 16.2% in the YTD and have an average dividend yield of 6.1%.
  • Recent Trends & Moves in Singapore’s Hospitality Trusts

    Source: SGX My Gateway
    Date Submitted: 04 Dec 2017
    Views: 265
    Downloads: 5
    Recent Trends & Moves in Singapore’s Hospitality Trusts
    • Hotel RevPar in 2016 fell 4.7% YoY despite an increase of 7.7% in tourist arrivals, with a slower rate of decline since 2017. Hotel occupancy rates remain at an 8 year average of 86%.
    • New hotel room supply in 2017 stands at 3,400 rooms (URA 1Q17 data), 60% higher YoY, but supply is expected to ease in 2018 due to lack of supply of new land for hotel development.
    • SGX lists one Hospitality REIT and five Hospitality Stapled Trusts with a combined market capitalisation of S$9.1 billion. These six trusts have generated a market cap weighted average total return of 19.0% in the YTD and have an average dividend yield of 6.5%.
  • Equity Valuation Report- Grameenphone Ltd.

    Source: Mohammad Asrarul Haque
    Date Submitted: 03 Dec 2017
    Views: 91
    Downloads: 20
    Grameenphone Ltd. (GP) is the leading telecommunication service provider in Bangladesh. The immediate parent of GP is Telenor Mobile Communications AS and the ultimate parent is Telenor ASA; both the companies were incorporated in Norway. After launching 3G, data subscription in telecom industry has increased radically. GP is poised to launch 4G after obtaining required approval from the regulator by the beginning of 2018. We initiated a valuation on Grameenphone Ltd. based on Discounted Cash Flow and various other methods while assuming next 5-Years’ CAGR of revenue will be 8.1%.
  • CROWDFUNDING MALAYSIA'S SHARING ECONOMY - Alternative Financing for Micro, Small and Medium Enterprises

    Source: Dr Raymond Madden, Chief Executive Officer, Asian Institute of Finance, Kee Gek Choo, General Manager, Strategy, Policy Development and Research, Asian Institute of Finance
    Date Submitted: 27 Nov 2017
    Views: 1334
    Downloads: 17
    FOREWORD


    Although a relatively new phenomenon in Malaysia, crowdfunding has been greeted by the government and market alike as a part of disruptive financial technologies (FinTech) that add impetus to Malaysia’s move towards a 21st century digital economy. With the government’s policy commitment, financial assistance, regulatory supervision and other supportive measures, crowdfunding is expected to accelerate in the near future as a critical source of alternative financing for SMEs to create new employment, enhance social participation and help Malaysia adjust to the fast-shifting dynamics of the global economic and social landscape. In spite of its promising prospects, there are gaps in awareness of what crowdfunding is and the opportunities and risks it presents. There is a shortage of actionable information on: • the role of crowdfunding in the policy, business and financing environment for SMEs; • the level of understanding of crowdfunding among the public and small entrepreneurs; • their interest and willingness to participate in crowdfunded projects/activities; and • the effectiveness of the national ecosystem for crowdfunding. This report addresses these gaps to help realise the full potential of crowdfunding in Malaysia. It is based on a two-phase research study. The first consisted of a quantitative survey of the public and small entrepreneurs within the Klang Valley, and the second involved desk research and consultations with crowdfunding platform operators, national agencies/institutions, sophisticated investors and start-up entrepreneurs. The report describes a vibrant crowdfunding environment emerging in Malaysia following Bank Negara Malaysia’s policy support for alternative financing, and the Securities Commission Malaysia’s introduction of regulatory frameworks for equity crowdfunding (ECF) in 2015 and peer-to-peer crowdfunding (P2P) in 2016. Since crowdfunding continues to evolve rapidly around the world and is still at an early stage in the country, the insights offered by this report are an initial but comprehensive snapshot of the local crowdfunding environment and its future growth potential.
  • AFM - Disagreement Is Bad News

    Source: Bryan Lim
    Date Submitted: 26 Nov 2017
    Views: 19
    Downloads: 0
    I investigate whether the documented relationship between disagreement and future returns is driven by negative correlation between disagreement and fundamentals (unexpected earnings). I posit a model in which negative skewness in fundamentals interacts with heterogeneous weights in adopting new signals, generating higher disagreement when the underlying fundamentals are low. Across a number of empirical tests, I find robust evidence of the model's predictions. Conditioning on the realized fundamental, the ability for disagreement to predict future returns is virtually completely attenuated. Additionally, consistent with my model and inconsistent with prior hypotheses, I find the negative correlation between monthly analyst dispersion and next-month returns is driven by a combination of positive serial correlation in dispersion and negative correlation between returns and contemporaneous dispersion. 
  • AFM - Changing Probability Measures in GARCH Option Pricing Models

    Source: Wenjun Zhang, Jin E. Zhang
    Date Submitted: 26 Nov 2017
    Views: 25
    Downloads: 4
    In this paper, we consider several option pricing models with stochastic volatility
    in the context of the generalized autoregressive conditional heteroskedastic (GARCH)
    processes. We propose a globally risk-neutral valuation relationship (GRNVR) to derive
    the model dynamics under risk-neutral measure and obtain the corresponding
    closed-form pricing formula for the Chicago Board Options Exchange Volatility Index
    (CBOE VIX). The parameters of the proposed models are then calibrated using the
    S&P 500 returns data and the CBOE VIX. Based on the empirical pricing performances,
    we observe that the proposed GRNVR generally performs better than the
    locally risk-neutral valuation relationship (LRNVR). We also provide theoretical justi-
    cation of the proposed GRNVR.
  • AFM - The Price of Liquidity Beta in China: A Sentiment-based Explanation

    Source: Michael Frömmel,Xing Han,Xinfeng Ruan
    Date Submitted: 26 Nov 2017
    Views: 34
    Downloads: 4
    The conventional, risk-based view on liquidity beta is a dismal story for China: High liquidity beta stocks underperform low liquidity beta stocks by 1.17% per month in China. This striking pattern is robust to different weighting schemes, competing factor models, alternative liquidity measures, and other well-known determinants of cross-sectional returns. Further analyses suggest liquidity beta is a negative return predictor at the firm level, and the return differential between high and low liquidity beta stocks is more dramatic following high market liquidity periods. Finally, we propose a sentiment-based theoretical model to rationalize the reversed pricing pattern in China.
  • AFM - Implications of Buy-Side Analyst Participation in Public Earnings Conference Calls

    Source: Andy Call, Nate Sharp, Tom Shohfi
    Date Submitted: 26 Nov 2017
    Views: 20
    Downloads: 1
    The Q&A session of public earnings conference calls represents a unique opportunity for stakeholders to interact with senior management. We examine buy-side analysts’ participation on these calls and the associated capital-market implications. Using 81,000 transcripts for 3,300 companies from 2007 to 2016, we find that buy-side analysts ask questions on approximately 18% of calls. Management prioritizes buy-side analysts, but discriminates against analysts from hedge funds when short interest is high. Relative to sell-side analysts, buy-side analysts’ interactions with management are shorter and less favorable. Buy-side appearances are also associated with increases in information asymmetry and reductions in sell-side activity.
  • Equity Note on GPH Ispat Limited

    Source: Mohammad Rehan Kabir, Md. Nazmus Sakib
    Date Submitted: 23 Nov 2017
    Views: 65
    Downloads: 11
    GPH Ispat Limited is engaged in manufacturing and trading of iron products and steel materials of all kinds or other metallic or allied materials and marketing the same. GPH Ispat Limited was incorporated in May 17, 2006 and production commenced on 21st August, 2008. The Company produces two types of products mainly, M.S. Rod & M.S. Billet. Besides Miss Roll and Ovel, Steel Bim, Angle, Channel, Flat Bar etc. are also produced by GPH Ispat Limited.


     
  • Singapore Office Property Market Stabilising Despite Headwinds

    Source: SGX My Gateway
    Date Submitted: 20 Nov 2017
    Views: 424
    Downloads: 1
    Singapore Office Property Market Stabilising Despite Headwinds
    • 1Q17 office space vacancy rates peaked at 11.6%, highest in five years. Office rental rates continue to decline and Grade A office rents stabilising QoQ, indicating signs of stabilisation in office rental rates.
    • Office space supply is expected to peak in 2017 and taper off in the next few years. CBRE Research believes that sentiment has swung from pessimism to optimism as investors forecast a period of relatively modest supply over the next few years.
    • SGX lists six Office REITs (GICS®) with a combined market capitalisation of S$12.8 billion. These 6 trusts have generated a market cap weighted average total return of 16.9% in the YTD and have an average dividend yield of 5.7%.
  • Green Shoots Emerge Despite Challenging Industrial Property Market

    Source: SGX My Gateway
    Date Submitted: 20 Nov 2017
    Views: 78
    Downloads: 2
    Green Shoots Emerge Despite Challenging Industrial Property Market
    • Singapore’s industrial property market remains challenging as industrial space supply is expected to peak in 2017, before tapering off in the next few years.
    • Green shoots in manufacturing activity data, and the Singapore government’s economic shift, coupled with its focus on higher value-added businesses, bode well for industrial property demand.
    • SGX lists 11 REITs & Property Trusts which have industrial properties within their asset portfolios. These 11 trusts have generated an average year-to-date total return of 19.0%.
  • China Banks 3Q17: Convertible Boost to CET1

    Source: Matthew Phan, CFA
    Date Submitted: 14 Nov 2017
    Views: 113
    Downloads: 0
    • The major Chinese banks generally delivered stronger earnings in 3Q17 with profits up YoY across all banks except for Citic where they were flat. 
    • Net interest margins ticked up QoQ across banks but the drivers are different for the big four versus BoCom and the joint stock banks. For the big four, the NIM levels are higher than the previous year as lending rates especially on interbank assets have picked up. BoCom and the joint stock banks also saw NIM tick up QoQ in 3Q - due to a run off of deposits and a run-up in loan deposit ratios - but levels are still 20-40 bp lower than the previous year. 
    • Gross NPLs and ratios have mostly stabilized, with the exception of Shanghai Pudong where loan quality worsened further in 3Q. Investment receivables, usually shadow loans, declined QoQ across the joint stock banks, though the books are still very large. Provision costs have moderated but the run rate of credit costs is still quite high and banks are rebuilding provision coverage. 
    • Loan growth has slowed slightly among the big banks, due to an easing of mortgage loan growth, while at joint stock banks the loan growth is generally faster and trends are more mixed. 
    • Liquidity remains stretched at BoCom and the joint stock banks where loan to deposit ratios, even when excluding shadow loans, have shot up to 90% or higher, from mostly below 80%, over the last two and a half years. 
    • CET1 ratios are stable and relatively strong at the big banks and Merchants, but some joint stock banks are under pressure and have used convertible bonds or private placements to raise CET1 capital.  For example, Everbright Bank lifted its CET1 ratio slightly by issuing convertible bonds (not the same as AT1 prefs) which are partly accounted for as equity, with this portion also counting as regulatory CET1 capital. Minsheng and Ping An respectively plan RMB 50 bn and RMB 26 bn of similar convertible bond issuance. Separately Shanghai Pudong also improved CET1 via private placement of new shares.  These examples reflect banks finding creative solutions to capital raising while they remain restricted from public equity capital raising as their price/book multiples are still under 1x. 
  • Different Faces of Understanding S&P BSE Sensex using valuation measures

    Source: Apoorva Ramani
    Date Submitted: 13 Nov 2017
    Views: 77
    Downloads: 10
    In India, investors often use to the BSE Sensex index to keep a track of market valuations. Most investors interpret the movement of Sensex in different ways using valuation measures. Price to earnings (P/E) and Price to book value (P/B) ratios are predominantly used to analyse the Sensex movement. When these ratios are used they in fact convey different stories about S&P BSE Sensex. These ratios help the investor to understand whether the market is undervalued or overvalued. The price to earnings ratio is calculated by taking the ratio of Market price of the stock to its Earnings per share (EPS). A high price to earnings ratio indicate that the investors are expecting high earnings growth in the future when compared to low P/E. The price to book value ratio is used to compare a stocks market value to book value. A low P/B ratio could indicate that the market/stock is undervalued. The growth of the equity market in India has been phenomenal in the present decade. Right from early nineties, the stock market witnessed heightened activity in terms of various bull and bear runs. One can identify and understand all the booms and busts of the equity market from the Sensex market. It has indeed emerged itself as one of the most prominent brands in the country.         
     
  • Singapore Private Property Market Shows Signs of Stabilising

    Source: SGX My Gateway
    Date Submitted: 13 Nov 2017
    Views: 321
    Downloads: 4
    Singapore Private Property Market Shows Signs of Stabilising
    • Singapore’s private property market appears to be stabilising as URA’s 2Q17 flash estimates show smallest QoQ price decline of private residential property prices since 4Q13. YTD average monthly primary private home sales volumes are also 74.6% higher YoY.
    • Existing property cooling measures are likely to remain despite recent calibrated adjustments. In the medium term, MAS believes that Singapore’s property prices should be aligned with broader income trends in the local economy.
    • SGX lists six Real Estate Management & Development (GICS®) stocks with market capitalisation above S$1 billion that have substantial exposure to the Singapore property market. These six companies have an average total return of 29.2% in the year thus far.
  • SGX Real Estate Index Returned 19.5% YTD on Positive Indicators

    Source: SGX My Gateway
    Date Submitted: 13 Nov 2017
    Views: 69
    Downloads: 1
    SGX Real Estate Index Returned 19.5% YTD on Positive Indicators
    • The SGX Real Estate Index, a benchmark for Singapore’s Real Estate Sector, has returned 19.5% in the YTD. Domestic private home prices have shown signs of stabilisation in recent months, with a pick-up in primary transaction volumes.
    • There are 104 Real Estate companies (diverse across assets) with a combined market capitalisation of almost S$190 billion listed on the SGX. Some key drivers for the sector include population growth, government cooling measures, land supply and interest rates.
    • Post the YTD rally, sector valuations remain below their long-term historical average. Singapore property developer stocks are trading at PB ratio of 0.75x vs their long-term average of 0.83x.
  • Can Mapletree Greater China Commercial Trust Continue To Outperform?

    Source: CS Chong
    Date Submitted: 13 Nov 2017
    Views: 56
    Downloads: 1

    Mapletree Greater China Commercial Trust (MGCCT) has recently announced its 1H FY17/18 earnings.

    We take a look at its results to assess if MGCCT is a worthy candidate as an income play of any investor’s portfolio/.

    Distribution Income

    Income Available for Distribution is 7.1% higher at $49m for 2Q. As for first half 17/18, it increased by 4.1% to $104m.

    Quarterly Distribution per Unit (DPU) increased by 5.8% over last year to 1.868c. For the first half of year 17/18, DPU increased by 2.9% to 3.714c. Do note that MGCCT’s distribution occurs on a semi-annual basis.

    The increase in Income Available for Distribution is due to the higher rental rates for all 3 assets.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    Revenue

    2Q revenue stood at $88m, a 6.1% year-on-year rise. As for 1H 17/18, revenue showed a similar rise to $177m, a 5.4% increase.

    Looking into the assets breakdown, we notice a broad-based revenue increase across all 3 assets. Gateway Plaza (GP) in Beijing showed the largest rise in revenue of 14.6%, followed by Festival Walk (FW) at 3%. Revenue for Sandhill Plaza (SP) remained stable.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    Net Property Income (NPI)

    Quarterly NPI stood at $70.9m, a 5.4% increase over last year. 1H 17/18 NPI likewise grew by 4.5% to $142m.

    Looking deeper into each asset, both FW and GP showed an increase in NPI yield of 4.3% and 6.9% respectively.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    We can calculate the NPI yield by dividing the NPI over revenue. This is an important figure that indicates REIT manager’s overall ability managing the properties well. I view it as the equivalent to net profit margin in a non-REIT company. A high NPI yield would likely give rise to a high distribution that enhances shareholders’ returns. Compared across REITs in the same asset class, NPI also allows us to assess managers’ competency.

    MGCCT’s 2Q and 1H 17/18 NPI Yield is 80.5% and 80.7% respectively, a slight dip of 0.6% and 0.9%. Given the small decrease and the similar NPI yield in 2Q and 1H, I would not flag this as a cause of concern.

    Occupancy Rate

    MGCCT maintained a high Occupancy Rate of 98.2%, an improvement from 87.1% of the previous quarter. FW and SP continue to have full occupancy rate, while GP saw a small decrease.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    Rental Reversion

    In 2Q, all 3 assets under MGCCT enjoyed positive rental reversions, in particular, SP that had its rentals renewed at a 14% higher rate than previous lease cycle. It is quite clear that MGCCT assets were able to raise their rentals at a healthy rate over past 1 year.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    Footfall and Tenant Sales

    FW 4Q enjoyed higher footfall of 19.4m in 1H 17/18, a 2% growth over last year. Tenant sales also showed healthy growth of 2.5% to HK$ 2.37 billion.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    Similar figures for GP and SP were not disclosed, as they were commercial properties with performance more directly impacted by economic activities and rental rates of offices. However, judging by the high occupancy rate and positive rental reversions, it is quite clear that GP and SP are healthy assets.

    Balance Sheet

    In terms of balance sheet strength, MGCCT’s gearing ratio stood at 38.5% at 2Q 17/18. Its interest cover ratio is 3.9 times. Both figures did not show large changes compared to previous year.

    Source: MGCCT 1H FY17/18 Earnings Presentation

    Portfolio Value

    MGCCT’s total portfolio value is $5.96 billion in Q2, compared to $6.22 billion at end of year 16/17. The decrease is mainly due to translation loss arising from the weaker HKD against SGD.

    Strength

    Growing DPU

    Investors usually buy into REITs as an income play, attracted by its high dividend returns. While REITs are required by law to distribute 90% of its returns to shareholders as dividends, on a longer term, quality of REIT assets and capability of REIT manager are the key factors in determining a growing DPU, hence a higher return for investors. MGCCT has done well in this area, as seen from its trend of rising Quarterly Distributable Income and DPU since IPO.

    I personally have to hold MGCCT since 2014, and it has rewarded me reasonably well through regular dividends that grow steadily.

    Based on a price of $1.17 on 31 Oct 17, and trailing 12-month dividends of 7.456 cents per share, MGCCT dividend yield is 6.37%

  • How We Made 87.2% In A Non-Tech Company In A Year

    Source: Stanley Lim
    Date Submitted: 13 Nov 2017
    Views: 57
    Downloads: 1

    The stock markets around the world have been rallying in 2017. The Kuala Lumpur Composite Index is up about 4% year-to-date. The Singapore Straits Times Index has a much better performance till today at about 15% year-to-date. More impressively is the Hong Kong Hang Seng Index, which rallied about 30% since the beginning of 2017.

    Much of the gains are coming from the boom in the technology sector globally. However, that does not mean that there is no value left in the non-tech sector. In fact, we have been able to score a great return over the past year on a simple, consumer businesses that we have invested in.

    Here is the story of how we made about 87.2% return on a non-tech company within a year.

    Boring Consumer Business
    We have been watching Tingyi (Cayman Islands) Holdings Corp (HKG:322) since 2011. It is the largest instant noodle and Ready-to-drink tea producers in China. Their staple brand “Master Kong” is well-known throughout China.

    In fact, the company owns about 44% of the market share of the instant noodle market and about half of the ready-to-drink tea (RTD) market in China. The company made more than USD9.1 billion in revenue back in FY2015 when we started getting interested in them.

    This is because, in 2016, the company hit some setbacks regarding its succession plan and also some management error in expanding their business. These issues might have caused the company to see their share price dropped from close to HK$ 25.00 per share to about HK$6.50 per share from 2014 to 2016.

    A Turnaround Situation

    After the sharp drop in their share price, we decided to invest into the company as we saw that Tingyi Holdings might just be suffering from a temporary setback and was bound to return to its full potential after sorting out its problems.

    The fundamentals of the company remained strong. For example, it is still the largest instant noodle and RTD tea producer in China. Moreover, it is the official Pepsi Cola partner in China and they have even won the rights to sell Pepsi Cola in Disneyland Shanghai, the only Disneyland in the world that is not distributing Coca-Cola.

    It has the distribution network for the entire China. For foreign consumer companies wanting to distribute their products, Tingyi Holdings is the perfect partner for them.

    At that moment, Tingyi Holdings was trading at least 50% lower than its intrinsic value based on our internal calculation.

    Review on that Investment One Year On

    We made an investment in Tingyi Holding back in the middle of 2016. Today, the stock has recovered and we have generated a return of about 87.2% for the past one year.

    Tingyi Holdings is a classic example of a turnaround situation for us, where we look for high-quality businesses that have just hit a temporary roadblock in their business cycle.

  • 10 Biggest US Exposure Plays Generated 35.6% YTD Weighted Returns

    Source: SGX My Gateway
    Date Submitted: 07 Nov 2017
    Views: 37
    Downloads: 0
    10 Biggest US Exposure Plays Generated 35.6% YTD Weighted Returns
    • US 3Q GDP will be released on Oct 27 (Fri). Focus will be on economic impact from hurricane Harvey and Irma, President Trump’s push for US tax reforms and decision on the Federal Reserve Chair replacement.
    • The 10 largest capitalized stocks with at least 20% of their revenue from US have averaged a market capitalisation-weighted total return of 35.6% in the year to date. This compares with the Dow Jones Industrial Average and S&P 500 Index’s 13.2% and 9.2% respectively in SGD terms.
    • The six non-inverse US equity ETFs listed on SGX have averaged a total return of 12.5% in the year thus far. There are 10 US ETFs listed on SGX. Seven track equity indices (including one S&P 500 Inverse Daily (-1x), two fixed-income assets, and one that tracks the money market.
  • S-REITs in a Rising Interest Rate Environment

    Source: SGX My Gateway
    Date Submitted: 07 Nov 2017
    Views: 72
    Downloads: 3
    S-REITs in a Rising Interest Rate Environment
    • In the year-to-date, the SGX S-REIT Index has generated a 15.5% price gain and 21.2% total return (inclusive of dividends), compared to the benchmark STI’s 15.6% price gain and 19.0% total return. Singapore’s 3-month SIBOR has gained 16.2% in the same period.
    • In theory, a rise in interest rates will lead to an increase in borrowing costs, which impacts the profitability of REITs and their ability to make acquisitions. However, gradual rate increases are also often associated with improving economic growth, which indirectly boosts REITs’ earnings.
    • The SGX S-REIT Index maintains a median gearing ratio of 34.0%, below the 45.0% limit. In terms of valuation, yield spreads between S-REITs and 10-year government bonds are at 385bps, 39bps above the long term average of 346bps.
  • 20 Largest China Plays Returned 27% in the YTD

    Source: SGX My Gateway
    Date Submitted: 05 Nov 2017
    Views: 82
    Downloads: 5
    20 Largest China Plays Returned 27% in the YTD
    • China’s 2017 GDP forecast was revised higher to 6.7% QoQ. Some of China’s growth drivers for the economy include its OBOR Initiative, supply-side structural reform, SOEs reform, growing middle-income class and domestic consumption, and the “Made in China 2025” new economy programme.
    • Close to a quarter (or 180) of SGX-listed companies generate at least 20% of their revenue from China and 80% of these companies derive half or more of their revenue from China. These companies provide investors with revenue exposure to China’s growth story.
    • Of the 20 largest capitalised stocks with at least 50% of their revenue generated from China, 16 saw positive YTD price returns. The five best performing stocks were Hi-P Intl (+165.7%), Elec & Eltek Intl Co (+66.4%), China Sunsine Chem Hldgs (+59.0%), Global Logistic Properties (+49.1%) and Yanlord Land Group (+25.0%).
  • FTSE ST China Index up 18% in 2017 YTD

    Source: SGX My Gateway
    Date Submitted: 05 Nov 2017
    Views: 61
    Downloads: 2
    FTSE ST China Index up 18% in 2017 YTD
    • In the 2017 YTD, Singapore’s FTSE ST China Index has generated a total return of 17.9%, compared to a 14.9% return for the H-share Index in SGD terms.
    • The FTSE ST China Index consists of FTSE ST All-Share Index constituents that report either at least half of their sales revenues from Mainland China, or report at least half of their operating assets in Mainland China.
    • CWT, Hi-P International, Valuetronics Holdings and Geo Energy Resources will join the FTSE ST China Index on 18 September. This will take the number of constituents in the Index to 21. There are no Index exclusions following the recent review.
    • These four pending FTSE ST China Index entrants have generated average price gains of 72% in the 2017 YTD, ranging from a 8.9% gain for Geo Energy Resources to a 172.6% gain for Hi-P International.
  • IPO Note: Oimex Electrode Limited

    Source: Mohammad Rehan Kabir, Tajkera Rahman, Md. Nazmus Sakib
    Date Submitted: 05 Nov 2017
    Views: 101
    Downloads: 9
    Oimex Electrode Limited (OEL) carries out the business of manufacturing and selling of Welding Electrodes, Wire (G. I. Wire) and Tarkata (Nail) in local market. The company is not exporting any product currently and has no plan of export in near future. The company uses own distribution network to distribute its products nationwide and does not use any agent or dealer.
  • A股选股模型从2.0到3.0的实践

    Source: Stanley Ouyang,CFA
    Date Submitted: 02 Nov 2017
    Views: 45
    Downloads: 2
    在2017年10月18日由CFA中国上海主办的量化金融分会中,来自国金证券资产管理分公司联席投资总监Stanley Ouyang,CFA 与现场观众分享了“A股选股模型从2.0到3.0的实践”的主题演讲。

    Stanley Ouyang,CFA结合2017年当下的投资风格和策略,认为A股的选股模型正从 2.0 走到3.0 ,他预计到2018年,将会增加更丰富的数据模型与技术,“新数据将会有200+因子库,会增加聪明一致预期因子、新数据源构造的因子;而新模型中会增加预期收益方法增加随机森林,CART等非线性模型;新技术中可能会诞生新的机器学习方法选择因子、构造权重的技术”。
  • 价值投资理念在A股的可行性-质优股量化投资

