Categories
Fundamental Analysis
  • Five Stocks on the STI Bench Average 10% Gain over Past 12M

    Source: SGX My Gateway
    Date Submitted: 19 Jun 2018
    Views: 15
    Downloads: 0
    Five Stocks on the STI Bench Average 10% Gain over Past 12M
    • The STI benchmark consists of the 30 largest and most active stocks traded on SGX. The next five largest and most active stocks make up the STI Reserve List. This list is used in the event one or more STI constituents are deleted before the next quarterly review.
    • The current STI Reserve List stocks are Suntec REIT, Sembcorp Marine, Mapletree Commercial Trust, Keppel REIT & Mapletree Logistics Trust. The list has changed completely from the end of2013, with four of the five then STI Reserve stocks since joining the STI.
    • The current five STI Reserve stocks have averaged 10% total returns over the past 12 months, taking their average five year return to 29%. Four of the five stocks are REITS that currently maintain an average indicative dividend yield of 5.7%.
  • Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers

    Source: SGX My Gateway
    Date Submitted: 19 Jun 2018
    Views: 7
    Downloads: 0
    Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers
    • For the three months spanning March, April & May, non-STI stocks that consistently ranked amongst the biggest intraday tick ranges, with daily price ranges of more than 2.5%, included AEM Hldgs, Memtech Intl, Creative Technology, Best World Intl & Delong Holdings.
    • The five stocks averaged daily price ranges of 4% and together represent businesses with manufacturing-related activities. Manufacturing businesses span handling & test solutions, component solutions, consumer electronics, health products & HRC Steel.
    • Another manufacturing stock, Hi-P International ranked amongst the 10 non-STI stocks with the biggest intraday tick ranges for two of the months, while generating average daily price ranges of 5%.
  • Key Drivers of the Semiconductor Industry in 2018

    Source: SGX My Gateway
    Date Submitted: 13 Jun 2018
    Views: 9
    Downloads: 1
    Key Drivers of the Semiconductor Industry in 2018
    • Following comparatively strong performances in 2017, the 10 largest capitalised stocks that operate in, or maintain a service focus to semiconductor businesses have been more mixed in the 2018 YTD, averaging a 4% decline.
    • This has brought the average 12 month total return of the 10 stocks to 19%, which compares to a 12% gain for Bloomberg Asia Pacific Semiconductors Index. The strongest of the 10 stocks over the past 12 months were AEM Holdings and Micro-Mechanics.
    • Key drivers relevant to the industry include increased memory demand and proliferation of digital technologies. At the same time more complex application, increased industry competition and trends to cut costs provide industry challenges.
  • Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers

    Source: SGX My Gateway
    Date Submitted: 13 Jun 2018
    Views: 22
    Downloads: 1
    Five Stocks with Manufacturing Focus Amongst Biggest Intraday Movers
    • For the three months spanning March, April & May, non-STI stocks that consistently ranked amongst the biggest intraday tick ranges, with daily price ranges of more than 2.5%, included AEM Hldgs, Memtech Intl, Creative Technology, Best World Intl & Delong Holdings.
    • The five stocks averaged daily price ranges of 4% and together represent businesses with manufacturing-related activities. Manufacturing businesses span handling & test solutions, component solutions, consumer electronics, health products & HRC Steel.
    • Another manufacturing stock, Hi-P International ranked amongst the 10 non-STI stocks with the biggest intraday tick ranges for two of the months, while generating average daily price ranges of 5%.
  • Asia’s Largest Global REIT Hub

    Source: SGX My Gateway
    Date Submitted: 05 Jun 2018
    Views: 369
    Downloads: 6
    Asia’s Largest Global REIT Hub
    • More than 75% of Singapore REITs & Property Trusts own and manage overseas assets across Asia Pacific, Europe and the United States. This growing trend within the REIT Sector has seen trusts with Singapore and overseas exposure rise from 18 in 2012 to 33 in 2018.
    • Of Singapore’s 10 most recent REIT Sector listings, nine are exclusively managing properties located outside of Singapore. These nine REITs maintain a combined market capitalisation of S$8.3 billion and have averaged 13.8% total returns since their IPO.
    • REITs with international property assets bring diversification benefits to investors, in addition to increased risks which include foreign exchange exposures. REITs generally seek to borrow in the same currency as the underlying assets, hence mitigating some of the currency risk.
  • Equity Note on Appollo Ispat Complex Limited

    Source: Asaduzzaman Ashik
    Date Submitted: 31 May 2018
    Views: 23
    Downloads: 5
    Appollo Ispat Complex Limited (AICL) was incorporated on December 31, 1994 as a private limited company. In March 30, 2010 AICL has been converted into a public limited company. The company started its commercial operation in its 1st Continuous Galvanizing Line (CGL) in July 1997, 2nd CGL in early 2000 and in Cold Rolled Manufacturing Unit in January 2005. The registered office of the company is located at Tejgaon, Dhaka and the factory is situated at Shiddirgonj, Narayongonj.
  • SGX Real Estate Index’s Five Best Performers Average 7% YTD Gain

    Source: SGX My Gateway
    Date Submitted: 30 May 2018
    Views: 43
    Downloads: 0
    SGX Real Estate Index’s Five Best Performers Average 7% YTD Gain
    • In the 2018 YTD, the five best-performing constituents of SGX’s Real Estate Index were Yanlord Land (+11.1%), United Engineers (+8.4%), Ho Bee Land (+6.0%), Hongkong Land (+4.9%), and Ocean Sky (+4.3%).
    • The SGX Real Estate Developers & Operators Index comprises 25 constituents with a combined market cap of over S$70 billion. The component stocks with the five biggest weights are Hongkong Land (10.6%), UOL Group (9.8%), CapitaLand (9.8%), City Developments (9.2%) and Yanlord Land (9.0%).
    • This year, Singapore's property market is expected to extend its recovery. In 1Q18, private residential property prices jumped 3.9% QoQ, surging the most since 2010, and building on the previous quarter’s 0.8% rise, URA data showed. Analysts are forecasting a 5%-10% recovery in domestic home prices in 2018.
  • Singapore’s Insurance Trio Averages 9% YTD Return

    Source: SGX My Gateway
    Date Submitted: 30 May 2018
    Views: 201
    Downloads: 3
    Singapore’s Insurance Trio Averages 9% YTD Return
    • Singapore lists three stocks that make up the Insurance Sector - Great Eastern Holdings, United Overseas Insurance and Singapore Reinsurance Corp. The three stocks have a combined market value of S$15.5 billion.
    • Together the three stocks have averaged a 8.6% total return in the 2018 YTD, bringing their average 12M return to 31.4%. By comparison the MSCI World Insurance Index has gained 1.8% in the YTD, bringing its 12M total return to 10.5% in SGD terms.
    • While intensified competition and economic uncertainty provide challenges, the insurance industry is expected to further diversify distribution channels while exploring and engaging digital innovation.
  • Understanding the Investment Fundamentals of the Banking Sector. A part of the series "Sector Analysis: A Framework for Investors"

    Source: Alan Lok, CFA, Eunice Chu, Guruprasad Jambunathan
    Date Submitted: 28 May 2018
    Views: 503
    Downloads: 34
    INTRODUCTION TO SECTOR ANALYSIS: A FRAMEWORK FOR INVESTORS

    The key to a company’s success depends on how well it executes its business model. This calls for optimising the allocation of limited resources to generate sustainable cash flows, for investing in new products, technologies, and services in responding to the wider competitive landscape or societal changes and mega trends, as well as for devising appropriate responses in the face of an evolving macroeconomic, regulatory, and political environment.  

    Different industries often require very different business models; and even within the same industry, the model that does add value to the business may vary somewhat from company to company.  

    To help investors undertake proper due diligence on a company, we have generated a framework of analysis designed to tease out the following: (1) whether the pertinent factors favour the firm in question; and (2) whether management is effective in executing its business model or value-generating strategies, while responding appropriately to its external environment.

    This framework is customised to specific sectors and incorporates interviews with professionals within those sectors. 
     
    THE BANKING SECTOR

    In earlier editions of the Sector Analysis series, we explored the Real Estate Investment Trust (REIT) business model and the Telecommunications sector. In this article, we examine banks and highlight the various factors and lines of enquiry that will help you make informed investment decisions.

    SPHERES OF OPERATION

    The role banks play in our lives is vital. Their activities underpin the efficient working of an economy – indeed, they are often among the most significant constituents of a country’s stock market. When we talk about banks, we are not just referring to the familiar branches we occasionally visit to deposit funds or withdraw cash. Banks is an umbrella term that describes an industry subdivided into several segments, including, but not restricted to Consumer Banking & Wealth Management (also known as retail banking), Wholesale (also known as institutional banking) and Treasury.

    To read more, download the full sector analysis for the Banking Sector with accompanying question bank below.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.
  • MLCF - Striking at the right chord

    Source: Samia Umer
    Date Submitted: 27 May 2018
    Views: 31
    Downloads: 2
    COVERAGE INITIATION Maple Leaf Cement Factory (MLCF) We initiate our coverage on Maple Leaf Cement Factory with a HOLD stance on the scrip, offering an upside potential of 6.05% including 3.37% of dividend yield. MLCF is currently trading at a trailing and forward P/E multiple of 8.43x and 11.73x respectively. Demand is Intact Demand for cement is to remain upbeat on the back of increased activity in government and private sector housing scheme, rising urbanization, CPEC related infrastructural projects, construction of motorways, water reservoirs and various hydel power projects and with election just around the corner, we believe demand for cement to remain sturdy during the remainder of the current fiscal year. KATAS RAJ - Blessing in Disguise It is highly plausible that the company may be given green light by the Supreme court while other companies in the negative zone will have to search for other alternatives or cede expansions. This is likely to bode well for MLCF in setting strong foot hold in the region. Brownfield Expansion – Effort to Retain Market Share In order to retain its market share MLCF has also announced a brownfield expansion project (line-3) to be setup at its existing site, thereby taking total capacity to 7.3 MT. The project is worth PKR 23Bn, financed through 48% debt and 52% of equity out of which 19% was raised through issuing 12.5% right shares. Energy Mix is All Set to Get Efficient The Installation of 40MWcoal fired plant will further lower its dependence on national grid and thus will eventually make MLCF self-reliant on captive power plants. The risks to our target price includes devaluation of PKR, hike in interest rates, lower than anticipated demand, surge in coal prices, price war, delay in commencement of new plant.
  • Requests for Comments: Chinese Local Government Rating Criteria

    Source: Liang Zhong
    Date Submitted: 24 May 2018
    Views: 24
    Downloads: 3

    HONG KONG, 23 May 2018. Pengyuan International has today released its Chinese Local Government Rating Criteria for public consultation. These criteria will be effective immediately on the date of final publication, and we intend to complete the review of all affected ratings, if any, within six months thereafter. We expect no impact on our current rating portfolio.

    We would appreciate comments on these draft criteria from investors and other market participants. The request-for-comment version of the Criteria and analyst contact details are available via the following link:

    Chinese Local Government Rating Criteria: http://www.pyrating.com/Methodology/Index/10008.html

    Our Chinese Local Government Rating Criteria describe our top-down approach to assessing the credit risks of all local governments (LGs) and assigning issuer credit ratings (ICRs) and issuance credit ratings to LGs in China. We explain how we assess the key rating factors (namely a LG’s economic strength, budgetary strength, debt burden, liquidity, and governance and financial management) that together drive a LG’s relative credit strength compared to peer LGs reporting directly to the same higher-level government. We combine the relative strength score of the LG with the rating on its higher-level government and our other analytical considerations to determine ICR on the LG. 

     

     

    ANALYST CONTACTS MEDIA CONTACT OTHER ENQUIRIES
    Chief Analytics Officer
    Tony Tang

    tony.tang@pyrating.com
    +852 3615 8278
    media@pyrating.com contact@pyrating.com

    Sovereign and Public Finance
    Liang Zhong
    liang.zhong@pyrating.com
    +852 3615 8341

     
  • Better disclosure-how to judge material items on IFRS Financial Statements?

    Source: Chie Mitsui
    Date Submitted: 11 May 2018
    Views: 572
    Downloads: 15
    We have seen cases where information necessary for analysis are not disclosed in the breakdown of operating expenses, and a big number is disclosed, without its breakdown table in the footnote, as accounting item named "other“, in the IFRS financial statements.
    There is a disclosure option in expenses disclosure in IFRS, and companies think that they can choose one. By Function and By Nature, or their mixed, disclosed as one detailed table from the sum of SGA. In this case, it becomes difficult to understand detailed table, and "the other" becomes big number. We sent an opinion that threshold should be introducedto make disclosure more granular, and specific accounting items should be addedon IAS 1, to IASB before. 
    But this time, we discussed at the same time, some investors believe that most important disclosure should be focused on what is material for company, not threshold, not certain items.
  • TOP 9 Mistakes in Valuation. #8 Choosing an unreasonable cost of equity - Video 8/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 11
    Downloads: 0
    Mistake #8: Choosing an unreasonable cost of equity

    A very common mistake made by analysts is discounting future cash flows at an unreasonable cost of equity (COE). Don’t get lost in the components of COE, focus on the end result. Too high or too low COE can significantly change your estimate of a firm’s fair value. Based on our study we consider COE ranging between 8% and 13% to be reasonable.

