Vietnam displaces China as production hub Vietnam

Size: px
Start display at page:

Download "Vietnam displaces China as production hub Vietnam"

Transcription

1 Clark Financial Advisory Limited Vietnam displaces China as production hub Vietnam Investing in Vietnam complications and solutions Executive Summary Vietnam has become the most promising growth market in Asia with a young and literate population, low wage costs and improving macro backdrop. Investing in Vietnam can be complicated; simply buying an ETF may not be the answer. Substantial gains can be made by choosing the manager with local knowledge and expertise. Vietnam, with a population of 94 million, is the 15th most populous country in the world and Vietnam, with a population of 93 million, is the 15th most populous country in the world and 50% of this population is under the age of 30. Education, key to Vietnam s development success Education has been key to Vietnam s development success story over the last 20 years. Today over 94% of the population is literate. The OECD 2012 PISA study in 2012 assessed 15 yearolds in 65 countries in mathematics, reading & science; Vietnam scored almost on a par with Germany and Switzerland and ahead of most of Western Europe and the USA. Wage costs, half of China Vietnamese average wage costs are less than half those of China and Vietnam is now the key destination for FDI in Asia. As a result of this, Vietnam is starting to displace China and Taiwan as the manufacturing hub of choice in Asia. Growth Drivers, exports and domestic demand The country s main growth drivers are exports, domestic demand as the population urbanises, and FDI. Chief trading partners include Western Europe, the US, China, Japan & ASEAN and major exports include: telephones, textiles, electronics, footwear, seafood, oil, wood, rice (global #2), & coffee (global #2) FDI, legal and institutional reforms Vietnam joined the WTO in This had a positive impact on VN economy in that it has led to legal and institutional reforms and a better investment climate. It has resulted in a huge increase in FDI inflows and an expansion of international trade. This has made a major contribution to Vietnam s export-led growth strategy. The likes of Samsung, LG Electronics, Panasonic, Microsoft, Intel, Nokia, Adidas and Nike are all shifting production to Vietnam. The government is also investing heavily in infrastructure in order to support the FDI flows. Vietnam displaces China as Asian production hub 1

2 Domestic demand, another key driver Another key growth driver for Vietnam is the extremely fast urbanization process as the rural population relocates to industry in the cities. This leads to rising income and a growing middle class. The OECD estimates that consumption levels will rise 20 fold over the next 2 decades. Free trade agreements, main one is with the EU VN is a party to a number of FTAs currently under negotiation. The main ones are with the EU and the TPP. The EU agreement is signed and due take effect in 2016 and 90% of EU import duties will be reduced to 0% within a maximum of 7 years. Similarly, the Trans Pacific Partnership encompasses countries representing 37% of global GDP. Vietnam should be the main beneficiary because it is less developed than most of the other participants. This should lead to even more FDI, further productivity gains and further momentum for reform. Macro stability Vietnam displaces China as Asian production hub 2

3 Key figures, promote future growth Vietnam had a credit boom and bust in 2006/2007. Since then the Vietnamese stock market has gone essentially nowhere. However, things are changing as the economy is starting to recover with conscientious efforts from the government to stabilise the economy via tighter macroeconomic policies aiming to achieve long-term sustainable growth. As a result, as shown above, inflation has come down to less than 3% after peaking at 28% in 2008, interest rates have come down from 20% to 5%, the exchange rate has stabilised, forex reserves have surged and the current account has turned into surplus. Furthermore, the government has set up the Vietnam Asset Management Corporation to deal with the non-performing loan hangover from the 2007 bust and a new credit cycle is just beginning. GDP growth has remained resilient throughout the last decade and is currently running at 6%, driven largely by exports. The market cap of VN is currently $57B similar in size to NZ. The difference is that the VN market is developing fast. Vietnam is undergoing a major privatization process. There are currently 670 listed companies in Vietnam but more than 400 State Owned Enterprises (SOEs) are planned to equitize over the next few years bringing the total of listed companies to over Clearly this will increase the extent of investment opportunities. (NB. The commitment to restructuring SOEs plays a key role in transforming the whole economy because they account for a large share of employment, assets, output and taxes). Investing in Vietnam, complications? Investing in Vietnam is not that easy. The main MSCI Asia indices have zero exposure to Vietnam; the same can be said about most of the larger Asian funds. The Vietnamese index itself is dominated by literally a handful of larger stocks which tend to trade on relatively high PEs and multiples of book value. ETFs, produced negative returns The largest VN ETF has similar concentration and valuation complications and has produced negative returns over the last 5 years. However, if one looks below this handful of large cap stocks there is real opportunity for the Value Investor. Vietnam displaces China as Asian production hub 3

