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End User License Agreement
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End User License Agreement
by Mun Hong Cheong, Peir Shenq Lim
Value Investing in Asia
Cover
Title Page
Disclaimer
Foreword
Preface
Acknowledgments
From Stanley:
From Mun Hong:
About the Authors
Chapter 1: Value Investing in Asia
Finding Value
The Investor and the Market
Why Value Investing Works
Three Types of Value to Be Found
Chapter 2: Key Developments in Asia
What Is in Asia?
What Has Happened in Asia?
Chapter 3: Uniquely Asia
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
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
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
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
What are Red Flags?
Auditor's Opinion
Financial Red Flags
Non-Financial Red Flags
Chapter 8: Three Simple Valuation Techniques to Live By
Price-to-Book Ratio
Price-to-Earnings Ratio
Discounted Cash Flow
Always Remember Your Margin of Safety
Chapter 9: How Everything Comes Together
CASE STUDY Value Through Assets – Hongkong Land Holdings Limited
CASE STUDY Current Earning Power – Tingyi (Cayman Islands) Holdings Corporation
CASE STUDY Growth in Cyclicality – First Resources Limited
CASE STUDY Special Situation – Dalian Wanda Commercial Properties Co., Limited
CASE STUDY High Growth (The Land of Fast-Growing Unicorns) – Tencent Holdings Limited
Conclusion
Interviews: An Interview with Wong Kok Hoi of APS Asset Management
What Makes APS Unique?
Investment Philosophy and Strategy
On APS's Investment Process
On Company Visits
Asia's Investment Outlook
Industries Beyond APS's Circle of Competence
On Reviewing of Positions
On Spotting Red Flags
On Market Exuberance
On Transparency and Disclosures
Advice to Investors
An Interview with Tan Chong Koay of Pheim Asset Management
What Makes Pheim Unique?
Investment Philosophy and Strategy
Investment Process
Investment Universe
On Market Timing
On What Makes Asia Unique
The Difference between Investing in the United States and Asia
On Company Visits
On Corporate Governance in Asia
On Exchange-Traded Funds (“ETF”)
Advice to Investors
An Interview with Wong Seak Eng, Kevin Tok and Eric Kong of Aggregate Asset Management
Investment Philosophy and Strategy
Investment Process
Investment Universe
When to Sell a Stock
Detecting Red Flags
On What Makes Asia Unique
Investors' Advice
An Interview with Yeo Seng Chong of Yeoman Capital Management
Investment Philosophy and Strategy
Investment Process
When to Sell a Stock
On What Makes Asia Unique
Advice for New Investors
An Interview with David Kuo of Motley Fool Singapore
Index
End User License Agreement
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WILEY END USER LICENSE AGREEMENT
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