PHEIM ASSET MANAGEMENT

Transcription

1 PHEIM ASSET MANAGEMENT As at January 2012 Your Need is is our our Focus Focus

2 Pheim Provides portfolio management services US$517m assets under management as at end Dec 2011 Funds are managed on a fully discretionary basis Area of Expertise / Strength Asia Ex-Japan ASEAN (Association of Southeast Asian Nations) Single Country Equity Funds Islamic Funds Client Base Government Linked Accounts, Institutions and High Networth Clients Unique & Proven Investment Philosophy and Process 2

3 Pheim Asset Management Founder Dr. Tan, Chong-Koay Pheim Asset Mgt Sdn Bhd, Malaysia TEXT (1994) Pheim Unit Trusts Bhd, Malaysia (2002) Pheim Asset Mgt (Asia) Pte Ltd Singapore (1995) 3

4 Shareholding Pheim Asset Management Sdn Bhd - Malaysia Aizawa Securities Co., Ltd 5.0% Omar Bin Malek Ali Merican 15.0% Azmi Bin Malek Merican 15.0% Multi Purpose Capital Holdings Bhd 20.0% Dr. Tan Chong Koay 45.0% Pheim Asset Management (Asia) Pte Ltd - Singapore Aizawa Securities Co., Ltd 5.0% Omar Bin Malek Ali Merican 28.5% Dr. Tan Chong Koay 66.5% 4

5 Investment Advisor Licence MAS Licence for 2 Boutique Funds MAS [Monetary Authority of Singapore] announced yesterday that it has approved the applications for IA licences by PrimePartners Asia Capital and Pheim Asset Management (Asia), making them the first boutique fund managers to be accorded IA status The Straits Times, Sep 10,

6 Full Investment Advisor Licence Singapore boutique fund gets nod for licence upgrade Singapore s Pheim Asset Management (Asia) Pte Ltd has become the first boutique fund manager to receive approval from the central bank to upgrade its licence to full investment adviser status. Reuters, April 9,

7 Fund Size (US$ Mil) Combined Assets Under Management 1,807 1, ,201 1, Dec-11 Malaysia Singapore 7

8 Pheim Asset Management (Asia) Pte Ltd BOARD OF DIRECTORS MR. TENG, CHEONG KWEE DIRECTOR DR. TAN, CHONG KOAY FOUNDER / CHIEF, CORPORATE DEVELOPMENT & STRATEGY MR. CHAN, CHOONG THO, CFA PRESIDENT & CIO INVESTMENT MS. TEO, JUSTINE CFA B.Sc (Hons) SR FUND MANAGER MR. YEOH, CHIH HONG B Eng (Hons) FUND MANAGER OPERATIONS MS. THAM, JASMINE, B.A. (Hons) -SENIOR OPERATIONS EXE MS. KHAING, ANNIE, B.A (Hons) -OPERATIONS EXE MARKETING * MS. YAP, CHRISTINA B.Sc. -OPERATIONS MANAGER / BUSINESS DEVELOPMENT COMPLIANCE MR. PREMKUMAR, RAJIV B.Law, LLB (Hons) - COMPLIANCE OFFICER MR. SEE, KUAN-MIN B Comp (Hons) SENIOR EQUITY ANALYST MS. LEE, SAMANTHA B. A. INVESTMENT ANALYST As at 1 Jan

9 Investment Personnel Pheim Singapore Dr. TAN, Chong Koay Founder / Chief, Corporate Development & Strategy Mr. CHAN Choong Tho President & CIO Ms. TEO, Justine Senior Fund Manager Mr. YEOH, Chih Hong Fund Manager Mr. SEE, Kuan Min Senior Equity Analyst Ms. LEE, Samantha Investment Analyst Over 35 yrs working experience Oversees Human Resource and accounting functions Overall Growth Strategy Over 23 yrs working experience; B.Eng, MBA, CFA Oversees Fund Managers and management of the company. 13 yrs working experience; B.Sc (Hons), CFA Covers Hong Kong, China, Singapore S-shares & Korea 7 yrs working experience; B.Eng ( Hons) Covers India, Indonesia, Vietnam & Singapore (jointly with See Kuan Min) 4 yrs working experience; B.Comp (Hons) Covers Malaysia, Taiwan & Singapore (jointly with Yeoh Chih Hong) 5 yrs working experience; B.A Covers Philippines & Thailand 9

10 Pheim Asset Management Sdn Bhd BOARD OF DIRECTORS INVESTMENT COMMITTEE INVESTMENT RESEARCH COMMITTEE DR. TAN, CHONG KOAY CHIEF EXECUTIVE MR. WONG, KOK HEI CO SEC / Acting, COMPLIANCE HEAD MR. LAI, MIKE DIRECTOR OF PORTFOLIO INVESTMENT FUND MANAGER/ ANALYST MS. WONG, SHYH YIK CFA, MBA MS. CHONG, PAULINE BA (Hons) MR. WAHAP, KHIRWAN B.Sc (B.Admin) MR. NG, TERENCE B.Bus MR. NGOI, SE CHAI B.Sc (Econs) OPERATIONS OFFICERS MS. WONG, SHIAU WAN MS. EHSAN, ERMA MS. ABDUL SHUKRI, NOR AZIANI B.Sc Dip. Acct Dip IT 10