4 Source: Bloomberg Large numbers of stocks are trading with modest book values and with single-digit PEs. Moreover, only 15% of the 670 listed stocks have any in-depth broker coverage and dividend levels in Vietnam are high by Asian standards at circa 4% on average. Technical information Index status, not included in main Asian indices Vietnam is classified as frontier by MSCI and therefore not included in either of the main Asian indices and thus major Asian funds using these indices tend not to offer investors exposure to Vietnam. Foreign Ownership Limits (FOLs), relaxation of Foreign Ownership Limits Historically, there has been a further complication to investing in Vietnam, FOLs. However, in June 2015 Vietnam announced a relaxation of these Foreign Ownership Limits. This is key step towards the conversion of Vietnam from Frontier to EM status which will likely unlock substantial capital for investment into Vietnam. The question is who has the expertise to navigate these complicated waters Saigon Securities Inc (SSI) is the largest securities firm in Vietnam. SSI s asset management division, SSIAM, have a team of 20 experienced fund managers and analysts on the ground with a deep knowledge of the local market. The SSIAM investment approach is Classic Value Investing with an emphasis on quality at a reasonable price. This is combined with a focus on corporate governance and sustainable competitive advantages in order to select the ideal investment candidates. They are seeking out value and growth and income. Vietnam displaces China as Asian production hub 4

5 National Seed Company of Vietnam, an example of SSIAM investment National Seed Company (NSC) of Vietnam is a good example of SSIAM s ability to identify and create value. The seed market in Vietnam is potentially $2 bn. in size and NSC holds a 20% market share. SSIAM bought into NSC in early 2012; and actively worked with this seed supplier to move its business away from offering generic seeds to offering coated and patented seeds. This improved the company s gross margin significantly as well as its market share. Net earnings increased 3 fold over the next 3 years and the stock price increased by 250%. Over the same period the Vietnamese index was up only 29%. Source: Bloomberg Vietnam National Seed Corporation Currently valued by market at 11.7x earning, 2x book value, ROE 20% Earnings and stock price rose 3 fold since SSIAM involved Vietnam displaces China as Asian production hub 5

6 The SSIAM SSIAM research research process process is disciplined and fundamental. The universe of 670 stocks is screened for value (modest PB, Quality at a reasonable price (modest PB, Low PE, strong ROE and Dividend Yield. This top-down screening is then combined with bottom-up research analysis in order to generate a short-list to be further researched. Value opportunities are then assessed qualitatively. SSIAM staff meet the management, visit the factories, seek further information from competitors, suppliers, customers and credit institutions. Particular focus is paid to rigorous analysis of long-term growth prospects, management quality financial/accounting, and governance. This detailed analysis is combined with an active hands-on approach post investment where possible and appropriate. If you would like to hear more about SSIAM please contact their representative in Europe, Clark Financial Advisory Limited. Information and Product Advice Contact information Request more information andrew@clarkadvisory.biz CFAL and SSIAM Disclaimer Andrew Clark, Clark Financial Advisory Limited UK Issued and approved by Clark Financial Advisory Limited (CFAL) acting as sole representative of SSIAM in the UK and Europe. Clark Financial Advisory Limited is authorized and regulated by the Financial Conduct Authority. Registered in England. Registered No: This document is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. Past performance is not necessarily a guide to the future. Whilst all reasonable care has been taken to ensure that the stated facts are accurate and opinions are fair and reasonable neither CFAL nor any of its partners or employees shall be responsible in any way for the contents of this document. It is not, under any circumstances, intended for distribution to the general public. Vietnam displaces China as Asian production hub 6

