CLSA Asia-Pacific Markets. Asia s leading independent brokerage and investment group.

Transcription

1 CLSA Asia-Pacific Markets Asia s leading independent brokerage and investment group.

2 Corporate overview CLSA Asia-Pacific Markets is Asia s leading, independent brokerage and investment group. The company provides investment-banking, capitalmarkets, equity-broking and asset-management services to global corporate and institutional clients. Founded in 1986, CLSA is Asia s longest-running independent brokerage. Headquartered in Hong Kong, CLSA has 1,350 dedicated professionals across 15 Asian cities, plus Dubai, London, New York and San Francisco. They support 1,300 institutional clients and ensure that CLSA maintains its top-five share in almost all operating markets. Recognised as one of Asia s leading research, sales and execution houses, CLSA is known for its innovative and independent research and is consistently ranked in major industry polls. Global media, including Bloomberg, CNBC, Dow Jones, The Economist, Financial Times, Reuters and The Wall Street Journal, frequently seek the opinions of CLSA s top-ranked economists, strategists and research analysts. Since the early 1990s, CLSA has assisted in raising more than US$107 billion in equity for corporate clients through its investment-banking capabilities. CLSA s asset-management group, CLSA Capital Partners, has in excess of US$2.5 billion under management across ten Asia-focused investment funds. Founded in 1986 and headquartered in Hong Kong Operates in 15 countries, 11 of which are in Asia 1,350 staff located in 22 cities worldwide Asia s leading independent brokerage and investment group RESEARCH No.1 Most Independent Research in Asia¹ Management agreement 65% Staff ownership 35% Corporate Sector Macro Quant Technical Country Economics CLSA U Globaldistribution capabilities with strong representation in London, New York and Japan EQUITY INVESTMENT ASSET BROKING BANKING MANAGEMENT No.1 Equity Brokerage ECM (Equity Capital In excess of US$2.5bn in Research, Sales Markets) footprint funds under and Sales-trading² management in 10 pan- includes Australia, Asian funds China, Hong Kong, Institutional sales India, Indonesia, and trading Malaysia, Philippines OTC derivatives sales and Singapore Acting as bookrunner Alcor Investment Listed derivatives on 52 deals and raised Aria Investment sales more than US$4.86bn Fudo Capital Corporate broking from Jan 07- Jul 09 CLSA Sunrise Capital P-notes and swaps M&A/Financial CRA Management advisory MezzAsia Capital Pacific Transportation Award-winning research is leveraged by key operating units SPECIALISED SERVICES BlocSec: Liquidity portal for anonymous block trades SetClear: Middle- and back-office clearing and settlement Execution services 1 Asiamoney Brokers Poll , Greenwich Associates Surveys 2009 for US Equity Investors in Asian Equities