    Check out the video to learn more about Mistake #8 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #7 Valuing a stock using the calculated Beta - Video 7/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 9
    Downloads: 0
    Mistake #7: Valuing a stock using the calculated Beta

    A common mistake is valuing a stock just using whatever historical beta you find in Bloomberg or your data provider. Also failing to realize that valuation is made to infinity, hence, your beta is a forecasted beta and that forecast is to infinity. Past betas tend to regress towards 1.00x. The Beta you use for valuation is to infinity. To avoid error we use three betas: High risk: 1.25x, Average risk: 1.00x, low risk: 0.75x. If you use a beta outside of this range you have a higher obligation to justify.

    Check out the video to learn more about Mistake #7 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #6 Underestimating working capital investment - Video 6/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 11
    Downloads: 0
    Mistake #6: Underestimating working capital investment

    Net working capital (NWC) is difficult to forecast because it’s a result of five separate forecasts: accounts receivable; inventory; other current assets; accounts payable; and other current liabilities. Unlike in accounting, in valuation we exclude cash and short-term borrowing from net working capital. Changes in NWC are volatile because that change results from five separate forecasts. NWC is a small but volatile investment item. Large deviations from past trends usually are a mistake, so explain them carefully.

    Check out the video to learn more about Mistake #6 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #5 Forecasting drastic changes in cash conversion cycle - Video 5/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 26
    Downloads: 0
    Mistake #5: Forecasting drastic changes in cash conversion cycle

    I've analyzed 17,414 companies across the world to try to understand how assets break down. Avoid huge changes in working capital items, except in rare cases of product mix or management policy. Focus much of your attention on inventory. If you forecast big changes, explain your reasons.

    Check out the video to learn more about Mistake #5 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #4 Confusing growth CAPEX with maintenance CAPEX - Video 4/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 715
    Downloads: 0
    Mistake #4: Confusing growth CAPEX with maintenance CAPEX

    I've looked at the largest 500 companies in Asia and their CAPEX spending in their cash flow statement. CAPEX should be roughly the same as depreciation. The starting point for overall CAPEX forecasting is 100% of annual depreciation charge and that additional growth CAPEX depends on how fast you expect the firm to grow.

    Check out the video to learn more about Mistake #4 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #3 Growing fixed assets slower than revenue - Video 3/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 11 May 2018
    Views: 51
    Downloads: 0
    Mistake #3: Growing fixed assets slower than revenue

    Analysts often underestimate fixed asset growth. A rule of thumb is that fixed asset growth should roughly match revenue. Use the asset turnover ratio to prevent this error. It can help you see when you're unrealistic.

    Check out the video to learn more about Mistake #3 and how to avoid it.
  • TOP 9 Mistakes in Valuation. #2 Underestimating expenses causing unrealistic profit - Video 2/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 25 May 2018
    Views: 344
    Downloads: 0
    Mistake #2

    In this video, Dr. Andrew Stotz, CFA talks about how underestimating expenses, causing unrealistic profit as one of the most common valuation mistakes.

    It covers:
    - Analyzing and forecasting 17,000 companies around the world over a 15-year period.
    - Defining the value of the gross profit margin in forecasting.
    - Providing real examples based on his own coffee business, CoffeeWORKS, and IKEA, etc.
    - Giving other sound advice, including the idea from the fantastic book: Understanding Michael Porter.
    - The idea is that to forecast changes in gross profit margin, an analyst should study the supply chain.
    - Looking at some common valuation mistakes in the academic-style research.
    - ABC analysis and valuation.
    - Evaluating the accuracy of net profit and net profit margin forecast analysts in Asia, based on the result of 540 of the largest companies in Asia.
    - Presenting expenses with the highest variability in the net profit margin.


  • ​TOP 9 Mistakes in Valuation. #1 Overly optimistic revenue forecasts - Video 1/9

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 25 May 2018
    Views: 501
    Downloads: 0

    In the first of a series of nine videos examining valuation mistakes, award-winning equity analyst and former President of CFA Society Thailand Dr. Andrew Stotz, CFA, looks at why investors should be wary of overly optimistic revenue forecasts. 

     

    From this video you will learn: 

     

    • Questions to ask when forecasting a company’srevenue, for example, can it increase both profit and growth margins over time?

     

    • How to understand a company’s marketing, branding, products, and services – in addition to its sales process, delivery, and after-sales service

     

    • That if revenue forecasts are wrong, valuations will be too 

     

    • How to curb your enthusiasm.

     

    Watch Andrew Stotz here:https://youtu.be/9jkfAPcDomY

     
  • China in Brief: Some Debts Good, Some Debts Bad

    Source: Sandra Chow, CFA, Ang Ben You, Cheong Yin Chin, CFA
    Date Submitted: 07 May 2018
    Views: 82
    Downloads: 0
    • Chinese banks and corporates have now released their full FY17 financial statements, following preliminary results in March.  The reports revealed how China's clampdown on leverage is starting to affect individual issuers in different ways.
    • Chinese banks' FY17 operating metrics showed the larger banks (the big six and larger joint stock banks) emerging stronger than the smaller banks from the government's deleveraging campaign, in terms of profitability and asset quality.   Because larger banks have been net interbank lenders, profitability has benefited from higher interbank rates. Asset quality also showed positive trends with special mention loan ratios falling and NPL (non-performing loan) classification actually becoming more conservative. On the other hand, the weaker joint stock and city commercial banks have seen profitability take a hit due to more expensive interbank funding costs. Their deteriorating asset quality shows them as being disproportionately affected by China's deleveraging campaign. 
    • Asset growth showed broad moderation at the banks in FY17, though growth rates were still higher at the smaller ones. The big six banks reported broadly lower asset growth rates compared to FY16. This trend can be extrapolated to the joint stock and city commercial banks, though here the picture was more mixed, with a few still seeing expansion. Slower asset growth was driven mainly by investment receivables, which fell as a % of assets at many banks. Banks' exposure to shadow loans should continue to shrink this year given the emphasis on fighting financial risks; we expect more regulations targeted at these items. 
    • Chinese real estate firms' liquidity weakened during FY17, despite robust contracted sales.  Slower mortgage approvals amid China's credit tightening delayed the companies' cash collections.  Undeterred, the developers continued heavy land acquisitions and most surpassed their FY17 land purchase budgets. All of the developers we cover aside from Greenland Hong Kong posted negative free cash flow last year. We see more bond supply risk from the China property sector as the developers plug their funding gaps with fresh onshore and offshore debt. The authorities do not seem to be clamping down heavily on developers' funding sources: onshore bond issuance among the Chinese high yield developers we track soared by 76% up to 20 April this year, compared to the same period in 2017. Offshore bond issuance has also remained steady, although rising risk aversion among $ bond investors is crimping appetite for Chinese property bonds and prompting more issuance of short-dated paper.
    • The Chinese industrial companies we track posted solid FY17 results overall, with companies ranging from car maker Geely Auto, piped gas provider China Oil & Gas and infant formula provider Health & Happiness reporting improving operations and stable or stronger credit metrics. With more prudent capex plans than the property developers, funding needs are generally lower. But regulatory approval for bond issuance seems to be on a case-by-case basis and issuers from overcapacity industries may find it harder to gain approval. Aluminium producer China Hongqiao, for instance, issued a 363-day bond in April, suggesting that investors were taking a cautious view of Hongqiao's long-term credit outlook, or that the company struggled to obtain an issuance quota from China's National Development and Reform Commission (deals of under 1 year maturity are not subject to NDRC approval). Yet the authorities are also supporting new funding channels selectively, presumably to ease the impact of credit tightening. West China Cement reported that it enjoys tax-free income from its new finance lease business, for instance.
    • We expect China will continue to tweak credit restrictions selectively, in order to rein in excessive leverage without causing a credit crunch.  Regulatory approval can be forthcoming to fund projects that are in line with government policies. For example, despite the general credit tightening, Chinese developers can obtain large quotas for China's new 'Rental Apartment Special Bonds' (长租公寓REIT), as the government tries to tackle the problem of housing affordability.  Amid the deleveraging campaign, it seems that not all debt is bad after all.
  • Equity Research Report: Hero Motocorp Buy Recommendation 

    Source: Bharat Singh, Saurabh Rakheja
    Date Submitted: 05 May 2018
    Views: 151
    Downloads: 18
    Equity Research Report on Hero Motocorp performed by IIM Trichy Team.

    Contributors: Bharat Singh, Saurabh Rakheja, Shivansh Namdeo
  • Flash Note on Dutch-Bangla Bank Limited

    Source: Mohammad Rehan Kabir
    Date Submitted: 26 Apr 2018
    Views: 81
    Downloads: 14
    Dutch Bangla Bank is a 2nd generation bank that provides conventional banking services. Their Mobile Financial Service i.e. ‘Rocket’ is the number 2 MFS in BD.
  • Request for Comments: Sovereign Rating Criteria

    Source: Liang Zhong
    Date Submitted: 25 Apr 2018
    Views: 323
    Downloads: 5

    HONG KONG, 25 Apr 2018. Pengyuan International has today released its Sovereign Rating Criteria for public consultation. These criteria will be effective immediately on the date of final publication, and we intend to complete the review of all affected ratings, if any, within six months thereafter. We expect no impact on our current rating portfolio. 

     

    We would appreciate comments on these draft criteria from investors and other market participants. The request-for-comment version of the Criteria and analyst contact details are available via the following link:

     

    Sovereign Rating Criteria: http://www.pyrating.com/Methodology/Index/10008.html 

     

    Our Sovereign Rating Criteria describe our analytical approach to assessing the credit risks of all sovereigns and assigning issuer credit ratings (ICRs) and issuance credit ratings to sovereigns. We explain in detail how we assess the key rating factors (namely a sovereign issuer’s debt burden, stage of economic development, economic fundamentals, institutions and policies and distinctive movers of underlying liquidity risk) that together drive a sovereign’s indicative credit score (ICS). We also outline our other analytical considerations, which, together with the ICS, will determine an entity’s Issuer Credit Rating.  

    For these criteria, we define a sovereign as a member state of United Nations or a state that runs its own government, enjoys fiscal independence and determines its own monetary regime.

    MEDIA CONTACT
    media@pyrating.com
     
    OTHER ENQUIRIES
    contact@pyrating.com

  • Regional Healthcare Stocks Leading the World in 2018 YTD

    Source: SGX My Gateway
    Date Submitted: 24 Apr 2018
    Views: 4134
    Downloads: 5
    Regional Healthcare Stocks Leading the World in 2018 YTD​
    • The SGX All Healthcare Index has gained 4.6% in the 2018 YTD, similar to the MSCI AC Asia Pacific Health Care Index returns of 4.7%, and higher than the MSCI World Health Care Index decline of 2.1.
    • The five largest capitalised stocks of the SGX All Healthcare Index include IHH Healthcare Bhd, Top Glove Corp Bhd, Haw Par Corp, Raffles Medical Group and Tianjin Zhong Xin Pharm Group. All five stocks have gained in the YTD, with average total returns of 11.6% and median total returns of 5.7%.
    • Of these five stocks, the strongest two stocks both in the 2018 YTD and past 12M maintain a strong product focus – Top Glove Corp, with a product presence in virtually every corner of the globe, and Haw Par Corp, with a global consumer base for its Tiger Balm products.
  • IPO Note on Advent Pharma Limited

    Source: Asaduzzaman Ashik, Mohammad Rehan Kabir
    Date Submitted: 11 Apr 2018
    Views: 139
    Downloads: 14
    Advent Pharma Ltd (ADVENT) is engaged in manufacturing, importing and marketing of animal health care drugs, nutritional supplements and feed additives for livestock. The company manufactures products in the form of powder, bolus and liquid dosage. ADVENT produces both Non-Biological and Biological products. ADVENT manufactures 32 products likely electrolyte, vitamins & minerals, multivitamins, zinc supplement, calcium supplement, stomachic, anticoccidial, antibiotic, anthelmintic, analgesic, appetizer for both poultry and dairy. 
  • Equity Valuation Report on Paramount Textiles Ltd. (PTL)

    Source: Mohammad Asrarul Haque, Tajkera Rahman
    Date Submitted: 05 Apr 2018
    Views: 122
    Downloads: 21
    Primarily engaged in the business of manufacturing and marketing of 100% export oriented woven fabric, PTL operates as backward linkage of textile sector.The company manufactures dyed woven fabrics for export oriented garments industries in Bangladesh. The product range of PTL comprises of yarn dyed fabrics and finished woven fabric.Besides its ongoing business operation in textile sector, the company is going to make fresh investment in the private power generation sector of the country through its investment in Paramount BTrac Energy Consortium, a proposed 200 MW diesel fired power plant, having 49% ownership from PTL.  