Reading the balance of payments accounts

Reading the balance of payments accounts Reading the balance of payments accounts The balance of payments refers to both: All the various payments between a country and the rest of the world The particular system of accounting we use to keep

More information

HANSA TRUST Annual General Meeting 21 st July 2014

HANSA TRUST Annual General Meeting 21 st July 2014 Annual General Meeting 21 st July 2014 Agenda Transition update/ New funds bought Performance review Market outlook 2 Transition Update/ New Funds Bought 3 Performance Review 4 Key Market Highlights (YTD

More information

U.S. Agriculture and International Trade

U.S. Agriculture and International Trade Curriculum Guide I. Goals and Objectives A. Understand the importance of exports and imports to agriculture and how risk management is affected. B. Understand factors causing exports to change. C. Understand

More information

Vietnam. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations

Vietnam. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations Herald van der Linde* Head of Equity Strategy, Asia-Pacific The Hongkong and Shanghai Banking Corporation Limited +82 2996 67 heraldvanderlinde@hsbc.com.hk Devendra Joshi* Equity Strategy The Hongkong

More information

Agenda. Saving and Investment in the Open Economy, Part 2. Globalization and the U.S. economy. Globalization and the U.S. economy

Agenda. Saving and Investment in the Open Economy, Part 2. Globalization and the U.S. economy. Globalization and the U.S. economy Agenda Globalization and the U.S. Economy Saving and Investment in the Open Economy, Part 2 Saving and Investment in Large Open Economies (LOE) The U.S. Current Account Deficit Fiscal Policy and the Current

More information

Data Centres. FDI and Market Trends 24 th June 2010

Data Centres. FDI and Market Trends 24 th June 2010 Data Centres FDI and Market Trends 24 th June 2010 1 About OCO Global Headquartered in Belfast, with 6 offices in Europe and North America and global reach through a partner network. Client Examples 40+

More information

Building innovation capacity via PPP. Ravi Randeniya - BSc Eng MScE MBA

Building innovation capacity via PPP. Ravi Randeniya - BSc Eng MScE MBA Building innovation capacity via PPP Ravi Randeniya - BSc Eng MScE MBA Innovation is a major factor of economic growth and its advancement is a good measure of overall performance in the globalized economy.

More information

GROWTH & INCOME INDEX 2013 MUTUAL FUND INVESTOR BEHAVIOUR STUDY HONG KONG

GROWTH & INCOME INDEX 2013 MUTUAL FUND INVESTOR BEHAVIOUR STUDY HONG KONG GROWTH & INCOME INDEX 201 MUTUAL FUND INVESTOR BEHAVIOUR STUDY HONG KONG October 201 CONTENT FOREWORD Foreword By Eastspring Investments Executive Summary The Growth & Income Index Investor Current and

More information

How international expansion is a driver of performance for insurers in uncertain times

How international expansion is a driver of performance for insurers in uncertain times How international expansion is a driver of performance for insurers in uncertain times Accenture Global Multi-Country Operating Model Survey May 2009 Copyright 2009 Accenture. All rights reserved. Accenture,

More information

Emerging markets (%)

Emerging markets (%) Insights Emerging Markets Understanding the risks October 21 Please visit jpmorgan.com/institutional for access to all of our Insights publications. Emerging markets offer compelling long-term return potential,

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

East Asia - A Case Study in the Global Economy

East Asia - A Case Study in the Global Economy Opening Speech by Toshihiko Fukui, Governor of the Bank of Japan At the 14th International Conference hosted by the Institute for Monetary and Economic Studies, Bank of Japan, in Tokyo on May 30, 2007

More information

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013

2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 2013 global economic outlook: Are promising growth trends sustainable? Timothy Hopper, Ph.D., Chief Economist, TIAA-CREF January 24, 2013 U.S. stock market performance in 2012 * +12.59% total return +6.35%

More information

VIETNAM S ECONOMY A SWOT ANALYSIS

VIETNAM S ECONOMY A SWOT ANALYSIS VIETNAM S ECONOMY A SWOT ANALYSIS The 15th Annual Conference on Pacific Basin Finance, Economics, Accounting and Management Vu Thanh Tu Anh Fulbright Economics Teaching Program Email: anhvt@fetp.vnn.vn