3 Mumbai Pune Singapore Bangkok Kuala Lumpur Jakarta Global client base 10,000 global contacts UK & EU 21% Others 2% Asia 37% US 40% CLSA has a wide range of stock coverage. It performs deep analysis to derive good investment ideas. Obviously, it is among the best brokerage houses in Asia. San Francisco Beijing Shanghai Shenzhen Seoul Taipei Tokyo Hong Kong Manila Yosuke Mimaki, Sumitomo Mitsui Asset Management New York New Jersey Florida Sydney Global expertise, local insight CLSA s research, sales and investment professionals provide strategic insights into Asia s dynamic economies through on-the-ground representation in 15 locations across Asia-Pacific, including Australia, China, India and Japan. In addition, sales and operational support is provided from the UAE, the UK and the US. Australia CLSA s clients have access to the Australian market through the remote access membership, granted by the Australian Stock Exchange in In 2009, CLSA established a branch office in Sydney to provide a full-service agency broking business for Australian equities, providing equity research, sales, sales trading and dealing to international and domestic Australian institutional investors. Australian sectors already under coverage include banks, consumer, energy, gaming, healthcare, metals & mining, telecom and transport. In the future, this will be expanded to include industrials, insurance, property and utilities. China CLSA is one of the longest-standing foreign equity brokerages in China, having established an office in the PRC in CLSA holds seats on the Shanghai and Shenzhen stock exchanges and has five offices across Greater China - in Beijing, Hong Kong, Shanghai, Shenzhen and Taipei. A team of highly ranked analysts covers 162 listed China/HK companies, including 30 dual listed A/H-shares. The CLSA China Forum is one of the longest-running annual investment conferences in the country, attracting more than 460 institutional investors to meet about 90 leading Chinese companies each year. India CLSA is the leading brokerage in India, with the highest market share of foreign flows. CLSA established a presence in Mumbai in 1994 and in Pune in Our dedicated sales and trading teams are based in Mumbai, New York and Singapore. Consistently ranked No.1, our team delivers groundbreaking research covering about 110 companies, representing two-thirds of India s market capitalisation. Japan In 2003, CLSA expanded its brand to Japan and is represented by Crédit Agricole Securities Asia B.V. for all brokerage activities. A team of 95 professionals is based in Tokyo, offering equity broking, research and assetmanagement services, with specialist sales teams in London and New York. CLSA research offers investors perspectives on about 140 small-cap to largecap companies. United States CLSA has served US fund managers investing into Asia for more than 23 years and has the largest dedicated Asia-markets sales desk in North America. Through its US broker-dealer affiliate, Crédit Agricole Securities (USA) Inc, CLSA has more than 400 US-client relationships, with US$16 trillion in assets under management. Early in 2009, CLSA initiated coverage of US stocks. A team of 20 research analysts provides investors with a unique perspective on listed US corporations. Through an Asian lens, they assesses the impact and influence of Asia s economies on US industries. Domestic sector coverage includes coal, consumer goods, energy, financials, metals & mining, oil & natural gas, pharmaceuticals, steel and technology. More than 100 sales and management staff in New York and London ensure that US and European investors have access to Asian markets 24/7.

4 CLSA Capital Partners CLSA Capital Partners is the alternative asset-management arm of CLSA Asia- Pacific Markets. With 10 funds representing in excess of US$2.5 billion in funds under management, CLSA Capital Partners provides funding for profitable businesses across the region and targets growth companies, property, transport, buyout financing, mid-market buyouts and clean-tech opportunities through the following: EXCHANGE CAPITAL Aria Investments provides growth capital for companies exposed to domestic demand and intra-asia trade. MezzAsia Capital provides mezzanine debt financing for mid-cap Asian growth companies. Fudo Capital focuses on pan-asian opportunistic real-estate investments. CLSA Sunrise Capital focuses on opportunistic growth and mid-market buyout opportunities in Japan. Clean Resources Capital invests in Asia s growing non-carbon energy sector and water industries, from infrastructure to wastewater treatment, pollution abatement and irrigation. Pacific Transportation focuses on regional shipping and transport opportunities. Alcor Investment focuses on long and short-term equity investments. CLSA Capital Partners is a diverse team of industry professionals with expertise in banking, law and accountancy and industry specialisations. Through the CLSA network of research and investment-banking teams, CLSA Capital Partners has unique access to Asia and its decision makers, hard knowledge of market movements and strategic insight into future Asian investment trends. Investment banking CLSA s investment-banking deals have raised more than US$107 billion for corporate clients through IPOs, underwritten secondary placements, GDRs, advisory, M&A, listing transfers, private-equity capital raising, equity convertibles, debt restructuring and workout. From 2005 to 2009, CLSA completed 35 M&A and advisory transactions in six markets and was involved in 169 successful equity transactions in 15 markets, 69 of which involved companies in Greater China. Investment-banking alliances Fortune CLSA Securities Limited (Fortune CLSA), the first Sino-foreign joint-venture investment bank, was established in 2003 under the new regulations introduced by the China Securities Regulatory Commission (CSRC) in 2002 following China s accession to the WTO. In conjunction with Fortune Securities Company Limited, CLSA s joint-venture partner, Fortune CLSA was granted a securities-broking licence (restricted to the Yangtze River Delta area) and a securities-investment consultancy licence by the CSRC in June These two licences permit Fortune CLSA to commence a full-service institutional research, sales and broking business for domestic and international clients who wish to buy and sell A shares trading on the Shanghai and Shenzhen stock exchanges. CLSA Exchange Capital is the leading underwriter of equity and equitylinked securities for Philippine corporations, established in The alliance combines our partner ECI s local expertise and extensive execution experience with CLSA s unparalleled placing capability, award-winning research, wide network of global contacts and financial-advisory expertise.