    Source: 朱剑涛,东方证券首席金融工程分析师
    Date Submitted: 02 Nov 2017
    Views: 49
    Downloads: 2
            在2017年10月18日由CFA中国上海主办的量化金融分会中,来自东方证券首席金融工程分析师朱剑涛先生在主题为“A股金融工程卖方学术研究漫谈”的圆桌论坛中分享了其对“价值投资理念在A股的可行性-质优股量化投资”的研究。
            什么是价值投资呢?说法不一样,巴菲特89年致股东的信里有一个说法,你以合理价格买一个好公司,远比高价格买一般公司要强,这句话是两个层面,一个是公司的质量,二是估值。
            朱剑涛先生分别从对价值投资与质优股投资、质量因子的定义、合成大类因子表现、质量因子稳定性、市场对质量因子的BP估值定价几个方面的研究,得出以下结论:
    1.上市公司的质量可以从盈利、成长、财务稳健、公司质量四个维度衡量,大部分时间内优质股在估值和股价上相对劣质股都有溢价;
    2.优质股+合理估值的价值投资方式在A股收益颇丰,可结合投机因子做增强,适合长线大型机构投资者;
    3.质量因子可用于主动量化和Smart Beta 产品设计。
  • 周期三因子模型及资产配置

    Source: 林晓明,华泰证券首席金融工程分析师
    Date Submitted: 02 Nov 2017
    Views: 61
    Downloads: 1
    在2017年10月18日由CFA中国上海主办的量化金融分会中,来自华泰证券首席金融工程分析师林晓明先生在主题为“A股金融工程卖方学术研究漫谈”的圆桌论坛中分享了其对“周期三因子模型及资产配置”的研究。
     
    林晓明先生主要分享的是其团队在过去一年中关于整个市场周期的研究。这个研究讲的是,如果想做一个自上而下的研究,能不能找到一个框架,把所有相关的宏观变量和资产价格拉到一个统一的框架里面进行建模。

    林晓明先后从对全球/中国市场的周期三因子回测、股市与宏观经济关系、全球股票市场周期、统一周期假设、空间谱估计-2、中国和全球市场共同周期的实证检验、周期三因子资 产定价方程这几个方面阐述了他的观点。
  • 人工智能风口下的量化投资

    Source: 任瞳,兴业证券研究所,总经理助理、首席定量分析师、定量研究团队负责人
    Date Submitted: 01 Nov 2017
    Views: 119
    Downloads: 3
            在2017年0月18日由CFA中国上海主办的量化金融分会中,来自兴业证券研究所总经理助理、首席定量分析师、定量研究团队负责人任瞳先生在主题为“A股金融工程卖方学术研究漫谈”的圆桌论坛中分享了其对“人工智能时代的大数据投资”的研究。
            任瞳先生首先从人工智能与量化投资的关系、人工智能维度下量化投资的部分成果、人工智能在量化投资领域应用前景几个方面阐述了两者之间的紧密联系。
            随后,任瞳先生重点介绍了其团队针对雪球网在大数据方面进行的研究。根据雪球网的用户大概有三种行为:讨论(用户的发帖行为)、 交易(用户的关注行为)、 调仓(投资组合调整行为) ,总共构建了三个选股因子,分别是关注度因子、价值变动因子和负面情绪因子。其团队根据这三个因子分别构建了一些投资策略(见PPT),证实因子还是非常有效的,包括负面情绪因子如果跟反转因子如果结合起来的话,效应会更强。
            最后,任瞳先生提到了机器学习,其团队是比较早开始相关研究的。首先第一步是做了很多常见算法跟多因子模型的结合,即在常见的机器学习的算法和多因子体系结合的情况。机器学习为量化投资提供了新的工具,初步研究结果显示相比传统方法其更灵活效果更好,应用前景十分广阔,但同时须对过度数据挖掘等问题保持警惕。 
  • China-Focused Materials Stocks Led Sector’s YTD Gains

    Source: SGX My Gateway
    Date Submitted: 01 Nov 2017
    Views: 0
    Downloads: 0
    China-Focused Materials Stocks Led Sector’s YTD Gains
    • The Materials Sector has been Singapore’s second best performing Sector in the 2017 YTD with a market capitalisation-weighted average price gain of 31%. This compared to a 10% gain for the MSCI World Materials Index.
       
    • The YTD median gain of Singapore’s 10 largest capitalised Materials stocks was 5%, with a much higher average gain of 54%. Meanwhile, Singapore’s 10 largest capitalised Materials stocks that report the majority of their revenue to China generated a YTD median gain of 44% and average gain of 87%.
       
    • As many as seven of Singapore’s 10 largest capitalised Materials stocks with a China revenue focus reported 1HFY17 net profit growth. This ranged from +414% YoY net profit growth for Jiutian Chemical Group to +37.7% YoY net profit growth for Tat Seng Packaging Group.
  • ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)

    Source: SGX My Gateway
    Date Submitted: 30 Oct 2017
    Views: 613
    Downloads: 24
    ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)
    • With its geographical proximity and relatively low risk profile, ASEAN is expected to be a key beneficiary and bridgehead of OBOR as it sees more infrastructure developments and improvements, as well as increased trade and regional connectivity in the region.
    • Singapore, being a member state of ASEAN, has significant roles to play in the OBOR initiative through its status as a financial hub. In addition, Singapore has established industries with the expertise to drive and support infrastructure development for OBOR in ASEAN.
    • SGX lists 192 stocks (c.25%) with at least 20% of their revenue generated from ASEAN across the GICS® Industrials, Materials, and Utilities Sectors. Of the 20 largest capitalised stocks, 13 saw positive YTD price returns. The five best-performing stocks were Jardine Strategic (+25.5%), Straits Trading (+25.1%), Riverstone Holdings (+18.7%), SBS Transit (+17.9%) and Keppel Infrastructure Trust (+16.8%).
  • SGX: China Environmental Plays in Spotlight as China Goes Green

    Source: SGX My Gateway
    Date Submitted: 30 Oct 2017
    Views: 621
    Downloads: 17
    SGX: China Environmental Plays in Spotlight as China Goes Green
    • Environmental protection and pollution control are becoming increasingly important in China’s policies, as the country strives to develop an ecological civilisation. During its journey to become a green economy, businesses with a focus on environmental utilities in China will likely play important roles.
    • The Chinese government has stepped up efforts to boost environmental protection in recent years, launching several initiatives to promote a greener and cleaner economy, investing in renewable projects and increasing enforcement on pollution domestically.
    • SGX has a cluster of 15 China environmental stocks with a combined market capitalisation of S$5.8 billion. The five biggest China environmental plays are CITIC Envirotech, SIIC Environment, China Everbright Water, China Jinjiang Environment and Sunpower Group.
  • Equity Valuation Report on Confidence Cement Limited

    Source: Md. Nazmus Sakib
    Date Submitted: 23 Oct 2017
    Views: 191
    Downloads: 43
    Confidence Cement Limited is regarded as one of the pioneers in private sector cement manufacturing industry in Bangladesh. Besides being a manufacturer of Cement, the company is setting up power plants in a joint venture with Confidence Steel Limited.We conducted a valuation on CONFIDCEM based on Discounted Cash Flow method and relative valuation. Currently, CONFIDCEM is traded at BDT 154.3 (as on 22nd October, 2017). In our valuation, the target price (1 Year Holding Period) for CONFIDCEM based on DCF and Relative Valuation is determined at BDT 204.2 per share.
     
  • Jollibee Foods Corp. : The Champ of Fast Food

    Source: Louis Banzon
    Date Submitted: 18 Oct 2017
    Views: 80
    Downloads: 13

    Jollibee Foods Corp. gets a BUY recommendation based on the analysis of financial statements, information on quick –service market, well-known stock analysts forecasts, and significant events for the period 2006 to 2016 (up to 30 September 2016).

  • 8 Things You Must Know About Genting Plantations Bhd If You Are Investing In It

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 89
    Downloads: 3

    In 1977, the late Tan Sri Dato’ Seri Lim Goh Tong has incorporated Asiatic Development Bhd. It commenced plantation activities with 13,700 hectares of estates in West Malaysia in 1980. Subsequently, in 1982, it was listed on Bursa Malaysia. In 2009, the listing name was officially changed to Genting Plantations Bhd, a name that is retained till today.

    Since its listing, Genting Plantations Bhd has expanded its plantation assets to East Malaysia and Indonesia. 35 years later, Genting Plantations Bhd has become the third largest palm oil corporation listed on Bursa Malaysia in terms of market capitalization behind IOI Corporation Bhd and Kuala Lumpur Kepong Bhd currently.

    In this article, I’ll cover 8 things you need to know about Genting Plantations Bhd before you invest.

    #1: Stock Symbol

    1

    Ticker Symbol: KLSE: GENP / KLSE: 2291
    Market Capitalization: RM 8.19 Billion (2 October 2017)

    Share Price: RM 10.30 (2 October 2017)

    Industry: Palm Oil

    Syariah Compliant: Yes

    #2: The Business

    Genting Plantations Bhd has established an integrated business model that includes:

    • Palm Oil Plantations

      Genting Plantations Bhd has maintained its portfolio size of its palm oil estates in Malaysia at 59,000 – 60,000 hectares. From which, these estates has consistently produced 1.1 – 1.4 million MT of fresh fruit bunches (FFB) a year over the last 10 years. 

      Genting Plantations Bhd had started its planting activities in Indonesia in 2007. Beginning with 1,716 hectares in 2007, Genting Plantations Bhd has enlarged its size of palm oil estates in Indonesia to 131,159 hectares in 2016. These estates had produced its first fruits in 2010. Since then, the amount of FFB production had grown from 1,151 MT in 2010 to 479,334 MT in 2016.

    FFB Production in ‘000 Metric Tonnes

    Year 2012 2013 2014 2015 2016
    Malaysia 1,311 1,339 1,349 1,289 1,135
    Indonesia 81 185 307 438 479
    Total 1,392 1,525 1,656 1,727 1,614

    Source: Annual Reports of Genting Plantations Bhd

    • Palm Oil Mills

      Genting Plantations Bhd has 10 palm oil mills. 6 mills are located in Sabah. 3 mills are located in Indonesia and the remaining one is in West Malaysia. Combined, these mills have total milling capacity of 490 metric tonnes per hour. 

    • Property Development

      Genting Plantations Bhd is engaged in property development activities through Genting Property Sdn Bhd. It is currently engaged in development projects such as Genting Indahpura at Kulai, Johor and Genting Highlands Premium Outlets. In 2016, the property division has contributed RM 125.6 million in revenues. It remains a small division to Genting Plantations Bhd as it accounted only 8.5% of the company’s group revenues in 2016.

  • The 9 Things You Need To Know About IOI Corporation Bhd Before Investing

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 95
    Downloads: 1

    In 1969, Tan Sri Dato’ Lee Shin Cheng has established Industrial Oxygen Incorporated Sdn Bhd. Eleven years later, the company was listed under Industrial Oxygen Incorporated Bhd. In 1995, the listing name was officially changed to IOI Corporation Bhd, a name that is retained till today.

    Since its listing on Bursa MalaysiaIOI Corporation Bhd (KLSE:IOICORP) has expanded its plantation assets through acquisition of palm oil estates. In the 2000s, IOI Corporation Bhd has ventured into downstream palm oil manufacturing activities. As such, IOI Corporation Bhd has grown into one of the leading integrated palm oil conglomerates in the world.

    In this article, I’ll cover 9 things you need to know about IOI Corporation Bhd before you invest.

    #1: Stock Symbol

    1

    Ticker Symbol: KLSE: IOICORP / KLSE: 1691
    Market Capitalization: RM 28.55 Billion (30 September 2017)

    Share Price: RM 4.54 (30 September 2017)

    Industry: Palm Oil

    Syariah Compliant: Yes

    #2: The Business

    IOI Corporation Bhd has established an integrated business model that involves:

    • Upstream Activities

      In 2017, IOI Corporation Bhd has 90 estates with a total planted area of 174,396 hectares of palm oil plantations. It operates 15 palm oil mills with a total milling capacity of 4.75 million tonnes of fresh fruit bunches (FFB) per annum. 

      IOI Corporation Bhd has achieved lower yields from its plantation estates. This has resulted in lower FFB productions in 2016 and 2017. This, in turn, has caused the fewer production of crude palm oil (CPO) and palm kernel (PK) over the last 2 years.

      Figures in ‘000 Metric Tonnes

    Year 2013 2014 2015 2016 2017
    FFB 3,409 3,507 3,542 3,145 3,156
    CPO 708 752 782 697 691
    PK 179 186 187 164 155

    Source: Annual Reports of IOI Corporation Bhd

    • Downstream Activities

      IOI Corporation Bhd has 3 business segments in its downstream activities. They are refining, oleochemical, and speciality oils & fats. 

      The refining segment receives CPO and PK from its CPO mills and would produce palm and palm kernel oil fractions. They will be sent to the company’s oleochemical and speciality oils & fats segment as feedstock. In 2017, the refining segment operates 4 palm oil refineries with total refining capacity of 3.3 Million MT per annum. 
      The oleochemical segment receives feedstock from its refineries to manufacture fatty acids, glycerine, soap noodles and fatty esters. These products are exported to over 60 countries worldwide. This segment operates plants in Penang and Johor with a combined production capacity of 740,000 MT per annum. 
      The speciality oils & fats segment receive feedstock from its refineries to manufacture fractionated oils & blends which are often used as ingredients in the processed food industry. This segment is carried out by IOI Loders Croklaan which has operations in the Netherlands, Malaysia, Canada, and the United States. These products are exported to over 85 countries worldwide. 
      Over the last 5 years, IOI Corporation Bhd has maintained its sales of oleochemicals and specialty oils & fats products at 500,000 – 600,000 MT and 700,000 – 800,000 MT per annum.

    Figures in ‘000 Metric Tonnes

    Year 2013 2014 2015 2016 2017
    Refineries 3,052 2,707

    8 Things To Know About IOI Properties Group Bhd

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 85
    Downloads: 3

    IOI Properties Group Bhd (KLSE:IOIPG) is among the largest property development corporations in Malaysia. Its roots can be traced back to 1984. In that year, the IOI Group began its venture into property development by acquiring Bukit Kelang Development Sdn Bhd, Rapat Jaya Sdn Bhd and Eng Hup Industries Sdn Bhd.

    In 1990, IOI Properties had commenced the development of Bandar Puchong Jaya. Today, it is one of the most comprehensive self-contained township developments in the Klang Valley. Ever since, it has expanded its presence southwards to strategic locations in Negeri Sembilan, Melaka, Johor and even down to Singapore.

    From 2009 to 2013, IOI Properties operated as a subsidiary and the property arm of IOI Corporation Bhd. Subsequently, on 15 January 2014, IOI Properties was demerged from IOI Corporation Bhd and is listed under IOI Properties Group Bhd (IOI Properties). In this article, I’ll share 8 things you need to know about IOI Properties before you invest.

    #1: Stock Symbol

    1

    Ticker Symbol: KLSE: IOIPG / KLSE: 1635
    Market Capitalization: RM 11.07 Billion (29 September 2017)

    Share Price: RM 2.01 (29 September 2017)

    Sector: Property

    Syariah Compliant: Yes

    #2: The Business

    Presently, IOI Properties derives income from three main business divisions. They are:

    • Property Development


      IOI Properties is positioned as a reputable township developer in Malaysia. It is capable of executing development projects where their land sizes are well beyond 100 acres. Its notable projects include Bandar Puchong Jaya, Bandar Putra Kulai, Bandar Putra Segamat, 16 Sierra, Bandar Putra Bangi and Bandar Putra Warisan. 

      In Singapore, IOI Properties is involved in high-end residential and integrated mixed developments. This includes Seascape and the Cape Royale in Sentosa Cove. Meanwhile, in China, IOI Properties has two projects. They are IOI Palm City and IOI Park Bay. Both projects are located in the Fujian Province, China. 

      This division is the largest income contributor to IOI Properties. In 2017, IOI Properties had derived RM 3.71 Billion and RM 1.18 Billion in revenues and operating profits from this division. 

    • Property Investment


      This division derives income from seven key investment properties. They include IOI City Mall in Putrajaya, IOI Mall Puchong, IOI Mall Kulai, 4 Blocks of 12-storey & 21-storey office buildings in Puchong Financial Corporate Centre, IOI City Tower 1 & Tower 2, One and Two IOI Square, and IOI Boulevard. It is the second largest income contributor to IOI Properties as this division contributed RM 302.1 Million and RM 126.5 Million in revenues and operating profits in 2017. 

    • Leisure & Hospitality

      This division derives income from six hospitality properties. They include Putrajaya Marriott Hotel, Four Points by Sheraton Penang, Palm Garden Hotel, Palm Garden Golf Club, Palm Villa Golf & Country Resort and Le Meridien Putrajaya. In 2017, this division has made RM 161.8 Million and RM 15.4 Million in revenues and operating profits, making it the smallest division of IOI Properties.

    #3: The Financials

    Overall, IOI Properties has achieved growth in sales and shareholders’ earnings over the last 5 years. This is attributed to continuous growth in all of its business divisions during the period.

    Returns on equity (ROE) has dropped marginally as the growth in shareholders’ equity of IOI Properties had outpaced its growth in shareholders’ earnings during the period. This is mainly because IOI Properties had substantially increased its shareholders’ equity by completing two separate rights issue exercises on 9 February 2015 and 28 March 2017.

    Figures in RM Million

    Year 2013 2014 2015 2016 2017
    Sales 1,158.7 1,454.4 1,906.4 3,024.9 4,185.3
    Earnings 585.4 889.9 890.7 1,080.0 920.9
    ROE n/a 7.94% 6.63% 6.80% 5.05%

    Source: Annual Reports

  • SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD

    Source: SGX My Gateway
    Date Submitted: 15 Oct 2017
    Views: 2517
    Downloads: 15
    SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD
    • 20 of the biggest and active stocks with a China head office have averaged a market capitalisation-weighted total return of 39.8% in the year to date. This compares with the Shanghai Stock Exchange Composite Index’s (SHCOMP) +8.0% (in SGD terms).
    • The 20 biggest stocks maintain market capitalisation-weighted P/E and P/B ratios of 11.2x and 1.3x respectively, below 17.6x and 1.9x respectively for the SHCOMP. Nine of these stocks maintain higher ROEs than the SHCOMP’s 10.7%.
    • The five best performers among the 20 stocks in the YTD are Delong Holdings, Yangzijiang Shipbuilding, China Sunsine Chemical Holdings, Yanlord Land and China Aviation Oil. They maintain an average ROE of 16.2%.
  • How Smart Beta Strategies Work in the Hong Kong Market

    Source: Liyu Zeng, CFA, Priscilla Luk
    Date Submitted: 05 Oct 2017
    Views: 7079
    Downloads: 28
    In this paper, we analyzed the performance of six single factors (small cap, value, low volatility, momentum, quality, and dividends) in the Hong Kong market from June 30, 2006, to Feb. 28, 2017.
  • A Comparative Analysis on Fuel-Oil Distribution Companies of Bangladesh

    Source: Md. Nazmus Sakib
    Date Submitted: 05 Oct 2017
    Views: 4724
    Downloads: 70
    Petroleum sector is considered the most sensitive sector of economy. Macroeconomic indicators are highly sensitive to the price of petroleum products.  The three  oil  distribution  companies  namely Padma  Oil  Company  Limited,  Jamuna  Oil Company Limited, and Meghna Petroleum Limited  procure,  store,  and  market petroleum  products  all  over  the  country from  their  main  installations.  The  price and  margin  of the  petroleum  products  is fixed by the Government on the basis of quantity sold. According to BPC, the demand  of  petroleum  products  in  our country  stood  at  5.26  million  MT  in  year 2015-16
  • Things To Know About The World Largest Bus Maker: Zhengzhou Yutong Bus Co., Ltd.

    Source: Zheng Ker
    Date Submitted: 02 Oct 2017
    Views: 37
    Downloads: 3

    Business Overview

    Zhengzhou Yutong Bus Co., Ltd. is involved in the research and development, manufacturing and sale of large buses, namely urban buses, seat coaches, school coaches and other types of large passenger cars. The company also provides ground passenger transportation services. The company distributes its products both within China and in overseas markets, with its products sold in over 130 markets worldwide. It is the largest bus manufacturing company in the world. Its buses are typically used for public transportation, tour groups, and schoolchildren.

    The company started as a bus repair ship in 1963, later moving into manufacturing in 1993 and going public on the Shanghai Stock Exchange in 1997. It is headquartered in Zhengzhou, the capital city of Henan province in China.

    2016 revenues grew 14.9% YoY to reach RMB 35.8bn. Net profits grew 14.4% to reach RMB 4.04bn. 84% of its revenues are derived from domestic China sales, and the rest is derived from overseas sales.

    Global competitors include BYD, Beiqi Foton Motor, and MAN SE. For comparison, Zhengzhou Yutong Bus sold 70,988 buses last year, compared to 39,800 and 15,000 for Beiqi Foton and BYD respectively.

    Key Strengths

    Largest player in China bus market

    The company is the largest player in the bus market in China, with 33% market share for medium-sized and large conventional buses, and 26% for new energy buses. As a large player, it is more resilient to industry downturns and subsidy cuts, which tend to have a more dire impact on smaller players that are more dependent on subsidies.

    Superior technology

    Zhengzhou Yutong Bus Co. is a clear technological leader, devoting a significant amount of its budget to R&D expenses. It has been working on self-driving buses, having debuted its first product in 2015 in a 20-mile test run between the cities of Zhengzhou and Kaifeng, in Henan province.

    Key Opportunities

    Increasing demand for electric buses

    Zhengzhou Yutong Bus is known for its electric buses that are used throughout the Chinese market. Given China’s difficulties with combating pollution and the government’s dedication to clean energy, public bus adoption of electric vehicles is progressing faster than that of passenger vehicles, and the company’s strength in this field should help power sales going forward. The company has also seen high demand in Europe as well.

    Belt and Road Initiative

    Zhengzhou Yutong Bus is benefiting from China’s Belt and Road Initiative, as export volumes to other developing countries rose by 56% YoY in the first quarter of 2017. The company received an order to sell 500 large buses to Myanmar. Buses have been sold to more than 40 countries included in the initiative, including Pakistan, Iran, Cuba, and Bulgaria. The company first began exporting products overseas in 2005 and its overseas business is a crucial part of the company’s strategy going forward. The company intends to compete in other developing markets as competition is less fierce than in developed markets.

  • Want To Invest In Shandong Gold Mining Co. Ltd, The 2nd Largest Gold Producer In China?

    Source: Zheng Ker
    Date Submitted: 02 Oct 2017
    Views: 0
    Downloads: 0

    Business Overview

    Shandong Gold Mining Co., Ltd., better known as Shandong Gold, is a state-owned company that is involved in the exploration, mining and smelting of gold. The Company is also engaged in the purification, processing, manufacturing and distribution of precious metal, nonferrous metal products and gold jewelry. In addition, the Company is also engaged in the smelting of outsourcing gold.

    The company was formed in 1996 and went public in 2003 on the Shanghai Stock Exchange. Today it is headquartered in Jinan city, located in Shandong province. It has 23,000 employees. In 2016 it produced 1.2mn ounces of gold, making it the second largest gold producer in China.

    The company obtains nearly all of its revenues from gold products. Of its roughly RMB 50bn in 2016 revenues, approximately RMB 31bn was derived from the smelting of third-party gold; the rest was derived from gold that it mined itself, which carries a higher margin. 80% of its products are sold on the Shanghai Gold Exchange.

    2016 revenues increased 28.9% YoY to reach RMB 50.2bn. Operating income grew 52.5% to reach RMB 1.99bn. Net profit grew 200% to reach RMB 1.29bn.

    Peers include Zijin Mining Group (RMB 72bn market cap), Zhongjin Gold (RMB 35bn market cap), and Zhaojin Mining Industry Co. (RMB 20bn market cap).

    Key Strengths

    Strong balance sheet aids acquisition financing

    The company has the lowest gearing level amongst peers at 14%; this allows the company to gain more favorable terms when obtaining equity or debt financing for acquisitions or development of new projects, such as the pending Veladero mine acquisition in Argentina.

    Adept at cost cutting

    Gross margins improved quarter on quarter in 4Q16 by 260 basis points to 10.2%, despite the declining price of gold. The company is taking efforts to improve efficiency. Since revenues are dictated by the market price of gold, cost efficiency measures are important to improving margins, as it helps distinguish itself from its peers.

    Key Opportunities

    Joint venture with Barrick Gold

    In April 2017 Shandong Gold announced that it was planning to purchase a 50% interest in Barrick Gold’s Veladero mine in Argentina for US$960 million and also forming a partnership to explore joint development of the Pascua-Lama deposit. The Veladero mine has proven and probable reserves of 6.7mn ounces of gold, and indicated gold resources of 3.3mn ounces. It is expected to produce 770,000-830,000 ounces of gold in 2017. For comparison, Shandong Gold produced just 1.2mn ounces of gold in 2016. This indicates that the joint venture could substantially increase the company’s annual output.

    Xiling mine in Shandong province

    Shandong Gold in March announced that it had discovered 382 tons of gold reserves at its Xiling mine in Shandong province. The company notes that the volume could reach over 550 tons, pending exploration over the next two years. This would make it China’s largest gold mine; it would have a life of over 40 years.

    Key Risks

    Volatility of gold prices

    The company’s revenues are dependent on gold spot prices, which can fluctuate in the short run. Prices are often heavily influenced by macroeconomic factors, such as the raising of interest rates. Gold is often seen as a defensive asset, or a safe asset that investors flock to during bear markets.