     
  • AsianFA---Does Public Information Disclosure Crowd Out Private Information Production?

    Source: Jia Chen, Ruichang Lu
    Date Submitted: 01 Apr 2018
    Views: 27
    Downloads: 1

    This paper investigates how public information disclosure affects private information production. We consider an increase in public information disclosure in the corporate bond market and measure information production by using the number of bond analyst reports, the number of pages in the reports, and the file size of the reports. We find that when public information disclosure increases, there is a reduction in private information production, indicated by fewer reports, fewer pages, and smaller file sizes. We then examine how pricing efficiency changes and find the lower delay of bond prices, bond prices that more closely approximate random walks, and shorter bond return drift after bond analyst reports or credit rating changes.

     

     

     
  • 'AsianFA' Financial Flexibility Beyond Earnings Management: Do Pension Accounting Assumptions Create Shareholder Values?

    Source: Shingo Goto, Noriyoshi Yanase
    Date Submitted: 01 Apr 2018
    Views: 39
    Downloads: 4
    While firms often use pension return assumptions to manage earnings, they may also use high return assumptions to signal lower pension contributions to increase internal cash flows available for profitable investments. Benefits of such internal funding can overweigh forgone tax benefits. Our cross-sectional evidence suggests that pension return assumptions can exert real effects beyond earnings management, as they predict significant increases in operating cash flows, fixed capital investments, and R&D expenditures. The stock market places significant values on pension return assumptions beyond the valuation of management forecasts of earnings, especially among firms with low profitability or large pension underfunding.
  • Equity Valuation Report on LafargeHolcim Bangladesh Limited

    Source: Md. Nazmus Sakib
    Date Submitted: 29 Mar 2018
    Views: 137
    Downloads: 43
    LafargeHolcim Bangladesh Limited (LHBL), previously known as Lafarge Surma Cement Limited (LSCL) produces clinker and cement in its plant located in Chhatak, Sunamganj which is the only fully integrated dry process cement plant in Bangladesh. It sources its primary raw material, limestone from its own quarry in Meghalaya, India which is brought to the plant using 17 Kilometer long conveyor belt. Currently it has 3 subsidiaries - Lafarge Umiam Mining Private Limited (100% Holding), Lum Mawshun Minerals Private Limited (74% Holding), and Holcim Bangladesh Limited (100% Holding).

    We conducted a valuation on LHBL based on Discounted Cash Flow method and relative valuation. Currently, LHBL is traded at BDT 56.9 (as on 29th March, 2018). In our valuation, the target price for LHBL based on DCF and Relative Valuation is determined at BDT 58.7 per share for 1 year holding period.

     
  • AsianFA conference paper: Aggregate Expected Investment Growth and Stock Market Returns

    Source: Huijun Wang, University of Delaware, Jianfeng Yu, PBCSF, Tsinghua University, Jun Li, University of Texas at Dallas
    Date Submitted: 28 Mar 2018
    Views: 25
    Downloads: 2
    This is a conference paper accepted at 2018 Asian Finance Association annual meeting to be considered for the CFA Institute Asia-Pacific Research Exchange Award, 
  • Understanding the Investment Fundamentals of the Telecommunications Sector. A part of the series "Sector Analysis: A Framework for Investors"

    Source: Alan Lok, CFA, Eunice Chu, Guruprasad Jambunathan
    Date Submitted: 10 Apr 2018
    Views: 26521
    Downloads: 119
    For investors exploring the telecommunications sector, it is important to be aware of the key economic, operational and regulatory factors influencing these firms. These not only vary from country to country but also from company to company, depending on the kind of service that is being provided – fixed line, mobile or a combination of the two. Common to all are the opportunities afforded by the growth in data and the proliferation of online services. For operators in developing markets, lower penetration rates offer long-term opportunities. Meanwhile for operators in the  developed world, staying relevant by keeping pace with technological advancements is vital. In general, the sector is marked by intense competition, hefty capital expenditure requirements (at least historically) and rigorous regulatory intrusion.

    There are three listed telecommunication stocks in the FTSE ST All-Share index, with a net market capitalisation of S$28.6 billion, and they accounted for 7.5% of the index as at 31 Jan 2018*. Of the three, SingTel is the largest constituent  company, representing about 90% of the Singapore telecommunication sector by market capitalisation.

    The sector analysis for REITs can be found on ARX here: https://www.arx.cfa/post/Understanding-Real-Estate-Investment-Trusts-REITS-Sector-Analysis-A-Framework-for-Investors-5166.html 

    To read more, download the full sector analysis for the telecommunications sector with accompanying question bank below. 

    This publication qualifies for 0.5 CE credits under the guidelines of the CFA Institute Continuing Education Program.
     
  • Equity Valuation Report on Berger Paints Bangladesh Limited

    Source: Asaduzzaman Ashik
    Date Submitted: 22 Mar 2018
    Views: 106
    Downloads: 23
    Berger Paints Bangladesh Limited is the largest paint manufacturer and distributor in Bangladesh. Berger Paints manufactures world class paints for all kinds of substances and also provides different support services with more than 250 years of rich heritage. Louis Berger from Germany started dye and pigment making business in 1760. The company was introduced as Louis Berger & Sons Limited.  The company grew and expanded rapidly with a strong reputation for excellence in innovation and entrepreneurship. Production of dyes and pigments evolved into production of paints and coatings, which till today, remains the core business of Berger. Berger expanded globally by establishing branches all over the world and through mergers and acquisitions with other leading paint and coating manufacturing companies. Berger Robbialac, the flagship brand of Berger Paints, is the number one paint brand in Bangladesh. The product line of Berger Paints includes decorative, industrial, marine, power coating, adhesive, wood coating, textile paints and construction chemicals.
  • Understanding the Investment Fundamentals of Real Estate Investment Trusts (REITS). A part of the series "Sector Analysis: A Framework for Investors"

    Source: Alan Lok, CFA, Eunice Chu, Guruprasad Jambunathan
    Date Submitted: 13 Jun 2018
    Views: 16615
    Downloads: 296
    INTRODUCTION TO SECTOR ANALYSIS: A FRAMEWORK FOR INVESTORS

    The key to a company’s success depends on how well it executes its business model. This calls for optimising the allocation of limited resources to generate sustainable cash flows, for investing in new products, technologies, and services in responding to the wider competitive landscape or societal changes and mega trends, as well as for devising appropriate responses in the face of an evolving macroeconomic, regulatory, and political environment.  

    Different industries often require very different business models; and even within the same industry, the model that does add value to the business may vary somewhat from company to company.  

    To help investors undertake proper due diligence on a company, we have generated a framework of analysis designed to tease out the following: (1) whether the pertinent factors favour the firm in question; and (2) whether management is effective in executing its business model or value-generating strategies, while responding appropriately to its external environment.

    This framework is customised to specific sectors and incorporates interviews with professionals within those sectors. 
     
    REAL ESTATE INVESTMENT TRUST (REIT) SECTOR 

    REITs are vehicles that own and typically operate a portfolio of income-yielding real estate assets. Modelled along the lines of unit trusts, REITs allow for funds to be pooled from a group of investors. Such a structure provides retail investors with several advantages: a low-hurdle of entry and exposure to a diversified pool of real estate assets with a high level of liquidity, which would not otherwise be possible with direct investing. 

    Most REITs are publicly listed, and declare above 90% of their earnings as dividends to fulfil certain benefits accorded to REITs by the local securities regulator. As such, REITs provide a stable source of recurrent income, which serves as a yield play rather than an investment avenue for reaping capital gains. We believe an effective and accurate fundamental analysis can help the retail investor determine if the recurrent income is stable and/or trending upwards over the long term. 

    A REIT generally focuses on a specific category of property for investments.  Some common classifications of REITs include: Office & Commercial REITs, Retail REITs, and Industrial REITs.

    To read more, download the full sector analysis for REITs with accompanying question bank below.

    This publication qualifies for 1.0 CE credits under the guidelines of the CFA Institute Continuing Education Program.
     
  • Fusion Stock Analytics_Afcagro Biotech Ltd.

    Source: Md. Khurshed Alam
    Date Submitted: 11 Mar 2018
    Views: 94
    Downloads: 22
    "Fusion Stock Analytics" - Is the composition of behavioral tools of investment and trading. FSA report is suitable for the investors seeking opportunity for short term horizon (generally 3 months - 1 year). The entire module comprised of high efficient Techno-Fundamental modules including last 3 years position charting of key relative valuation ratios', EPS scenerio and valuation to determine relative fair price. The technical modules are very effective with modeling of high efficient parameters of multiple technical indicators. The other composition including Calendar (month) effect to see how price bahave during each month of the year. The corporate disclosure effect demonstrating pre and post stock price behavior of all quarterly corporate disclosures. Other modules including last 3 years trading performance, market attributes, liquidity performance and most importantly the key statistical indicators i.e. beta and other supporting risk parameters. The entire module has been developed with an objective to grow investors' confidence by reducing risk associated with investment with an average expected return of 12 - 18% annually. Investor are strongly recommended to follow the risk based systematic investment allocation plan, rules and avoid emotional investment to "maximize return with optimum (minimum) risk exposure".       
     
  • Equity Valuation Report on Golden Harvest Agro Industries Limited

    Source: Asaduzzaman Ashik
    Date Submitted: 27 Feb 2018
    Views: 162
    Downloads: 22
    Golden Harvest Agro Industries Limited (GHAIL) is the market leader in Frozen Food Industry of Bangladesh having around 25% market share. The product line of GHAIL includes frozen ready to eat snacks, Ice Cream and dairy products. GHAIL regularly introduces new products to meet the diversified customer needs and explore new frontiers. It has 75 varieties of premium quality frozen food items and 40 types of Ice Cream available in the market.
  • Webinar: China Property-The Significance of the Property Sector to China's Economy

    Source: Cheong Yin Chin, CFA, Luther Chai
    Date Submitted: 25 Feb 2018
    Views: 129
    Downloads: 0
    Residential home prices in China have been kept steady by an onslaught of tightening policy measures across the country since September 2016. With cities such as Lanzhou relaxing some of its restrictive measures at the start of this year, could we be on the cusp of an easing cycle?

    This on-demand 15-minute webcast explains the importance of the Chinese real estate sector and delivers a summary overview of our recent research reports. 
  • Equity Note on Shasha Denims Ltd.

    Source: Tajkera Rahman
    Date Submitted: 18 Feb 2018
    Views: 96
    Downloads: 9
    Shasha Denims Ltd. (SDL) is a 100% export oriented company that manufactures and exports denim fabrics.Though the company is facing decreasing trend in its profitability margin, it is expected that the company will be able to bring positive turn after implementation of the IPO project.

     
  • Updated Equity Valuation report on Square Pharmaceuticals Limited

    Source: Md.Mosavvir Al Ashick
    Date Submitted: 13 Feb 2018
    Views: 157
    Downloads: 29
    The Pharmaceuticals industry of Bangladesh is expected to grow  at  a  CAGR  of  15%  over  the  next  five  years  due  to steady  economic  growth,  population  growth,  growth  of income  level  of  people  and  increased  health  awareness. Being  the  leader  in  the  growing pharmaceuticals  industry; Square Pharmaceuticals Limited is expected to grow at the same pace with the industry.
  • Demand-Supply Dynamics of Asia’s Healthcare Sector

    Source: SGX My Gateway, ,
    Date Submitted: 07 Feb 2018
    Views: 180
    Downloads: 13
    Demand-Supply Dynamics of Asia’s Healthcare Sector
    • Asia’s accelerated ageing rates and the rise of lifestyle diseases will likely boost the region’s healthcare spending outlook in coming decades, while in supply terms, the region’s medical facilities, equipment and manpower will continue to trail the per capita averages of the 34 OECD member countries. SGX-listed healthcare plays that derive significant revenues from markets beyond Singapore have exposure to these robust demand-supply dynamics.
       
    • Singapore’s listed healthcare sector, as tracked by the benchmark SGX All-Healthcare Index, consists of 30 companies and related trusts with a combined market capitalisation of more than S$34 billion. Seven of the 10 largest constituents of the Index report more than a third of group revenues to Asia Pacific ex-Singapore, namely Southeast Asia, North Asia and South Asia.
       