More information

ASIAN PORTFOLIO INVESTMENT ADVISORY

ASIAN PORTFOLIO INVESTMENT ADVISORY ASIAN PORTFOLIO INVESTMENT ADVISORY This Asian Portfolio Investment Advisory service is set up to assist international financial advisory and planning organizations to create dedicated Asian investment

More information

Deutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research

Deutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research The Pacific Alliance A bright spot in Latin America May 2014 Agenda 1 2 3 What is it about? Combined strengths Challenges ahead 1 What is it about? A next generation free trade agreement Mexico Colombia

More information

Hong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations

Hong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations July 212 Steven Sun* Equity Strategist The Hongkong and Shanghai Banking Corporation Limited +852 2822 4298 stevensun@hsbc.com.hk Roger Xie* Equity Strategist The Hongkong and Shanghai Banking Corporation

More information

How To Know If China Is In Crisis

How To Know If China Is In Crisis For professional investors 28 October 2015 1 CHI TIME CHINA IN CRISIS? Everything will be okay in the end. If it s not okay, it s not the end. John Lennon Many observers believe that China is in a financial

More information

ACCOUNTING FOR ASIA S NATURAL CAPITAL

ACCOUNTING FOR ASIA S NATURAL CAPITAL ACCOUNTING FOR S NATURAL CAPITAL DRIVING THE TRANSITION TO A RESOURCE-EFFICIENT GREEN ECONOMY Asia s rapid economic growth during recent decades has been accompanied by serious depletion of the region

More information

China s Accession to the WTO and its Impact on the Asian Economy. C. H. Kwan Nomura Research Institute

China s Accession to the WTO and its Impact on the Asian Economy. C. H. Kwan Nomura Research Institute Introduction China s Accession to the WTO and its Impact on the Asian Economy C. H. Kwan Nomura Research Institute After fifteen years of tough negotiation, China is poised to join the World Trade Organization

More information

Asian Stock Markets in 2015:

Asian Stock Markets in 2015: Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,

More information

PMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com

PMR. IT outsourcing in Central and Eastern Europe FREE ARTICLE. www.ictrussia.com FREE ARTICLE www.ictrussia.com IT outsourcing in Central and Eastern Europe Source: IT outsourcing in Central and Eastern Europe 2009 Countries attractiveness and development forecasts January 2009 PMR

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

Strategic Roadmap Development for international education in the PTE sector

Strategic Roadmap Development for international education in the PTE sector Strategic Roadmap Development for international education in the PTE sector What are Strategic Roadmaps? Strategic Roadmaps are planning tools that identify strategic goals and pathways for growth in international

More information

Successful value investing: the long term approach

Successful value investing: the long term approach Successful value investing: the long term approach Neil Walton, Head of Global Strategic Solutions, Schroders Do you have the patience to be a value investor? The long-term outperformance of a value investment

More information

IP investing for mainstream money.

IP investing for mainstream money. Beyond Litigation Finance: IP investing for mainstream money. IP Deal Makers Forum November 2014 Auckland San Diego London Market Size, Scale and Scope IP in an investment context Global AUM Hedge Funds

More information

Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges

Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,

More information

EXPERT MEETING on. Geneva, 24-25 September 2007. Foreign Direct Investment in Vietnam. Ms. Le Hai Van

EXPERT MEETING on. Geneva, 24-25 September 2007. Foreign Direct Investment in Vietnam. Ms. Le Hai Van EXPERT MEETING on COMPARING BEST PRACTICES FOR CREATING AN ENVIRONMENT CONDUCIVE TO MAXIMIZING DEVELOPMENT BENEFITS, ECONOMIC GROWTH AND INVESTMENT IN DEVELOPING COUNTRIES AND COUNTRIES WITH ECONOMIES

More information

Competitive Advantage of Libyan Business Environment

Competitive Advantage of Libyan Business Environment Economics World, ISSN 23287144 May 2014, Vol. 2, No. 5, 325332 D DAVID PUBLISHING Competitive Advantage of Libyan Business Environment Salem Abdulla Azzaytuna University, Tripoli, Libya The economic development