    Slower than expected progress on acquisitions

    There is the risk that the acquisition of the 50% stake in the Veladero mine falls through, which will impact future revenues. There is also the possibility that progress on other mining activities slows down due to unexpected reasons.

  • 7 Things You Must Know About Bumitama Agri Ltd Before You Invest

    Source: Ian Tai
    Date Submitted: 02 Oct 2017
    Views: 49
    Downloads: 3

    Today, Bumitama Agri Ltd (SGX:P8Z) (Bumitama) is one of the fastest growing palm oil companies in Indonesia. Its roots can be traced back to 1996. In that year, Lim Gunawan Hariyanto had formed Bumitama and acquired its first land bank in Central Kalimantan for palm oil plantation.

    Since then, Bumitama has expanded rapidly. It began its planting activities in 1998, commissioned its first palm oil mill in 2003, and had surpassed 100,000 hectares of planted area in 2010. Subsequently, on 12 April 2012, Bumitama was listed on the Mainboard of the SGX.

    In this article, I’ll present a detailed account on Bumitama’s success thus far and its outlook for the immediate future. They are:
     

    #2: The Business

    Bumitama has established an integrated business model that involves:

    1. Palm Oil Plantations

      Bumitama has grown its planted area from 107,502 hectares in 2010 to 175,243 hectares in 2016. Bulk of these estates are located in West and Central Kalimantan. The remainder of estates are situated in Riau, Sumatera. As such, fresh fruit bunches (FFB) productions had grown from 764,261 metric tonnes (MT) in 2010 to 2,185,440 MT in 2016. These fruits are supplied to its CPO mills for processing. 

    2. CPO Mills

      Bumitama has increased its number of CPO mills to 13 in 2016, up from 6 CPO mills in 2012. They receive FFB from its estates and process them into crude palm oil (CPO) and palm kernel (PK). In tandem with growing FFB production, Bumitama has reported production growth in both CPO and PK. CPO production has grown from 256,883 MT in 2010 to 701,304 in 2016. PK production has grown from 52,989 MT in 2010 to 138,175 MT in 2016. 

    3. Biodiesel

      In 2015, Bumitama has ventured into biodiesels. It owns a biodiesel plant in Gresik, East of Java. In November 2015, Bumitama has secured a contract to supply 20,000 MT of biodiesels to PT Pertamina (Persero) and thus, beginning to derive sales of biodiesels. 
      Still, contributions from this venture is relatively insignificant as Bumitama has generated 310 Million Rupiah or 4.7% of total group revenues from sales of biodiesels in 2016.
       

  • Why You Should Take A Look At PPB Group Berhad

    Source: Ian Tai
    Date Submitted: 02 Oct 2017
    Views: 73
    Downloads: 2

    How did Robert Kuok, presently the richest man in Malaysia, earned his nickname, ‘The Sugar King’?

    Here’s the story. Since 1952, Robert Kuok had began to acquire sugar plantations in Perlis through Kuok Brothers Sdn Bhd. Subsequently, Robert has established the Malayan Sugar Manufacturing Company (MSM) in 1959 and Perlis Plantations Bhd in 1968. Towards the end of the 1960s, Robert was controlling more than 10% of global sugar supply and thus, meriting his nickname, ‘The Sugar King’.

    In 1972, Perlis Plantations Bhd was listed on the Kuala Lumpur Stock Exchange (KLSE). Since then, it has expanded and diversified into a wide range of businesses. In 2000, Perlis Plantations Bhd has changed its listing name to PPB Group Bhd (KLSE:PPB). As I write (17 September 2017), PPB Group Bhd is a matured conglomerate worth RM 19.9 Billion.
     

    The Business

    At core, PPB derives bulk of its profits from four different business segments. They include:

    1. Wilmar International Ltd

      Presently, PPB Group Bhd is a substantial shareholder of Wilmar International Ltd (Wilmar) with 18.6% shareholdings. Listed on the SGX, Wilmar is among the largest agricultural-based conglomerates in Asia with three main business divisions: Tropical Oils (Palm Oil), Oilseeds and Grains, and Sugar. 

      In 2016, PPB has recognized RM 851.9 Million in profits from Wilmar. Thus, Wilmar is currently the largest income contributor to PPB. As I write, the market value of PPB Group Bhd’s shareholdings in Wilmar stands at RM 12.0 Billion (based on current exchange rate of RM 3.12 per S$ 1)

    2. Grains & Agribusiness

      This division consists of grain trading, livestock farming, flour and animal feed milling. Let’s start with flour milling. PPB owns 80% interest in the FFM Group. The FFM Group has 9 flour mills with total milling capacity of 6,270 MT per day. Also, the FFM Group has 20% interest in 9 associates in China with a combined flour milling capacity of 12,550 MT per day. 
      In addition, PPB owns 5 feed mills with milling capacity of 145 MT per hour, a layer farm, and two breeder farms. The layer farm is capable of producing 20 million eggs per month while the two breeder farms are capable of producing 3.25 million day-old-chicks (DOC) per month. Combined, this division has contributed RM 267.2 Million in segment profits in 2016. It is the second largest income contributor to PPB. 

    3. Film Exhibitions

      PPB owns 100% interest in Golden Screen Cinemas Sdn Bhd (GSC). It is the largest film exhibitor in Malaysia with 305 screens across 33 different locations nationwide. It also has 40% interest in Galaxy Studio Joint Stock Company which operates the Galaxy brands of cinemas in Vietnam. In 2016, this division has contributed RM 59.1 Million in segment profits. Thus, it is the third largest income contributor to PPB.

    4. Consumer Products

      This division is involved in marketing and distribution of fast-moving-consumer-goods (FMCG) such as packaged flour, bakery products, edible oil, frozen food, canned food, eggs, and a variety of beverage products to supermarkets, retail outlets and neighbourhood stores in Malaysia. In 2016, this division has contributed RM 22.0 Million in segment profits. It is the fourth largest income contributor to PPB.

    Growth Plans

    Here, I’ll exclude Wilmar as I’ve written an article on it. Please click ‘Wilmar International Ltd’ for further details. As for PPB’s major subsidiaries, they have revealed several development plans to expand its businesses. They include:

    1. Grains & Agribusiness

      PPB is constructing two new 500 MT per day flour mills. The first mill is at Ba Ria in Vietnam. The second mill is in Pasir Gudang. They are expected to commence operations by 2nd and 4th quarter of 2017 respectively.

    2. Film Exhibitions

      In 2017, PPB is opening 3 new cinemas with 42 new screen in Malaysia. In addition, PPB is targeting to open 6 new cinemas with 37 screens and a 9-screen cinema in Cambodia.

    3. Consumer Products
      PPB has secured distribution rights from Reckitt Benckiser Malaysia Sdn Bhd for Dettol, Strepsils, Durex, Gaviscon, Harpic, Vanish, Optrex, and Shieldtox in Northern Malaysia (Penang, Perak, Kedah and Perlis).
  • 8 Things To Know About Genting Malaysia Bhd Before You Invest

    Source: Ian Tai
    Date Submitted: 02 Oct 2017
    Views: 45
    Downloads: 1

    In 1965, the late Tan Sri Dato’ Seri Dr. Lim Goh Tong (LGT) has founded Genting Highlands Bhd and initiated the construction of access road from Genting Sempah to the peak of the Ulu Kali Mountain. For the next 40 years, LGT has laid a solid foundation of the Genting Group, which resulted in Genting Highlands being one of the most popular gaming & tourist destinations in Malaysia.

    In 2003, LGT has handed over the Chairmanship of the Genting Group to his son, Tan Sri Lim Kok Thay (LKT). It was the beginning of Genting’s transformation journey from a local player to become an international integrated resort operator. As I write, Genting Malaysia Bhd, a 49.3%-owned subsidiary of Genting Bhd, owns and operates major resort destinations in Malaysia, the United Kingdom, the United States and Bahamas.

    Listed On Bursa Malaysia, I’ll cover 8 things you need to know about Genting Malaysia Bhd (KLSE:GENM) before you invest.
     

    #2: The Business

    Genting Malaysia Bhd has four major resort properties. They include:

      1. Resorts World Genting (RWG)

        RWG remains as the trophy asset to Genting Malaysia Bhd. It has 6 hotels, theme parks, entertainment attractions, retail and dining outlets, international shows and business convention facilities. In 2016, RWG has recorded 20.2 million visitors with 29% of visitors were hotel guests. Out of which, RWG has derived RM 5.62 Billion and RM 1.89 Billion in revenues and EBITDA (Earnings before Interest, Taxes, Depreciation & Amortization) respectively. 

      2. Genting United Kingdom (UK)

        Genting’s UK operations consist of 43 casinos and Resorts World Birmingham (RWB). This includes 4 prestigious brands such as Crockfords, the Colony Club, Maxims Casino Club, and the Palm Beach. Thus, Genting is currently the UK’s largest casino operator. In 2016, Genting UK has contributed RM 1.82 Billion and RM 288.0 Million in revenues and EBITDA. 

    • Genting in the United States & Bahamas

    Genting is the proud owner of Resorts World Casino New York City (RWNYC). It is equipped with over 5,500 video gaming machines and has attracted 8.2 million visitors in 2016. In Bahamas, Genting operates the Resorts World Bimini (RWB). Collectively, Genting’s US & Bahamas operations had contributed RM 1.37 Billion and RM 193.4 Million in revenues and EBITDA.

    #3: The Financials

    Overall, Genting Malaysia Bhd has reported growth in group revenues, up from RM 7.89 Billion in 2012 to RM 8.93 Billion in 2016. This was attributed to stable sales performance from RWG and higher sales contributed from RWB and RWNYC.

    However, Genting Malaysia Bhd has recorded decline in shareholders’ earnings, down from RM 1.60 Billion in 2013 to RM 1.26 Billion in 2015. This was due to losses incurred from RWNYC and RWB during the 2-year period.

    In 2016, Genting Malaysia Bhd has recorded RM 2.88 Billion in shareholders’ earnings. This is because, in that year, it has recognized an one-off gain of RM 1.27 Billion from the disposal of its interest in Genting Hong Kong Ltd. As such, I’ve excluded the one-off gain from the calculation of Return on Equity (ROE) for Genting Malaysia Bhd in 2016.
    Click on the link to read the whole article.

  • Why excessive aggregation “Other operating expense” in P&L?

    Source: Chie Mitsui,
    Date Submitted: 25 Sep 2017
    Views: 647
    Downloads: 49
    To explore the issue of why the line item such as "Other operating expense", presented in the P&L and notes to the financial statements, is frequently a large amount, in the context of the rest of the items in the P&L, that is not accompanied by additional detail or disaggregation. This issue results in investors having a diminished ability to understand the financial performance of those companies that do not disclose this detail. We would like to discuss the issue of why companies fail to disaggregate these line items, and think about how disclosures could be improved. In addition, 
  • 7 Things You Must Know About Lenovo Group Limited Before Investing

    Source: Stanley Lim
    Date Submitted: 24 Sep 2017
    Views: 0
    Downloads: 0

    Lenovo Group Limited (HKG:992) might be a company that is familiar to most of us. After all, the company is the largest PC manufacturer in the world. However, that might be all we know it to be. And how wrong we will be able it.

    Lenovo Group has business segments across many products and services. Besides its PC, the company has a sizeable mobile smart phone business. It also produced a wide range of other smart devices such as tablets, storage devices and much more.

    The company also has an attractive dividend yield of more than 6.2% now. Is it worth investing in? Listed in Hong Kong and part of the Hang Seng Index, Here are 7 things you must know about Lenovo Group Limited.​

    The Business

    The company now segments its business unit into three main groups.

    PC and Smart Device

    This is its traditional PC business. It also includes its other smart devices such as tablet and personal storage products. The segment contributed about 70% of its USD10.0 billion revenue in Q1 FY17/18. It was the only segment that was profitable. It produced a pre-tax income of US$291 million during the quarter.

    Revenue was relatively flat year-on-year with a pre-tax income margin of 4.2%. The PC business continues to be a tough and brutal business to compete in for Lenovo and the company claimed to be the leading PC manufacturer with the highest margin.

    Mobile Business

    Lenovo is one of the biggest mobile smartphone manufacturers in China. Its products are also exported globally and the company commented that sales are picking up for its Latin America and Western Europe markets. It generated about 17.5% of the group’s revenue from this segment. However, due to cost pressure, the segment saw a loss of US$173 million.

    Data Center Business

    The company also serve the enterprise market with its data centre products. The segment produced a revenue of US$971 million, about 9.7% of the group’s revenue for the quarter. This segment also saw a loss of US$144 million for the quarter.

  • Apple iPhone X And Its 7 Asia-Listed Suppliers

    Source: Stanley Lim
    Date Submitted: 24 Sep 2017
    Views: 242
    Downloads: 16

    And here are some of the Asia-listed suppliers of Apple Inc that might be impacted by its new product ranges.

    The iPhone

    As the largest contract manufacturer in the world, Hon Hai Precision Industry Co. Ltd (TPE:2317), better known as Foxconn is a key assembler for Apple Inc. The company has grown together with Apple and currently employed more than 1.3 million people in its organization.

    Listed in Taiwan, the company is currently trading around 13.4 times its earnings and offering a 3.9% dividend yield.

    The Chip

    Apple products are as much about the hardware as it is about the software. And at the heart of the software is its processing microchip. On this end, Taiwan Semiconductor Manufacturing Company Ltd (TSMC) (TPE:2330), the largest semiconductor foundry in the world is also a key supplier to Apple. TSMC has been one of the performing stocks among the Apple suppliers in the past decade. Even from its peak price of TWD66.00 per share back in 2007, its share price now is more than 3 times at TWD 218.0 per share. Listed in Taiwan, the company is still only trading at 16 times its earnings and offering a 3.2% dividend yield.

    The Camera

    iPhone prided itself as having one of the best imaging cameras for any smartphones available. In iPhone X, there are not just two but four cameras within the phone, with two 12MP back cameras, one 7MP front camera and an infrared camera front camera as well. This means that its camera supplier might have double the order from the same quantity of phone. One of its camera suppliers is Cowell E Holdings Inc (HKG:1415).

    Listed in Hong Kong, Cowell E Holdings is now trading at 11.7 times its earnings and offers a 1.5% dividend yield to investors.

    The Apple Watch

    One of the fastest growing product for Apple is its Apple Watch. According to its keynote event last week, Tim Cook mentioned that Apple Watch is now the largest watch brand in the world, overthrowing the long-term crown, Rolex. It is also growing extremely fast, growing more than 50% in sales since last year. One of Apple Watch assembler is listed in Taiwan. It is Quanta Computer Inc (TPE:2382).

    It is currently trading around 18 times its earnings and offering a 5% dividend yield for investors.

    The Speakers

    Sound quality has been very important for Apple. The iPhone has been focused on making a great sound. This is done with the help from one of its speaker manufacturer, AAC Technologies Holdings Inc (HKG:2018).

    AAC Technologies Holdings Inc is listed in Hong Kong. It is trading around 30 times its earnings and offering a 1.1% dividend yield to its shareholders. Interestingly, the company has also been the target of a short seller attack back in May 2017. Gotham City Research claimed that the company has used “dubious accounting” method to overstate its profits and evade Apple’s labour standards.

    Although nothing was proven from the attack, investors should be aware of this incident before investing in ACC Technologies.

    The Display

    Lastly, the iPhone X has changed its display to the OLED technology. This marks a sharp shift in the future of display technology for Apple. One of the companies that might benefit from it could be LG Display Co Ltd (KRX:034220), a key global leader in the OLED technology.

    LG Display Co is listed in South Korea, with a price to earnings ratio of 5.2 times but only offers a 1.5% dividend yield.

    Value In Focus

    These companies might have a skin in the game for the success of Apple. However, investors have to understand that due to Apple’s enormous pricing power over its suppliers, not all of its suppliers would benefit as Apple grows. Moreover, Apple has a history of switching suppliers when they change their components. The example of changing its display technology to OLED is one such example. If the suppliers are unable to change with Apple, it would be left behind.

  • 7 Key Things You Ought To Know About Wilmar International Limited

    Source: Ian Tai
    Date Submitted: 24 Sep 2017
    Views: 29
    Downloads: 0

    What is the value of a bag of rice?

    If you ask a homemaker, a bag of rice may feed her family for a week. Ask a grocer, a bag of rice is a product that can be sold for a profit margin or commission. If you ask a brewer, a bag of rice is a raw material that can be processed into wine which could be sold at a value multiple times of the price of a bag of rice. As such, the true value of a bag of rice depends on who the user is and how the user intends to use it.

    So, what is the value of S$ 100,000?

    If you ask Mr. Kuok Khoon Hong and Pak Martua Sitorus, they would tell you that S$ 100,000 is the amount of paid-up capital for their first company, Wilmar Trading Pte Ltd in 1991.

    Since then, the Wilmar International Limited (SGX:F34) is established and has matured into one of the largest agricultural-based conglomerates in the world with over 500 manufacturing plants worldwide worth S$ 20.7 Billion as at 16 September 2017.  How often do you find someone who is able to turn S$ 100,000 in seed capital to S$ 20.7 Billion in 25 years? 

    It is now part of the Straits Times Index constituents in Singapore.

    At the core, Wilmar International Ltd (Wilmar) has established an integrated business model that encompasses the entire value chain of the agricultural commodity business. This includes production, processing, merchandising, branding and distribution. All in all, Wilmar derives income from three main business divisions. They include:

    1. Tropical Oils

      Wilmar is among the largest palm oil plantation companies in the world with a total planted area of 241,892 hectares in 2016. In that year, Wilmar has produced 3.8 Million MT of Fresh Fruit Bunches (FFB). Almost 100% of its FFB production is supplied to its own plants where they were refined and processed into oleochemicals, speciality fats and biodiesel products. 
      Presently, Wilmar is also the largest processor and merchandiser of palm and lauric oil products in the world. Excluding its associates, Wilmar has 28 refineries, 19 oleochemical plants, 16 speciality fat plants, and 13 biodiesel plants with a total annual capacity of 28 million MT, 2 million MT, 2 million MT and 3 million MT respectively. In 2016, Wilmar’s Tropical Oils division has contributed US$ 689.2 Million in pre-tax profits and thus, remains as the largest income contributor to the overall group. 

    2. Oilseeds & Grains

      Wilmar is the largest oilseed crusher, flour and rice millers in China as it operates 52 oilseed crushing plants, 18 flour mills and 16 rice mills in the nation. Its products are distributed across China, India, Indonesia, Vietnam and several nations in Africa. In 2016, Wilmar’s Oilseeds & Grains division has contributed US$ 251.1 Million in pre-tax profits and thus, is the second largest income contributor to the overall group. 

    3. Sugar

      Wilmar is the largest sugar producer in Australia with 8 sugar mills and 2 sugar refineries in that country. In 2016, Wilmar produces 50% of Australia’s raw sugar and 75% of sugar requirements in Australia and New Zealand. In 2016, Wilmar’s Sugar division has contributed US$ 125.3 Million in pre-tax profits. It is the third largest income contributor to the overall group.

  • Equity Report on Apex Footwear Ltd.

    Source: Tajkera Rahman
    Date Submitted: 24 Sep 2017
    Views: 205
    Downloads: 36
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • DNA OF A CFO

    Source: Hays
    Date Submitted: 12 Sep 2017
    Views: 114
    Downloads: 16
    We spoke to 145 CFOs across Asia about their background, experience, business, career and interests to uncover the DNA of a CFO. From qualifications and experience to personal development and work-life balance, our report gives you an insight into what it takes to reach the top finance job.
  • Cash Conversion Cycle and the Financial Performance of Philippine Firms

    Source: Francis Adrian H. Viernes
    Date Submitted: 11 Sep 2017
    Views: 424
    Downloads: 63
    This is the first documented study of the relationship of the Cash Conversion Cycle and the performance of Philippine firms, submitted as a graduate course requirement.
  • 4 Things We Discovered From The AGM Of SIA Engineering Company

    Source: Value Invest Asia
    Date Submitted: 04 Sep 2017
    Views: 40
    Downloads: 2

    SIA Engineering Company Limited’s (SIAEC) (SGX: S59) annual general meeting (AGM) was held on 20 Jul 2017. Our team went to the meeting to find out more about how the business is doing. The meeting turned out to be very informative, with the management team being candid on the Group’s current challenges and how it plans to drive the company forward over the next few years.
    If you are unfamiliar with the business of SIA Engineering Company, you can view our analysis of the company right here.
    From the AGM, here are four key takeaways we discovered during the meeting:
     

  • Here’s What You Need To Know About Cathay Pacific Airways Ltd Before You Invest

    Source: Ketz
    Date Submitted: 04 Sep 2017
    Views: 54
    Downloads: 5

    Cathay Pacific Airways Ltd (HKG: 0293) is the flagship airline in Hong Kong. Listed on the Hong Kong Stock Exchange, it carried 34.3 million people and moved 1.8 million tonnes of mail & cargo to some 197 destinations in 48 countries in the year 2016 alone!

    Having been around since 1946 when it was founded, Cathay Pacific has moved millions maybe even billion of passengers and cargo over its long history. Is there still growth potential left in the company?

    With that, here are 7 things you need to know about Cathay Pacific.
    We looked through a SWOT analysis of the company.

  • What You Must Know About Hang Seng Bank Before Investing

    Source: Ketz
    Date Submitted: 04 Sep 2017
    Views: 756
    Downloads: 5

    Hang Seng Bank (HKG:0011) is one of Hong Kong’s largest listed companies that was founded back in 1993. In fact, the Hong Kong stock index is named after itself; the Hang Seng Index. The name of the bank carries significance as it means “ever-growing” and that’s exactly what they bank is trying to do.

    Hang Seng is part of the HSBC group with the latter owning approximately 62% of the former. HSBC is one of the world’s largest banking and financial services organisation. Currently, Hang Seng has a market capitalisation of HK$335.15B.

    With that, here are 7 things you need to know about Hang Seng.
    Find out more about the strength, weakness, risk and opportunity of this company.
    Learn more about its main shareholder, its valuation and its financials.

  • Here’s Why Passive Investing Might Be Perfect For You

    Source: Stanley Lim
    Date Submitted: 04 Sep 2017
    Views: 32
    Downloads: 5

    Passive investing is a term to describe investing in funds that simply track an index. An index is basically a collection of stocks chosen based on certain criteria, typically by its size, as used as a way to measure how the general market is doing.

    Are Active Fund Managers Doing Their Job?

    In the past, indices such as the Straits Times Index, Hang Seng Index or the Kuala Lumpur Composite Index are just used to measure the performance of the general markets. Investors are rarely able to invest directly in the indices. Traditionally, fund managers are the ones who decide which stock and the timing to invest and sell an investment. These traditional funds are called active funds. Yet data is showing that 97% to 99% of fund managers underperformed the S&P Indices over the past 10 years.

    This means that if you have just invested in a simple passive index fund that has no fund manager over the past decade, you most likely have earned more money than those high-paid fund managers.

    These data show why should we pay extra billions in fees to stock market fund managers who consistently underperform? Even if you have no interest in research and investing in the stock market yourself, investing in a passive index fund just seem more logical and cost effective.

    However, just choosing between passive index funds can be a challenge, given the largely available choices out there.

    In order to make a smart decision on which index fund to invest in, we believe that you should still have a basic knowledge of what investing is about.

    This basic knowledge includes:

    Next, we have to know what are some of the more common passive index funds around. Here is the summary of a group of passive index funds that we have selected.

    Most, passive funds are listed as Exchange-traded Funds (ETF) on the various exchanges. ETF are funds that are tradable on the exchange. It means we can buy this funds, like how we buy a stock, directly through our brokerage account.

    Think of it as mutual funds that we can buy like stocks.

    US Market

    Vanguard 500 ETF (NYSEARCA: VOO)

    Vanguard is the largest passive fund manager in the world. One of its flagship funds is Vanguard 500 ETF. It is an ETF that tracks the performance of the S&P 500 index. This means it invests in some of the largest companies in the world like Apple Inc, General Electric, Exxon Mobil and others.

    The fund is also one of the cheapest in the world, with an expense ratio of just 0.05%. This means that we are only paying 5 cents a year for every $100 you invested in the fund. If you compare that to the typical 1% to 2% expense ratio for a mutual fund and a 5% sales charge when you buy them, you might see why passive funds are so attractive and why mutual funds tend to underperform.

    The Hong Kong Market

    Hong Kong also has some large passive funds listed as ETFs.

    Hang Seng H-Share Index ETF (HKG:2828)

    For example, the Hang Seng H-Share Index ETF is a HK$40 billion index fund that tracks the H-Share index in Hong Kong. H-Shares are some of the largest China-based companies listed on the Hong Kong Stock Exchange. This includes companies like Ping An InsuranceIndustrial and Commercial Bank of China and PetroChina.

    For investors who are optimistic about the future of large corporation in China, it is a simple way to gain exposure to these companies. However, expense ratio in Asia still tends to be much higher than in the US Market. The Hang Seng H-Share Index ETF charges about 0.6% in total a year to its fund investors. You can download the factsheet to Hang Seng H-Share Index ETF here.

    Hang Seng Index ETF (HKG:2833)

    Another common index fund in Hong Kong is the Hang Seng Index ETF. It is an index fund that tracks the performance of the Hang Seng Index. Unlike the H-Share Index, Hang Seng Index includes some of the largest companies listed in Hong Kong, including China-based, Hong Kong-based or international-based companies.

    Some of the companies it invested in are HSBC Holdings, Tencent Holdings, CK Hutchison Holdings and even the Hong Kong Exchanges & Clearing Limited. Since its establishment in 2004, the fund returned more than 160% in total to its investors.