    • Healthcare stocks posted a mixed performance in 2017, as funds rotated out of defensives into cyclical plays. However, the tide has turned over the last few weeks, making Healthcare the best-performing sector on a market capitalisation-weighted basis in the month of December, and positive momentum continuing into the New Year.
  • IFA - Allowance for Loan Losses – The Framework for Current Expected Credit Loss Methodology

    Source: Manoj Malhotra, Dr. Rahul Kumar, Prithivinath Prabhunath, Dr. Manish Kumar
    Date Submitted: 05 Feb 2018
    Views: 53
    Downloads: 1
    The Financial Accounting Standards Board (FASB) had introduced the concept of Current Expected Credit Loss (CECL) and issued a new accounting standard—Accounting Standards Update (ASU) No. 2016-13, Topic 326, Financial Instruments – Credit Losses—on June 16, 2016. The introduction of CECL would present many banks and other lending organizations with significant model and data management challenges. The objective of this paper to decode the operational aspects of computation of “life-of-loan”, a key component of CECL calculation, and introduce a broader modeling framework which can be used by various stakeholders impacted by the ASU. Specifically, in this paper, we provide a framework for computation of CECL under the Probability of Default (PD)-based methodology and intricacies involved therein. The main focus of this paper is on different ways in which “life-of-loan” can be computed, which is an important component of the CECL computation. We also provide a framework to compute cumulative life time PD, which is used in conjunction with assumed loss given default (LGD) and exposure at default (EAD) to arrive at the CECL numbers. We also discuss the inherent limitations of cumulative PD-based approach. The PD model’s performance, assessed using industry-established measure, i.e., area under the receiver operating curve (ROC), is found to be satisfactory for both in-sample and out-of-sample data. The Aggregation model performance, assessed by comparing the actual losses with estimated CECL, is found to be reasonable, with further scope for improvement, which would be considered in our future work.
  • Monetary Policy Statement, H2 FY'18 Highlights

    Source: Mohammad Rehan Kabir, Md. Nazmus Sakib
    Date Submitted: 30 Jan 2018
    Views: 168
    Downloads: 21
    Bangladesh Bank is going to pursue a ‘Cautionary’ monetary policy stance for the second half of FY18 with an aim at bringing back monetary aggregates to a sustainable growth trends by ensuring the quality of credit flows rather than restricting it.  Current monetary policy stance is formulated for the second half of FY’18 considering the actual result of H1, FY’18 and the target made for H2, FY’18. Prior to national election, Central Bank of Bangladesh undertakes a growth supportive but cautious monetary policy stance with an aim to bring price stability.
  • Fusion Stock Analytics

    Source: Md. Khurshed Alam
    Date Submitted: 22 Jan 2018
    Views: 159
    Downloads: 22
    Fusion Stock Analytics is the composition of  7 dimensions to analyze a stock including: Technical, Fundamental, Calendar Effect, Corporate disclosure effect, Mechanical (Trading) performance analysis and analysis of statistical (risk parameter). All together the offer is said "A Techno-Fundamental Psychoanalytic approach of Stock valuation"
  • Indian Banks: 1HFY18 Review and 2018 Outlook

    Source: Ang Ben You, David Marshall
    Date Submitted: 10 Jan 2018
    Views: 270
    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. 
  • Steppe Capitalist Equity Research:  APU JSC (MSE: APU)

    Source: Steppe Capitalist
    Date Submitted: 09 Jan 2018
    Views: 176
    Downloads: 21
    8 January 2018, www.steppecapitalist.com
    HOLD Rating with Target Price of MNT 866
    • We are initiating coverage of APU JSC (APU or the Company) a Mongolian Stock Exchange listed alcohol and beverage producer with a HOLD rating and 12 month target price of MNT 866.
    • Merger with Heineken (the Merger): APU is closing a merger transaction with Heineken’s business in Mongolia (Evergreen Investment LLC or Evergreen) publically announced in July 2017 and effectively becoming a near monopoly player with more than 80% share of the local alcoholic beverage market.  The transaction will mark as the largest merger in the country.
    • Immediate value drivers: (i) the Merger expected to create over MNT 13bn cost synergies in 2018-2021; (ii) a vertical integration with the trading business (APU Trading LLC), taking place as part of the Merger is an important value driver for APU public shareholders. It results in immediate 10 percentage point increase in gross margins previously only captured by the shareholders of APU Trading (Shunkhlai Group).
    • Longer term value driver: Having secured a dominant position in the local market APU is strategically focusing on growth through exports, as the market for alcoholic beverages in Mongolia (the largest EBITDA generator) has limited growth potential.
    • Having Heineken as a strategic shareholder will help APU to achieve the immediate and long-term strategic targets through the use of Heineken’s international supply chain network and marketing expertise.
    • As a result of the consolidation in 2017 APU expects to see 65% jump in revenue to MNT 492bn, 10 percentage point increase in gross margins to 39% and an EPS of MNT 68.
    • We conclude that the market has largely priced in the value gain from the Merger as the share price surged 99% since the announcement.
  • Equity Valuation Report- Singer Bangladesh Limited

    Source: MD. Mosavvir Al Ashick
    Date Submitted: 28 Dec 2017
    Views: 172
    Downloads: 21
    Singer Bangladesh Limited manufactures and markets color televisions, refrigerators, home appliance, furniture, sewing machine. The company is also engaged in marketing of electric cables, computer and instant power supply, kitchen appliances, other consumer electronics and household appliances of other brands.
     
  • 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: 637
    Downloads: 8
    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: 190
    Downloads: 4
    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: 182
    Downloads: 6
    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.
  • Equity Note on Saif Powertec Limited

    Source: MD. Mosavvir Al Ashick
    Date Submitted: 18 Dec 2017
    Views: 207
    Downloads: 16
    Saif Powertec Limited is a berth/terminal operator of Chittagong Container  Terminal  and  New Mooring  Container  terminal  of Chittagong Port Authority. Saif  Powertec  is  an  infrastructure  support  services provider.  Saif  Powertec  is  also  engaged  in  importing,  trading, assembling,  and  installing  generators,  sub-stations,  electrical equipment and gridlines and installation and erection of power plants. In addition, it sells and services construction equipment.
  • Fundamental analysis and stock returns in international equity markets

    Source: Chi Cheong Allen Ng, S. Ghon Rhee ,
    Date Submitted: 10 Dec 2017
    Views: 137
    Downloads: 14
    This paper investigates whether a simple fundamental analysis strategy yields significant returns to investors in 65 international equity markets. Financial strength signal, FSCORE proposed by Piotroski (2000), can distinguish winners from losers in overall stocks, glamour stocks and value stocks in most of these markets. The strategy by long value stocks with strong fundamental and short glamour stocks with weak fundamental can generate significantly positive return in 41 out of 65 markets. The profitability is still significant after controlling firm size, asset growth (or investment), profitability and momentum factors. Our results suggest that the anomaly by the fundamental analysis strategy can be explained by the hypothesis of the limits to arbitrage. The abnormal return is larger in the market if it is more difficult to arbitrage.
  • A Comparative Analysis on Listed IT Companies of Bangladesh

    Source: Asaduzzaman Ashik
    Date Submitted: 09 Dec 2017
    Views: 189
    Downloads: 20
    IT Industry has been professed as a thrust sector assessing the ability and interests of young populace of the country. In Bangladesh, there are more than 100 software houses, 35 data entry centers, thousands of formal and informal IT Training centers and numerous computer workshops. VAT  has  been  withdrawn  from  locally  developed  Software,  Digital  Data  Network has  been  introduced,  and  VSAT  is deregulated in Bangladesh. Some remarkable events are going on in every sector covering E -commerce, E-governance, Computer Networking, Internet, Web Browsing, Web Applications, Multimedia Product Development and others.

     
  • Changing Landscapes in the Singapore Retail Property Market

    Source: SGX My Gateway
    Date Submitted: 04 Dec 2017
    Views: 1226
    Downloads: 33
    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: 755
    Downloads: 12
    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: 245
    Downloads: 37
    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%.
  • The prevalence of global stock market inefficiencies gives rise to ample opportunities for stock picking

    Source: Chan Fook Leong, CFA
    Date Submitted: 19 Dec 2017
    Views: 1428
    Downloads: 0
    Media Release

    The prevalence of global stock market inefficiencies gives rise to ample opportunities for stock picking
     
    • Active management can yield alpha from inefficiencies in global equity markets particularly in the Asia Pacific region and in emerging markets 
    • These opportunities to generate excess risk-adjusted returns are in spite of trading costs 
    • There is a positive relation between transaction costs including the presence of short selling restrictions and alpha
     
    By Chan Fook Leong, CFA, for Asia-Pacific Research Exchange (ARX)
     
    Singapore, November 14. Professor Söhnke M. Bartram from University of Warwick highlighted the prevalence of global stock market inefficiencies over a lunch-time talk to a full house of CFA charter holders in the FTSE Room on the 9th floor of Capital Tower, Singapore.

    When there are deviations from fair value, stock picking can yield alpha. The mispricing in equities is prevalent globally, particularly in the Asia Pacific region and in emerging markets as uncovered by Professor’s Bartram research project using point-in-time accounting data from more than 25,000 stocks from 36 countries over a period of more than two decades.

    He and joint researcher, Mark Grinblatt, showed that the risk-adjusted returns are significantly larger in emerging than developed markets, suggesting that emerging markets are less efficient at incorporating material public information.

    Potential profits are also larger in the Asia Pacific region. Equity markets in Asia Pacific, the region with the largest alpha, experiences 26-50 basis point additional alpha compared to the Americas even after factoring in differences in the state of economic development.  

    In their research, fair value is determined using replicating portfolios instead of the more conventional discounted cash flow model or the structural asset pricing model where assumptions such as terminal growth and discount rates need to be determined. The replicating portfolio method is a simplistic non-discretionary approach as it relies on less assumptions to arrive at the fair value of a stock. Using international accounting data which is readily available to investors, firms with the same accounting metrics should have identical fair values.

    The replicating portfolios assign monthly fair values to more than 25,000 firms from 36 countries from 1993 to 2016. Thereafter, ordinary least square regression methods are employed to determine the most under- and over-priced stocks. Professor Bartram found that mispricing is greater in emerging markets and in the Asia Pacific region.

    The proxy of trading costs in this research are costs typically incurred by institutional investors. The study also shows that constructing a long-short portfolio still yields positive alpha in spite of trading costs from fees, commissions, and market impact. Moreover, simple adaptations of strategies that reduce turnover such as buy-and-hold strategy can improve alpha in emerging markets.

    Transaction costs which include trading and compliance costs also predict potential profitability – there is a positive relation between such costs and alpha even after controlling for variables such as the quality of a country’s information environment, its level of economic and financial development, and its regulatory framework. This implies that a hypothetical country with zero transaction costs will be devoid of alpha.  

    The other determinant of the level of alpha is the presence of short selling restrictions and other characteristics that might curb arbitrage activities. Limiting arbitrage activities impede the process of stocks reverting to fair value which in turn gives rise to mis-priced stocks.

    Stock market inefficiencies leads to presence of higher alpha in emerging markets and the Asia Pacific region compared to other parts of the world. The former two market or region represent the amongst highest transaction costs including the presence of the prohibition of short selling relative to others, and thereby leading to higher alphas waiting to be realized from picking these severely mis-priced stocks. Best of luck.
     
     
    The full research report can be downloaded from the Asia-Pacific Research Exchange (ARX) website (https://www.arx.cfa)
     
     
  • Too little, too late? Role of credit rating agencies in the Amtek AUTO default

    Source: Shagun Thukral
    Date Submitted: 29 Nov 2017
    Views: 164
    Downloads: 0
    In late August 2015, the sudden downgrade and eventual default of Amtek AUTO Ltd (Amtek) on its debentures upset mutual fund investors and regulators. Questions were raised about the credit rating agencies and their lack of timely action as well as about the independent credit analysis followed by fund houses to protect the interests of investors. One such investor, Suresh Nair, decided to gather all possible available information on Amtek to determine whether it was sheer negligence on the part of all parties involved or if Amtek was in fact in a situation of sudden distress. The case seeks to highlight the credit analysis process, while looking out for red flags to identify potential default or financial stress in a company.
  • AFM - Disagreement Is Bad News

    Source: Bryan Lim
    Date Submitted: 26 Nov 2017
    Views: 88
    Downloads: 1
    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 - The Price of Liquidity Beta in China: A Sentiment-based Explanation

    Source: Michael Frömmel,Xing Han,Xinfeng Ruan
    Date Submitted: 26 Nov 2017
    Views: 119
    Downloads: 6
    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.
  • Are Quality Stocks Expensive in China?

    Source: Liyu Zeng
    Date Submitted: 24 Nov 2017
    Views: 1008
    Downloads: 0
    In China’s A-Share market, quality stocks have gained renewed attraction in 2017.
  • Equity Note on GPH Ispat Limited

    Source: Mohammad Rehan Kabir, Md. Nazmus Sakib
    Date Submitted: 23 Nov 2017
    Views: 185
    Downloads: 15
    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: 708
    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%.
  • Equity Valuation Report-Square  Pharmaceuticals  Limited

    Source: Md. Mosavvir Al Ashick
    Date Submitted: 16 Nov 2017
    Views: 224
    Downloads: 31
    Square Pharmaceuticals Limited is the largest pharmaceuticals company in Bangladesh securing 17.73% market shares. The company manufactures and distributes pharmaceuticals drugs, medicine, basic chemicals, animal health product, agrovet and pesticide products.Square Pharma holds 58.78% market share in the top two therapeutic segments of Pharma Market that accounts for 52.77% of total Pharma Market in Bangladesh.
     