5 Innovative and independent research For more than 20 years, CLSA has built its reputation on providing institutional investors in Asia, the Americas, Europe and the United Kingdom the most original, tradable ideas in the market. More than 150 analysts combine strong macro research with detailed, bottom-up analysis on 800 listed companies across 12 Asia-Pacific markets and 150 US stocks. Sectors covered include banking, conglomerates, consumer, energy, gaming, oil & gas, pharmaceuticals, power & utilities, property, resources, steel and autos, technology, telecoms and transport. CLSA s economics team covers 12 Asia-Pacific markets, in addition to the EU and the US. CLSA s equity strategist, Christopher Wood, is consistently ranked No.1 in industry polls, and his weekly GREED & fear report has secured a loyal international following. China Reality Research (CRR) is a unit of CLSA dedicated to grassroots economic research on China. A network of contacts enables CRR s presence in 100 Chinese cities. The unit plans to increase its coverage to 150 cities in China, all of which have an average urban population of one million. Clients have direct access to research through CLSA evalu@tor, a proprietary online database and archive of over 13 years of research and more than 1,000 CLSA models. Awards No.1 Broker in Asia for Asiamoney Poll of Polls 2009 No.1 Overall Combined Research and Sales in Asia (ex Australia and Japan), Asiamoney No.1 Equity Strategy, Christopher Wood and team, ; Institutional Investor CLSA Investor Forums CLSA Forums have become the most successful events of their kind. First held in 1994, CLSA now runs six major annual forums in China, Hong Kong, India, Japan, Singapore and the US, attracting a total of 3,000 global institutional investors from more than 30 countries. The power of the CLSA audience is well known to world leaders, who use the event as a platform to present their nations political and economic messages directly to the money that fuels their growth. Recent participants have included Tony Blair, Bill Clinton, Bob Geldof, Al Gore, Alan Greenspan, Lee Kuan Yew, Sarah Palin and Archbishop Desmond Tutu. CLSA Forums also provide excellent corporate access: each year, more than 1,800 CEOs and CFOs from 650 corporations present to, and meet with, CLSA clients. This is a must read for those who wants to preserve the wealth or their children, Marc Faber Investment contrarian December 2009 CLSA U and CLSA Books CLSA recognises the value of going straight to the source. CLSA U is a unique executive-education programme, providing our top clients with independent, expert views. CLSA U connects investors with leading academics, scientists and industry experts who design the theories and technologies of today that impact the markets of tomorrow. CLSA Books has published a series of financial publications written by independent experts and past CLSA U speakers. These include The Corruption of Capitalism by Richard Duncan, Mr & Mrs Asia by CLSA, Tomorrow s Gold and Asia s Age of Discovery by Marc Faber, Anatomy of the Bear by Russell Napier, and As the Future Catches You by Juan Enriquez.