    You can download the factsheet to Hang Seng Index ETF here.

     The Singapore Market

    Singapore has a much smaller passive fund industry. However, to gain access to the Singapore market, the SPDR STI ETF might be a good option.

    SPDR STI ETF (SGX: ES3)

    The SPDR STI ETF is a passive index fund that tracks the performance of the Straits Times Index (STI). The STI includes about 30 of the largest companies listed in Singapore. These are companies like Singapore Telecommunication, DBS Group Holdings, CapitaLand Limited and Keppel Corporation Limited.

    Since its inception in 2002, the fund returned about 7.55% a year to its investors. And its expense ratio is quite low at just 0.3%. You can download the factsheet to SPDR STI ETF here.

    The Malaysia Market

    Although Malaysia does have a number of passive index ETFs listed on Bursa Malaysia, most of them are very thinly traded. This means it is extremely hard to invest in them due to the lack of interests. Hopefully, that would change in the future.

    Passive Or Not To Be

    The index fund market is clearly still massively underdeveloped in Asia. Looking at the growth this industry in the USA, it seems that Asia would continue to see growth in the passive funds market.

    Although passive investing is not always perfect, some argued that it might lead to blind investing, creating a larger crisis in the future.

    However, based on the poor performance of fund managers over the last decade, passive investing is gaining popularity as an alternative to paying a huge fee to fund managers who underperform 97% of the time.

  • Is IHH Healthcare Berhad Worth Investing In?

    Source: Value Invest Asia
    Date Submitted: 04 Sep 2017
    Views: 77
    Downloads: 4

    IHH Healthcare Berhad (“IHH”) is the world’s 2nd largest listed healthcare operator by market capitalisation. It has more than 10,000 licensed beds in 50 hospitals across 10 countries (primarily in Malaysia, Singapore, Turkey and India).

    The company was established in 2010 following the acquisition of Singapore’s Parkway Group and Malaysia’s Pantai Group. In 2012, IHH acquired Acibadem Holdings Group in Turkey and was subsequently dual listed on both the Main Markets of Bursa Malaysia and the Singapore Stock Exchange (“SGX”).

    IHH also owns 35.74% of SGX listed Parkway Life REIT.
    Here is what you must know about this huge healthcare group.

  • Is AIMS AMP Capital Industrial REIT Worth Investing In?

    Source: Ketz
    Date Submitted: 04 Sep 2017
    Views: 39
    Downloads: 3

    Is AIMS AMP Capital Industrial REIT Worth Investing In?

  • 7 Things To Know About Petronas Chemicals Group Bhd Before You Invest

    Source: Ian Tai
    Date Submitted: 04 Sep 2017
    Views: 21
    Downloads: 1

    Fuelling Consumption Growth of Petrochemicals in Asia. Everyday, we use petrochemicals.

    In the morning, we use soap and shampoo when we take a shower. In the afternoon, we are given food packed in a plastic container for our lunch takeaways. In the evening, we enjoy a nice stroll at the garden. If we look around, fertilizers are used to grow flowers and trees in the garden. These are just a few examples of how we consume petrochemicals on a daily basis.

    As I write, Petronas Chemicals Group Bhd (PCG) is the largest integrated producer of petrochemicals in Malaysia and among the largest in Southeast Asia. Listed on 26 November 2010 on Bursa Malaysia, Petronas Chemicals Group Bhd is one of the five stocks where its major shareholder is PETRONAS, the national custodian of oil and gas assets in Malaysia. Here, I’ll cover seven key takeaways of PCG before investing into it. Other PETRONAS subsidiaries include PETRONAS Dagangan Berhad (KLSE:PETDAG) and Petronas Gas Berhad (KLSE:PETGAS).
    Find out more about one of the largest chemical companies in Malaysia.
    We did a SWOT analysis on the company and talked about its current valuation.

  • 7 Things You Need To Know About SPH REIT Now

    Source: CS Chong
    Date Submitted: 04 Sep 2017
    Views: 97
    Downloads: 0
    7 Things You Need to Know About SPH REIT Now
  • Investment Opportunity in Cash Rich Japanese Equity 3: Stronger Support in Japan for Activist Funds Demanding Increase in Shareholder Returns

    Source: Kei Yamaguchi, MM Capital Investments
    Date Submitted: 03 Sep 2017
    Views: 877
    Downloads: 27
    Japanese regional banks have been suffering from the severe business environment and financial conditions since the 2008 Lehman Crisis. This situation has worsened since the Bank of Japan introduced negative interest rates in 2016.

    On the other hand, Japanese corporations still have not paid sufficient dividends to its shareholders. The dividend payout relative to net profit (Payout Ratio) and capital (DOE) are half or less of leading global markets.

    Shareholder proposals for an increased dividend payout of Japanese corporations are more supportive by large investors including banks in Japan. Another tail wind is the Japanese “Stewardship Code” which seeks for stronger corporate governance and deeper dialogues between corporations and shareholders
  • Prevent Valuation Mistake #1: Building Up too Much Cash

    Source: Dr. Andrew Stotz, CFA
    Date Submitted: 31 Aug 2017
    Views: 4210
    Downloads: 0
    In this research, I aggregate the financial statements of more than 17,000 companies across the world to then calculate the amount of cash that is held on the balance sheet of various countries across the world. From this, I then look at current cash levels at all markets across Asia, from Developed to Frontier.
    The benefit of this research is that it can help us to better forecast the balance sheets of companies in Asia. This is especially critical for free cash flow valuation.
  • Equity Valuation Report- Beximco Pharmaceuticals Ltd.

    Source: MD. Mosavvir Al Ashick
    Date Submitted: 31 Aug 2017
    Views: 215
    Downloads: 58
    Beximco  Pharmaceuticals  Limited,  one  of  the  leading pharmaceuticals  company  in  Bangladesh,  is  engaged  in manufacturing  and  marketing  of  generic  pharmaceuticals
    formulation product. We initiated a valuation based on Discounted Cash Flow method and Relative Valuation method while assuming next 5-Years’ CAGR of revenue will be 12.96%. Currently, BXPHARMA is traded at BDT 109.1. In our valuation, the target price based on DCF
    and Relative Valuation is determined at BDT 128.1 per share.
  • Mergers and acquisitions: how do you view their underlying substance?

    Source: Hong Kong Institute of Certified Public Accountants
    Date Submitted: 30 Aug 2017
    Views: 2404
    Downloads: 69
    Are you a shareholder or analyst with an interest in mergers and acquisitions? 
    The accounting standard-setters need your expertise. 

    We are aware that M&As are common and can take the form of group restructurings or third party acquisitions. There is usually no question that there is underlying substance to acquisitions with third parties - the transaction price typically represents the fair market value of the acquired business. But M&As within a group might arguably be different.

    The findings of this M&A survey will be published and will help us consider whether all M&As should be accounted and reported in the same way. 

    To participate, click on this link: http://survey.hkicpa.org.hk/index.php?sid=57118&lang=en, or download and email us the attached survey: outreachhk@hkicpa.org.hk
  • AAM-CAMRI-CFA Institute Prize - The Bond Pricing Implications of Rating-Based Capital Requirements      

    Source: Scott Murray, Stanislava Nikolova
    Date Submitted: 29 Aug 2017
    Views: 43
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Governance through Shame and Aspiration: Index Creation and Corporate Behavior in Japan    

    Source: Akash Chattopadhyay, Matthew Shaffer, Charles C. Y. Wang
    Date Submitted: 29 Aug 2017
    Views: 5
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Rise of Factor Investing: Asset Prices, Informational Efficiency, and Security Design    

    Source: Lin William Cong, Douglas Xu
    Date Submitted: 29 Aug 2017
    Views: 89
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Corporate Governance, Systemic Risk and Group-Decisions: The Effects of Excessive Numbers of Outstanding-Shares of African and Asian Listed Companies      

    Source: Michael C. I. Nwogugu, , ,
    Date Submitted: 29 Aug 2017
    Views: 90
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • Asian Link

    Source: Dr Raymond Madden, FRSA, Neil Smith
    Date Submitted: 20 Aug 2017
    Views: 255
    Downloads: 0
    "Ethical issues in the financial services industry affect everyone, as almost all of society are consumers of its products and services.  Given the vital role that financial institutions play, moral hazards may be more acute and it is therefore unsurprising that the industry should be subject to the highest ethical standards.  Ethical dimensions create an environment based on trust and make economic transactions more predictable for producers and consumers".
  • Companies in Asia Hold the Highest Levels of Cash

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 19 Aug 2017
    Views: 135
    Downloads: 0
    In this short video, I review my latest research on the level of cash that companies have on their balance sheet. My main conclusion is that companies in Asia have the highest levels of cash compared to all other regions across the world.
    This finding is important for two reasons: First, to help us think about how much cash we should be forecasting when we are valuing companies and second, it helps us understand the underlying strength of the balance sheet of companies in Asia. 
  • The Business of Ethics

    Source: Dr Raymond Madden, CEO
    Date Submitted: 28 Jul 2017
    Views: 1082
    Downloads: 0
    "Restoring the trustworthiness of global business will be a long-haul and there are no short-cuts when it comes to trying to embed ethical behaviour in business DNA.  But the dialogue in global board rooms is beginning to change with the importance of corporate culture, behaviours and the causal links to incentives and rewards gradually being recognised.  Our international businesses will always have responsibilities that go way beyond compliance - you cannot regulate for good behaviour.  Sustainable improvements in culture and behaviour in banking and right across the business landscape can only be achieved if individual institutions, owners, investors and the people leading and managing them step up to the plate.  As Dr Madden's thought provoking book makes clear, responsibility and accountability have to move to the top of every Board agenda".  Dame Collete Bowe, Chairman, UK Banking Standards Board.
  • Are the New Auditor's Report Insightful?

    Source: Hong Kong Institute of Certified Public Accountants, Standard Setting Department
    Date Submitted: 26 Jul 2017
    Views: 1444
    Downloads: 0
    The Standard Setting Department of the Hong Kong Institute of Certified Public Accountants is conducting a survey on the new auditor's report of listed entities. Feedback from users of financial statements is important for us to know whether the new requirement serves users' needs, and if not what could be improved. http://survey.hkicpa.org.hk/index.php?sid=55433&lang=en
     
    The survey is open until the end of August. For enquiries: outreachhk@hkicpa.org.hk>


    Background of the new auditor's report
    From financial year ends 15 December 2016 onwards, auditor's reports of listed entities are required to describe key audit matters (KAMs) to provide greater transparency about the audit that was performed. Communicating KAMs assists intended users of financial statements in understanding matters that were of most significance in the auditor's professional judgement; and understanding the entity and areas of significant management judgement.
  • RMBI Newsletter Issue 13 (Financial Crime Risk: Anti-Money Laundering and The Rise of Text Mining in Financial Markets)

    Source: Tsang Chiu Yu, Derek, Wong Ching Ip, Venice, Chiu Hok He, Angus, Li Chin Wa, Chin
    Date Submitted: 26 Jul 2017
    Views: 175
    Downloads: 0
    In the latest issue (Issue 13 – August 2017), it covers the stories of:
     
    Financial Crime Risk : Anti-Money Laundering Practices in Banking
    To understand anti-money laundering, we have to understand what money laundering is. Money Laundering is the process of converting illegal funds into seemingly legitimate assets with the purpose of concealing the ownership or original source of these funds. This makes it difficult for the authorities to trace the origins of the funds. To counter this, the banking sector has established a set of internal regulations and system known as anti-money laundering. These are legal controls taken by financial institutions to investigate suspicious transactions to help prevent money laundering activities within the banking sector.
     
    The Rise of Text Mining in Financial Markets
    The world is awash in data. Financial markets are awash in data. We are generating around 2.5 quintillion (2.5×1018) bytes of information every day, and there is an average of 4,000 brokerage reports a day comprising around 36,000 pages in 53 languages. As market participants try to maximize their competitive edge from the growing mountain of information, the nancial world increasingly feels there is a need to harness the power of big data and it has been shaping the way they acquire, analyze and utilize data. The recent development is the rapid expansion of text mining. Hence, this article will focus on the development of Text Mining technology as well as Text Mining technique.
  • The Economic Reality of Non-Cash Charges

    Source: Gaurang S. Trivedi
    Date Submitted: 13 Jul 2017
    Views: 198
    Downloads: 16
    Statutory statements prepared for reporting purposes are a combination of accounting rules formulated to characterize the accrual process, management estimates based on past experience applied to projected events, and managerial judgment that is subject to cost-benefit rationale. The net earnings per share number, which in the ultimate analysis increases shareholders’ equity, is mostly neglected in management discussions and analysis. A majority of the managerial analysis is concentrated on alternative numbers arrived at by massaging the earnings information. The ensuing treatise is an endeavor to reconnect the economic implications of the accounting for depreciation, goodwill amortization/impairment charges (universally assumed to be non-cash charges), as well as other one-time charges, that are being neglected by most investors when analyzing manipulated pro-forma earnings reports from corporate managements. Since earnings comprise an integral part of expected returns, a sound knowledge of accounting theory and concepts is essential for conducting insightful financial analysis. The purpose of this research is to generate a healthy debate amongst accounting, finance, and other professionals who are consumers of company information to evaluate the efficacy of reported financial statements, management discussion and analysis that accompanies them, and current valuation methodologies practiced. Contrary to popular notions, if cognitive biases are removed, one may find that accounting earnings do mirror economic reality.
  • Title: A Resolution to the Problem of Multiple IRR: A Modified Capital Amortization Schedule (MCAS) Method for Non-Normal Cash flow (NNCF) to Obtain a Unique IRR (July 11, 2017).

    Source: Kannapiran C. Arjunan
    Date Submitted: 12 Jul 2017
    Views: 54
    Downloads: 0

    Title: A Resolution to the Problem of Multiple IRR: A Modified Capital Amortization Schedule (MCAS) Method for Non-Normal Cash flow (NNCF) to Obtain a Unique IRR 

     

     
    The problem of multiple IRR remained unresolved for almost a century. This problem is associated only with some of the non-normal net cash flow (NNCF) that wrongly includes reinvestment income as income or benefit stream. The reinvestment income, which is not a benefit from the investment or project under analysis, causes the multiple IRR problem. This is often misinterpreted as problem of IRR but its neither a problem with IRR nor NPV. It is a problem associated with some NNCF data and the failure to update the discounted cash flow (DCF) or capital amortization schedule (CAS) methods to handle such problem.
    Using NNCF data, analyses are conducted with special emphasis on topics such as:


    a.      A modified CAS (MCAS) method that eliminates multiple IRR associated with NNCF data;
    b.      Multiple IRR problem and the Descartes rule of sign and Norstrom’s criteria;
    c.      A NNCF data with a unique IRR under DCF / CAS methods vs IRR by MCAS method;
    d.      Resolving the problem of multiple IRR by MCAS Method Versus MIRR; and
    e.      A critical review of the GIRR and AIRR Methods to Estimate NNCF.
    The salient findings of the present analysis are:
    a.      The MCAS method, presented in this paper, identifies and eliminates the reinvestment income associated with NNCF investments (with positive opening balance in one or more years in the CAS) from the benefit stream;
    b.      This new method overcomes the multiple IRR problem and leads to a unique and real IRR; The effectiveness of MCAS to handle the NNCF data is illustrated with numerical analysis;
    c.      The assumption of reinvestment at IRR or at hurdle rate in NPV are false assertions in the cases of normal NCF and some of the NNCFs. However, such reinvestment is evident only with NNCFs with positive opening balance in one or more years under the CAS.
    d.      The reinvestment income under the benefit stream causes multiple IRRs and multiple NPVs too. As NPV is a static point estimate (at hurdle rate) the multiple NPVs are not exposed. Without eliminating the reinvestment income, none of the criterions viz. NPV, IRR or MIRR, is useful as a decision criterion. Neither NPV or MIRR is a preferred criterion, under such circumstances, as recommended in some published works.
    e.      The MCAS method is appropriate for both normal NCF and NNCF as illustrated in this paper. CAS or DCF method is appropriate only for normal NCF investments.
    f.       Even when there is no multiple IRRs with some NNCFs under DCF/CAS method, the MCAS method estimated IRR or NPV, without reinvestment income, are different from that of the DCF/CAS estimated IRR and NPV. For a consistent estimate of IRR and NPV, the MCAS method is most appropriate both for NCF and NNCF investments.
    g.      The generalized IRR (GIRR) and the Average IRR (AIRR) are also not appropriate estimates for NNCF and they are not NCF consistent as discussed in this paper. The problem of multiple IRR associated with the popular cases of NCF investments used in GIRR and AIRR, are also resolved now.
    In conclusion, the MCAS method resolves the problem of multiple IRR and leads to a unique IRR that is real and NCF-consistent. Neither the NPV nor the MIRR could resolve the problem of multiple IRR.

  • Mid-Year Research Update 2017: Active managers performance, factor-driven, ESG, and fixed income indices

    Source: Craig J. Lazzara, Priscilla Luk, Sunjiv Mainie, Charles Mounts, Aye M. Soe
    Date Submitted: 07 Jul 2017
    Views: 1204
    Downloads: 32
    Published in May 2017, this research reveals most active managers fail most of the time, at least if we define failure as underperformance of an appropriate passive benchmark. Success, when it does occur, tends not to persist.
  • Operating? /non-Operating? Is current disclosure helpful for understanding companies?

    Source: Chie Mitsui
    Date Submitted: 26 Jun 2017
    Views: 198
    Downloads: 15
    Is current disclosure of Operating profit /expense helpful for understanding companies?
    We discussed how difficult to distinguish whether Operating / Non operating in financial statements recently with investors, information providers, accounting setters in Hong Kong. 
    It makes lower comparability and becomes barrier of understanding company value.
    We discussed several points of view to solve it and revealed that disclosure issues of IFRS are highly common among investors globally.
  • Evaluation of company’s value in acquisition & ideal disclosure

    Source: Chie Mitsui
    Date Submitted: 23 Jun 2017
    Views: 2520
    Downloads: 69
    "How investors analyse and what managements need to explain, when M&A happened?" We discussed this issues in Japan, with some accounting standard setters.  
    We have been discussing about comparability issue and line item classification issue from users’ point of view in the past workshops. At the last workshop (https://www.arx.cfa/up/post/3375/20170206_IFRSXBRLWS10_E.pdf) , we discussed on whether “share of profit/loss of associates” is “operating” or “investing” may differ by company or its business, focusing on the point that “What is really comparable? Does same account name mean same substance? Which is same in substance?”.

    The way of business for companies are changing nowadays, that we should focus on the point that more M&A is happening in place of building factory and hiring people in old times. So we focused on the point how investors should evaluate companies’ value in acquisition and what companies need to explain in our discussion.
  • Initiation Report: IDLC Finance Limited

    Source: BRAC EPL Research, Abdullah Al-Rezwan
    Date Submitted: 22 Jun 2017
    Views: 327
    Downloads: 66
    We initiate coverage of IDLC with an OUTPERFORM rating with a target price of BDT 70.7 per share for December 2016. With current price of BDT 55.9 (as of May 04, 2016), the fair price implies a price return of 26.5%. Our estimated fair price implies a P/B multiple of 2.05x over 2016E NAV and 1.80x over 2017E NAV. Considering the latest published NAV, the stock is currently trading at a P/B multiple of 1.87x, which is lower compared to companies with similar business and ROE profile like HDFC in India and DBH in Bangladesh which are trading at 3.5x and 3.9x respectively.
  • Re-initiation Coverage: Lafarge Surma Cement Limited

    Source: BRAC EPL Research, Kazi Raquib-Ul Huq
    Date Submitted: 22 Jun 2017
    Views: 317
    Downloads: 55
    We re-initiate coverage of Lafarge Surma Cement Limited with a “SELL” rating, with fair value estimate of BDT 51.6 per share for Dec 2017. Our fair value implies a forward P/E multiple of 23.4x over 2017E earnings and 17.9x over 2018E earnings. The fair value also implies a forward EV/EBITDA multiple of 14.2x and 10.8x relative to 2017E and 2018E EBITDA respectively. With current market price of BDT 76.1 per share (as on Oct 13, 2016), our fair value will provide a price return of –32.2% and expected dividend yield of 1.3%.
  • CFA Institute Research Challenge - Super Dragon Technology Co., Ltd.

    Source: National Chengchi University
    Date Submitted: 19 Jun 2017
    Views: 222
    Downloads: 22
    The research analysis report is conducted by students from National Chengchi University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Sunshine Holdings PLC

    Source: Royal Institute of Colombo
    Date Submitted: 19 Jun 2017
    Views: 229
    Downloads: 20
    The research analysis report is conducted by students from Royal Institute of Colombo in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Austal Shipping Limited

    Source: Curtin University
    Date Submitted: 19 Jun 2017
    Views: 194
    Downloads: 24
    The research analysis report is conducted by students from Curtin University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - PVR Limited

    Source: Narsee Monjee Institute of Management Studies, Mumbai
    Date Submitted: 19 Jun 2017
    Views: 319
    Downloads: 59
    The research analysis report is conducted by students from Narsee Monjee Institute of Management Studies, Mumbai in preparation for CFA Institute Research Challenge.  
     
  • CFA Institute Research Challenge - Grameenphone

    Source: Bangladesh Institute of Business Administration
    Date Submitted: 19 Jun 2017
    Views: 272
    Downloads: 43
    The research analysis report is conducted by students from Bangladesh Institute of Business Administration in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Thyrocare Technologies

    Source: Indian Institute of Management, Bangalore
    Date Submitted: 19 Jun 2017
    Views: 270
    Downloads: 43
    The research analysis report is conducted by students from Indian Institute of Management, Bangalore in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - MERIDIAN ENERGY

    Source: University of Otago
    Date Submitted: 19 Jun 2017
    Views: 180
    Downloads: 8
    The research analysis report is conducted by students from University of Otago in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - CJ Korea Express

    Source: Sungkyunkwan University
    Date Submitted: 18 Jun 2017
    Views: 189
    Downloads: 12
    The research analysis report is conducted by students from Sungkyunkwan University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Havells India Limited

    Source: Indian Institute of Foreign Trade, New Delhi
    Date Submitted: 18 Jun 2017
    Views: 267
    Downloads: 40
    The research analysis report is conducted by students from Indian Institute of Foreign Trade, New Delhi in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - APU Joint Stock Company

    Source: National University of Mongolia
    Date Submitted: 18 Jun 2017
    Views: 176
    Downloads: 13
    The research analysis report is conducted by students from National University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Bank Alfalah Limited

    Source: Karachi School of Business and Leadership
    Date Submitted: 18 Jun 2017
    Views: 211
    Downloads: 28
    The research analysis report is conducted by students from Karachi School of Business and Leadership in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Beijing Tongrentang Co., Ltd.

    Source: Peking University
    Date Submitted: 18 Jun 2017
    Views: 205
    Downloads: 17
    The research analysis report is conducted by students from Peking University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Nine Dragons Paper (Holdings) Limited

    Source: Hong Kong Baptist University
    Date Submitted: 18 Jun 2017
    Views: 170
    Downloads: 9
    The research analysis report is conducted by students from Hong Kong Baptist University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Westports ​Holdings Berhad

    Source: Sunway University
    Date Submitted: 18 Jun 2017
    Views: 207
    Downloads: 17
    The research analysis report is conducted by students from Sunway University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Temp Holdings Co., Ltd​

    Source: Kyoto University
    Date Submitted: 14 Jun 2017
    Views: 178
    Downloads: 10
    The research analysis report is conducted by students from Kyoto University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Century Pacific Food, Inc.

    Source: Ateneo de Manila University
    Date Submitted: 14 Jun 2017
    Views: 203
    Downloads: 12
    The research analysis report is conducted by students from Ateneo de Manila University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Nufarm Limited

    Source: Monash University
    Date Submitted: 14 Jun 2017
    Views: 182
    Downloads: 14
    The research analysis report is conducted by students from Monash University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Cordlife Group Limited

    Source: Singapore Management University
    Date Submitted: 14 Jun 2017
    Views: 208
    Downloads: 31
    The research analysis report is conducted by students from Singapore Management University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Flight Centre Travel Group Limited

    Source: Griffin University
    Date Submitted: 14 Jun 2017
    Views: 195
    Downloads: 12
    The research analysis report is conducted by students from Griffith University in preparation for CFA Institute Research Challenge. 
     
  • Two insightful reports on Fintech and Distributed Ledger Technology (DLT) by Financial Services Development Council (FSDC)

    Source: Financial Services Development Council (FSDC)
    Date Submitted: 13 Jun 2017
    Views: 1492
    Downloads: 0
    Given most of the FinTech innovations, in particular the DLT, are developed for providing services directly to consumers, FinTech has initially been regarded as disruptive to the established financial institutions. However, a more recent development is that increasingly FinTech innovations are developed by, and in collaboration with, the well established incumbents in the financial sector. There are two very insightful reports on FinTech and DLT published by the FSDC in May 2017; which covers extensively the following areas including cybersecurity, payment and securities settlement, digital ID and KYC utility, WealthTech and InsurTech (including data analytics, automation and artificial intelligence), RegTech as well as Distributed Ledger Technology.  

    Attached are the two links to these two reports by FSDC.  

    http://www.fsdc.org.hk/sites/default/files/FSDC%20Paper_FinTech_E.pdf

    http://www.fsdc.org.hk/sites/default/files/FSDC%20Paper_DLT_E.pdf
     
  • CFA Institute Research Challenge - BYD Company Limited

    Source: Southwest University for Nationalities
    Date Submitted: 11 Jun 2017
    Views: 197
    Downloads: 20
    The research analysis report is conducted by students from Southwest University for Nationalities in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - THAI UNION GROUP PUBLIC COMPANY LIMITED

    Source: Thammasat University
    Date Submitted: 11 Jun 2017
    Views: 213
    Downloads: 14
    The research analysis report is conducted by students from The Chinese University of Hong Kong, Shenzhen in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - PT Indosat Tbk.