  • China Banks 3Q17: Convertible Boost to CET1

    Source: Matthew Phan, CFA
    Date Submitted: 14 Nov 2017
    Views: 246
    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: 227
    Downloads: 15
    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: 105
    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: 312
    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: 351
    Downloads: 2

    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.

  • What I Learned Listening To Tony Fernandes Of AirAsia Berhad

    Source: Stanley Lim
    Date Submitted: 13 Nov 2017
    Views: 347
    Downloads: 1

    It is no secret that I am a big fan of AirAsia Berhad and its founders; Tony Fernandes and Kamarudin Meranun. So when Tony Fernandes was in Singapore to launch his autobiography, “Flying High” (Almost the same launch period as our book), I jumped at the opportunity to go to the event.

    I also bought his book a few days before and was able to read through it in one reading. It talked about his life story from his boarding school experience in the UK to how he started AirAsia and where it is going.

    How He Made The Impossible Possible

    One story in particular that stuck with me is the story of him trying to buy a house in the UK while he was still studying. He has no income and would only be able to get a house with a mortgage. Although it is clearly an irrational idea to most of us that you would be able to get a mortgage with no income, it does not stop him from trying. He went to talk to hundreds of banks and mortgage specialists and amazingly he did secure his mortgage and bought his first home. Talk about doing the impossible. That was the first “out-of-this-world” type of deal he made in his life.

    The Future Of AirAsia

    Another comment that he made that spike my interests is how he describes the future of AirAsia. He felt that AirAsia should become more of a data company rather than just an airline. Given that more than 73 million passengers fly with AirAsia every year, he believed that the data that they have gotten on all these passengers could be very valuable in the future.

    This is something similar to what the Chief Executive of Ryanair, Michael O’Leary has shared as well. Michael once said that air ticket could be free in the future, with airline making money through other opportunities like sharing revenues with airports. So in turn, budget airlines would become the platform to bring people into airports and the tourism industry at large.

    Does that mean that we could fly for free in the future and AirAsia would partner with other tourism providers to offer us other related services and they just earn on affiliate sales or advertising? It is still unclear but the idea of pushing airfares down to zero could really boost the tourism industry.

    Consolidation For AirAsia?

    Tony Fernandes also mentioned that the parent company of AirAsia, Tune Group, has many other businesses and that has created some issues with AirAsia. So they might be thinking of consolidating their operations under AirAsia Berhad. He did not clarify what does he mean by.

    Does it mean that other Tune Group’s businesses, including listed ones like Tune Protect Group Berhad, could be privatized into AirAsia Berhad? Or does it mean that other associates of AirAsia Berhad, including listed associates like AirAsia X Berhad, would be privatized into AirAsia?

    AirAsia and its related parties currently have three listed companies on Bursa Malaysia; AirAsia Berhad, AirAsia X Berhad and Tune Protect Group Berhad. It is too early for us to be sure of anything but it could mean we might expect some consolidation happening going forward, whichever way it might turn out to be.

  • 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: 261
    Downloads: 8
    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: 128
    Downloads: 10
    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.
  • China-Focused Materials Stocks Led Sector’s YTD Gains

    Source: SGX My Gateway
    Date Submitted: 01 Nov 2017
    Views: 121
    Downloads: 1
    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: 1849
    Downloads: 61
    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: 845
    Downloads: 19
    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.
  • Practitioner's Brief: Friction Key to Exploiting Stock Market Inefficiencies

    Source: Söhnke M. Bartram, Mark Grinblatt
    Date Submitted: 29 Oct 2017
    Views: 2630
    Downloads: 0
    WHAT IS THE INVESTMENT ISSUE?
    The paper is one of a handful that seeks to address why some markets are less efficient than others. Although it is conventional wisdom, this premise is not universally accepted.

    Some academic research papers support the concept that developed markets are no more efficient than emerging markets. Authors Bartram and Grinblatt dispute this. Others have argued that investors rely too heavily on Fama’s Efficient Market Hypothesis (EMH)—that is, that stocks always trade at their fair value—rendering any effort to profit from mispriced stocks an exercise in futility.

    On the one hand, the authors ask, if no one can ever profit from active management, then what magical force exists to drive prices to fair value? They argue that a passive investor will buy the index fund, whatever the prices of its component parts. Active managers, who have performed relatively poorly of late, may well have another cycle to show off their talents—and so will want to take note of where and when mispricings and market inefficiencies cross paths.

    HOW DO THE AUTHORS TACKLE THIS ISSUE?
    Bartram, of the University of Warwick, and Grinblatt, of UCLA, began their work by going through a database of company financials that went back more than two decades to capture all the information about the companies that would have been known at the time.

    They constructed a robust set of synthetic portfolios—nearly 26,000 stocks from three dozen countries—to theoretically trade on mispriced companies, with a few unique layers of variables to provide reality checks. Trading signals, suggesting a clearly identifiable deviation of a stock’s price relative to its estimated fair value, were built using international point-in-time accounting data covering 21 company-specific metrics. Trading activity was replicated with transaction cost data from Elkins McSherry, the gold standard for tracking such expenses.

    Transaction cost data included explicit commissions and fees as well as harder-to-quantify market impact costs. These costs were converted to alpha reductions using portfolio-turnover approximations, that is, two-way turnover.

    WHAT ARE THE FINDINGS?
    The results of running the mispricing replicating portfolios (and incorporating simulated buy/ sell executions) were definitive: Emerging and certain developed Asian markets were shown to be relatively less efficient in countries with quantifiable market frictions—particularly trading costs—that deter arbitrageurs. “If profits to trading strategies based on mispricing estimates are a measure of market inefficiency, then profits should vary across countries as a function of transaction costs, short sales restrictions, and other country characteristics that might influence limits to arbitrage, thereby impeding the process that makes a country’s stock prices reflect fair value.”

    WHAT ARE THE IMPLICATIONS FOR INVESTORS AND INVESTMENT PROFESSIONALS?
    In regions where markets are most efficient, Bartram and Grinblatt caution that investors need to be aware of the costs of active management, noting that it is unlikely the fees associated with active management will outweigh its value. A caveat here, though, is that the data studied were annual accounting data. Conceivably, some improvement in the alpha may be generated by the strategy, even in the most efficient global markets, when using quarterly data. And there’s a catch as well: The least efficient markets, where the alpha opportunities may be the largest, can easily be eroded by those frictions—in other words, super-sophisticated investors are steering clear for good reason.
     
  • Bangladesh Power Sector Overview- Oct' 2017

    Source: Mohammad Asrarul Haque
    Date Submitted: 26 Oct 2017
    Views: 791
    Downloads: 73
    Power is the prime mover of any economy. Any big push of the economy would need uninterrupted power supply. The provision of adequate and reliable supply of electricity at a reasonable cost is a pre-requisite to attain the goal of being a middle income country by 2021.The report contains major highlight on ongoing state of power supply in Bangladesh, major steps and new approvals of power supply as well as financial highlights of some listed power producing companies.
     
  • Equity Valuation Report on Confidence Cement Limited

    Source: Md. Nazmus Sakib
    Date Submitted: 23 Oct 2017
    Views: 375
    Downloads: 54
    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: 185
    Downloads: 16

    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).

  • Top 5 Pharma Companies Performance

    Source: Akramul Alam, CIMA part qualified
    Date Submitted: 17 Oct 2017
    Views: 163
    Downloads: 23
    Snapshot of Top Listed Pharmaceutical Companies Performance.
  • 8 Things You Must Know About Genting Plantations Bhd If You Are Investing In It

    Source: Ian Tai
    Date Submitted: 16 Oct 2017
    Views: 211
    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: 193
    Downloads: 4

    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: 2786
    Downloads: 16
    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%.
  • IPO analysis of UPGD

    Source: Akramul Alam, CIMA part qualified
    Date Submitted: 12 Oct 2017
    Views: 110
    Downloads: 8
    IPO analysis of United Power Generation & Distribution Company Ltd. The company had rated in Above Average level. Till today the company is maintaining good profitability & cash flows.
  • IPO analysis of GMG Airlines

    Source: Akramul Alam, CIMA part qualified
    Date Submitted: 12 Oct 2017
    Views: 86
    Downloads: 7
    Its a snapshot of GMG Airlines IPO analysis. See the last page of the report that denotes some forensic analysis of the issue. Interestingly after the IPO process the company went bust!
  • 市值最大的 20 只中国概念股年初至今回报率达 27%

    Source: 新交所
    Date Submitted: 10 Oct 2017
    Views: 197
    Downloads: 0
    值最大的 20 只中国概念股年初至今回报率达 27%
    • 中国 2017 年 GDP 预测已向上修正为按季度增长 6.7%。推动中国经济增长的因素包括一带一路计划、供给侧结构性改革、国有企业改革、不断发展的中产阶级和国内消费以及“中国制造 2025”新经济计划。
    • 新交所接近四分之一(或 180 家)上市公司有至少 20% 收入来自中国,其中 80% 公司有一半或以上收入来自中国。这些公司为投资者提供从中国的经济增长中获得收入的机会。
    • 在市值最大且至少 50% 收入来自中国的 20 只股票中,有 16 只股票年初至今录得上涨。表现最出色的 5 只股票分别是赫比国际有限公司 (Hi-P Intl, +165.7%)、依利安达 (Elec & Eltek Intl Co, +66.4%)、中国尚舜化工控股 (China Sunsine Chem Hldgs, +59.0%)、普洛斯 (Global Logistic Properties, +49.1%) 和仁恒置地 (Yanlord Land Group, +25.0%)。
    中国拥有近 14 亿人口,是全球人口最多的国家以及全球最大的经济体(根据世界银行数据),2016年 GDP 超过 21 万亿美元。摩根士丹利的中国蓝皮书预计中国可以摆脱中等收入陷阱并在 2027 年实现人均国民总收入 (GNI) 超过 12,500 美元(2016 年的人均国民总收入为 8,100 美元)。
  • 聚焦中国市场的材料股引领今年板块涨势

    Source: 新交所
    Date Submitted: 10 Oct 2017
    Views: 199
    Downloads: 0
    聚焦中国市场的材料股引领今年板块涨势
    • 材料板块是新加坡 2017 年年初至今表现第二出色的板块,市值加权平均涨幅为 31%。相比之下,MSCI 世界材料指数上涨了 10%。
    • 新加坡市值最大的 10 只材料股年初至今的涨幅中值为 5%,平均涨幅则为 54%。同时,新加坡市值最大且大部分收入来自中国的 10 只材料股年初至今的涨幅中值为 44%,平均涨幅为 87%。
    • 新加坡市值最大且聚焦于中国市场的 10 只材料股中有 7 只股票报告 2017 财年上半年净利润录得增长。这些公司的净利润同比增幅介于九天化工集团 (Jiutian Chemical Group) 的 414% 至达成包装集团 (Tat Seng Packaging Group) 的 37.7% 之间。
     
    材料板块以主要业务是将原材料转化为工业材料用品的股票为代表。这类公司可能涉及勘探、开发或加工活动。根据全球行业分类标准(GICS®),材料板块包括制造化学品、建材、玻璃、纸类产品、木材产品及相关包装产品的公司以及钢铁生产商等金属、矿物和采矿公司。
     
  • 东盟概念股将从中国一带一路倡议中获益

    Source: 新交所
    Date Submitted: 08 Oct 2017
    Views: 319
    Downloads: 0
    东盟概念股将从中国一带一路倡议中获
    • 凭借毗邻中国的地理优势以及相对较低的风险水平,预计东盟将是一带一路倡议的主要受益者及桥头堡,该地区将有更多的基础设施的建设和改造项目,而贸易活动及地区联系也会更加紧密。
    • 作为东盟成员国,新加坡将通过其金融中心地位在一带一路倡议中发挥重要作用。此外,新加坡还具备成熟的产业,并有着专业经验可推动并支持一带一路倡议在东盟地区的基础建设项目。
    在新交所 GICS® 工业、材料和公用事业板块中,192 只股票(约占总市值的 25%)有至少 20% 的收入来自东盟地区。其中20 只市值最大的股票中,有 13 只年初至今录得上涨。表现最好的五只股票是怡和策略 (Jardine Strategic, +25.5%)、海峡贸易公司 (Straits Trading, +25.1%)、立合斯顿控股 (Riverstone Holdings, +18.7%)、新捷运 (SBS Transit, +17.9%) 和吉宝基础设施信托 (Keppel Infrastructure Trust, +16.8%)。
     
  • A Comparative Analysis on Fuel-Oil Distribution Companies of Bangladesh

    Source: Md. Nazmus Sakib
    Date Submitted: 05 Oct 2017
    Views: 5021
    Downloads: 78
    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: 127
    Downloads: 1

    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: 154
    Downloads: 4

    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: 186
    Downloads: 2

    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.

  • 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.