11 Investment Personnel Pheim Malaysia Dr. TAN, Chong Koay Chief Strategist Mr. LAI, Mike Director of Portfolio Investment Mr. WONG, Shyh Yik Associate Director Ms. CHONG, Pauline Fund Manager Mr. Wahap, Khirwan Financial Analyst Mr. NG, Terence Financial Analyst Mr. NGOI, Se Chai Financial Analyst Over 35 years experience Oversees Fund s Investments 19 yrs working experience; B.A (Accounting) Covers Malaysia, Hong Kong, China, Taiwan 12 yrs working experience; CFA, MBA Covers Malaysia, India, Taiwan 9 yrs working experience; B.A (Hons) Business & Economics Covers Malaysia, Korea, Thailand 8 yrs working experience; B.Sc (B.Admin) Research Covers Malaysia, quantitative 5 yrs experience; B.Business Research Covers Malaysia, Philippines, Thailand 1 yr experience; B.Sc (Hons) Research Covers Malaysia, quantitative 11

12 Investment Approach Core Investment Philosophy Value Investor and Not Fully Invested at All Times A predominantly VALUE INVESTOR Due to the volatility of Asian markets, we do not believe in being fully invested at all times. Rather, we seek to trim our equity exposure when we believe that the market is near its peak in order to preserve capital. Conversely, we seek to increase equity exposure when we believe that the market is near its bottom. 12

13 Investment Process 3. Stock Screening & Selection 2. Macro-economic & Market Analysis 4. Portfolio Allocation 1.Clients Goals, Needs & Risk Appetites 5. Execution 6. Portfolio Monitoring & Evaluation 13

14 Research Process Evaluate Business Model & Industry Economics Through TEXT 5 6 Periodic Country and Company Visits On Site Business Evaluation Management Interview and assessment Due diligence checks with company s competitors and customers Keep abreast with business and industry trends Upkeep of database 14

15 In Search of Alpha Text Our Contacts Banks, Clients, Competitors Market Info Providers: Bloomberg Universe of Discounted / Undiscovered Stock Sectoral Theme/ Extreme Events Brokers Research 3 rd Party Sources: periodicals In House Research 15

16 Investment Criteria We prefer companies that have the following features : Quantitative Factors Qualitative Factors 1. Strong Balance Sheet Low Gearing Strong Cash Flow 2. Positive Earning Dynamics Strong Earnings Growth Dominant Market Position Pricing Power 3. Attractive Financial Ratios Low P/E Low P/Book High Margins 1. Management Good Integrity Capable & Focused Significant Equity Interest 2. Corporate Transparency 3. Good Corporate Governance 4. Technical Factors Tracking the Turning Points of Major Trends 16

17 Stock Selection Process Stocks that meet our criteria Assess Financials and Prospects Company Visits, Management Interviews 3rd Party Checks: Clients, Bankers, Brokers Competitors, Professional Bodies Recommendation 17

18 Portfolio Construction 18

19 Proven Sell Discipline Material Adverse Changes in a Country s Socio Political Developments Economic Outlook Sector Outlook Adverse Changes in Company Fundamentals Material Decline in Earnings Severe Deterioration in Financial Conditions Changes in Management Changes in Business Focus Announcement of Corporate Actions or Transactions that are Detrimental to Interest of Minority Shareholders Prices have run materially ahead of intrinsic value 19

20 Internal Controls Dealing Executed only by Authorized & Licensed Investment Representatives Trade Allocation Minimal Conflict of Interest Founder never sat on any of the Board of Directors of Investee Companies for the last 35 years No Proprietary Trading 20

21 THANK YOU 21

22 Contact Details Pheim Asset Management (Asia) Private Limited Address: 43 Duxton Rd, Singapore Telephone: Facsimile: Website:

23 Disclaimer While the following informational materials contained within this presentation are believed to be reliable and gathered from credible sources, there is no warranty or guarantee of the accuracy of the information provided by the company and its group affiliates, employees or directors. The material provided is for information purposes only and of itself does not constitute nor should be construed as an offer to sell or any solicitation or any offer of invitation to purchase or subscribe for interests or securities in Singapore or any other jurisdiction, nor should it or any part of it form the basis of, or be relied upon in any connection with any, contract or commitment whatsoever. The information is intended for institutional and accredited investors and the recipient should be aware of the securities laws and regulation of your jurisdiction in your review of the material. The material should not be construed as formal investment, legal, tax or accounting advice and such formal advice should be acquired by any individual investor prior to making an investment. The strategies, instruments and/or opinions in that regard contained within the material may not be suitable or appropriate for all investors. The material does not account for the individual investor s risk requirements, needs, circumstances and objectives. Past performance is not indicative or a warranty of future results. PHEIM expressly disclaims any liability, including incidental or consequential damages arising from errors or omissions in this publication. The value of interests or securities in the Funds and the income derived from them may fall as well as rise. The interests or securities in the Funds are not obligations of, deposits in, or guaranteed by PHEIM or any of its group affiliates. All investment products, including without limitation to derivatives products, are subject to investment risks, including possible loss to principal investments held. This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income and occupancy, changes in operating expenses, including employee wages, benefits and training, property expense and governmental and public policy changes and the continued availability reliance on these forward-looking statements, which are based on PHEIM s current view of future events. This presentation has been prepared by PHEIM. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. Neither PHEIM nor any of its agents or advisers, nor any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Neither this presentation, nor any copy or portion of it, may be sent, taken, transmitted or distributed, directly or indirectly, in or into the United States, Japan or Canada, or to any U.S. person (as such term is defined in Regulation S under the Securities Act of 1933, as amended). It is not an offer of securities for sale into the United States. The interests or securities in the Funds may not be offered or sold into the United States, Canada or Japan or to, or for the account or benefit of, U.S. persons unless they are registered or exempt from registration. The interests or securities in the Fund have not been and will not be registered under the Securities Act or the securities laws of any state of the United States. There will be no public offer of securities in the United States. 23