    Source: Institut Teknologi Bandung
    Date Submitted: 11 Jun 2017
    Views: 220
    Downloads: 27
    The research analysis report is conducted by students from The Chinese University of Hong Kong, Shenzhen in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Spring Airlines

    Source: Shanghai Jiao Tong University
    Date Submitted: 11 Jun 2017
    Views: 155
    Downloads: 14
    The research analysis report is conducted by students from Shanghai Jiao Tong University in preparation for CFA Institute Research Challenge. 
  • CFA Institute Research Challenge - PHU NHUAN JEWELRY JOINT STOCK COMPANY

    Source: Foreign Trade University Ho Chi Minh City Campus
    Date Submitted: 11 Jun 2017
    Views: 527
    Downloads: 113
    The research analysis report is conducted by students from Foreign Trade University Ho Chi Minh City Campus in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - Ali Health Information Technology Limited

    Source: The Chinese University of Hong Kong, Shenzhen
    Date Submitted: 11 Jun 2017
    Views: 169
    Downloads: 11
    The research analysis report is conducted by students from The Chinese University of Hong Kong, Shenzhen in preparation for CFA Institute Research Challenge.
  • Bangladesh National Budget Review FY'18

    Source: EBLSL Research Team
    Date Submitted: 04 Jun 2017
    Views: 763
    Downloads: 130
    The 46th National Budget of Bangladesh and 11th by Finance Minister AMA Muhith has been proposed on 1st June, 2017. Proposed budget size for FY ’18 is BDT 4002.66 bn which is 18.0% of GDP. This is the largest budget in the history of Bangladesh. Target Revenue is BDT 2879.91 bn caused a deficit amounting to BDT 1122.75 bn which will be financed through domestic sources (BDT 603.52 bn) and External Borrowings (BDT 519.24 bn).
     
  • Equity Insight on Confidence Cement Limited

    Source: Md. Nazmus Sakib, Mohammad Asrarul Haque
    Date Submitted: 01 Jun 2017
    Views: 214
    Downloads: 26
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Practitioner's Brief (video): ​The Power of Private Information

    Source: Research Gate
    Date Submitted: 25 May 2017
    Views: 1143
    Downloads: 0
    Despite a recent crackdown on insider trading in China an assumption persists regarding the relative information inefficiency and asymmetry of less developed markets. Researcher Chi asks: How much is private information exploited in a less developed financial market like China?
    As it turns out, quite a lot.
  • Practitioner's Brief (Video):  Behind Closed Doors - How Private Meetings Move Public Markets

    Source: Research Gate
    Date Submitted: 25 May 2017
    Views: 231
    Downloads: 0
    The authors of a recent study on insider trading have taken a new, financial spin on the classic thought experiment that asks whether a falling tree makes any sound in an empty forest. Looking at how corporate insiders might use confidential information to make trades, they ask ‘If executives of publicly traded companies meet with investors, and no one from the public is around, does the information exchanged still influence the stock market?’ The results are striking.
  • Practitioner's Brief (Video):  Demystifying Seasonal Chinese Stock Return Synchronicity

    Source: Research Gate
    Date Submitted: 17 May 2017
    Views: 1331
    Downloads: 0
    How much of a stock’s movement can be attributed to the movements in the index in which it resides? And if a stock moves in line with an index (or, in academic language, has a “high R squared”) what, exactly, accounts for that? Industry members and academics have numerous theories. The authors of a new paper tackle the question of synchronicity using earnings season in China, when the information on companies is more robust.
  • Equity Report on IDLC Finance Limited

    Source: Mohammad Rehan Kabir
    Date Submitted: 06 May 2017
    Views: 349
    Downloads: 30
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Stock Market Market Crash of 2008: an empirical study of the deviation of share prices from company fundamentals

    Source: Taisei Kaizoji, MIchiko Miyano,
    Date Submitted: 06 May 2017
    Views: 254
    Downloads: 31
    The aim of this study is to investigate quantitatively whether share prices deviated from company fundamentals in the stock market crash of 2008. For this purpose, we use a large database containing the balance sheets and share prices of 7,796 worldwide companies for the period 2004 through 2013. We develop a panel regression model using three financial indicators–dividends per share, cash flow per share, and book value per share–as explanatory variables for share price. We then estimate individual company fundamentals for each year by removing the time fixed effects from the two-way fixed effects model, which we identified as the best of the panel regression models. One merit of our model is that we are able to extract unobservable factors of company fundamentals by using the individual fixed effects. Based on these results, we analyze the market anomaly quantitatively using the 
    divergence rate–the rate of the deviation of share price from a company’s fundamentals. We find that share prices on average were overvalued in the period from 2005 to 2007, and were undervalued significantly in 2008, when the global financial crisis occurred. Share prices were equivalent to the fundamentals on average in the subsequent period. Our empirical results clearly demonstrate that the worldwide stock market fluctuated excessively in the time period before and just after the global financial crisis of 2008. 
  • HUT - Real Estate Segment Drags Down 2017 Growth

    Source: Son Nguyen, Thien Viet Securities JSC
    Date Submitted: 28 Apr 2017
    Views: 217
    Downloads: 9
    We attended HUT’s Conference Day with following highlights: 
  • Equity Report on Keya cosmetics Limited

    Source: Mohammad Asrarul Haque, Tajkera Rahman
    Date Submitted: 22 Apr 2017
    Views: 302
    Downloads: 11
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Indicators DZ and RDZ: Essence, Methods of Calculation, Signals and Rules of Trading

    Source: Serhiy Kozmenko,
    Date Submitted: 07 Apr 2017
    Views: 121
    Downloads: 3
    Speculators exert more and more influence on prices on world exchange markets. Often the result of this is a formation of so-called “bubbles” with subsequent shocks to national and global economy. The purpose of speculators is earnings in a relatively short period of time using the differences in prices for exchange assets. Most of the speculators as a reference point for decision-making use technical analysis methods (prediction of future prices based on previous prices). Using more sophisticated methods gives advantage and opportunity to earn on a relatively short-term fluctuations in the exchange markets. General rules of technical analysis applied to all types of exchange markets – foreign exchange and stock markets, commodity markets and markets for derivative financial instruments. Thus, developing of a new technical indicator or trading strategy for FOREX (foreign exchange market) can be applied to analyze prices of gold or oil, stock indices and stock prices.
  • Detecting 'Fake' Price Movements: A Convergence/Divergence Indicator

    Source: Guglielmo Maria Caporale, Luis A. Gil-Alana
    Date Submitted: 07 Apr 2017
    Views: 2402
    Downloads: 21
    This paper develops a new pair trading method to detect “fake” price movements and arbitrage opportunities that is based on a convergence/divergence indicator (CDI) belonging to the oscillatory class. The proposed technique is applied to a cross-currency pair (EURAUD, 2010-2015), and trading rules based on CDI signals are obtained. The CDI indicator is shown to outperform others of the oscillatory class and to generate profits (in the case of EURAUD) without the need for incorporating additional algorithms in the trading strategy. The suggested approach is of general interest and can be applied to different financial markets and assets.
  • Is There a Friday Effect in Financial Markets?

    Source: Guglielmo Maria Caporale,
    Date Submitted: 07 Apr 2017
    Views: 1888
    Downloads: 17
    This paper tests for the presence of the Friday effect in various financial markets (stock markets, FOREX, and commodity markets) by using a number of statistical techniques (average analysis, parametric tests such as Student's t-test and ANOVA analysis, non-parametric ones such as the Kruskal-Wallis test, regression analysis with dummy variables). The evidence suggests that stock markets are immune to Friday effects, whilst in the FOREX Fridays exhibit higher volatility, and in the Gold market returns are higher on this day of the week. Using a trading robot approach we show that the latter anomaly can be exploited to make abnormal profits.
  • HSG [+1% - NEUTRAL] - Cautious Approach As Cycle’s Top Is Not Far Ahead - Initiation Report - April 2017

    Source: Thien Viet Securities JSC, Bach Nguyen
    Date Submitted: 07 Apr 2017
    Views: 166
    Downloads: 5
    Hoa Sen Group is a leading steel manufacturer in Vietnam We initiate coverage on Hoa Sen Group, a leading steel manufacturer in Vietnam as of March 2017. The stock is part of the VN30 Index and had a stellar performance last fiscal year as well as Q1 result. The overall consensus has thus been positive and management is forecasting more good news ahead. We however are cautious on the Company’s performance based on:
  • Equity Insight on Golden Harvest Agro Industries Ltd

    Source: Mohammad Asrarul Haque, Tajkera Rahman
    Date Submitted: 06 Apr 2017
    Views: 226
    Downloads: 20
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • PNJ [+25.3% - BUY] - Ample Room for Market Expansion - Equity Update - 30 March 2017

    Source: Thien Viet Securities JSC, Trung Dong
    Date Submitted: 30 Mar 2017
    Views: 146
    Downloads: 7
    We reiterate BUY rating to PNJ with a revised 12M TP of VND 91,000 (previously VND 85,000) after adjusting earning forecast by 90bps and lowering WACC from 10.8% to 9.7% (see Figure 1 as below). Key investment themes for PNJ in 2017-18F are:
  • CTD [+14.9% - NEUTRAL] - NEW GROWTH PLATFORM - FLASH NOTES - MARCH 2017

    Source: TVS Equity Research, Son Nguyen
    Date Submitted: 29 Mar 2017
    Views: 165
    Downloads: 7
    We attended the Conference Day held by Contec Construction JSC (Ticker: CTD). The management team revealed the FY2016 business performance review and new construction-related business lines. We believe new business segments will create new growth platform for CTD from 2017 onward. The highlights are below:
  • Analyst Report - Best World International Ltd

    Source: Charles Phan Zhong Wei, Jeremy Liang Jinrong, Ai Xin
    Date Submitted: 27 Mar 2017
    Views: 263
    Downloads: 35
    Sell-side research report on Best World International Ltd. Initiate a Buy Call with upside of 47.7%. Includes: - detailed report of analysis - slide deck to pitch the stock recommendation - financial model with detailed accounting adjustments, performance analysis, forecasts and valuations
  • Equity Note on United Power Generation and Distribution Co. Ltd.

    Source: Tajkera Rahman
    Date Submitted: 23 Mar 2017
    Views: 260
    Downloads: 22
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • APEI LBO Case Competition 2017 - LBO of AmorePacific Corporation

    Source: Charles Phan Zhong Wei, Chua Kian Chong, Chan Jun Hao, Sylvester Yeo Kai Ren
    Date Submitted: 20 Mar 2017
    Views: 464
    Downloads: 56
    Advisory for the AmorePacific Group's leveraged buyout of AmorePacific Corporation (target). The following key points are addressed: - Executive summary - Recent financial / operating performance of AmorePacific Group - Industry overview - Strategic alternatives to an LBO - Recommendations to restruture the combined firm - Deal structure and financing - Valuation summary - Returns Analysis - Risk(s) related to the deal
  • Equity Insight on ACI Limited

    Source: Tajkera Rahman, Mohammad Asrarul Haque
    Date Submitted: 09 Mar 2017
    Views: 262
    Downloads: 13
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • IPO Note on Shepherd Industries Limited

    Source: Rehan Kabir
    Date Submitted: 08 Mar 2017
    Views: 270
    Downloads: 14
    EBLSL prepares IPO Notes for the newly listed issues that provide brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • 2017 Market Outlook - Charting New Course

    Source: Thien Viet Securities JSC
    Date Submitted: 07 Mar 2017
    Views: 223
    Downloads: 14
    1. Economy Outlook – Charting New Course • We expect 2017 economy delivers 6.41% growth (vs. 6.7% government target) with controlled inflation under 7%. • Although the monetary policy has more room (the Taylor rule rate of 5.43% vs. 9% base rate), the new cabinet is expected not to take use of it. • 3.5% fiscal deficit is stretched target which requires government follow strictly financial discipline. • Uncertain global trade weights on both trade and foreign exchange. 2. Equity Market – Approaching to Next Bar • Given economic stabilization, we expect the VNindex enjoying 10.3% growth to price at 732.23. It does imply 2016 P/E traded at forward 14.45x. • Market movement gains momentum from new large-cap listings expected speeding up in 2017 . The new cabinet takes SOE-equitization plan seriously when public debt approaching to 60% GDP. • Foreign trading expected to be net-selling when selling forces does exist, explained by (i) hiking Fed rate, (ii) closing 10-year investment horizon fund since inception of 2007, and (iii) ETF being less attractive vehicle. 3. Our favorable sector/stock • Consumer goods sector [portfolio’s growth component] - backed by rising tide of private consumption. Our stock picks are VNM, PNJ and MWG. • Oil & Gas [portfolio’s alpha-generation component] – 2017 turnaround year. Our stock coverage are PVD and DCM. • Real Estate – Time to Enter Affordable Housing Segment. Our stock coverage is NLG • New listing - Short-term event-driven strategy. Our stock pick is VJC.
  • Hospital Insights: Financial insights of listed hospitals in Sri Lanka - Sept'16

    Source: Frontier Research
    Date Submitted: 05 Mar 2017
    Views: 189
    Downloads: 10
    Quarterly insights report on the performance of listed hospitals in Sri Lanka. The report also includes a summary of key developments that took place in the healthcare sector in Sri Lanka over the period.
  • Financial Monitoring in the New Asean-5 Countries

    Source: Reyes, Noel G., Lim, Se Hee
    Date Submitted: 27 Feb 2017
    Views: 243
    Downloads: 3
    Lim, Se Hee; Reyes, Noel G. | May 2014
  • Equity Insight Report- IFAD Autos Ltd.

    Source: Tajkera Rahman
    Date Submitted: 18 Feb 2017
    Views: 399
    Downloads: 64
    EBLSL prepares Equity Insight Report on regular basis that provides brief company insights based on fundamental analysis along with a preview of respective industry in which the company operates. Besides, factors affecting stock prices i.e. investment positives and negatives are also presented in the report.
  • Disclosure Level and Cost of Equity Capital of IPO Firms: Evidence from Singapore

    Source: Ming Jian, Ming Xu
    Date Submitted: 17 Feb 2017
    Views: 239
    Downloads: 5
    This paper examines the tendency of initial issuers to exhibit lower levels of disclosure in their prospectuses ensuing relaxed disclosure requirements by the exchange. It focuses on disclosure pertaining to issuers’ corporate governance structures with the element of disclosure branched into quality and quantity which we find to be highly correlated. Despite general postulation that disclosure quality and quantity will decline after relaxation, the results suggest otherwise. The departure is however largely attributed to companies’ responses to investors’ demand for enhanced disclosure following high-profile corporate failures. Furthermore, it also investigates the association between cost-of-equity capital and the quality and quantity of disclosure. The findings are consistent with economic theory which advocates a negative relationship between them, suggesting that disclosure levels have a part to play in asset-pricing models.
  • ANALYZE CHINA OWNERSHIP ON US COMPANY AND EXPERTISE GAINED IN ENTERTAINMENT INDUSTRY – DALIAN WANDA’S ACQUISITION OF AMC THEATRES CASE STUDY

    Source: Omar Berbiche
    Date Submitted: 09 Feb 2017
    Views: 245
    Downloads: 10
    AMC Theatres, a huge but in trouble American cinema operator, was about to be the next victim of an LBO with negative net results for few years. Therefore, the Hollywood tycoons and industry were very surprised when Dalian Wanda Group announced the acquisition of AMC Theatres for US$2.7 billion in 2012. Private equity funds, owners of AMC Theatres had left the theatre chain to deteriorate day after day compared to its competitors so that the bulbs of the projectors were not changed, projecting poor quality films. AMC is an old cinema chain, in a sector where competition is fierce and with no growth market. One might even wonder if Wanda can make money after the acquisition, or simply enjoy a company in difficulty, help them getting their head above water and make another disastrous Chinese investment. Nevertheless, 15 months later, Wang Jianlin, owner and chairman of Dalian Wanda Group and the second richest man in China at that time, saw the value of its shares in AMC Entertainment more than doubled, making a gain of US$800 million. This essay aims to analyze and evaluate in detail how to value a cross-border acquisition from a Chinese perspective in the entertainment industry, analyse how China ownership impacted America's AMC performance and how Dalian Wanda got strategic gains like film distribution, chain management and production standards bringing new content or technology back to China. This analysis includes industry conditions and market conditions since the two companies went public, assess the rational of the transaction in the operating performance and how the two markets and business model differ from each other. Meanwhile, this essay elaborates in detail how, through this acquisition, Wanda has turned into the biggest cinema operator in the world, and has gained a global key position, spreading Chinese soft power abroad.
  • Chinese Investment in the Carbon Risky Canadian Oil and Gas Industry

    Source: Jonathan Hammond
    Date Submitted: 09 Feb 2017
    Views: 1484
    Downloads: 10
    Chinese investor Tri-Win International Investment Group Inc. (Tri-Win) acquired Calgary, Canada based oil and gas producer Hyperion Exploration Corporation (Hyperion) on January 9th 2015 for CAD$31.9 million taking the previously listed Toronto Venture Exchange traded company private. In the developing climate sensitive landscape of Canada, increasing importance is being placed on combatting climate change and putting a price on carbon dioxide emissions. Due to the carbon intensive production of unconventional Canadian oil and gas products, current and future Chinese investors within this industry must adequately quantify their financial exposure to carbon risk in their valuation models. This thesis seeks to critically analyze whether Chinese investor Tri-Win used a methodology for quantifying and valuing carbon risk with the acquisition of Canadian oil and gas producer Hyperion and if it was sufficient or not. The implications from this thesis for Chinese investors stem from a unique methodology for quantifying carbon risk in oil and gas investments within the country of Canada. Through this analysis, it will be shown that Tri-Win did not accurately quantify their exposure to carbon risk leading to significant future carbon risk exposure. This lack of accurate valuing of carbon risk exposed them to substantial impending financial liabilities with regards to an encumbering stricter landscape for carbon emitters.
  • SUCCESS OF HORIZONTAL M&A BETWEEN MARKET DOMINATORS - CASE STUDY OF CTRIP ACQUIRING QUNAR

    Source: Zhu Qiqi
    Date Submitted: 09 Feb 2017
    Views: 307
    Downloads: 7
    Horizontal M&A between market dominant players can bring in tremendous synergy but faces tight constraints and conditions. This paper aims to detect the keys to success of Ctrip acquiring Qunar and offer lesson to other horizontal M&As. The key success factors can be divided into four parts: For negotiation counterparty, this paper analyzes conflicts on M&A decision. Given the shareholder structure of Qunar, Baidu is actually the decision marker. That’s why Ctrip successfully reached M&A agreement with Baidu without approval from management of Qunar. Shareholder structure and board seat are two keys for acquirer to find proper target and right counterparty to negotiate with. For choice of payment, from answering why Ctrip acquired Qunar through share-exchange with Baidu, this paper illustrates the significant role of stock-for-stock payment and consideration in a real case. For determination of stock exchange ratio, this paper utilizes market approach and equity value approach to decide valuation range for Ctrip and Qunar, which provides valuation example for such horizontal stock-for-stock merge. For transaction structure design and regulation, such horizontal M&A may result in higher concentration ratio of an industry and will face regulation of anti-trust law. This paper studies anti-trust law in China and find out why Ctrip only acquires less than 50% of Qunar to offer a lesson for other deals.
  • M&A OF GAME COMPANIES IN A-SHARE MARKET – A CASE STUDY OF OURPALM CO., LTD’S SERIAL ACQUISITIONS

    Source: Zhang Fan
    Date Submitted: 09 Feb 2017
    Views: 291
    Downloads: 5
    With the introduction of Growth Enterprises Market Board in China, we are posed with great challenges to understand M&A from light assets industries, with high market to book value. A representative sub industry is game industry. This thesis used the format of case study and took Ourpalm Co., Ltd’s serial acquisitions as an example. This thesis discussed about motivations for conducting serial acquisitions, valuation method and characteristics of game companies, rationality of target companies’ valuation, level of synergy, and deal term feature in game industry M&A. It was found that one of the targets, Hainan Dovo was fairly priced, but market zeal for acquiring game companies played a significant role. Post-acquisition analysis showed that sharing of channel resources was the most important synergy in game industry M&A. This thesis displays insight of game industry M&A in A-share market, and provides reference for acquirers and investors in future game M&A deals. Since the acquiring company was the only listed game company in mainland China back to 2013, it offered us a unique opportunity to examine the synergy among them, and compare the serial acquisitions horizontally. In addition, many conclusions are also applicable for other light assets companies. Since China’s economy is now undergoing an extensive transformation from heavy assets driven to light assets driven, our understanding of light assets companies’ M&A becomes more important.
  • DEBT RESTRUCTURING WITH FOREIGN DEBT HOLDERS: A CASE STUDY OF KAISA

    Source: Yu Zhonghai
    Date Submitted: 09 Feb 2017
    Views: 216
    Downloads: 8
    This paper discusses theories about debt restructuring with an extensive case study of the debt restructurings of Kaisa, a Hong Kong listed real estate developer in China. This paper serves to help understand disadvantages of foreign debt holders in restructurings, as well as key considerations of debt holders in debt restructurings, especially with family firms as the borrowers. The case study starts from the two restructuring plans of Kaisa as well as the reaction of the market and offers real world evidence for theories above. This paper achieves the following main results. Firstly, foreign debt holders suffer from information asymmetry and under-collateralization issue which are caused by geographic disadvantage and capital regulation policies in China. Secondly, major considerations of the debt holders include economic return, security of restructured debts, as well as lower bargaining cost and feasibility which help to close the restructuring faster. Especially when the borrowers are family firms, debt holders should be cautious to use equity injections and debt-for-equity swaps since family firms are sensitive to dilution of control power. Kaisa’s case is the first default and first debt restructuring event of oversea bonds issued by Chinese real estate companies. This study provides references and experience for foreign investors’ future investment in similar securities. Moreover, this case could also be teaching material of corporate finance course as it is originally designed.
  • Efficiency of Technical Trading Rules in China A-Share Market

    Source: Huang Jiali
    Date Submitted: 09 Feb 2017
    Views: 250
    Downloads: 8
    Technical analysis is to forecast the future movement of stock price based on the study of history information. Common technical indicators include moving average, Bollinger Band, Relative Strength Index and so on. Though the efficiency of technical analysis is under suspicion, many investors use technical analysis to help to make investment decision. This thesis attempts to test the efficiency of technical trading rules in China a-share market. A new technical indicator —— net price volatility (NPV) is brought up, which is calculated using the open price, highest price and lowest price of the stock intraday. A trading strategy is built based on this new indicator. This thesis first investigates the performance of the strategy on CSI300 index and compares it with the buy and hold strategy. We also conduct trading strategies based on other common technical indicators and evaluate their performance. Second, we did a thorough robustness analysis. We investigate the performance of our strategy in different years, different volatility market, different liquidity market, different parameter and trading cost settings. We also test the strategy on different market indexes, industry indexes and individual stocks. The strategy shows a consistent performance over different underlying assets, which further certifies its efficiency. Third, we make modifications to the strategy, test the performance on two real life financial asset and construct a financial product based on the strategy.
  • GOLD-LINKED INTERVAL CUMULATIVE STRUCTURED PRODUCT DESIGN AND ANALYSIS

    Source: Hu Lisi
    Date Submitted: 09 Feb 2017
    Views: 77
    Downloads: 1
    Chinese families are putting increasingly more of their total wealth to financial asset than real estate and savings account. This is largely attributed to the popularization of Alibaba’s Yuebao and the bull market started from 2014. However, most of the individual investors can only take long position in exchange traded asset with relatively small trading unit. This limited their profitability. Structured product can serve as a solution to help individual investors to achieve desired risk-return profile and do their asset allocation, for example, asset allocation among equity, bond, and commodity. Asset allocation is the major revenue source of investment, rather than just doing stock selection all the time. Structured product has been developed at a very fast speed in China since 2004. However, most of the domestic banks only serve as a distribution channel. The process of design and hedging are done by foreign investment banks. However, the No.35 article issued by China Banking Regulatory Commission put stricter limitation on financial product. Previously, banks can lend money to long term project by issuing short term product in a rolling basis. Now, this is prohibited therefore high yield of short term product is unsustainable. The potential highest return of structured product can attract many investors who believe themselves are knowledgeable. Despite the development, some banks didn’t do well in risk management judging from their product instruction. Exposure is left unhedged. On one hand, leaving exposure unhedged from experience is allowed. On the other hand, risk should be matched with return. Some banks didn’t state under which circumstances there will be a loss and to what extent the loss will be, but require the profit beyond maximum return distributed to issuer as floating management fee. This made the product more like a capped mutual fund and we have reason to worry about agency problem. In this paper, I designed a gold-linked interval cumulative structured product.
  • THE APPLICATION OF TWO-TIER SPECIAL PURPOSE VEHICLE IN CHINESE ENTERPRISE ASSET-BACKED SECURITIZATION - A CASE STUDY ON STELLAR ABS