  • 3 Industries That Could Change Forever And How Should We Invest

    Source: CS Chong
    Date Submitted: 24 Sep 2017
    Views: 1448
    Downloads: 32

    Disruption seems to be the buzz word nowadays. In last year’s National Day Rally, PM Lee Hsien Loong spoke at length about disruption and how it is the “defining challenge of the economy”. He stressed that Singapore has to embrace changes, raise the level of technology adoption among companies, and train workers to upskill. In essence, disruption should be seen not as a threat, but an opportunity to transform industries to remain relevant and competitive.

    According to the online Cambridge Dictionary, to disrupt means ‘to prevent something, especially a system, process, or event, continuing as usual or as expected’. There is even a specialised definition in the business context: to change the traditional way that an industry operates, especially in a new and effective way.

    Right now, we are seeing the full impact of disruption being played out in Singapore particularly in 3 sectors: taxi, telecommunication, print media.

    Taxi

    Let us first look at taxi segment. The emergence of Grab and Uber have single-handedly revolutionalised the way we consume taxi services and pulling us away from the traditional taxi operators. They started by offering a new channel of taxi booking applications, then moved on to carve out a new avenue of private taxis. Then came throngs of new drivers offering transport services using their private cars, competing directly with taxi drivers. Now we are seeing Grab implementing a new electronic payment system which could pay for daily purchases. Essentially they are creating a whole new commercial ecosystem anchored by taxi services with a complementary offering in e payment that brings about consumer stickiness.

    ComfortDelgro Corporation Limited (SGX:C52) has been adversely affected by Grab and Uber. In the most recent quarter, its revenue and operating profit dropped 3.4% and 9% respectively. The taxi segment saw its revenue dropped 11%. The market has responded by pushing its share price down to around $2.2 which is at a multi-year low.

    Telecommunication

    Telecommunication is another sector that is facing disruption. However, it is not caused by a new business model offering alternative services, but instead the entrance of a new player into an oligopolistic industry that has remained status quo for a long time. TPG Telecom, an Australia fixed network company, has successfully bidded to be the fourth mobile telecommunication company in Singapore, muscling its way into the field occupied by Singapore Telecommunications Ltd (SGX:Z74), Starhub Ltd (SGX:CC3) and M1 Ltd (SGX:B2F). Under regulations, it is required to roll out nationwide 4G services by Oct 2018.

    When there is a new player entering an industry with matured players and stable dynamics, chances are the new player will resort to aggressive price tactics to wrestle customers away and gain market share. It is highly probable for Singapore with a small market and a mobile penetration of 150%. Existing telcos, to defend their market share, would need to up their offerings with innovative products and attractive pricing to retain customers. A case in point: the return of unlimited-data mobile plans recently.

    Arguably, M1 as the smallest telco would be the worst affected. It is heavily dependent on Singapore’s mobile market, with less diversified operations and smallest customer base. Expenses will rise in marketing, recruitment, handsets subsidies to retain customers. In its latest quarterly results, its handset cost of sales rose by 17%, while its EBITDA margin for service revenue shrank from 40.3% Q2 last year to 35.9% this year.

    It’s share price? Currently trading at around $1.80, also a multi-year low unseen since the Global Financial Crisis.

  • Apple iPhone X And Its 7 Asia-Listed Suppliers

    Source: Stanley Lim
    Date Submitted: 24 Sep 2017
    Views: 375
    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: 190
    Downloads: 2

    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: 371
    Downloads: 41
    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.
  • Global Market Inefficiencies

    Source: Sohnke M. Bartram, Mark Grinblatt
    Date Submitted: 22 Sep 2017
    Views: 898
    Downloads: 66
    Academic Research Paper
  • Cash Conversion Cycle and the Financial Performance of Philippine Firms

    Source: Francis Adrian H. Viernes
    Date Submitted: 11 Sep 2017
    Views: 544
    Downloads: 66
    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.
  • A Comprehensive Review on the Cement Industry

    Source: Mohammad Asrarul Haque, Md. Nazmus Sakib
    Date Submitted: 07 Sep 2017
    Views: 1628
    Downloads: 127
    Owing to the urbanization, improved living standard and increasing purchasing power, the construction sector of Bangladesh is passing a shining period. The installed capacity of the local manufacturers far outstrips domestic demand. Although the growth in the demand of cement has been increasing in Bangladesh, it is far below than that of many developing countries. Currently there are seven listed cement manufacturing companies in Bangladesh capital market.
  • 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: 146
    Downloads: 7

    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: 870
    Downloads: 9

    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: 143
    Downloads: 6

    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: 168
    Downloads: 5

    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: 204
    Downloads: 9

    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: 123
    Downloads: 2

    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: 229
    Downloads: 4
    7 Things You Need to Know About SPH REIT Now
  • Is Kuala Lumpur Kepong Berhad The Best Palm Oil Company To Own?

    Source: Stanley Lim
    Date Submitted: 02 Sep 2017
    Views: 59
    Downloads: 2
    Is Kuala Lumpur Kepong Berhad The Best Palm Oil Company To Own?
  • Prevent Valuation Mistake #1: Building Up too Much Cash

    Source: Dr. Andrew Stotz, CFA
    Date Submitted: 31 Aug 2017
    Views: 4685
    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.
  • AAM-CAMRI-CFA Institute Prize - The Dual Index Model That Astutely Augurs Stock Prices Using Sectoral Indices – An Empirical Evaluation of Securities That Are Not Constituents of India's Premier Stock Exchange Index Namely BSE-Sensex      

    Source: Suresh Kumar S, Joseph James V., Shehnaz S R
    Date Submitted: 29 Aug 2017
    Views: 0
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Global Market Inefficiencies      

    Source: Söhnke M. Bartram, Mark Grinblatt
    Date Submitted: 29 Aug 2017
    Views: 1016
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • AAM-CAMRI-CFA Institute Prize - Does the Application of Smart Beta Strategies Enhance Portfolio Performance? The Case of Islamic Equity Investments      

    Source: Muhammad Wajid Raza, Dawood Ashraf
    Date Submitted: 29 Aug 2017
    Views: 0
    Downloads: 0
    Paper Submission for AAM-CAMRI-CFA Institute Prize in Asset Management
     
  • Companies in Asia Hold the Highest Levels of Cash

    Source: Andrew Stotz PhD, CFA
    Date Submitted: 19 Aug 2017
    Views: 317
    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. 
  • Equity Valuation on Olympic Industries Limited

    Source: Asaduzzaman Ashik
    Date Submitted: 17 Aug 2017
    Views: 337
    Downloads: 41
    Olympic  Industries is the market leader in biscuit, cookies and  confectionery  market  in Bangladesh  having  market share of 39% of the total branded market for biscuits and confectionery items. It has noted 16.25% CAGR in total revenue while 36.68% CAGR in net profit over the period 2011-12  to 2015-16.
  • Equity Insight on Regent Textile Mills Limited

    Source: Tajkera Rahman
    Date Submitted: 17 Aug 2017
    Views: 277
    Downloads: 15
    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.
  • EM Weekly: Beta Sell-Off, Asia Least Hard Hit

    Source: Richard Briggs
    Date Submitted: 13 Aug 2017
    Views: 150
    Downloads: 5
    • Risk assets took a bump last week largely due to global, rather than EM, factors. DM underperformed EM in excess return terms. In IG, EM corporates generated excess returns of minus 0.38% versus minus 0.54% on DM. In HY corporates a similar story was true with excess returns of minus 0.44% versus minus 1.12% on DM.  
    •  
    • One of the drivers of the risk off tone last week was the war of words between US President Donald Trump and North Korea's leader Kim Jong-un. That hit the Korean won hardest, it fell 1.64% versus the dollar over the week. Asian currencies were generally weaker last week, with the exception of the Chinese renminbi which strengthened by 0.98%. But in hard currency, the opposite was true with Korean names and sovereign debt generally outperforming IG counterparts.  
    •  
    • In fact the hardest hit last week in the hard currency corporate and sovereign indices were the LatAm and sub-Saharan African credits which are usually caught up in any beta sell off regardless of the driver. Asian names, which tend to be tighter, higher rated and more defensive were the strongest performing last week in that risk-off environment, including Korea.
    •  
    • Notable outliers to those broad moves last week included Teva which continued to sell off for a second week with very high trade volumes persisting after weaker 2Q17 results in the week before last. Teva was down by 1.62% in excess return terms. Venezuela and PDVSA were also among the bottom of the high yield indices' constituents for performance last week and continued to be very volatile, falling on average by 3.32% and 3.69% respectively in price terms last week. Kenya was at the stronger end of the sovereign index last week with excess returns of 0.71%, after relief that last week's elections didn't turn to violence, albeit with the result still being disputed and strikes planned on Monday.
    •  
    • Issuance slowed to a trickle last week with $2.5 bn priced, of which $1.7 bn was rated high yield. The only sovereign new issue was Gabon (B3/B+) which priced a $200 mn tap of its 6.95% 2025 notes. There are several other sovereign new issues being rumoured as coming in the second half of August or early Autumn including Bahrain (euros), $2 bn from Oman and $3 bn from Nigeria.
    •  
  • The Business of Ethics

    Source: Dr Raymond Madden, CEO
    Date Submitted: 28 Jul 2017
    Views: 1432
    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.
  • 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: 628
    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.
  • 温氏投资逻辑

    Source: 杨杰
    Date Submitted: 25 Jul 2017
    Views: 229
    Downloads: 9

    温氏17-21年,预计五年生猪活鸡累计净利润785.79亿,平均每年157.158亿。温氏集团当前股本52.20亿股(市值1034.67亿)。1只考虑这两项业务情况下,7-21年,每股净利润(EPS)分别为:1.18元,2.47元,3.6元,3.83元,3.98元。

    当前10年期国债收益率3.6%附近,2倍于10年期收益率,要求投资收益率等于7.2%。也即E/P=7.2% P/E=13.89。按照13.89P/E17-21年末的期望价格为,16元,34元,50元,53.2 元,55.2 元。考虑到当前的价格为19.82,当前买入持有该标的,到17-21年,每年末期对应的理论收益为:-17%73%152%168%179%。考虑到一定的交易策略,未来2-3年的时间,投资温氏股份,可以实现200%的收益率。再考虑到温氏集团作为大公司,市场系统性风险Beta低,而高市值对应的流动性很强。因此,投资温氏集团在接下来2-3年可以获得,低风险下的200%收益。

  • Equity Valuation Report- Acme Laboratories Limited

    Source: MD. Mosavvir Al Ashick
    Date Submitted: 23 Jul 2017
    Views: 451
    Downloads: 51
    Acme Laboratories Limited, one of the leading pharmaceuticals company  engaged  in manufacturing  and  marketing  of  Generic Pharmaceuticals  Formulations  Product  both  for  human  and animal.  Currently,  the  company  has  22  categories  with  798 different  types  of  product.  In  2015-16,  the  company  had launched 50 new different project in both human and veterinary area.
  • LTG [NOT-RATED]- Cultivate Future Gains - Pre-Listing Notes - 19 July 2017

    Source: My Tran, Thien Viet Securities JSC
    Date Submitted: 19 Jul 2017
    Views: 268
    Downloads: 16
    We attended Loc Troi Group’s (LTG) Roadshow on July 12th, 2017 with a number of key points noted as per attachment.
  • Investment Opportunity in Cash Rich Japanese Equity: Rising Opportunities in the Land of the Rising Sun

    Source: Masashi Murata, Kei Yamaguchi
    Date Submitted: 13 Jul 2017
    Views: 368
    Downloads: 31
    As a result of the “Abenomics” reform, listed Japanese corporations are steadily
    accumulating wealth in the form of cash and other liquid assets since 2013.

    The share price of these cash rich corporations remains undervalued. Nearly half
    of the listed companies in Japan have a PBR of less than 1.0. These undervalued
    corporations have a large potential for a hike in share price.