6 Your equities and investment partner CLSA is Asia s leading independent investment group and Asia s longestrunning independent brokerage. Our global clients trust and rely on our intimate knowledge of Asia, Australia and US markets, industries and trends to support their investment decisions. CLSA s leading analysts, economists and strategists are renowned for their innovative company, country, sector and thematic equity research, reflected in numerous industry awards and global media coverage. Contact us to learn how CLSA can enhance your Asian investment strategy. info@clsa.com Research & sales offices Australia CLSA Australia Suite 2302, Level George Street, Sydney NSW 2000 Australia Tel : (61) Fax : (61) Hong Kong CLSA Hong Kong 18/F, One Pacific Place 88 Queensway Hong Kong Tel : (852) Fax : (852) Malaysia CLSA Malaysia Suite Level 20 Menara Dion 27 Jalan Sultan Ismail Kuala Lumpur Tel : (60) Fax : (60) United Kingdom CLSA (UK) 12/F Moor House, 120 London Wall, London EC2Y 5ET Tel : (44) Fax : (44) China - Beijing CLSA Beijing Unit 10-12, Level 25 China World Trade Centre Tower 2 1 Jian Guo Men Wai Ave Beijing Tel : (86) Fax : (86) India CLSA India 8/F, Dalamal House Nariman Point Mumbai Tel : (91) Fax : (91) Philippines CLSA Philippines 19/F, Tower Two The Enterprise Center 6766 Ayala corner Paseo de Roxas Makati City Tel : (63) Fax : (63) USA - New York Credit Agricole Securities (USA) Inc. Calyon Building 1301 Avenue of The Americas New York Tel : (1) Fax : (1) China - Shanghai CLSA Shanghai Room 910, 9/F 100 Century Avenue Pudong New Area Shanghai Tel : (86) Fax : (86) Indonesia CLSA Indonesia WISMA GKBI Suite 901 Jl Jendral Sudirman No.28 Jakarta Tel : (62) Fax : (62) Singapore CLSA Singapore 80 Raffles Place, No UOB Plaza 1 Singapore Tel : (65) Fax : (65) USA - San Francisco Credit Agricole Securities (USA) Inc. 9/F 388 Market Street San Francisco, CA Tel : (1) Fax : (1) China - Shenzhen CLSA Shenzhen Room 3111, Shun Hing Square Di Wang Commercial Centre 5002 Shennan Road East Shenzhen Tel : (86) Fax : (86) Japan Credit Agricole Securities Asia B.V., Tokyo Branch 15/F, Shiodome Sumitomo Building 1-9-2, Higashi-Shimbashi Minato-ku, Tokyo Tel : (81) (General) (81) (Trading) Fax : (81) Taiwan CLSA Taiwan 27/F, 95, Tun Hwa South Road Section 2 Taipei Tel : (886) Fax : (886) Dubai Calyon Gulf Dubai World Trade Centre Level 32 PO Box 9256 Dubai United Arab Emirates Tel : (9714) Fax : (9714) Korea CLSA Korea 15/F, Sean Building 116, 1-Ka, Shinmun-Ro Chongro-Ku Seoul, Tel : (82) Fax : (82) Thailand CLSA Thailand 16/F, M. Thai Tower All Seasons Place 87 Wireless Road, Lumpini Pathumwan, Bangkok Tel : (66) Fax : (66) CLSA is certified ISO14001:2004 At CLSA we support sustainable development. We print on paper sourced from environmentally conservative factories that only use fibres from plantation forests. Please recycle. TM This publication has been prepared by CLSA Asia-Pacific Markets ( CLSA ). This is not a solicitation or any offer to buy or sell. The information contained in this publication is for information purposes only and is not intended to provide professional, investment or any other type of advice or recommendation and does not take into account the particular investment objectives, financial situation or needs of individual recipients. CLSA disclaims any responsibility or liability in respect to any use or reference to this publication, and CLSA does not warrant or guarantee the adequacy, accuracy or completeness of any information herein. CLSA expressly disclaims all warranties, express or implied, of any kind relating to this publication, including but not limited to the warranties of merchantability and fitness for a particular purpose, and any obligation to update any information herein and any liability for inaccuracies and omissions in such information. Before acting on any information in this publication, you should consider whether it is suitable for your particular circumstances and, if appropriate, seek professional advice, including tax advice. Neither CLSA nor any of its affiliates nor any of CLSA s or any of its affiliates respective directors, employees or agents accept any responsibility nor be held liable for any person's use of or reliance on the information and opinions contained herein. To the extent permitted by applicable securities laws and regulations, CLSA accepts no liability whatsoever for any direct or consequential loss arising from the use of this material or its contents CLSA Asia-Pacific Markets. All rights reserved. CLSA specifically prohibits the redistribution of this publication and accepts no liability whatsoever for the actions of third parties in this respect. Important: the content of this report is subject to CLSA's legal and regulatory notices as set out at a hard copy of which may be obtained on request from CLSA publications or CLSA compliance group, 18/f, One Pacific Place, 88 Queensway, Hong Kong, telephone (852) February 2010