    Source: Chai Jingjing
    Date Submitted: 09 Feb 2017
    Views: 191
    Downloads: 5
    By the combination of theoretical analysis and a case study on Stellar ABS, this paper helps to understand the how two-tier SPV structure differs from traditional ABS structure and the benefits of applying two-tier SPV structure. The analysis would be done in mainly three aspects: the advantages of enterprise ABS, the differences of one-tier and two-tier SPV structure and their applicability, and the benefits & costs of two-tier SPV structure. The research has got the following main results. Firstly, enterprise ABS has its strengths over bank loans and corporate bonds on the liquidity it provides and the flexibility over financing scale and duration. Secondly, two-tier SPV uses a trust scheme as the second SPV. So trust beneficiary right becomes the underlying asset while cash flow from issuers becomes the trust loan repayment source. So one-tier SPV structure is more applicable to enterprises whose existing and specific assets can generate sustainable cash flow within the duration of ABS with contractual or regulatory proof. For other enterprises that have sustainable cash flow but cannot fulfill all the criteria, two-tier SPV structure is suggested. Finally, two-tier SPV structure helps sidestep several constraints, making it possible for some companies to finance through securitization. Economies of scale can be realized by combining related income categories or companies together in one asset pool. Risk diversification effect can also be realized by involving different assets with low correlation into the same asset pool. Taking account of the immaturity of ABS market, enterprise ABS with risk diversification feature would be more appealing to investors. This case study contributes to the research and practice by providing implications on the applicability and benefits of two-tier SPV structure in enterprise ABS.
  • THE KEY SUCCESS FACTORS OF ONLINE TRAVEL BUSINESS MODELS AND THEIR INFLUENCE ON VALUATION—A CASE STUDY OF HUOLI HOLDINGS

    Source: Zhou Qi
    Date Submitted: 09 Feb 2017
    Views: 194
    Downloads: 5
    This thesis analyzes the key success factors of online travel business models and their influence on the company’s valuation. We propose three most important key success factors, which are 1) core function design; 2) profit model’s consistency with core function; 3) closed loop O2O system. These factors can influence representative companies’ abilities to acquire users and turn users into revenue, thus influence their valuation.  The good core function design should provide simple and convenient travel information and services. This kind of core function can significantly improve companies’ ability of user acquisition.  The profit model’s consistency with the core function is the key success factor that can increase user’s willingness to pay, thus improve companies’ ability to turn users into revenue.  Closed loop O2O system is the online transaction—off-line consumption—online feedback circle. It can strengthen users’ trust in service quality and improve companies’ ability to turn users into revenue. Huoli Holdings’ case is used as an example to study in detail the key success factors’ influence on its user acquisition and revenue generating abilities. We also analyze how those KSFs determine firm valuation by influencing these core abilities. The conclusion contributes to theoretical study of online travel business models, and the key success factors can also be used in practical as guidance for related companies.
  • PRIVATE EQUITY’S EXIT STRATEGY FOR INVESTMENTS IN CHINESE OVERSEAS LISTED COMPANIES – CASE STUDY OF JIN JIANG ACQUIRING KEYSTONE

    Source: Zhou Mao
    Date Submitted: 09 Feb 2017
    Views: 258
    Downloads: 12
    This thesis analyzes private equity’s exit strategy for investments in Chinese overseas listed companies based on the case study of Jin Jiang acquiring Keystone from the following perspectives. Firstly, motivations and functions of PE investors in the PPP (Public-Private-Public) process of Chinese overseas listed companies are discussed. Valuation arbitrage opportunity between overseas and domestic markets is the most direct reason for PE investors to participate in this process. Secondly, exit options and criteria of PE investors in formulating exit strategies are investigated. For investments of Chinese companies delisted from overseas market, there are four typical exit options in China: IPO, backdoor listing, New Three Board listing and M&A. This paper thoroughly analyzes their differences and practical issues PE investors need to consider under each option. PE investors will evaluate each option by various criteria including return, convenience, risk, timeliness and liquidity. For investments in Chinese companies delisted from overseas market, PE investors especially value three criteria of the exit option: timeliness, risk and convenience. Thirdly, exit payment method and post-investment managements are discussed. In terms of payment methods in an M&A transaction, cash payment has advantages of avoiding post-deal risk, high certainty and high timeliness for PE investors. In terms of post-investment management, active management of PE investor is beneficial for its successful exit. The contribution of this thesis comes from two sides. Theoretically, this thesis investigates a practical and timely issue based on theoretical frameworks; Practically, this thesis provides guidance and insights for PE investors in their future investments.
  • LEVERAGE-FUELED GROWTH OF CHINESE REAL ESTATE FIRMS —A CASE STUDY ON YANGO GROUP

    Source: Huang Mengwei
    Date Submitted: 09 Feb 2017
    Views: 181
    Downloads: 2
    The real estate industry in China is typically capital-dependent with one of the highest leverage levels compared to other industries. Motivations for choosing high leverage and how real estate firms manage the leverage risk and achieve high growth are very important topics in corporate management and corporate finance. In this paper, I combine theoretical and empirical analyses to study the phenomenon of high leverage commonly employed by Chinese real estate firms. In particular, I study Yango Group Co., Ltd (“Yango”), a real estate firm publicly listed in the Shenzhen Stock Exchange since 1996. In 2012, Yango changed the location of its headquarter from Fuzhou to Shanghai. Since then, Yango has employed high-leverage and achieved 1000% sales growth in just 3 years. By using a high-turnover strategy and diversifying its financing channels, Yango has managed the leverage risk as well. This case study will provide valuable insights to publicly listed real estate firms, especially small and medium sized developers. Although bank loans were recognized as the most frequently used and most traditional financing channel, government policies have driven real estate firms to finance through non-bank innovative financial instruments such as trust, fund, stock pledge, etc. Because Chinese real estate firms’ financing needs are not met by traditional debt or equity financing channels, these firms have incentives to resort to other forms of leverage channels. As a result of their aggressive expansions with high leverage, these firms face risks of inventory pile-up, cash flow management failure and bankruptcy. Real estate firms could implement high turnover strategy and diversified financing channels in order to manage high leverage risk.
  • Product Analysis and Pricing Study of Automobile Loans Asset-Back Securities

    Source: Liao Xiuwen
    Date Submitted: 09 Feb 2017
    Views: 144
    Downloads: 8
    This thesis considers the product characteristics and pricing methodology of automobile loans asset-backed securities in China. Firstly, this thesis describes the macro-environment and market needs for this product, suggesting it will head for peak in near future with the support by Chinese regulators. Secondly, the whole process of securitization of automobile loans is constructed based on the collateral traits and regulatory requirements in China. Thirdly, the methodology and rationality of the pricing model is demonstrated and Monte Carlo simulation back test is done by pricing one representative product--- Rongteng II auto ABS. The model is considered to be effective for pricing automobile loans asset-backed securities as well as making the investment and risk management decisions. The key extensions and innovations of this thesis are that the model could price floating-rate asset-backed securities; the values of asset-backed securities could change over time by different distribution of prepayment and default patterns; the product could be a key solution to the problem of automobile finance companies in China.
  • Equity Insight- Olympic Accessories Limited

    Source: Mohammad Asrarul Haque, Salman Rahman
    Date Submitted: 06 Feb 2017
    Views: 333
    Downloads: 20
    Equity insight report is part of a regular product from EBLSL Research Portfolio. The attached report contains brief analysis and investment insight on Olympic Accessories Limited.
  • Bangladesh Steel Industry Review

    Source: Mohammad Asrarul Haque
    Date Submitted: 04 Feb 2017
    Views: 475
    Downloads: 65
    Industry analysis is a part of EBLSL research product basket. The attached report contains the current market condition and competitive structure of the steel industry in Bangladesh. Besides, the report also contains a comparative review on the listed steel manufacturing companies in the capital market of Bangladesh.
  • How Does Financial Opening Affect Industrial Effi ciency? The Case of Foreign Bank Entry in the People’s Republic of China

    Source: , , Li, Ran, Huang, Yiping
    Date Submitted: 04 Feb 2017
    Views: 230
    Downloads: 0
    Li, Ran; Huang, Yiping | April 2015
  • Dynamic Effect of a Change in the Exchange Rate System: From a Fixed Regime to a Basket-Peg or a Floating Regime

    Source: Yoshino, Naoyuki, Kaji, Sahoko, Asonuma, Tamon
    Date Submitted: 04 Feb 2017
    Views: 129
    Downloads: 1
    Yoshino, Naoyuki; Kaji, Sahoko; Asonuma, Tamon | March 2015
  • The Recent Convergence of Financial Development in Asia

    Source: Dekle, Robert, Pundit, Madhavi
    Date Submitted: 03 Feb 2017
    Views: 100
    Downloads: 1
    Dekle, Robert; Pundit, Madhavi | July 2015
  • Equity Insight Report- Bangladesh Steel Re-Rolling Mills Limited

    Source: Mohammad Asrarul Haque
    Date Submitted: 01 Feb 2017
    Views: 360
    Downloads: 16
    Fundamental analysis on Bangladesh Steel Re-Rolling Mills Limited
  • NZFC - Higher Moment Risk Premiums for the Crude Oil Market: A Downside and Upside Conditional Decomposition

    Source: Yahua Xu, Jose Da Fonseca
    Date Submitted: 10 Jan 2017
    Views: 3776
    Downloads: 54
    Relying on options written on the USO, an exchange traded fund tracking the daily price changes of the WTI light sweet crude oil, we extract variance and skew risk premiums in a model-free way. We further decompose these risk premiums into downside and upside conditional components and show that they are time varying; that they can be partially explained by USO excess returns and, more importantly, these decomposed risk premiums enable a much better prediction of USO excess returns than the standard, or undecomposed, variance and skew risk premiums.
  • Equity Protection Now - Like 'Buying Straw Hats in Winter'

    Source: QIC
    Date Submitted: 28 Dec 2016
    Views: 249
    Downloads: 0
    As markets have calmed, many investors have put off buying equity protection. Yet hedging is still an important tool for buffering portfolios in down markets. Here we analyse a number of hedging options for better long-term portfolio performance.
  • AFM -- Market Transparency and Pricing Efficiency: Evidence from Corporate Bond Market

    Source: Jia Chen, Ruichang Lu
    Date Submitted: 08 Dec 2016
    Views: 292
    Downloads: 10
    This paper investigates how mandatory post-trade market transparency affects pricing efficiency in the corporate bond market. Using the phase implementation of TRACE and a differences-in-differences research design, we find that when market transparency is greater, bond prices incorporate information quicker but contain less amount of bond-specific information. Specifically, greater market transparency leads to a shorter return drift and a lower price delay. These effects are similar for different liquidity, trading activity, and maturity subgroups. In contrast, greater market transparency leads to fewer bond analyst reports and higher co-movement between individual bond returns and market returns. These results highlight that market transparency has opposite impact on two dimensions of pricing efficiency, speed of information incorporation and amount of information incorporated in prices.
  • AFBC - Slack-based directional distance function in the presence of bad outputs: Theory and Application to Vietnamese Banking

    Source: Manh D. Pham, Valentin Zelenyuk
    Date Submitted: 15 Nov 2016
    Views: 246
    Downloads: 5
    Slack-based directional distance function in the presence of bad outputs: Theory and Application to Vietnamese Banking
  • AFBC-Information environment, systematic volatility and stock return synchronicity

    Source: Wang Jing
    Date Submitted: 15 Nov 2016
    Views: 422
    Downloads: 36
    Australasian Finance and Banking Conference Submission
  • Frontier Insights - LFC Update - June 2016

    Source: Frontier Research
    Date Submitted: 13 Nov 2016
    Views: 308
    Downloads: 2
    A quarterly performance review of the listed Finance companies in Sri Lanka
  • Testing Catching Up and Convergence Issue of Indian Banking Sector

    Source: Dipasha sharma
    Date Submitted: 09 Nov 2016
    Views: 1182
    Downloads: 17
    Present study addresses the issues of catching up and convergence in the Indian banking sector
  • ESG Reporting and Firm Performance in Indian economy

    Source: Dipasha Sharma, Shagun Thukral , Sonali Bhattacharya
    Date Submitted: 09 Nov 2016
    Views: 2572
    Downloads: 34
    The primary motive of any firm has always been to generate profits and maximize value for its shareholders. However with global economic crisis unfolding one after the other since the start of the millennium there has been a shift in the focus of governments, regulators, investors and corporations to a more “socially responsible” behavior by firms in addition to profit maximization. This includes the importance given by firms to areas such as sustainability, environmental, social and governance (ESG) concerns and ethical considerations. This has generated lot of research interest in comparison of performance of firms that do show due consideration to these factors versus those that do not. In this study we highlight the gaps in the existing literature and follows econometric modelling to discuss following hypothesis: Hypothesis 1: High Level of Corporate Sustainable Performance in terms of Environmental, Social and Governance will be associated with high financial performance Hypothesis 2: Size of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance. Hypothesis 3: Industry classification of the firm will moderate the relationship between Corporate Sustainable Performance in terms of Environmental, Social and Governance and financial performance.
  • Influence of Turbulent Macroeconomic Environment on Productivity Change of Banking Sector: Empirical Evidence from India

    Source: Dipasha Sharma
    Date Submitted: 08 Nov 2016
    Views: 2009
    Downloads: 0
    This study aims to assess the direct impact of US subprime crisis and turbulent macroeconomic conditions on the productivity gains of Indian banking sector using non-parametric data envelopment analysis (DEA) based Malmquist productivity index (MPI) and panel data regression model for the period 2000–2010. This study evaluates the trend of productivity change and assesses the influence of turbulent macroeconomic environment and financial crisis along with regulatory/microeconomic factors on the productivity of the Indian banking sector. The results reveal overall productivity increase during the period under study with the technological improvement across the sector. Financial crisis 2008–2009 exhibits positive and significant impact on the productivity Indian banking sector. Empirical findings suggest that the Indian banking industry sustained their productivity growth even during the global crisis. GDP and inflation exhibits negative and significant association with the productivity gains of Indian banking sector. Productivity growth exhibits significant and positive association with the listing in the stock exchange and therefore this study supports the ‘market discipline’ hypothesis in Indian banking sector. Bank size in terms of total assets, bank’s diversification strategy and profitability exhibit insignificant relationship whereas bank’s expense preference behaviour reveals negative relationship. Bank origin exhibits insignificant association and ownership reveal positive association. Therefore, results of the study do not support global advantage hypothesis in Indian banking sector.
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 8

    Source: Wong Yuen Man, Wong Cheuk Fun
    Date Submitted: 07 Nov 2016
    Views: 440
    Downloads: 0
    Humans always learn from history and our students should also learn from the past. This is the first time a case study is used as the main topic in the RMBI Newsletter series.London Whale Risk in 2012 is chosen as the topic of this chapter. This issue mainly focuses on the risks involved, including operational risks, analysis of VAR modeling aswell asthe influence of the Basel regulatory stan­ dard.
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 9

    Source: Wong Yuen Man, Kwong Wing Man, Chan Ling Fung, Lo Ka Chun, Ng Wing Leong, Tam Kiu Fai, Lee Tung Kiu, Lee Kwok Ho
    Date Submitted: 02 Nov 2016
    Views: 410
    Downloads: 0
    In this issue, we discuss about the current situation of Hong Kong's Logistics Industry, including ogictics business cycle and its embbeded risk, big data and new technologies, as well as the future development and suggestions to the logistics industry. Basel III, the histroy and its evolution, impact on locan banks and lessons leanred from overseas.
  • Crises and Central Banks

    Source: Ishwar Chidambaram
    Date Submitted: 02 Nov 2016
    Views: 3422
    Downloads: 286
    A post-crisis look at the increasingly fragmented monetary policies of global Central Banks and the implications for Main Street
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 10

    Source: LEUNG Chung Wai , HAN Tianwei , CHEUNG Ngan Yeung , NG Wing Leong , SIU Hon San
    Date Submitted: 27 Oct 2016
    Views: 316
    Downloads: 0
    Shanghai-Hong Kong Stock Connect Review: How to Apply Big Data Analytics to Risk Management? Shanghai-Hong Kong Stock Connect is a pilot program launched on 17 November 2014 which links the stock markets in Shanghai and Hong Kong. Under the program, investors in Hong Kong and Mainland China can trade and settle shares listed on the other market via the exchange and clearing house in their home market. Under this arrangement, Hong Kong and foreign investors can trade stocks listed on the Shanghai Stock Exchange (SSE) through Northbound trading while Mainland investors can trade stocks listed on the Hong Kong Stock Exchange (SEHK) through Southbound trading. How to Solve the Problem of China’s “Ghost Towns”? In recent years, China's economy has taken off and there is a boom in the financial industry, so the government has shifted the core of reform to urbanization. Investors have invested money in the property market. The real estate industry, which many have been optimistic about, should have bloomed under the current reforms in China, but the result is the widely-known term "Ghost Town".
  • Islamic Finance: Ethics, Concepts, Practice

    Source: Usman Hayat, CFA, Adeel Malik, PhD
    Date Submitted: 27 Oct 2016
    Views: 310
    Downloads: 7
    Islamic economic thought and finance are rooted in Islamic ethics. Their ideals and means are not, however, exclusive to Islam. The principles of Islamic finance emphasize market-based risk-sharing modes of financing that promote assets and enterprise, deploy finance in service of the real economy, and facilitate redistribution of wealth and opportunity. Modern Islamic financial practices, however, privilege legal form over economic substance, which creates an expectations gap between Islamic finance’s theory and practice. In the wake of the global financial crisis of 2007–2008, the ideas underlying Islamic finance appeal to those more concerned with the broader impact of finance on society.
  • Smart budgeting: integrating financial and strategic planning for outcomes

    Source: Claire Mansfield , Maia Beresforsd
    Date Submitted: 14 Oct 2016
    Views: 265
    Downloads: 1
    This report from the New Local Government Network (NLGN) in association with the ACCA and Mazars recommends radical changes to the way local government approaches the budgeting process.
  • Analyst Report - Sheng Siong Group - Oct 15

    Source: Sylvester Yeo, Nicholas Han, Darren Toh
    Date Submitted: 11 Oct 2016
    Views: 372
    Downloads: 26
    Research report on Sheng Siong Group Ltd dated Oct 2015 initiating a hold call
  • Analyst Report - Starhub (Oct 15)

    Source: Sylvester Yeo, Cheng Jun Song, Kenny Tay, Lim You Jie, Sarah Leong,
    Date Submitted: 11 Oct 2016
    Views: 339
    Downloads: 15
    Research report on Starhub dated October 2015 with a sell call
  • AFBC - The Value Relevance of Regulatory Capital Components

    Source: Martien Lubberink, Roger Willett
    Date Submitted: 21 Sep 2016
    Views: 372
    Downloads: 11
    Our paper examines how investors value regulatory bank capital components, e,g. Tier 1 Hybrids, deduction of Goodwill, etc.
  • AFBC-Asset diversification and efficiency: Evidence from the Chinese banking sector

    Source: Kai Du, Andrew C. Worthington, Valentin Zelenyuk
    Date Submitted: 20 Sep 2016
    Views: 400
    Downloads: 11
    This paper investigates the impact of earning asset diversification on Chinese bank efficiency from 2006 to 2011. To do so, we adapt the Simar and Wilson (2007) (Journal of Econometrics) approach to panel data context so that approach allows for technology change over time. Regression results reveal that increasing the asset share of other earning assets (including securities and derivatives) is positively associated with bank efficiency. Decreasing the share of nonearning assets in total assets or increasing total equity has a similar impact. Our results also suggest that financial reforms currently being undertaken in China, including removing the regulatory requirement concerning the ratio of loans to deposits (a new draft amendment to the existing commercial banking law) and interest rate liberalization (a proposed draft amendment), are likely to induce a significant positive effect on bank efficiency in China.
  • The Global Equity Premium Revisited: What Human Rights Imply for Assets' Purchasing Power

    Source: Jedrzej Bialkowski, Ehud I. Ronn
    Date Submitted: 18 Sep 2016
    Views: 17
    Downloads: 0
    In this paper, we argue that past computations equity risk premium did not properly account for the financial implications of political collapse on property/civil/human rights. Accordingly, we show that past calculations overstated the equity risk premium. We provide an estimate of the equity risk premium that is corrected for lack of basic rights, demonstrating the important changes in this estimate over time.
  • IDLC Investments - Company Insight - Square Textiles Ltd.

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 354
    Downloads: 14
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Square Textiles Ltd. is part of the series.
  • IDLC Investments - Company Insight - Malek Spinning Mills Ltd.

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 341
    Downloads: 9
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Malek Spinning Mills Ltd. is part of the series.
  • IDLC Investments - Company Insight - Apex Footwear Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 346
    Downloads: 15
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Apex Footwear Limited is part of the series.
  • IDLC Investments - Company Insight - Square Pharmaceuticals Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 377
    Downloads: 25
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Square Pharmaceuticals Limited is part of the series.
  • IDLC Investments - Company Insight - Renata Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 337
    Downloads: 9
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Renata Limited is part of the series.
  • IDLC Investments - Company Insight - Marico Bangladesh Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 306
    Downloads: 8
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on the Marico Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - Beximco Pharmaceuticals Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 316
    Downloads: 18
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on the Beximco Pharmaceuticals Limited is part of the series.
  • IDLC Investments - Company Insight - ACI Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 310
    Downloads: 5
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on ACI Limited is part of the series.
  • IDLC Investments - Company Insight - Linde Bangladesh Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 291
    Downloads: 6
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Linde Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - Confidence Cement Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 287
    Downloads: 15
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Confidence Cement Limited is part of the series
  • IDLC Investments - Company Insight - IDLC Investments - Company Insight - Export Import Bank of Bangladesh Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 307
    Downloads: 3
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Export Import Bank of Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - Eastern Bank Limited

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 291
    Downloads: 7
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Eastern Bank Limited is part of the series.
  • IDLC Investments - Company Insight - The City Bank Limited

    Source: IDLC Investmentsv Limited
    Date Submitted: 18 Sep 2016
    Views: 347
    Downloads: 15
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on The City Bank Limited is part of the series.
  • Titas Gas Update Report (February 2014)

    Source: BRAC EPL Research, Asif Khan, CFA
    Date Submitted: 17 Sep 2016
    Views: 422
    Downloads: 26
    Titas Gas Transmission & Distribution Company Limited (DSE: TITASGAS) is the largest gas distributor of Bangladesh. This is an update report on the company published in February, 2014.
  • IDLC Investments – Company Insight – Tosrifa Industries Ltd

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 401
    Downloads: 3
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Tosrifa Industries Ltd is part of the series.
  • IDLC Investments - Company Insight - Matin Spinning Mills Limited

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 327
    Downloads: 5
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Matin Spinning Mills Limited is part of the series.
  • IDLC Investments – Company Insight – Far East Knitting and Dyeing industries Ltd

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 354
    Downloads: 3
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Far East Knitting and Dyeing industries Ltd is part of the series.
  • IDLC Investments – Company Insight – Envoy Textiles Limited

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 202
    Downloads: 3
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Envoy Textiles Limited is part of the series.
  • IDLC Investments - Company Insight - Bata Shoe Company (Bangladesh) Ltd.