    In June 2017, the PBR of JASDAQ Japan listed Solekia (9867) soared from 0.3 to
    1.2 in less than six months. The new “Stewardship Code” introduced in 2014 forces
    stronger corporate governance in Japan. Since 2014, there have been significantly
    stronger shareholder dialogues thus expanding investment opportunities.
  • The Economic Reality of Non-Cash Charges

    Source: Gaurang S. Trivedi
    Date Submitted: 13 Jul 2017
    Views: 293
    Downloads: 17
    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.
  • China Property Trip Notes May 2017: Tug-of-War

    Source: Cheong Yin Chin, CFA, Luther Chai
    Date Submitted: 10 Jul 2017
    Views: 191
    Downloads: 0
    • We visited 4 'hot' cities last month, namely, Wuhan, Hefei, Nanjing and Shanghai. These cities are classified as 'hot' property markets by the Chinese government. Why? The average price of a newly constructed homes jumped ~31.4%, ~48.1%, ~51.4% and ~56.0% from January 2015 to April 2017 in Wuhan, Hefei, Nanjing and Shanghai, respectively. The respective local governments tried to rein the runaway home prices by implementing tighter housing measures. However, our recent trip indicates that these restrictive measures have not been very effective. The sales volume did decline after the introduction of tighter measures, but the average home prices remained relatively resilient.
    • Most of the projects in Shanghai (Tier-1 city) and Nanjing (upper Tier-2 city) were able to achieve high gross profit margins ("GPMs") of ~50% or above, while those in Wuhan (mid Tier-2 city) were in excess of 30%. Projects in Hefei were also at a decent GPM of above 25%, despite being a lower Tier-2 city. Given the decent to high GPMs, we can understand why many developers want to operate in these 4 cities.
    • The Chinese developers and the local governments seem to be engaged in a game of 'tug-of-war'. The local governments are delaying or suspending fresh pre-sales permits for projects with high average selling prices ("ASPs"). On the other hand, Chinese developers are not willing to lower their ASPs to meet the price caps imposed by the local governments. Most local governments' revenues are dependent on business/sales tax on property transactions, land sales, and income and land appreciation taxes from the developers. Developers are dependent on the sale of properties to generate cash flow to fund their operations. Who will cave in eventually? We think it depends which party has deeper pockets.
    • The supply-demand mismatch has led to an inventory shortage especially in the larger cities. On one hand, developers want to delay the launches of their projects in hopes of higher ASPs. On the other hand, home buyers are bringing forward the purchases in view that ASPs may increase after restrictions are lifted and borrowing might become more expensive in the future. Aggravated by the influx of migrants, entire phases of projects are sold out in a matter of days. Please refer to the body of this report for the common themes across the property markets for all 4 cities.
  • Equity note on Olympic Industries Limited

    Source: Asaduzzaman Ashik
    Date Submitted: 08 Jul 2017
    Views: 458
    Downloads: 31
    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.
  • Equity Insight on Golden Harvest Agro Industries Ltd.

    Source: Mohammad Asrarul Haque, Md. Nazmus Sakib
    Date Submitted: 03 Jul 2017
    Views: 407
    Downloads: 31
    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.
  • Equity Note on Marico Bangladesh Limited

    Source: Md. Nazmus Sakib
    Date Submitted: 22 Jun 2017
    Views: 451
    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.
  • CFA Institute Research Challenge 2017 - Grameenphone Team: Basis Point Dept. of Finance FBS

    Source: Mohammad Afzal Hossain, Rashik Amin, Sadia Sharmin Bristy, Maksudur Rahman, Anik Mahamud
    Date Submitted: 22 Jun 2017
    Views: 377
    Downloads: 58
    This report has been prepared for the CFA Institute Research Challenge 2017 from Bangladesh. The report contains a investment recommendation on Grameenphone which has been analysed as per the requirement of the research competition. It contains thorough analysis of Grameenphone and potential risk factors affecting the company. This is NOT for any business purpose rather only prepared for the competition purpose.
  • Initiation Report: IDLC Finance Limited

    Source: BRAC EPL Research, Abdullah Al-Rezwan
    Date Submitted: 22 Jun 2017
    Views: 607
    Downloads: 76
    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: 583
    Downloads: 66
    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%.
  • Equity note on ACME Laboratories Ltd.

    Source: Md. Mosavvir Al Ashick, Md. Rehan Kabir
    Date Submitted: 20 Jun 2017
    Views: 459
    Downloads: 29
    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.
  • CFA Institute Research Challenge - Super Dragon Technology Co., Ltd.

    Source: National Chengchi University
    Date Submitted: 19 Jun 2017
    Views: 349
    Downloads: 29
    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: 289
    Downloads: 25
    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: 277
    Downloads: 32
    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: 454
    Downloads: 66
    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: 357
    Downloads: 49
    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: 365
    Downloads: 54
    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: 249
    Downloads: 14
    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: 325
    Downloads: 19
    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: 364
    Downloads: 47
    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: 260
    Downloads: 19
    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: 296
    Downloads: 35
    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: 303
    Downloads: 22
    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: 273
    Downloads: 13
    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: 313
    Downloads: 37
    The research analysis report is conducted by students from Sunway University in preparation for CFA Institute Research Challenge. 
     
  • PRACTITIONER’S BRIEF:  Turn Seemingly Irrelevant Beta Into A Potentially Powerful Predictive Tool Using The Implied Cost Of Capital

    Source: Wenyun Shi, Yexiao Xu
    Date Submitted: 15 Jun 2017
    Views: 394
    Downloads: 0
    WHAT’S THE INVESTMENT ISSUE?
    Still widely considered as bedrock financial theory yet often criticized, CAPM is a simple, formal methodology to price securities. Its fundamental idea of systematic risk is reflected in all modern asset-pricing theory. Because math-based models are built on sets of assumptions (e.g., “markets are frictionless and efficient”) that may not always reflect reality, all models are, to some degree, suspect. Such models are still relevant, however, in trying to gauge the differences in risk premiums of individual stocks. CAPM dictates that beta is the solely relevant measurement of a given stock’s risk—its co-movement with the market—relative to the movements of the market as a whole.
    The foundation for asset-pricing theories such as CAPM is the Efficient Market (EM) hypothesis, which, over the years, has taken on water like the hull of a leaky boat. Skeptics, have poked holes in the EM hypothesis and cast CAPM in a contradictory light. Numerous studies have shown that beta, which came from CAPM, loses relevance when closely scrutinized. Shi and Xu are careful to set the stage by conceding from the outset that beta in and of itself exhibits weak power in explaining return differences of individual stocks. However, they also seek the source of this weakness: Could there be a glitch with standard “cross-sectional regression tests” that shows, when comparing one stock to another stock, statistical beta estimates to be overly noisy and/or limited measures of expected return? Might these backtests have a fundamental design flaw? And if so, is there a better proxy for expected return?
     
    HOW DO THE AUTHORS TACKLE THIS ISSUE?
    With a long-horizon investing approach in mind, Shi and Xu assert that most beta-bashing research shares a common denominator: the use of short-term testing methods to demonstrate the inconsistency of beta patterns. A common example, they find, is inputting the next month’s realized return as a proxy for the (retroactively assigned) expected return. Shi and Xu believe that CAPM may be better suited to capturing the risk-return relation in the long-run. To refashion CAPM to achieve this goal, they create a new way to model longer-horizon expected returns in their tests by having the future Implied Cost of Capital (ICC) play the part of expected return. “ICC is in the same spirit as internal rate of return,” they write. “It is perceived average return over time even when actual future expected returns might be time varying.” To test their theory, the authors examine all U.S. public companies on major exchanges (stripping out financial companies due to their overabundance of leverage, which skews the model) and pulling together, as a proxy for future cash flows, a mountain of analyst earnings forecast data (annualized). They supplement those data with long-term growth-rate assumptions for certain industries, forming a 710,840-variable dataset. The key output is the estimated ICC, which is calculated by asking what expected returns have investors used to discount future cash flows (approximated in part by the analysts’ earnings forecasts) to observe the current equity prices. Although the use of actual future returns might seem like a reasonable means of representing expected returns, an approach in which ICC is used as a proxy for expected return is, the authors insist, a better estimate when running models that aim to drill down into the explanatory power of beta.
     
    WHAT ARE THE FINDINGS?
    Despite abundant current evidence that seems to reject the explanatory power of the market beta in expected returns, Shi and Xu assert that when tests are run with ICC as a proxy for expected return, the weaknesses seen by others are not necessarily present. They find that the future implied cost of capital is “both positively and significantly related to the conventional beta estimate,” implying that beta could still explain future cross-sectional expected return differences over a longer horizon. In other words, the conventional estimate of the market beta risk might be a good measure of the long-term market risk. As an example of how long-term expected return measures can be useful, Shi and Xu show a connection between individual stocks with high levels of uncertainty (i.e., an additional dimension of risk surrounding them as measured by analyst forecast dispersion) and long term expected returns as approximated by future ICC. Stocks with large dispersion—when analysts’ forecasts do not agree—tend to have high long-term expected return, suggesting that investors are compensated for taking on the uncertainty risk. Thus, not only is beta—or rather, long-term beta—of use when trying to forecast expected return, but it may bring with it unexpected positive results.
     
    WHAT ARE THE IMPLICATIONS FOR INVESTORS AND INVESTMENT PROFESSIONALS?
    CAPM may not be perfect, but it is intuitive, easy to apply, and powerful in practice. In fact, Shi and Xu’s research justifies the continued use by industry members of models such as Fama and French’s three-factor model, which includes the market factor as its most important factor. In addition, their results carry important implications across finance. For private equity firms and investment bankers assessing the value of a young company, what matters most? The answer (or at least what should be the answer) is the company’s growth potential and long-term expected return. The market risk beta value attached to the company is the risk associated with the company for many years to come. For portfolio managers struggling to rationalize, perhaps even to themselves, that a long-term conviction is worth holding, running numbers through a long-term prism can bring peace of mind and justify additional allocations. Shrewd investors will, of course, not just pay attention to a manager’s absolute performance, but also to their own level of beta risk. In addition, they will invest in strategies carrying levels of beta risk with which they can feel most comfortable.



    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Summarized by Rich Blake. Rich is a veteran financial journalist who has written for numerous media outlets, including Reuters, ABC News and Institutional Investor. The views expressed herein reflect those of the authors and do not represent the official views of CFA Institute or the authors’ employers.
     
  • CFA Institute Research Challenge - Temp Holdings Co., Ltd​

    Source: Kyoto University
    Date Submitted: 14 Jun 2017
    Views: 259
    Downloads: 13
    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: 281
    Downloads: 20
    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: 328
    Downloads: 18
    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: 300
    Downloads: 34
    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: 277
    Downloads: 17
    The research analysis report is conducted by students from Griffith University in preparation for CFA Institute Research Challenge. 
     
  • CFA Institute Research Challenge - BYD Company Limited

    Source: Southwest University for Nationalities
    Date Submitted: 11 Jun 2017
    Views: 283
    Downloads: 25
    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: 315
    Downloads: 17
    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: 289
    Downloads: 31
    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: 267
    Downloads: 16
    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: 736
    Downloads: 155
    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: 263
    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.
  • Bangladesh National Budget Review FY'18

    Source: EBLSL Research Team
    Date Submitted: 04 Jun 2017
    Views: 1032
    Downloads: 136
    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: 430
    Downloads: 28
    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.
  • Equity Insight on GPH Ispat Limited

    Source: Mohammad Rehan Kabir
    Date Submitted: 18 May 2017
    Views: 355
    Downloads: 12
    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.
  • Equity Note-Shahjibazar Power Co. Ltd.

    Source: Tajkera Rahman, Md. Asrarul Haque
    Date Submitted: 17 May 2017
    Views: 375
    Downloads: 19
    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.
  • Equity Insight on British American Tobacco Bangladesh Company Ltd.

    Source: Mohammad Asrarul Haque
    Date Submitted: 17 May 2017
    Views: 347
    Downloads: 14
    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.
  • Equity Report on IDLC Finance Limited

    Source: Mohammad Rehan Kabir
    Date Submitted: 06 May 2017
    Views: 491
    Downloads: 35
    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: 322
    Downloads: 32
    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. 
  • Equity Report on Keya cosmetics Limited

    Source: Mohammad Asrarul Haque, Tajkera Rahman
    Date Submitted: 22 Apr 2017
    Views: 463
    Downloads: 17
    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.
  • Is There a Friday Effect in Financial Markets?

    Source: Guglielmo Maria Caporale,
    Date Submitted: 07 Apr 2017
    Views: 2006
    Downloads: 20
    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.
  • Equity Insight on Golden Harvest Agro Industries Ltd

    Source: Mohammad Asrarul Haque, Tajkera Rahman
    Date Submitted: 06 Apr 2017
    Views: 302
    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.
  • CTD [+14.9% - NEUTRAL] - NEW GROWTH PLATFORM - FLASH NOTES - MARCH 2017

    Source: TVS Equity Research, Son Nguyen
    Date Submitted: 29 Mar 2017
    Views: 249
    Downloads: 8
    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: 340
    Downloads: 38
    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: 332
    Downloads: 25
    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: 578
    Downloads: 66
    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
  • PLAYING WITH A STRAIGHT BAT - A Concise Report on brand values in the Indian Premier League

    Source: Varun Gupta
    Date Submitted: 16 Mar 2017
    Views: 1022
    Downloads: 24
    Duff & Phelps has published the third edition of our annual* study of Brand Values in the Indian Premier League (IPL). The report ranks the franchise brand values for six teams in the IPL based upon a relief from royalty analysis coupled with an assessment of six other factors; including management strength and on-field performance, marketing strategy, celebrity influence and marquee players, geographical location, governance and transparency and social media engagement. Key findings include: Total value of the IPL has grown by 19% over the last five quarters to reach US$ 4.2 billion. Mumbai Indians had the highest brand value in the IPL Royal Challengers Bangalore were the biggest gainers with brand value increasing by 31%, while Kings XI Punjab were the biggest losers.
  • Drilling for Alpha in the Oil & Gas Industry

    Source: Temi Oyeniyi, CFA, Richard Tortoriello
    Date Submitted: 10 Mar 2017
    Views: 849
    Downloads: 17
    This is a Quantamental Research published by S&P Global Market Intelligence in April 2015.
  • Way of disclosure in Principles-based Standards?How “operating activities”(Main business?should be presented?