More information

International Equities: Another Turn of the Wheel

International Equities: Another Turn of the Wheel International Equities: Another Turn of the Wheel May 6, 2015 by David Ruff of Forward Investing Non-U.S. equities have recently surged after a long spell of underperformance. Does this signal a new market

More information

Newton Global Emerging Markets strategy

Newton Global Emerging Markets strategy Newton Global Emerging Markets strategy For professional investors only. This document is for n and New Zealand wholesale clients only. Compared to more established economies, the value of investments

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

Diversify your wealth internationally

Diversify your wealth internationally ab UBS Swiss Financial Advisers Diversify your wealth internationally UBS Swiss Financial Advisers offers US investors a safe, easy and tax-compliant way to diversify their assets abroad. Contents 3 Why

More information

The Smart Meter Revolution_

The Smart Meter Revolution_ The Smart Meter Revolution_ Towards a Smarter Future m2m 1 00 - Contents Contents_ 01_ Introduction - By Rob Searle, Smart Metering Industry Lead at Telefónica Digital 02_ Market dissemination 03_ Installed

More information

SmartRetirement Mutual Fund Commentary

SmartRetirement Mutual Fund Commentary SmartRetirement Mutual Fund Commentary J.P.Morgan Asset Management 3 rd Quarter 2014 Performance Highlights SmartRetirement s Performance Objectives The JPMorgan SmartRetirement Mutual Funds are designed

More information

Section 2 Evaluation of current account balance fluctuations

Section 2 Evaluation of current account balance fluctuations Section 2 Evaluation of current account balance fluctuations Key points 1. The Japanese economy and IS balance trends From a macroeconomic perspective, the current account balance weighs the Japanese economy

More information

HEALTHCARE AND HEALTHCARE EQUIPMENTS

HEALTHCARE AND HEALTHCARE EQUIPMENTS HEALTHCARE AND HEALTHCARE EQUIPMENTS With the coming into force of the much-sought Social Security and General Health Insurance Law as of 2007, private hospitals are under construction all over the country

More information

Greece Current trajectory & macroeconomic outlook

Greece Current trajectory & macroeconomic outlook Greece Current trajectory & macroeconomic outlook 2 η Διημερίδα Επίκαιρα Ζητήματα Φορολογικού Δικαίου 12-13 Δεκεμβρίου 2015 e-θέμις Dr. Platon Monokroussos Group Chief Economist Eurobank Ergasias S.A.

More information

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013

Recent Developments in Local Currency Bond Markets (LCBMs) 1. October 2013 Recent Developments in Local Currency Bond Markets (LCBMs) 1 October 2013 Given the importance of local currency bond markets (LCBMs), including in the context of the work now underway on financing for

More information

MBA. Specialization. 601 Prerequisites: None. 05B Prerequisites: None. 609 Prerequisites: BUS508. MIB International Business

MBA. Specialization. 601 Prerequisites: None. 05B Prerequisites: None. 609 Prerequisites: BUS508. MIB International Business MBA s Management MIB International Business 601 Prerequisites: None The course provides an overview of the means of conducting international business. The course will explore the effects of social, political

More information

India's Booming Stock Market and Its Outlook Ahead

India's Booming Stock Market and Its Outlook Ahead VOL1. NO. February 2006 India's Booming Stock Market and Its Outlook Ahead India's stock market in 200 was driven by expanding inflows of foreign capital into the country on the back of expectations for

More information

Table 1: Resource Exports Per cent of total nominal exports; selected years

Table 1: Resource Exports Per cent of total nominal exports; selected years Australia and the Global market for Bulk Commodities Introduction The share of Australia s export earnings derived from bulk commodities coking coal, thermal coal and iron ore has increased over recent

More information

BI FOCUS DAY ASIA LIFE INSURANCE

BI FOCUS DAY ASIA LIFE INSURANCE BI FOCUS DAY ASIA LIFE INSURANCE STEVEN LAM BLOOMBERG INDUSTRIES ANALYST SLAM122@BLOOMBERG.NET BI , BI LIFEA APR // 15 // 2014 TABLE OF CONTENTS 2 TOPIC: Life Insurers in Developed Japan and Developing