    Source: IDLC Investents Limited
    Date Submitted: 17 Sep 2016
    Views: 349
    Downloads: 12
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Bata Shoe Company (Bangladesh) Ltd. is part of the series.
  • IDLC Investments - Company Insight - The IBN SINA Pharmaceutical Industry Ltd

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 355
    Downloads: 7
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on the IBN SINA Pharmaceutical Industry Ltd is part of the series.
  • IDLC Investments - Company Insight - Active Fine Chemicals Limited

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 311
    Downloads: 6
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Active Fine Chemicals Limited is part of the series.
  • IDLC Investments - Company Insight - Berger Paints Bangladesh Limited

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 291
    Downloads: 4
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Berger Paints Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - Titas Gas Transmission and Distribution Company Ltd

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 222
    Downloads: 5
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Titas Gas Transmission and Distribution Company Ltd is part of the series.
  • IDLC Investments - Company Insight - Jamuna Oil Company Limited

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 303
    Downloads: 8
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Jamuna Oil Company Limited is part of the series.
  • IDLC Investments - Company Insight - Olympic Industries Limited

    Source: IDLC Investments Limited
    Date Submitted: 17 Sep 2016
    Views: 261
    Downloads: 3
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Olympic Industries Limited is part of the series.
  • CNMC Goldmine - Debunking the myth that investing in gold does not yield dividends

    Source: Joshua Wu
    Date Submitted: 10 Sep 2016
    Views: 212
    Downloads: 5
    In my view, Gold should always have a place in one's portfolio and the shiny metal's recent recovery off the lows has investors sitting up and taking notice of it again. There are several ways to invest in gold. 1) Physical – Probably the easiest and most direct way to invest in gold is through ownership of the metal itself although investors must keep certain considerations in mind such as storage costs and wide bid/ask spreads quoted by gold traders. 2) Gold ETFs – An ETF is a type of mutual fund that tracks gold prices closely and trades on a stock exchange like an ordinary stock. This remains the recommended option for most retail investors 3) Gold stocks – shares of gold mining companies are a risky way to profit from the direction of gold prices and require thorough analysis. Correlation and idiosyncratic risks are also present here as you are subject to changes affecting the specific company and not just the gold industry as a whole. 4) Gold futures & options – the riskiest way to invest in gold, this option is normally not open to retail investors as they have to pass a test or demonstrate sound investment knowledge before being allowed to participate. As an avid investor in equities, option no. 3 appealed to me the most as it allows me to hedge my portfolio exposure on the same platform. (gold is commonly seen as a safe haven asset when equities are underperforming). Today we will have a look at one such undervalued and profitable gold mining company.
  • IDLC Investments - Company Insight - Singer Bangladesh Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 351
    Downloads: 14
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Singer Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - GPH Ispat Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 324
    Downloads: 9
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on GPH Ispat Limited is part of the series.
  • IDLC Investments - Company Insight - BSRM Steels Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 363
    Downloads: 10
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on BSRM Steels Limited is part of the series.
  • IDLC Investments - Company Insight - Bangladesh Steel Re-Rolling Mills Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 317
    Downloads: 4
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Bangladesh Steel Re-Rolling Mills Limited is part of the series.
  • IDLC Investments - Company Insight - RAK Ceramics (Bangladesh) Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 327
    Downloads: 10
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on RAK Ceramics (Banglaesh) Limited is part of the series.
  • IDLC Investments - Company Insight - Premier Cement Mills Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 378
    Downloads: 13
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Premier Cement Mills Limited is part of the series
  • IDLC Investments - Company Insight - M. I. Cement Factory Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 305
    Downloads: 3
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on M. I. Cement Factory Limited is part of the series.
  • IDLC Investments - Company Insight - Lafarge Surma Cement Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 281
    Downloads: 7
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Lafarge Surma Cement Limited is part of the series.
  • IDLC Investments - Company Insight - HeidelbergCement Bangladesh Ltd

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 405
    Downloads: 14
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Heidelberg Cement Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - United Commercial Bank Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 362
    Downloads: 2
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on United Commercial Bank Limited is part of the series.
  • IDLC Investments - Company Insight - Islami Bank Bangladesh Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 295
    Downloads: 5
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Islami Bank Bangladesh Limited is part of the series.
  • IDLC Investments - Company Insight - BRAC Bank Limited

    Source: IDLC Investments Limited
    Date Submitted: 07 Sep 2016
    Views: 300
    Downloads: 10
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Brac Bank Limited is part of the series.
  • IDLC Investments - Company Insight - Dutch-Bangla Bank Limited

    Source: IDLC Investment Limited
    Date Submitted: 30 Aug 2016
    Views: 283
    Downloads: 7
    IDLC Investments Limited publishes a series of brief introductory reports on listed companies in Bangladesh. This particular publication on Dutch-Bangla Bank Limited is part of the series.
  • Olympic Industries Limited - Initiation Coverage (Feb 2014)

    Source: BRAC EPL Research, Farah Tasnim Huque
    Date Submitted: 11 Aug 2016
    Views: 549
    Downloads: 47
    We initiate coverage of Olympic with an OUTPERFORM rating with a target price of BDT 260 per share for December 2014. Our target price implies a forward P/E of 31.3x and EV/EBITDA of 19.5x based on our estimates for the FY 2014. While valuations look expensive, the earnings growth more than compensates for it. With the current market price of BDT 191, our valuation offers an upside potential of 36%, excluding a dividend yield of 0.4%.
  • Wealth Effect of Mergers & Acquisitions in an Emerging Market: A Case Study of Pakistan’s Banking Sector

    Source: Sana Tauseef, Dr. Mohammad Nishat
    Date Submitted: 10 Aug 2016
    Views: 361
    Downloads: 8
    Original research by author
  • CIBT Education Group Inc. (TSX: MBA) – Q3 Update: Positioning to Capitalize on the Tight Vancouver Rental Market

    Source: Sid Rajeev, CFA
    Date Submitted: 28 Jul 2016
    Views: 260
    Downloads: 3
    Fundamental Research Corp is issuing an update “CIBT Education Group Inc. (TSX: MBA) – Q3 Update: Positioning to Capitalize on the Tight Vancouver Rental Market ” in a report dated July 21, 2016. The full report is now at www.researchfrc.com. MBA is an FRC Top Pick
  • 关于非通用会计准则 (Non-GAAP)绩效指标的再思考

    Source: Mohini Singh, ACA
    Date Submitted: 13 Jul 2016
    Views: 253
    Downloads: 2
    This article appears on CFA Institute Hedge Fund Journal 2016 issue, season 1.
  • Predictive Analytics in Capital Markets

    Source: Nitin Singh
    Date Submitted: 13 Jul 2016
    Views: 349
    Downloads: 13
    Predictive Analytics in Capital Markets
  • Shallow Investment Pitches Lead to Strike Outs

    Source: A. Michael Lipper, CFA
    Date Submitted: 20 Jun 2016
    Views: 242
    Downloads: 1
    This is a blog posted on CFA Institute's website on 18 April 2014.
  • Six Probable Investment Mistakes

    Source: A. Michael Lipper, CFA
    Date Submitted: 19 Jun 2016
    Views: 264
    Downloads: 0
    This is a blog posted on CFA Institute's website on 15 September 2014.
  • Three Clues for Assessing Management

    Source: A. Michael Lipper, CFA
    Date Submitted: 17 Jun 2016
    Views: 393
    Downloads: 0
    This is a blog posted on CFA Institute's website on 30 November 2015.
  • ASWATH DAMODARAN: 面对不确定性的估值

    Source: Rob Gowen, CFA
    Date Submitted: 14 Jun 2016
    Views: 442
    Downloads: 7
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2. The original article appears on CFA Institute's official website: http://annual.cfainstitute.org/2013/05/21/aswathdamodaran-valuation-in-the-face-of-uncertainty/
  • Financial Crisis Insights on Bank Performance Reporting (Part 2): Relationship between Disclosed Loan Fair Values, Impairments, and the Risk Profile of Banks

    Source: Vincent T. Papa, PhD, CFA, Sandra J. Peters, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 259
    Downloads: 4
    This paper appeared on CFA Institute's website in July 2014.
  • Financial Crisis Insights on Bank Performance Reporting (Part 1): Assessing the Key Factors Influencing Price-to-Book Ratios

    Source: Vincent T. Papa, PhD, CFA, Sandra J. Peters, CPA, CFA
    Date Submitted: 12 Jun 2016
    Views: 259
    Downloads: 2
    This paper appeared on CFA Institute's website in July 2014.
  • Equity Research Report -RAK Ceramics (Bangladesh) Limited

    Source: Mohammad Asrarul Haque
    Date Submitted: 11 Jun 2016
    Views: 561
    Downloads: 65
    Fundamental Analysis and Equity Research Report on RAK Ceramics (Bangladesh) Limited.
  • Planning, Budgeting and Forecasting: An eye on the future

    Source: O'Mahony, J., Lyon, J.
    Date Submitted: 10 Jun 2016
    Views: 487
    Downloads: 11
    A global report (first of three) jointly commissioned by the ACCA and KPMG to evaluate how the Enterprise Performance Management capability within finance functions is providing the business with insightful profitability and cost analysis through appropriate people, processes and technology.
  • Profitability and Cost Analysis: An eye on value

    Source: O'Mahony, J., Lyon, J.
    Date Submitted: 10 Jun 2016
    Views: 371
    Downloads: 10
    A global report (last of three) jointly commissioned by the ACCA and KPMG to evaluate how the Enterprise Performance Management capability within finance functions is providing the business with insightful profitability and cost analysis through appropriate people, processes and technology.
  • Ending Late Payment: Part 3 - Reflection on the evidence

    Source: Schizas, M.
    Date Submitted: 10 Jun 2016
    Views: 316
    Downloads: 3
    This is the third of a series of three reports on the problem of late payment and how businesses and governments can work together to alleviate it. It summarises the ACCA’s findings on this important issue and is a call to action for governments, financial services firms, large corporates and small businesses.
  • Ending Late Payment: Part 2 - What works?

    Source: Schizas, M.
    Date Submitted: 10 Jun 2016
    Views: 310
    Downloads: 4
    This is the second of a series of three reports on the problem of late payment and how businesses and governments can work together to alleviate it. It brings together evidence from a wealth of ACCA-commissioned publications and other research as well as 36 case studies involving ACCA members around the world to help define good practice in both business and policy.
  • Ending Late Payment: Part 1 - Taking stock

    Source: Schizas, M.
    Date Submitted: 10 Jun 2016
    Views: 306
    Downloads: 2
    This is the first of a series of three reports on the problem of late payment and how businesses and governments can work together to alleviate it. It combines an extensive literature review with quantitative data from ACCA’s member surveys to correctly define late payment, trace its precise origins and document its impact on the global economy.
  • Tomorrow’s finance enterprise

    Source: ACCA, IMA
    Date Submitted: 10 Jun 2016
    Views: 420
    Downloads: 3
    In this report we ask a simple question: what are the key influences shaping the future role of the CFO and tomorrow’s finance enterprise? The report draws on all of our ongoing CFO-focused research and includes highlights of a 2014 survey of 1631 ACCA and IMA members around the world
  • Increasing Gender Diversity to Boost Performance: A briefing for finance and HR leaders

    Source: ACCA
    Date Submitted: 10 Jun 2016
    Views: 308
    Downloads: 3
    This paper presents the value of gender diversity in business. It aims to help CFOs, senior finance professionals and HR professionals working alongside finance teams, to understand the value of gender diversity and make the business case for diversity to their peers.
  • Innovation, Intangibles and Integrated Reporting: A pilot study of Malaysian SMEs

    Source: Brassell, M, Reid, B.
    Date Submitted: 09 Jun 2016
    Views: 477
    Downloads: 5
    This report presents the results of a pilot project, which tests the relevance of the Malaysian National Corporate Innovation Index to small and medium-sized enterprises.
  • The Future of Audit

    Source: Jeffery, N. (Grant Thornton), Gambier, A. (ACCA)
    Date Submitted: 09 Jun 2016
    Views: 334
    Downloads: 7
    Report is a compilation of a series of roundtable discussions hosted by Grant Thorton and ACCA in seven nations globally into the impact on audit practices to rapid changes around the the world and the future impact on auditing.
  • Performance Reporting: An eye on the facts

    Source: O'Mahony, J., Lyon, J.
    Date Submitted: 08 Jun 2016
    Views: 331
    Downloads: 4
    Performance Reporting at its best should enable a business to link its operational activity and decision making with the attainment of its strategy. It gives organisations the essential information to make more confident and effective decisions, focuses the attention of management on activities that truly matter, and provides a consistent view of actual performance across the business. A joint KPMG-ACCA report examines the form and nature of performance reporting, and how such reporting perceived by CFOs.
  • 活在混沌:不确定性下的估值

    Source: Aswath Damodaran
    Date Submitted: 07 Jun 2016
    Views: 414
    Downloads: 8
    This article appears on CFA Institute hedge fund journal 2014 issue, season 1. The original article appears on CFA Institute Conference Proceedings Quarterly , December 2013, Vol. 30, No. 4: 22–36
  • 明星分析师揭示更多公司具体信息?——来自中国的证据

    Source: Nianhang Xu, Kam C. Chan, CFA, Xuanyu Jiang, Zhihong Yi
    Date Submitted: 07 Jun 2016
    Views: 468
    Downloads: 5
    This article appears on CFA Institute hedge fund journal 2014 issue, season 1. The original article appears on Journal of Banking & Finance , Vol. 37, No. 1 (January 2013):89–102
  • 第四因素:在贝塔收益中追踪动量敞口

    Source: Steven L. Beach
    Date Submitted: 07 Jun 2016
    Views: 283
    Downloads: 1
    This article appears on CFA Institute hedge fund journal 2014 issue, season 1.
  • Institutional Investors Reject Tata Motors Pay Resolutions: Is Tide Changing in India?

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 282
    Downloads: 1
    This is a blog posted on CFA Institute's website on 23 July 2014.
  • Toshiba Accounting Scandal: A Corporate Culture Problem

    Source: Mohini Singh, ACA
    Date Submitted: 07 Jun 2016
    Views: 454
    Downloads: 18
    This is a blog posted on CFA Institute's website on 30 October 2015.
  • Toshiba Accounting Scandal: Should Auditor Ernst & Young ShinNihon Get a Mulligan?

    Source: Matt Waldron
    Date Submitted: 07 Jun 2016
    Views: 488
    Downloads: 4
    This is a blog posted on CFA Institute's website on 28 July 2015.
  • Toshiba Scandal: Should Outgoing CFO Have Chaired the Audit Committee?

    Source: Matt Waldron
    Date Submitted: 07 Jun 2016
    Views: 278
    Downloads: 0
    This is a blog posted on CFA Institute's website on 13 August 2015.
  • Research Analysis Report: Singapore Post Limited

    Source: Chia, G.G. , Chiu, H., Goh, S.B., Yap, C.G., Yong, G.H.
    Date Submitted: 06 Jun 2016
    Views: 443
    Downloads: 17
    Research analysis conducted by students from Albus Securities (National University of Singapore) of Singapore Post Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 31, 2015, the report recommended a Sell with a target price of SGD$1.51 representing a Downside of 31.55% from the existing share price at the time of the report.
  • Research Analysis Report: Hana Tour

    Source: Yonsei University (South Korea)
    Date Submitted: 06 Jun 2016
    Views: 354
    Downloads: 9
    Research analysis conducted by students from Yonsei University of Hana Tour in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 15, 2011, the report recommended an Overweight with a target price of KRW 54,100 representing an Upside of 23.35% from the existing share price at the time of the report.
  • Research Analysis Report: The South Rubber Industry JSC

    Source: Foreign Trade University Ho Chi Minh (Vietnam)
    Date Submitted: 06 Jun 2016
    Views: 479
    Downloads: 34
    Research analysis conducted by students from Foreign Trade University Ho Chi Minh (Vietnam) of The South Rubber Industry JSC in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 1, 2013, the report recommended a Buy with a target price of VND 43,966 representing an Upside of 26.70% from the existing share price at the time of the report.
  • Research Analysis Report: Mobile World Investment Corporation

    Source: Foreign Trade University Ho Chi Minh (Vietnam)
    Date Submitted: 06 Jun 2016
    Views: 584
    Downloads: 51
    Research analysis conducted by students from Foreign Trade University Ho Chi Minh (Vietnam) of Mobile World Investment Corporation in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 7, 2015, the report recommended a Buy with a target price of VND 120,434 representing an Upside of 16.93% from the existing share price at the time of the report.
  • Research Analysis Report: Cotec Construction JSC

    Source: Foreign Trade University Ho Chi Minh (Vietnam)
    Date Submitted: 06 Jun 2016
    Views: 659
    Downloads: 42
    Research analysis conducted by students from Foreign Trade University Ho Chi Minh (Vietnam) of Cotec Construction JSC in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 30, 2015, the report recommended a Buy with a target price of VND 144,186 representing an Upside of 15.35% from the existing share price at the time of the report.
  • Research Analysis Report: Robinsons Land Corporation

    Source: University of the Philippines (Diliman)
    Date Submitted: 06 Jun 2016
    Views: 411
    Downloads: 11
    Research analysis conducted by students from University of the Philippines (Diliman) of Robinsons Land Corporation in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 2, 2011, the report recommended a Buy with a target price of Php 15.32 representing an Upside of 30.94% from the existing share price at the time of the report.
  • Research Analysis Report: Blackmores Limited

    Source: Sydney University Research Group (University of Sydney)
    Date Submitted: 06 Jun 2016
    Views: 587
    Downloads: 26
    Research analysis conducted by students from Sydney University Research Group (University of Sydney) of Blackmores Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 24, 2012, the report recommended a Buy with a target price of AUD$37.73 representing an Upside of 19.79% from the existing share price at the time of the report.
  • Research Analysis Report: Fairfax Media Limited

    Source: University of Sydney
    Date Submitted: 06 Jun 2016
    Views: 377
    Downloads: 5
    Research analysis conducted by students from University of Sydney of Fairfax Media Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 30, 2011, the report recommended a Sell with a target price of AUD$0.83 representing a Downside of 14.50% from the existing share price at the time of the report.
  • Research Analysis Report: Colombo Dockyard PLC

    Source: University of Moratuwa (Sri Lanka)
    Date Submitted: 06 Jun 2016
    Views: 488
    Downloads: 10
    Research analysis conducted by students from University of Moratuwa (Sri Lanka) of Colombo Dockyard PLC in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 1, 2012, the report recommended a Buy with a target price of LKR 263.30 representing an Upside of 14.97% from the existing share price at the time of the report.
  • Research Analysis Report: QL Resources Berhad

    Source: University of Malaya (Malaysia)
    Date Submitted: 06 Jun 2016
    Views: 480
    Downloads: 14
    Research analysis conducted by students from University of Malaya of QL Resources Berhad in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 31, 2012, the report recommended a Sell with a target price of RM 2.75 representing a Downside of 13.25% from the existing share price at the time of the report.
  • Research Analysis Report: Ryman Healthcare

    Source: University of Auckland (New Zealand)
    Date Submitted: 06 Jun 2016
    Views: 527
    Downloads: 18
    Research analysis conducted by students from University of Auckland (New Zealand) of Ryman Healthcare in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 21, 2011, the report recommended a Buy with a target price of NZ$2.99 representing an Upside of 21.55% from the existing share price at the time of the report.
  • Research Analysis Report: Ramayana Lestari Sentosa Tbk

    Source: Universitas Indonesia
    Date Submitted: 06 Jun 2016
    Views: 387
    Downloads: 15
    Research analysis conducted by students from Universitas Indonesia of Ramayana Lestari Sentosa Tbk in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 15, 2011, the report recommended a Sell with a target price of INR 445 representing a Downside of 28.21% from the existing share price at the time of the report.
  • Research Analysis Report: Gome Electrical Applicances

    Source: Tsinghua University (China)
    Date Submitted: 06 Jun 2016
    Views: 333
    Downloads: 4
    Research analysis conducted by students from Tsinghua University (China) of Gome Electrical Appliances in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 18, 2011, the report recommended a Hold with a target price of HKD 2.19 representing an Upside of 1.39% from the existing share price at the time of the report.
  • Research Analysis Report: CPALL Pubic Company Limited

    Source: Thammasat University (Thailand)
    Date Submitted: 06 Jun 2016
    Views: 427
    Downloads: 8
    Research analysis conducted by students from Thammasat University (Thailand) of CPALL Pubic Company Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 23, 2011, the report recommended a Buy with a target price of THB 61.10 representing an Upside of 19.22% from the existing share price at the time of the report.
  • Research Analysis Report: Dynasty Ceramic PCL

    Source: Thammasat University (Thailand)
    Date Submitted: 06 Jun 2016
    Views: 370
    Downloads: 7
    Research analysis conducted by students from Thammasat University (Thailand) of Dynasty Ceramic PCL in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 21, 2014, the report recommended a Sell with a target price of THB 41.50 representing a Downside of 25.6% from the existing share price at the time of the report.
  • Research Analysis Report: Bumrungrad Hospital PCL

    Source: Chulaongkorn University (Thailand)
    Date Submitted: 06 Jun 2016
    Views: 436
    Downloads: 8
    Research analysis conducted by students from Chulaongkorn University (Thailand) of Bumrungrad Hospital PCL in preparation of research report as part of the CFA Institute Research Challenge. At time of report reparation December 9, 2014, the report recommended a Buy with a target price of THB 105.70 representing an Upside of 17.44% from the existing share price at the time of the report.
  • Research Analysis Report: President Chain Store Corporation

    Source: National Taiwan University
    Date Submitted: 06 Jun 2016
    Views: 293
    Downloads: 2
    Research analysis conducted by students from National Taiwan University of President Chain Store Corporation in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 19, 2014, the report recommended a Sell with a target price of NTT 162.00 representing a Downside of 16.58% from the existing share price at the time of the report.
  • Research Analysis Report: Novatek Microelectronics Company Limited

    Source: National Chengchi University (Taiwan)
    Date Submitted: 06 Jun 2016
    Views: 349
    Downloads: 2
    Research analysis conducted by students from National Chengchi University of Novatek Microelectronics Company Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 31, 2015, the report recommended a Sell with a target price of NTT 106.50 representing a Downside of 17.4% from the existing share price at the time of the report.
  • Research Analysis Report: Sydney Airports Limited

    Source: University of Sydney
    Date Submitted: 06 Jun 2016
    Views: 382
    Downloads: 7
    Research analysis conducted by students from University of Sydney of Sydney Airports Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 23, 2015, the report recommended a Buy with a target price of AUD$6.61 representing an Upside of 10.21% from the existing share price at the time of the report.
  • Research Analysis Report: Woolworths Australia Limited

    Source: University of Sydney
    Date Submitted: 06 Jun 2016
    Views: 436
    Downloads: 15
    Research analysis conducted by students from University of Sydney of Woolworths Australia Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 9, 2014, the report recommended a Sell with a target price of AUD$29.27 representing a Downside of 16.5% from the existing share price at the time of the report.
  • Research Analysis Report: Caltex Australia Limited

    Source: Griffith University
    Date Submitted: 06 Jun 2016
    Views: 376
    Downloads: 3
    Research analysis conducted by students from Griffith University of Caltex Australia in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 16, 2013, the report recommended a Sell with a target price of AUD$17.29 representing a Downside of 9.77% from the existing share price at the time of the report.
  • Research Analysis Report: Top Glove Corporation

    Source: Sunway-TES (Malaysia)
    Date Submitted: 06 Jun 2016
    Views: 488
    Downloads: 10
    Research analysis conducted by students from Sunway-TES (Malaysia) of Top Glove Corporation in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 31, 2011, the report recommended a Sell with a target price of RM 4.02 representing a Downside of 19.60% from the existing share price at the time of the report.
  • Research Analysis Report: Dialog Axiata Plc

    Source: University of Colombo (Sri Lanka)
    Date Submitted: 06 Jun 2016
    Views: 644
    Downloads: 39
    Research analysis conducted by students from University of Colombo (Sri Lanka) of Dialog Axiata Plc in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 30, 2013, the report recommended a Buy with a target price of LKR 10.96 representing an Upside of 28.94% from the existing share price at the time of the report.
  • Research Analysis Report: Singer Sri Lanka Plc

    Source: University of Colombo (Sri Lanka)
    Date Submitted: 06 Jun 2016
    Views: 566
    Downloads: 20
    Research analysis conducted by students from University of Colombo (Sri Lanka) of Singer Sri Lanka Plc in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 26, 2014, the report recommended a Buy with a target price of LKR 120.36 representing an Upside of 12.81% from the existing share price at the time of the report.
  • Research Analysis Report: Courts Asia Limited

    Source: National University of Singapore
    Date Submitted: 06 Jun 2016
    Views: 278
    Downloads: 6
    Research analysis conducted by students from Omaha Capital (National University of Singapore) of Courts Asia Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 23, 2013, the report recommended a Buy with a target price of SGD$0.76 representing an Upside of 28.11% from the existing share price at the time of the report.
  • Research Analysis Report: OSIM International

    Source: Tan, Y.Y., Lim, W., Teo, J.X., Naing, Y.L., Tan, K.H.A.
    Date Submitted: 06 Jun 2016
    Views: 435
    Downloads: 8
    Research analysis conducted by students from Oriental Capital (Singapore Management University) of OSIM International Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 9, 2013, the report recommended a Buy with a target price of SGD$2.18 representing an Upside of 22.51% from the existing share price at the time of the report.
  • Research Analysis Report: China Oilfield Services Limited

    Source: Zhejiang University (Shanghai, China)
    Date Submitted: 06 Jun 2016
    Views: 417
    Downloads: 2
    Research analysis conducted by students from Zhejiang University (Shanghai) of China Oilfield Services Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 9, 2014, the report recommended a Buy with a target price of CNY 22.46 representing an Upside of 28.25% from the existing share price at the time of the report.
  • Research Analysis Report: Chain Lodging Group Limited

    Source: Shanghai Advanced institute of Finance (China)
    Date Submitted: 06 Jun 2016
    Views: 365
    Downloads: 3
    Research analysis conducted by students from Shanghai Advanced Institute of Finance of Chain Lodging Group Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 11, 2013, the report recommended a Buy with a target price of USD$27.77 representing an Upside of 12.48% from the existing share price at the time of the report.
  • Research Analysis Report: Suning Commerce Group

    Source: Shanghai Jiao Tong University (China)
    Date Submitted: 06 Jun 2016
    Views: 353
    Downloads: 7
    Research analysis conducted by students from Shanghai Jiao Tong University of Suning Commerce Group in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 13, 2015, the report recommended a Buy with a target price of CNY 20.27 representing an Upside of 30.44% from the existing share price at the time of the report.
  • Research Analysis Report: Tokyo Cement Lanka PLC

    Source: Royal Institute Colombo (Sri Lanka)
    Date Submitted: 06 Jun 2016
    Views: 480
    Downloads: 12
    Research analysis conducted by students from Royal Institute Colombo (Sri Lanka) of Tokyo Cement Lanka PLC in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 1, 2011, the report recommended a Buy with a target price of LKR 66 representing an Upside of 26.92% from the existing share price at the time of the report.
  • Research Analysis Report: Manila Electric Company

    Source: University of the Philippines (Diliman)
    Date Submitted: 06 Jun 2016
    Views: 345
    Downloads: 4
    Research analysis conducted by students from University of the Philippines (Diliman) of Manila Electric Company in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 29, 2013, the report recommended a Buy with a target price of Php 397.40 representing an Upside of 43.21% from the existing share price at the time of the report.
  • Research Analysis Report: Concepcion Industrial Corporation

    Source: Ateneo de Manila University (Philippines)
    Date Submitted: 06 Jun 2016
    Views: 419
    Downloads: 16
    Research analysis conducted by students from Ateneo de Manila University of Concepcion Industrial Corporation in preparation of research report as part of the CFA University Institute Research Challenge. At time of report preparation November 28, 2014, the report recommended a Buy with a target price of Php 50.49 representing an Upside of 23.14% from the existing share price at the time of the report.
  • Research Analysis Report: SM Prime Holdings

    Source: Ateneo de Manila University (Philippines)
    Date Submitted: 06 Jun 2016
    Views: 356
    Downloads: 9
    Research analysis conducted by students from Ateneo de Manila University of SM Prime Holdings in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 27, 2015, the report recommended a Buy with a target price of Php 24.70 representing an Upside of 14.90% from the existing share price at the time of the report.
  • Research Analysis Report: Fortescue Metals Group

    Source: University of Western Australia (Perth, Australia)
    Date Submitted: 06 Jun 2016
    Views: 256
    Downloads: 2
    Research analysis conducted by students from University of Western Australia of Fortescue Metals Group in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 3, 2014, the report recommended a Sell with a target price of AUD$ 2.79 representing a Downside of 24.25% from the existing share price at the time of the report.
  • Research Analysis Report: Navitas Limited

    Source: Curtin University (Perth, Australia)
    Date Submitted: 06 Jun 2016
    Views: 271
    Downloads: 3
    Research analysis conducted by students from Curtin University of Navitas Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October, 5, 2015, the report recommended a Buy with a target price of AUD$ 4.40 representing an Upside of 5.7% from the existing share price at the time of the report.
  • Research Analysis Report: Pakistan Petroleum Limited

