[eBook Code] Value Investing in Asia (eBook Code, 1st)

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