    Source: chie mitsui
    Date Submitted: 09 Mar 2017
    Views: 231
    Downloads: 17
    Primary Financial Statements is quite important for investors to understand company business. However during company business model is changing and investor analysis is also changing, how presentation should describe "Operating Activities". Especially clasification of investment or business could become matter. We discussed this issues; what investor requires, how company thinks, and what accounting standards should be.
  • Equity Insight on ACI Limited

    Source: Tajkera Rahman, Mohammad Asrarul Haque
    Date Submitted: 09 Mar 2017
    Views: 377
    Downloads: 18
    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: 342
    Downloads: 15
    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.
  • Equity Insight on Summit Power Limited

    Source: Mohammad Asrarul Haque
    Date Submitted: 04 Mar 2017
    Views: 388
    Downloads: 31
    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.
  • Equity Insight Report- IFAD Autos Ltd.

    Source: Tajkera Rahman
    Date Submitted: 18 Feb 2017
    Views: 528
    Downloads: 70
    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.
  • Equity Insight- Olympic Accessories Limited

    Source: Mohammad Asrarul Haque, Salman Rahman
    Date Submitted: 06 Feb 2017
    Views: 429
    Downloads: 21
    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: 588
    Downloads: 69
    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.
  • Equity Insight Report- Bangladesh Steel Re-Rolling Mills Limited

    Source: Mohammad Asrarul Haque
    Date Submitted: 01 Feb 2017
    Views: 418
    Downloads: 17
    Fundamental analysis on Bangladesh Steel Re-Rolling Mills Limited
  • What is the role of Balance Sheet? (Thinking toward Primary Financial Statement project)

    Source: Chie Mitsui
    Date Submitted: 30 Dec 2016
    Views: 492
    Downloads: 56
    We had a workshop to discuss about data usage issues of IFRS Financial statements with IASB, in Japan. CFA JAPAN working group is a core member, but open for other investors, analysts, information providers are also joining together. CPAs, IR/Financial department people too. We discuss about Balance Sheet issues especially focus on IFRS9. We sent some message to IASB in this workshop and share with other member of IASB after this workshop finished with this presentation.
  • Statistical and Quantitative analysis of Stock Exchange: Risk and Returns

    Source: Zaid Bin Muzzamil
    Date Submitted: 22 Dec 2016
    Views: 314
    Downloads: 17
    Statistical and quantitative analysis of stock exchange.
  • 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: 372
    Downloads: 6
    Slack-based directional distance function in the presence of bad outputs: Theory and Application to Vietnamese Banking
  • AFBC-Days to Cover and Stock Returns

    Source: Harrison Hong, Frank Weikai Li, Sophie Ni, Jose Scheinkman, Philip Yan
    Date Submitted: 10 Nov 2016
    Views: 391
    Downloads: 2
    Days to cover, short interest ratio divided by average daily share turnover, and not short interest ratio measures the rewards to entering crowded trades.
  • ESG Reporting and Firm Performance in Indian economy

    Source: Dipasha Sharma, Shagun Thukral , Sonali Bhattacharya
    Date Submitted: 09 Nov 2016
    Views: 2618
    Downloads: 35
    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.
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 7

    Source: Chow Miu Lam, Hui Sin Hang, Tsang Wing Wah, Lee Kwok Ho, Tam Kiu Fai
    Date Submitted: 07 Nov 2016
    Views: 389
    Downloads: 0
    Risk Management in the Medical Sector. Risk Management can bring a better decision making and reduce the number of errors, so as to ensure a high quality and effective service being provided. In the past 20 years, the hongkong Hospital Authority (HA) showed great support to develop large scale computer-based systems to manage and reduce the risk within the healthcare sector. To have a deeper understadning on how the systems work, we have invited Dr. CP Wong, Chairman of Society of Medical Informatics Ltd to share with us the success and benefits in risk managment in Hong Kong public hospitals. Safety and Risk Managemnt in the Railway Industry. As an industry with over 15,000 employees, the railway industry is inevitably at risk for human mistakes, leading to a need for risk management measures to reduce operational errors in order to achieve its customer pledge. Let's examine this under serveral issues: benmarking, drivers' training and selection, and risk management and risk identification.
  • 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.
  • Do Franking Credits Matter? Exploring the Financial Implications of Dividend Imputation

    Source: Andrew Ainsworth, Graham Partington, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 483
    Downloads: 2
    Examines the implications of dividend imputation for stock prices and returns, cost of capital, project evaluation, capital structure, payout policy and investor portfolios. it is argued that its removal would be detrimental.
  • Are imputation credits capitalised into stock prices?

    Source: Shaun Saiu, Stephen Sault, Geoff Warren
    Date Submitted: 07 Nov 2016
    Views: 317
    Downloads: 0
    Examines DCF valuations and earnings yields, and finds at best mixed and largely unconvincing evidence of imputation credits being capitalised into share price levels for Australian shares.
  • 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: 668
    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.
  • 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: 681
    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".
  • AFBC - Is Beta Still Useful over a Longer-Horizon?: An Implied Cost of Capital Approach

    Source: Wenyun Shi, Yexiao Xu
    Date Submitted: 26 Sep 2016
    Views: 3335
    Downloads: 71
    A research paper to be presented in the 29th AFBC, which re-examines the beta effect under implied cost of capital settings.
  • AFBC - The Value Relevance of Regulatory Capital Components

    Source: Martien Lubberink, Roger Willett
    Date Submitted: 21 Sep 2016
    Views: 511
    Downloads: 12
    Our paper examines how investors value regulatory bank capital components, e,g. Tier 1 Hybrids, deduction of Goodwill, etc.
  • IDLC Investments - Company Insight - Square Textiles Ltd.

    Source: IDLC Investments Limited
    Date Submitted: 18 Sep 2016
    Views: 485
    Downloads: 18
    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: 528
    Downloads: 11
    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: 459
    Downloads: 17
    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: 444
    Downloads: 28
    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: 444
    Downloads: 10
    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: 430
    Downloads: 10
    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: 430
    Downloads: 20
    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: 466
    Downloads: 6
    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: 413
    Downloads: 10
    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: 433
    Downloads: 16
    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: 421
    Downloads: 4
    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: 377
    Downloads: 16
    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: 696
    Downloads: 31
    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: 487
    Downloads: 4
    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: 372
    Downloads: 6
    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: 452
    Downloads: 4
    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: 387
    Downloads: 6
    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: 423
    Downloads: 15
    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: 408
    Downloads: 7
    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: 358
    Downloads: 5
    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: 424
    Downloads: 7
    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.
  • 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: 462
    Downloads: 5
    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: 435
    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: 413
    Downloads: 9
    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: 479
    Downloads: 15
    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: 405
    Downloads: 11
    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: 650
    Downloads: 48
    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%.
  • The Ex-Dividend Day Stock Price Behavior: Evidence from Pakistan

    Source: Sana Tauseef, Mohammad Nishat
    Date Submitted: 10 Aug 2016
    Views: 352
    Downloads: 13
    Original research by author
  • Unexpected Quarterly Earnings Announcements, Firm Size and Stock Price Reaction

    Source: Sana Tauseef
    Date Submitted: 10 Aug 2016
    Views: 341
    Downloads: 5
    Original research by author
  • 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: 454
    Downloads: 9
    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
  • 被动式对冲基金复制策略的业绩表现

    Source: Noel Amenc, Lionel Martellini, Jean-Christophe Meyfredi, Volker Ziemann
    Date Submitted: 13 Jul 2016
    Views: 269
    Downloads: 1
    This article appears on CFA Institute Hedge Fund Journal 2016 issue, season 1.
  • Introspection Can Improve Your Investing

    Source: A. Michael Lipper, CFA
    Date Submitted: 20 Jun 2016
    Views: 260
    Downloads: 0
    This is a blog posted on CFA Institute's website on 5 February 2014.
  • Is Your Age Everything in Investing, or Just a Number?

    Source: A. Michael Lipper, CFA
    Date Submitted: 20 Jun 2016
    Views: 369
    Downloads: 1
    This is a blog posted on CFA Institute's website on 5 February 2014.
  • 投资要引入政局博弈论

    Source: Brian Singer
    Date Submitted: 17 Jun 2016
    Views: 299
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1.
  • 算法交易中的日间周期性

    Source: John Paul Broussard, CFA, Andrei Nikiforov
    Date Submitted: 16 Jun 2016
    Views: 277
    Downloads: 1
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1.
  • 商品价格协同运动的因子模型

    Source: Kenneth D. West., Ka-Fu Wong
    Date Submitted: 16 Jun 2016
    Views: 290
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1.
  • 理性预期和模糊性

    Source: Thomas J. Sargent
    Date Submitted: 16 Jun 2016
    Views: 274
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2014 issue, season 2.
  • Equity Research Report -RAK Ceramics (Bangladesh) Limited

    Source: Mohammad Asrarul Haque
    Date Submitted: 11 Jun 2016
    Views: 647
    Downloads: 67
    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: 674
    Downloads: 12
    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: 652
    Downloads: 12
    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.
  • Low Prices, High Expectations: Oil and Gas CFOs in Demand

    Source: ACCA
    Date Submitted: 09 Jun 2016
    Views: 1912
    Downloads: 18
    This report takes a closer look at how CFOs are tackling the big investment decisions: how they are adapting their funding strategies, how they balance short- and long-term priorities, and how they factor into their planning a range of shifting regulatory and market demands.
  • 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
  • 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: 587
    Downloads: 20
    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: 509
    Downloads: 11
    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: 651
    Downloads: 48
    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: 732
    Downloads: 68
    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: 855
    Downloads: 60
    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: 521
    Downloads: 15
    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: 787
    Downloads: 32
    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: 470
    Downloads: 6
    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: 686
    Downloads: 11
    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: 571
    Downloads: 15
    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: 648
    Downloads: 22
    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: 490
    Downloads: 18
    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: 544
    Downloads: 5
    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: 536
    Downloads: 9
    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: 490
    Downloads: 10
    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: 540
    Downloads: 10
    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: 513
    Downloads: 4
    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: Sydney Airports Limited

    Source: University of Sydney
    Date Submitted: 06 Jun 2016
    Views: 558
    Downloads: 9
    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: 585
    Downloads: 17
    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: 585
    Downloads: 4
    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: 650
    Downloads: 11
    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: 848
    Downloads: 44
    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: 711
    Downloads: 23
    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: 531
    Downloads: 7
    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: 559
    Downloads: 10
    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: 537
    Downloads: 3
    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: 536
    Downloads: 5
    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: 675
    Downloads: 8
    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: 628
    Downloads: 13
    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: 494
    Downloads: 6
    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: 584
    Downloads: 19
    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: 530
    Downloads: 12
    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: 517
    Downloads: 3
    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: 523
    Downloads: 5
    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: 592
    Downloads: 13
    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: 627
    Downloads: 10
    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: 620
    Downloads: 23
    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: 580
    Downloads: 7
    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: 503
    Downloads: 2
    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: 782
    Downloads: 40
    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: 561
    Downloads: 3
    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: HDFC Bank

    Source: Narsee Monji Institute of Management Studies (India)
    Date Submitted: 06 Jun 2016
    Views: 585
    Downloads: 28
    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: 481
    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: 553
    Downloads: 15
    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: 510
    Downloads: 10
    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: 535
    Downloads: 4
    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: 568
    Downloads: 16
    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: 560
    Downloads: 14
    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: 508
    Downloads: 3
    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: 559
    Downloads: 15
    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: 546
    Downloads: 6
    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: 513
    Downloads: 4
    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: 548
    Downloads: 3
    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: 582
    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: 645
    Downloads: 19
    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: 585
    Downloads: 23
    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: 544
    Downloads: 14
    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: 566
    Downloads: 12
    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: 679
    Downloads: 38
    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: 554
    Downloads: 19
    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: 586
    Downloads: 25
    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: 503
    Downloads: 12
    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: 563
    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: 549
    Downloads: 11
    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: 617
    Downloads: 10
    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: 543
    Downloads: 6
    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: 448
    Downloads: 5
    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: 528
    Downloads: 12
    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: 529
    Downloads: 8
    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: 647
    Downloads: 43
    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: 1022
    Downloads: 108
    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: 493
    Downloads: 6
    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: 596
    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: 469
    Downloads: 3
    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: 471
    Downloads: 7
    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: 483
    Downloads: 2
    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: 543
    Downloads: 4
    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: 503
    Downloads: 10
    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: 544
    Downloads: 13
    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: 746
    Downloads: 57
    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: 498
    Downloads: 3
    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: 681
    Downloads: 19
    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: 533
    Downloads: 4
    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.