    Source: Karachi School of Business and Leadership
    Date Submitted: 06 Jun 2016
    Views: 475
    Downloads: 11
    Research analysis conducted by students from Karachi School of Business and Leadership of Pakistan Petroleum Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 31, 2014, the report recommended a Buy with a target price of PKR 248 representing an Upside of 18.25% from the existing share price at the time of the report.
  • Research Analysis Report: Pakistan State Oil

    Source: Institute of Business Administration (Karachi)
    Date Submitted: 06 Jun 2016
    Views: 425
    Downloads: 8
    Research analysis conducted by students from Institute of Business Administration (Karachi) of Pakistan State Oil in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 11, 2016, the report recommended a Buy with a target price of PKR 428 representing an Upside of 33.00% from the existing share price at the time of the report.
  • Research Analysis Report: UBL Bank

    Source: Institute of Business Administration (Karachi)
    Date Submitted: 06 Jun 2016
    Views: 471
    Downloads: 21
    Research analysis conducted by students from Institute of Business Administration (Karachi) of UBL Bank in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 7, 2015, the report recommended a Buy with a target price of PKR 197.75 representing an Upside of 12.96% from the existing share price at the time of the report.
  • Research Analysis Report: Park24 Company Limited

    Source: Osaka University (Japan)
    Date Submitted: 06 Jun 2016
    Views: 316
    Downloads: 6
    Research analysis conducted by students from Osaka University of Park24 Company Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 29, 2012, the report recommended a Buy with a target price of Yen 1,673 representing an Upside of 30.91% from the existing share price at the time of the report.
  • Research Analysis Report: Auckland International Airport

    Source: Auckland University of Technology
    Date Submitted: 06 Jun 2016
    Views: 312
    Downloads: 1
    Research analysis conducted by students from Auckland University of Technology of Auckland International Airport in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 24, 2013, the report recommended a Buy with a target price of NZ$3.67 representing an Upside of 11.20% from the existing share price at the time of the report
  • Research Analysis Report: Sheng Siong Group Limited

    Source: National University of Singapore
    Date Submitted: 06 Jun 2016
    Views: 589
    Downloads: 39
    Research analysis conducted by students from National University of Singapore of Sheng Siong Group Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 5, 2012, the report recommended a Buy with a target price of SGD$0.57 representing an Upside of 22.58% from the existing share price at the time of the report.
  • Research Analysis Report: Asustek Computer

    Source: National Taiwan University
    Date Submitted: 06 Jun 2016
    Views: 280
    Downloads: 1
    Research analysis conducted by students from National Taiwan University of Asustek Computer in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 1, 2012, the report recommended a Buy with a target price of NTT 315 representing an Upside of 40.63% from the existing share price at the time of the report.
  • Research Analysis Report: Gourmet Master Limited

    Source: College of Commerce, National Chengchi University (Taiwan)
    Date Submitted: 06 Jun 2016
    Views: 239
    Downloads: 0
    Research analysis conducted by students from College of Commerce, National Chengchi University (Taiwan) of Gourmet Master Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 4, 2013, the report recommended a Sell with a target price of NTT 166 representing a Downside of 16.79% from the existing share price at the time of the report.
  • Research Analysis Report: HDFC Bank

    Source: Narsee Monji Institute of Management Studies (India)
    Date Submitted: 06 Jun 2016
    Views: 467
    Downloads: 24
    Research analysis conducted by students from Narsee Monji Institute of Management Studies of HDFC Bank in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 19, 2012, the report recommended a Sell with a target price of Rs. 583 representing a Downside of 7.2% from the existing share price at the time of the report.
  • Research Analysis Report: SEEK Limited

    Source: Monash University (Melbourne, Australia)
    Date Submitted: 06 Jun 2016
    Views: 286
    Downloads: 3
    Research analysis conducted by students from Monash University of SEEK Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 8, 2011, the report recommended a Buy with a target price of AUD$7.10 representing an Upside of 39.22% from the existing share price at the time of the report.
  • Research Analysis Report: Tassel Group Limited

    Source: University of Melbourne
    Date Submitted: 06 Jun 2016
    Views: 398
    Downloads: 14
    Research analysis conducted by students from University of Melbourne of Tassal Group Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 17, 2015, the report recommended a Buy with a target price of AUD$5.44 representing an Upside of 43.54% from the existing share price at the time of the report.
  • Research Analysis Report: Sigma Pharmaceuticals Limited

    Source: University of Melbourne
    Date Submitted: 06 Jun 2016
    Views: 396
    Downloads: 8
    Research analysis conducted by students from University of Melbourne of Sigma Pharmaceuticals Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 19, 2014, the report recommended a Sell with a target price of AUD$0.51 representing a Downside of 34.62% from the existing share price at the time of the report.
  • Research Analysis Report: Dulux Group

    Source: Monash University (Melbourne, Australia)
    Date Submitted: 06 Jun 2016
    Views: 303
    Downloads: 2
    Research analysis conducted by students from Monash University of Dulux Group in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation August 22, 2013, the report recommended a Buy with a target price of AUD$4.94 representing an Upside of 11.8% from the existing share price at the time of the report.
  • Research Analysis Report: Inari Amertron Berhad

    Source: University of Malaya
    Date Submitted: 05 Jun 2016
    Views: 484
    Downloads: 14
    Research analysis conducted by students from University of Malaya of Inari Amertron Berhad in preparation of research report as part of the CFA University Institute Research Challenge. At time of report preparation December 25, 2015, the report recommended a Buy with a target price of RM 5.30 representing an Upside of 19.37% from the existing share price at the time of the report.
  • Research Analysis Report: Sunway REIT

    Source: Sunway University (Malaysia)
    Date Submitted: 05 Jun 2016
    Views: 413
    Downloads: 12
    Research analysis conducted by students from Sunway University of Sunway REIT in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation February 22, 2014, the report recommended a Buy with a target price of RM 1.56 representing an Upside of 20.00% from the existing share price at the time of the report.
  • Research Analysis Report: Jcontentree

    Source: Sogang University
    Date Submitted: 05 Jun 2016
    Views: 261
    Downloads: 1
    Research analysis conducted by students from Sogang University of Jcontentree in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 30, 2013, the report recommended a Buy with a target price of KRW 5,430 representing an Upside of 31.64% from the existing share price at the time of the report.
  • Research Analysis Report: Amorepacific

    Source: Lee, D.J., Park, J.G., Jang, D.B., Shin, E., Jang, J.
    Date Submitted: 05 Jun 2016
    Views: 301
    Downloads: 12
    Research analysis conducted by students from Korea University of Amorepacific in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 30, 2014, the report recommended a Buy with a target price of Won 3,000,000 representing an Upside of 35.1% from the existing share price at the time of the report.
  • Research Analysis Report: Gulliver International Company Limited

    Source: University of Tsukuba
    Date Submitted: 05 Jun 2016
    Views: 286
    Downloads: 4
    Research analysis conducted by students from University of Tsukuba of Gulliver International Company Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 30, 2014, the report recommended a Buy with a target price of Yen 1,314 representing an Upside of 40.84% from the existing share price at the time of the report.
  • Research Analysis Report: Sanrio Company

    Source: Tokyo Institute of Technology
    Date Submitted: 05 Jun 2016
    Views: 297
    Downloads: 3
    Research analysis conducted by students from Tokyo Institute of Technology of Sanrio Company Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 30, 2013, the report recommended a Sell with a target price of Yen 4,998 representing a Downside of 17.11% from the existing share price at the time of the report.
  • Research Analysis Report: Rakuten Inc

    Source: Kyoto University (Japan)
    Date Submitted: 05 Jun 2016
    Views: 265
    Downloads: 1
    Research analysis conducted by students from Kyoto University of Rakuten Inc in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 30, 2015, the report recommended a Buy with a target price of Yen 2,124 representing an Upside of 39.37% from the existing share price at the time of the report.
  • Research Analysis Report: Engro Foods Limited

    Source: Institute of Business Administration (Karachi)
    Date Submitted: 05 Jun 2016
    Views: 468
    Downloads: 11
    Research analysis conducted by students from Institute of Business Administration (Karachi) of Engro Foods Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation December 20, 2011, the report recommended a Buy with a target price of PKR 30.05 representing an Upside of 29.41% from the existing share price at the time of the report.
  • Research Analysis Report: Fatima Fertilizer Company Limited

    Source: Institute of Business Administration (Karachi)
    Date Submitted: 05 Jun 2016
    Views: 518
    Downloads: 16
    Research analysis conducted by students from Institute of Business Administration (Karachi) of Fatima Fertilizer Company Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 15, 2012, the report recommended a Buy with a target price of PKR 34.56 representing an Upside of 38.96% from the existing share price at the time of the report.
  • Research Analysis Report: PT Kalbe Farma Tbk

    Source: Universitas Indonesia
    Date Submitted: 05 Jun 2016
    Views: 473
    Downloads: 17
    Research analysis conducted by students from Universitas Indonesia of PT Kalbe Farma Tbk in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 30, 2013, the report recommended a Buy with a target price of INR 1,600 representing an Upside of 20.30% from the existing share price at the time of the report.
  • Research Analysis Report: Wika Beton

    Source: Prasetiya Mulya School of Business and Economics (Indonesia)
    Date Submitted: 05 Jun 2016
    Views: 405
    Downloads: 13
    Research analysis conducted by students from Prasetiya Mulya School of Business and Economics (Indonesia) of Wika Beton in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 19, 2014, the report recommended a Sell with a target price of IDR 850 representing a Downside of 30.04% from the existing share price at the time of the report.
  • Research Analysis Report: Emani Limited

    Source: Indian Institute of Management (Shillong)
    Date Submitted: 05 Jun 2016
    Views: 391
    Downloads: 12
    Research analysis conducted by students from Indian Institute of Management (Shillong) of Emani Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 28, 20111, the report recommended a Buy with a target price of Rs. 516 representing an Upside of 20.28% from the existing share price at the time of the report. Keywords: Brand investment, personal care, strong growth, fundamentals, analysis
  • Research Analysis Report: Petronet LNG

    Source: Indian Institute of Foreign Trade (Delhi)
    Date Submitted: 05 Jun 2016
    Views: 403
    Downloads: 10
    Research analysis conducted by students from Indian Institute of Foreign Trade (Delhi) of Petronet LNG in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 14, 2011, the report recommended a Buy with a target price of Rs. 206.38 representing an Upside of 32.23% from the existing share price at the time of the report.
  • Research Analysis Report: Whirlpool of India Limited

    Source: Symbiosis Centre for Management and Human Resource Development
    Date Submitted: 05 Jun 2016
    Views: 571
    Downloads: 37
    Research analysis conducted by students from Symbiosis Centre for Management and Human Resource Development (India) of Whirlpool of India Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 17, 2015, the report recommended a Buy with a target price of Rs. 826.5 representing an Upside of 21.05% from the existing share price at the time of the report.
  • Research Analysis Report: Sun TV Network

    Source: Indian Institute of Manaement (Banglore)
    Date Submitted: 05 Jun 2016
    Views: 436
    Downloads: 18
    Research analysis conducted by students from Indian Institute of Manaement (Banglore) of Sun TV Network in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 4, 2013, the report recommended a Buy with a target price of Rs. 511 representing an Upside of 20.73% from the existing share price at the time of the report.
  • Research Analysis Report: REPCO Home Finance

    Source: Indian Institute of Management (Tiruchirappalli)
    Date Submitted: 05 Jun 2016
    Views: 435
    Downloads: 23
    Research analysis conducted by students from Indian Institute of Management (Tiruchirappalli) of REPCO Home Finance in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation Ocotber 28, 2015, the report recommended a Buy with a target price of Rs. 817 representing an Upside of 16.20% from the existing share price at the time of the report.
  • Research Analysis Report: HT Media

    Source: Indian Institute of Foreign Trade (Delhi)
    Date Submitted: 05 Jun 2016
    Views: 380
    Downloads: 11
    Research analysis conducted by students from Indian Institute of Foreign Trade (Delhi) of HT Media in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 19, 2013, the report recommended a Buy with a target price of Rs. 125 representing an Upside of 39.0% from the existing share price at the time of the report.
  • Research Analysis Report: Ashoka Buildcon Limited

    Source: Symbiosis Centre for Management and Human Resource Development
    Date Submitted: 05 Jun 2016
    Views: 475
    Downloads: 22
    Research analysis conducted by students from Symbiosis Centre for Management and Human Resource Development of Ashoka Buildcon Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 30, 2014, the report recommended a Buy with a target price of Rs. 190 representing an Upside of 39.7% from the existing share price at the time of the report.
  • Research Analysis Report: WABAG

    Source: Indian Institute of Management (Tiruchirappali)
    Date Submitted: 05 Jun 2016
    Views: 424
    Downloads: 9
    Research analysis conducted by students from Indian Institute of Management (Tiruchirappali) of WABAG in preparation of research report as part of the CFA University Institute Research Challenge. At time of report preparation October 27, 2014, the report recommended a Sell with a target price of Rs 1594 representing a Downside of 15.12% from the existing share price at the time of the report.
  • Research Analysis Report: Cairn India Limited

    Source: Andrei Marga
    Date Submitted: 05 Jun 2016
    Views: 468
    Downloads: 9
    Research analysis conducted by Andrei Marga of the Indian Institute of Foreign Trade of Cairn India Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation October 12, 2012, the report recommended a Buy with a target price of Rs 378.46 representing an Upside of 14.54% from the existing share price at the time of the report.
  • Research Analysis Report: China Lilang Limited

    Source: Huang, Y.P., Tong, Y.X.A., Qi, Y.C.D., Wang, X.A.J.
    Date Submitted: 05 Jun 2016
    Views: 300
    Downloads: 5
    Research analysis conducted by students from Hong Kong University of Science and Technology of China Lilang Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 4, 2014, the report recommended a Buy with a target price of HKD 7.51 representing an Upside of 36.3% from the existing share price at the time of the report.
  • Research Analysis Report: Top Spring International

    Source: Lee, C.H.A., Ng, S.Y.B., Tse, P.K.P., Yip, T.C.A.
    Date Submitted: 05 Jun 2016
    Views: 328
    Downloads: 4
    Research analysis conducted by students from CUBA Equity Research Asia Pacific (Chinese University of Hong Kong) of Top Spring International in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 7, 2013, the report recommended a Buy with a target price of HKD 4.29 representing an Upside of 34.06% from the existing share price at the time of the report.
  • Research Analysis Report: Samsonite International S.A.

    Source: Chow, H.M.H., Chen, J.F.L., Wu, Y.S., Lee, K.Y.B., Zhao, T.Y.J.
    Date Submitted: 05 Jun 2016
    Views: 339
    Downloads: 11
    Research analysis conducted by students from Hong Kong University of Technology and Science of Samsonite International S.A. in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 4, 2015, the report recommended a Sell with a target price of [Insert Price] representing a Downside of 16.0% from the existing share price at the time of the report.
  • Research Analysis Report: Zoomlion Heavy Industry

    Source: Lu, B., Li, D., Chu, M., Fan, B.
    Date Submitted: 05 Jun 2016
    Views: 307
    Downloads: 7
    Research analysis conducted by students from Hong Kong University of Technology and Science of Zoomlion Heavy Industry in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation Ocotber 31, 2012, the report recommended a Buy with a target price of HKD 14.22 representing an Upside of 36.21% from the existing share price at the time of the report.
  • Research Analysis Report: The Link REIT

    Source: Hong Kong Polytechnic University
    Date Submitted: 05 Jun 2016
    Views: 398
    Downloads: 33
    Research analysis conducted by students from Hong Kong Polytechnic University (Hong Kong) of The Link REIT in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 1, 2011, the report recommended a Buy with a target price of HKD 30.68 representing an Upside of 11.24% from the existing share price at the time of the report.
  • Research Analysis Report: Vinamilk

    Source: Hanoi University
    Date Submitted: 05 Jun 2016
    Views: 778
    Downloads: 89
    Research analysis conducted by students from Hanoi University of Vinamilk in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 11, 2011, the report recommended a Hold with a target price of VND 144,000 representing an Upside of 4.35% from the existing share price at the time of the report.
  • Research Analysis Report: Hyundai Motors

    Source: Hwang, J.S., Gu, U., Kim, J.E., Lee, S.R., Kim, Y.K.
    Date Submitted: 05 Jun 2016
    Views: 308
    Downloads: 4
    Research analysis conducted by students from Handong University of Hyundai Motors in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 1, 2012, the report recommended a Buy with a target price of Won 352,000 representing an Upside of 64.5% from the existing share price at the time of the report.
  • Research Analysis Report: GREE Electric Appliances Inc

    Source: Peking University HSBC Business School (Guangdong)
    Date Submitted: 05 Jun 2016
    Views: 316
    Downloads: 9
    Research analysis conducted by students from Peking University HSBC Business School (Guangdong) of GREE Electric Appliances Inc in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation January 9, 2015, the report recommended a Buy with a target price of CNY 57.7 representing an Upside of 38.7% from the existing share price at the time of the report.
  • Research Analysis Report: Rongsheng Heavy Industries

    Source: China Europe International Business School (Shanghai)
    Date Submitted: 05 Jun 2016
    Views: 274
    Downloads: 2
    Research analysis conducted by students from China Europe International Business School (Shanghai) of Rongsheng Heavy Industries in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 11, 2011, the report recommended a Buy with a target price of HKD 2.97 representing an Upside of 23.8% from the existing share price at the time of the report.
  • Research Analysis Report: China Unicom Hong Kong Limited

    Source: Southwest University of Political Science and Law (Chengdu)
    Date Submitted: 05 Jun 2016
    Views: 347
    Downloads: 6
    Research analysis conducted by students from Southwest University of Political Science and Law (Chengdu) of China Unicom Hong Kong Limited in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation August 25, 2015, the report recommended a Buy with a target price of HKD 12.20 representing an Upside of 17.53% from the existing share price at the time of the report.
  • Research Analysis Report: New Oriental Education and Technology Group

    Source: China Europe International Business School (Shanghai)
    Date Submitted: 05 Jun 2016
    Views: 252
    Downloads: 1
    Research analysis conducted by students from China Europe International Business School of New Oriental Education and Technology Group in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 14, 2012, the report recommended a Buy with a target price of USD 21.60 representing an upside of 20.7% from the existing share price at the time of the report.
  • Research Analysis Report: Huayi Brothers

    Source: Tsinghua University (Beijing)
    Date Submitted: 05 Jun 2016
    Views: 372
    Downloads: 2
    Research analysis conducted by students from Tsinghua University (Beijing) of Huayi Brothers in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 29th, 2013, the report recommended a Buy with a target price of CNY 46.90.
  • Research Analysis Report: Qingdao Haier - The Fallen Angel

    Source: Peking University (Beijing)
    Date Submitted: 05 Jun 2016
    Views: 313
    Downloads: 8
    Research analysis conducted by students from Peking University (Beijing) of Qingdao Haier in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 27, 2015, the report recommended a Sell with a target price of CNY 9.11.
  • Research Analysis Report: Lenovo - Challenges for PC Giant

    Source: Shi, Q., Wen, H., Zhao, X.Y., Chang, J., Peng, R.Y.
    Date Submitted: 05 Jun 2016
    Views: 315
    Downloads: 12
    Research analysis conducted by students from Peking University (Guanghua) of Lenovo Corporation in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 21, 2014, the report recommended a Sell with a target price of HKD 9.37.
  • Research Analysis Report: Hau Giang Pharmaceutical JSC

    Source: Banking University (Vietnam)
    Date Submitted: 05 Jun 2016
    Views: 563
    Downloads: 35
    Research analysis conducted by students from Banking University (Vietnam) of Hau Giang Pharmaceutical JSC in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 13, 2012, the report recommended a Buy with a target price of VND 76.
  • Research Analysis Report: Fletcher Building

    Source: Silverfox Global Associates (Auckland University of Technology)
    Date Submitted: 05 Jun 2016
    Views: 279
    Downloads: 2
    Research analysis conducted by students from Auckland University of Technology (New Zealand) of Fletcher Building in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation September 28, 2012, the report recommended a Buy with a target price of NZD 7.79.
  • Research Analysis Report: Puregold Price Club, Inc

    Source: Midas Investments Research (Ateneo de Manila University)
    Date Submitted: 05 Jun 2016
    Views: 508
    Downloads: 16
    Research analysis conducted by students from Ateneo de Manila Universiy of Puregold Price Club, Inc in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation November 29, 2012, the report recommended a Buy with a target price of PHP 40.16.
  • Ferrotec Corporation: Research Analysis Report

    Source: Aoyama Gakuin University
    Date Submitted: 05 Jun 2016
    Views: 294
    Downloads: 3
    Research analysis conducted by students from Aoyama Gakuin University of Ferrotec Corporation in preparation of research report as part of the CFA Institute Research Challenge. At time of report preparation (October 27, 20111), the report recommended a Buy with a target price of 2,017 Yen.
  • Key driving factors behind investment success in REITs (Asia pacific excluding Japan context)

    Source: Alan Lok
    Date Submitted: 20 May 2016
    Views: 1622
    Downloads: 70
    This dissertation attempted to examine the relationship between investment return variability and Real Estate Investment Trust (REIT) characteristics. A multifactor model based on a set of broader environment and firm-specific factors were developed to test out the explanatory power of each variable. The geographical scope of this study spanned across Australia, Hong Kong and Singapore. The quantitative analysis method utilized is linear regression and the length of data started from June 2007 and ended in June 2012 which covered the entire period of global financial crisis (GFC).
  • The Disaster of Dick Smith explained in detail

    Source: Angelo Aspris
    Date Submitted: 10 May 2016
    Views: 4710
    Downloads: 235
    This is a presentation that provides a detailed analysis of the Dick Smith collapse chronicling the acquisition by Anchorage from Woolworths in September 2012 through to its passing into voluntary administration in early 2016. This presentation addresses the role of Anchorage and senior management in this collapse. It also provides some commentary around PE listings and the role of auditors and investigative accountants. Questions and comments are welcome.
  • Quantitative characteristics of misstated financial reports in the Stock Exchange of Thailand

    Source:
    Date Submitted: 21 Apr 2016
    Views: 308
    Downloads: 16
    Financial statement fraud signals in the Stock Exchange of Thailand.
  • Rights Issue Effect to Japanese Companies' Treasury Shares

    Source: Kristine Joy Fajardo
    Date Submitted: 27 Mar 2016
    Views: 295
    Downloads: 9
    This research aims to ascertain if treasury shares are adjusted by a particular type of split; rights issue. The research uses screening samples with size of 37 Japanese companies. This research looks into the effect of such issue by reading the financial statements, particularly the Balance Sheet, Changes in Shareholder’s Equity and Cash Flow statement.
  • Megaworld Corporation - Investment Analysis (2015)

    Source: Abigail Diente, Abelardo Dulay Jr., Karen Mae Marcelino
    Date Submitted: 26 Mar 2016
    Views: 477
    Downloads: 42
    Megaworld Corporation - Investment Analysis
  • Ayala Land Inc (ALI) Company overview and financial statement analysis (2013)

    Source: BILLY BASCON, KRIEK DALUGDUG, ARMAND AKEE PAPA, FRANCHELLE MAMARIL, KARMI ORTIZ
    Date Submitted: 21 Mar 2016
    Views: 352
    Downloads: 13
    Ayala Land Inc (ALI) Company overview and financial statement analysis (2013)
  • Phoenix Petroleum Philippines, Inc. FS Analysis

    Source: Daniel Ortega, Benedict Santos, Sylvester Lumbao
    Date Submitted: 21 Mar 2016
    Views: 299
    Downloads: 9
    This is a presentation about the analysis of the authors about the overall viability of investing in Phoenix Petroleum Philippines during the later part of 2015.
  • ASIAN COMPANIES’ FINANCIAL REPORTING FREQUENCY]

    Source: Francis Viernes
    Date Submitted: 20 Mar 2016
    Views: 442
    Downloads: 29
    This paper presents the reporting frequency of Asian companies primarily for the purposes of Last Twelve Months' (LTM) calculation. LTM is useful for analysts who wants to compute trailing ratios without having to wait for the next annual report.
  • Petron Corporation Financial Analysis

    Source: Wilson Ramos
    Date Submitted: 20 Mar 2016
    Views: 537
    Downloads: 28
    A financial analysis written as part of the requirement for the Financial Reporting course of the the MBA program of the Virata School of Business. The paper uses both fundamental and technical analysis in order to evaluate Petron Corporation and recommend either a Buy, Hold or Sell to potential/existing investors.
  • EDC Financial Analysis - October 2014

    Source: CORTEZ, Victoria Anne, GIMENA, Jemari Dine, LOQUINARIO, Gizelle, PEREZ, Justine, SALVADORA, JerickCezar
    Date Submitted: 13 Mar 2016
    Views: 299
    Downloads: 3
    This is an financial analysis of Energy Development Corporation (EDC) as of October 2014. After the evaluation of the company, the authors recommended if EDC stock is a BUY, SELL, or a HOLD kind of stock.
  • Auditor-Related Disclosure in the IPO Prospectus and the Impact on Underpricing

    Source: Inderpal Singh, J-L.W. Mitchell Van der Zahn, Nigar Sultana
    Date Submitted: 24 Feb 2016
    Views: 295
    Downloads: 3
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  • Earnings Conservatism and Audit Committee Financial Expertise

    Source: Nigar Sultana, J-L.W. Mitchell Van der Zahn
    Date Submitted: 18 Dec 2015
    Views: 252
    Downloads: 5
    An empirical study that empirically examines the association between earnings conservatism and audit committee's financial expertise of Australian firms.