Value Investing in Asia
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Value Investing in Asia : The Definitive Guide to Investing in Asia

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A practical, step-by-step guide to value investing in Asian stocks Value Investing in Asia offers a uniquely targeted guide to investors seeking new opportunities in Asian markets. Most value investing advice is geared toward US markets, leaving out the key guidance that pertains specifically to investing in publicly listed Asian companies guidance that is critical for success. This book focuses on the opportunities and challenges of Asian markets, including current and historical case studies that illustrate various successes, risks and pitfalls. Step-by-step guidance helps you unearth great opportunities in Asia; from understanding the macroeconomic situation, to narrowing down on specific investment opportunities. Invaluable for both new and experienced investors, this practical reference shows you how to apply value investing principles specifically to Asian stocks.
Investing in Asia comes with an inherent set of unique challenges that must be understood before any decisions are made; some of these challenges are the result of operating practices, some are the result of regulatory issues and others come from the markets themselves yet regardless of the source, value investors in particular bear the brunt of the obstacles. This book shows you what you need to know, and how to invest intelligently in Asian companies. * Step-by-step approach guides investors towards the practical application of value investing principles in Asia * Navigate the challenges unique to Asian investing * Examine real-life case studies that illustrate both risk and opportunity * Delve into the key markets in Greater China and South-East Asia * Includes exclusive interviews with well-known value investors in Asia Despite the challenges and risks, Asian markets represent significant opportunity especially for investors seeking value. Value Investing in Asia offers a practical reference for new and experienced investors, with real-world guidance toward intelligently investing in Asian markets.
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Product details

  • Paperback | 296 pages
  • 154 x 229 x 18mm | 438g
  • New York, United States
  • English
  • 1. Auflage
  • 1119391180
  • 9781119391180
  • 64,237

Back cover copy

PRAISE FOR VALUE INVESTING IN ASIA

"The book is a great contribution to the investing society. Stanley and Mun Hong have been able to put together the valuable experiences and wisdom of many outstanding Asian fund managers!"
--Dr. Tan Chong Koay, Executive Chairman, Pheim Asset Management Sdn Bhd

"This is not just a book about value investing. Instead, it is a manual for value investing with an Asian twist that investors with an eye on the fastest-growing region in the world will reach for whenever they have questions that need answers."
--Dr. David Kuo, CEO, The Motley Fool Singapore Pte. Ltd.

"Stanley Lim and Mun Hong have skillfully woven three things together in this book for the Asian investor: the key principles of value investing, where to identify the investment opportunities and the mine fields to side step in Asia. With these skills, the investor can start investing in Asia."
--Wong Kok Hoi, CFA, Founder & CIO, APS Asset Management Pte. Ltd.

"In the search for value in Asia, discipline is key. Through easy-to-understand concepts and plenty of real life case studies, Stanley and Mun Hong have concisely detailed an investing process, incorporating quantitative and also qualitative factors to aid investors in their navigation through these waters."
--Tan Chin Hwee, CFA, CA, Author of Asian Financial Statement Analysis

"Investing in Asia is never easy because it's like navigating through a jungle. Stanley and Mun Hong have penned down a road map on how you can get in and out of the jungle safely--with your treasure intact."
--Victor Chng and Rusmin Ang, Co-founders of FifthPerson.com; Authors of Value Investing in Growth Companies
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Table of contents

Disclaimer vii


Foreword xiii


Preface xv


Acknowledgments xix


About the Authors xxi


Chapter 1 Value Investing in Asia 1


Finding Value


The Investor and the Market


Why Value Investing Works


Three Types of Value to Be Found


Chapter 2 Key Developments in Asia 11


What Is in Asia?


What Has Happened in Asia?


Chapter 3 Uniquely Asia 31


What Asia Has Going for It


Corporate Governance in Asia


Shareholder Structure


Succession


Disclosure and Transparency


"Smart" Money Gets Hit Too


Government - The Elephant in the Room


Don't Bet Your House on Legal Prosecution


Activism and Shorting


Chapter 4 The Future of Investing in Asia 75


ASEAN, Pushing Ahead


The Wall Street of Asia


From ``Guanxi'' to Transparency


The Future of Healthcare


The Asian Consumer Story Lives On


Chapter 5 Using the Right Process 89


Asset Value


Current Earning Power Value


Growth Value


Special Situations


Narrow Your Search - Screening


Screen Your Screens


The 5-Fingers Rule


The Importance of the 5-Fingers Rule


Chapter 6 Research Like a Businessman 115


Getting the Right Data


Annual Reports Are Your Best Friend


Making Sense of an Annual Report


Don't Stop at One


Why Should I Read a Competitor's Annual Report?


Who Do I Speak To?


It is More Than Just the Numbers


Chapter 7 Finding Red Flags 141


What are Red Flags?


Auditor's Opinion


Financial Red Flags


Non-Financial Red Flags


Chapter 8 Three Simple Valuation Techniques to Live By 161


Price-to-Book Ratio


Price-to-Earnings Ratio


Discounted Cash Flow


Always Remember Your Margin of Safety


Chapter 9 How Everything Comes Together 185


Value Through Assets - Hongkong Land Holdings Limited


Current Earning Power - Tingyi (Cayman Islands) Holdings Corporation


Growth in Cyclicality - First Resources Limited


Special Situation - Dalian Wanda Commercial Properties Co., Limited


High Growth - Tencent Holdings Limited Conclusion 221


Interviews 225


An Interview with Wong Kok Hoi of APS Asset Management


An Interview with Tan Chong Koay of Pheim Asset Management


An Interview with Wong Seak Eng, Kevin Tok and Eric Kong of Aggregate Asset Management


An Interview with Yeo Seng Chong of Yeoman Capital Management


An Interview with David Kuo of Motley Fool Singapore


Index 265
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About Peir Shenq (Stanley) Lim

STANLEY LIM PEIR SHENQ, CFA, has worked in the investment industry for many years. Most recently, he was an analyst for The Motley Fool Singapore. He has written close to 2,000 investment articles online. Stanley is currently the chief editor for ValueInvestAsia.com.

CHEONG MUN HONG, CFA, started his career as an investment analyst at a Singapore-licensed Trust Company. Over the course of his work, he has dealt with investments involving public and privately held entities. Mun Hong sits on the boards of listed companies.
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