More information

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong

ABF PAN ASIA BOND INDEX FUND An ETF listed on the Stock Exchange of Hong Kong Important Risk Disclosure for PAIF: ABF Pan Asia Bond Index Fund ( PAIF ) is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit

More information

ING International Trade Study Developments in global trade: from 1995 to 2017. Mexico

ING International Trade Study Developments in global trade: from 1995 to 2017. Mexico ING International Trade Study Developments in global trade: from 1995 to 2017 Mexico Executive summary Mexico is expected to grow on average 3.9% in the coming years. This is relatively high compared to

More information

The Credit Crisis: A Monetary Explanation

The Credit Crisis: A Monetary Explanation M O R G A N S T A N L E Y R E S E A R C H Global Economics The Credit Crisis: A Monetary Explanation Joachim Fels Chief Global Fixed Income Economist & Co-Head of Global Economics 33 rd Annual IOSCO Conference

More information

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets

INVESTMENT INSIGHTS. All-access, Flexible Approach to Emerging Markets INVESTMENT INSIGHTS All-access, Flexible Approach to Emerging Markets Second Quarter 2015 1 1 Please note that the information herein represents the opinion of the portfolio manager and these opinions

More information

ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013

ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013 Page 1 of 14 ANALYSIS OF NZ MERCHANDISE TRADE DATA YEAR ENDED JUNE 2013 SUMMARY Provisional merchandise trade data for the June 2013 month was released in July. The June 2013 data provides us with our

More information

Specialty Insurance Where Are We Headed?

Specialty Insurance Where Are We Headed? 2013 PLUS D&O Symposium Specialty Insurance Where Are We Headed? David Cash Endurance Specialty New York - February 6-7, 2013 Keynote Outline 1. Who are the Specialty Companies? 2. Economic drivers for

More information

Busiest ports. Asian Tiger. Business friendly. Highest Trade/GDP Ratio. 4 th biggest financial centre

Busiest ports. Asian Tiger. Business friendly. Highest Trade/GDP Ratio. 4 th biggest financial centre Busiest ports Business friendly Asian Tiger Highest Trade/GDP Ratio 4 th biggest financial centre Singapore economy at a glance: Singapore is a global trading power. Its strategic geographical location,

More information

ELECTRONICS COMPONENT INDUSTRY PERSPECTIVE BY: PARESH VASANI

ELECTRONICS COMPONENT INDUSTRY PERSPECTIVE BY: PARESH VASANI ELECTRONICS COMPONENT INDUSTRY PERSPECTIVE BY: PARESH VASANI Current global & Indian Electronic Component Industry Scenario PCB Challenges and Future GLOBAL ELECTRONICS INDUSTRY Global Electronics Industry

More information

BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES)

BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) BUSINESS FINANCING IN TANZANIA (CHALLENGES & OPPORTUNITIES) 1 The Agenda Why long term financing? The current status and existing alternatives Challenges of raising long term capital in Tanzania Capital

More information

THE COLLECTIVES PORTFOLIO SERVICE MADE FOR YOU

THE COLLECTIVES PORTFOLIO SERVICE MADE FOR YOU THE COLLECTIVES PORTFOLIO SERVICE MADE FOR YOU THE COLLECTIVES PORTFOLIO SERVICE The Collectives Portfolio Service (CPS) is a discretionary investment management service, which invests solely in funds

More information

Buy Pitch. Financial Institutions Group (FIG) Darly Bendo, Lynn Hu, Chris Martone, Ray Yang Wednesday, October 30 th, 2013

Buy Pitch. Financial Institutions Group (FIG) Darly Bendo, Lynn Hu, Chris Martone, Ray Yang Wednesday, October 30 th, 2013 Buy Pitch Financial Institutions Group (FIG) Darly Bendo, Lynn Hu, Chris Martone, Ray Yang Wednesday, October 30 th, 2013 Disclaimer The analyses and conclusions of the Western Investment Club ( WIC")

More information

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group

Why ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative

More information

Recent trends of dynamically growing and developing life insurance markets in Asia

Recent trends of dynamically growing and developing life insurance markets in Asia Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign

More information

Topic 1 Wealth Management

Topic 1 Wealth Management Topic 1 Wealth Management 1. Background Moderator: Hansjörg Germann, As Head of Strategy Development at Zurich, Mr. Germann is responsible for all aspects of the strategic asset allocation for the group

More information

INTRODUCTION. Written by: Timothy Moore, CFA Portfolio Manager

INTRODUCTION. Written by: Timothy Moore, CFA Portfolio Manager INTERNATIONAL INVESTING: LONG-TERM BENEFITS OUTWEIGH SHORT-TERM NOISE Going Global Improves Both Opportunities and Diversification INTRODUCTION Written by: Timothy Moore, CFA Portfolio Manager Investing

More information

Finance and Economics Course Descriptions

Finance and Economics Course Descriptions Finance and Economics Course Descriptions Finance Course Descriptions FIN 250 Financial Management This course addresses the theory and practice of financial management and the role of the Financial Manager.

More information

18th Year of Publication. A monthly publication from South Indian Bank. www.sib.co.in

18th Year of Publication. A monthly publication from South Indian Bank. www.sib.co.in To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank 18th Year of Publication SIB STUDENTS

More information

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7 ALDERNEY THE MOST COMPETITIVE TAX ENVIRONMENT FOR EGAMBLING OPERATORS The global egambling and taxation environment is evolving into one of an increasing number of regulated markets, seeking to impose

More information

Southeast Asia Development: A Japanese Perspective

Southeast Asia Development: A Japanese Perspective Southeast Asia Development: A Japanese Perspective Masahiro Kawai Graduate School of Public Policy University of Tokyo Past is Prologue for Southeast Asia Development: Japan and U.S. Perspectives Carnegie

More information

The Return of Saving

The Return of Saving Martin Feldstein the u.s. savings rate and the global economy The savings rate of American households has been declining for more than a decade and recently turned negative. This decrease has dramatically

More information

ING International Trade Study Developments in global trade: from 1995 to 2017. United Kingdom

ING International Trade Study Developments in global trade: from 1995 to 2017. United Kingdom ING International Trade Study Developments in global trade: from 1995 to 2017 United Kingdom Executive summary The United Kingdom is expected to grow on average 1% in the coming years. This is relatively

More information

Seizing Opportunities in Asia and Beyond

Seizing Opportunities in Asia and Beyond Seizing Opportunities in Asia and Beyond Asia, the region of growth opportunities 30% Projected contribution from Asia (excluding Japan) to global GDP in 2020. Today, Asia is the world s fastest growing

More information

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,

More information

6. Stock Market. The Taiwan Stock Exchange (TSE) weighted stock price index (TAIEX) closed the year 2004

6. Stock Market. The Taiwan Stock Exchange (TSE) weighted stock price index (TAIEX) closed the year 2004 The Central Bank of China Annual Report 2004 6. Stock Market The Taiwan Stock Exchange (TSE) weighted stock price index (TAIEX) closed the year 2004 with an increase of 4.2 percent from the previous year-end.

More information

ROMANIA S COMPETITIVE ADVANTAGES ON THE GLOBAL OUTSOURCING MARKET

ROMANIA S COMPETITIVE ADVANTAGES ON THE GLOBAL OUTSOURCING MARKET Bulletin of the Transilvania University of Braşov Series V: Economic Sciences Vol. 7 (56) No. 1-2014 ROMANIA S COMPETITIVE ADVANTAGES ON THE GLOBAL OUTSOURCING MARKET D. BOŞCOR 1 C. BĂLTESCU 1 Abstract:

More information

INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS

INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS INTRODUCTION TO MACROECONOMICS MIDTERM- SAMPLE QUESTIONS MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In May 2009, Ford Motor Company's sales

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

Explaining Russia s New Normal

Explaining Russia s New Normal Explaining Russia s New Normal Chris Weafer of Macro-Advisory This Op- Ed appeared on BNE.eu on September 11 2015 One of the slogans now regularly deployed to describe Russia s current economic condition

More information

U.S. Trade Overview, 2013

U.S. Trade Overview, 2013 U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the

More information

MGE#12 The Balance of Payments

MGE#12 The Balance of Payments MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session

More information

Institutional Investors and the CEE Stock Exchange Group in 2014

Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges

More information

THE DEVELOPMENT OF SUPPLY CHAIN MANAGEMENT IN THAILAND TEXTILE INDUSTRY

THE DEVELOPMENT OF SUPPLY CHAIN MANAGEMENT IN THAILAND TEXTILE INDUSTRY THE DEVELOPMENT OF SUPPLY CHAIN MANAGEMENT IN THAILAND TEXTILE INDUSTRY Veeris Ammarapala Management Technology Program Sirindhorn International Institute of Technology, Thammasat University Pathumthani

More information

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%.

TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO. shareholders equity ratio and ROE both rose to over 10%. TO OUR SHAREHOLDERS A MESSAGE FROM THE CEO During the fiscal year ended March 31, 2004, attained record-high total revenues, income before income taxes, and net income. We also made steady progress in

More information

Empresaria (EMR.L) Empressive finish to the year

Empresaria (EMR.L) Empressive finish to the year 26 th January 2015 56 54 52 50 48 46 EMR EMPRESARIA ORD 5P Empresaria (EMR.L) Empressive finish to the year 44 42 40 38 Q1-2014 Q2-2014 Q3-2014 Q4-2014 Price: 43.0p Sourc e: Fides s a 12m High 56.0p 12

More information

Foreign Exchange Investments Discover the World of Currencies. Private Banking USA

Foreign Exchange Investments Discover the World of Currencies. Private Banking USA Foreign Exchange Investments Discover the World of Currencies Credit Suisse Securities (USA) llc Private Banking USA 2 Foreign exchange: There s no ignoring the largest market in the world. Introduction

More information

Capital Markets Monitor Key Issues

Capital Markets Monitor Key Issues Capital Markets Monitor Key Issues JUNE 215 Over the past few years there has been growing concern that leverage or risk-taking in general has been migrating from banks to non-banks, including institutional

More information

HW 2 Macroeconomics 102 Due on 06/12

HW 2 Macroeconomics 102 Due on 06/12 HW 2 Macroeconomics 102 Due on 06/12 1.What are the three important macroeconomic goals about which most economists, and society at large, agree? a. economic growth, full employment, and low interest rates

More information

Policy Response Buy to Let Tax Relief

Policy Response Buy to Let Tax Relief Savills World Research Policy Response Buy to Let Tax Relief Autumn 215 savills.co.uk/research In his May budget the Chancellor announced a limit on mortgage interest relief for buy to let investors in

More information

Delaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by:

Delaware Investments Global Real Estate Securities. Citywire Wealth Management Forum. Presented by: Delaware Investments Global Real Estate Securities Citywire Wealth Management Forum Presented by: Bob Zenouzi Senior Vice President Senior Portfolio Manager July 1, 2009 Delaware Investments is the marketing

More information

Thinking tactically: What really happens next?

Thinking tactically: What really happens next? Thinking tactically: What really happens next? Guy Monson March 2015 Since 2008, Central bank asset purchases have successfully protected markets from an array of global risks... A SHARP INCREASE IN CENTRAL

More information

Inside the Markets Conference Call

Inside the Markets Conference Call Inside the Markets Conference Call April 3, 2014 Presented by: Hefren-Tillotson Asset Management Meticulous Wealth Management Since 1948 Hefren-Tillotson, Inc. 308 Seventh Ave Pittsburgh, PA 15222 Ph:

More information

Economic Implications of the Trans-Pacific and Asian Tracks

Economic Implications of the Trans-Pacific and Asian Tracks 4 Economic Implications of the Trans-Pacific and Asian Tracks The results suggest significant and widely distributed benefits from both tracks of agreements. They provide some surprises mostly traceable

More information

Weiqiao Textile Announces its 2015 Interim Results

Weiqiao Textile Announces its 2015 Interim Results Weiqiao Textile Announces its 2015 Interim Results Seize new opportunities in new normal development phase Continued leadership against the backdrop of industry changes Financial Summary Revenue was approximately

More information

Fact Sheet on China s energy sector and Danish solutions

Fact Sheet on China s energy sector and Danish solutions Fact Sheet on China s energy sector and Danish solutions 1. EXPANSION WITH RENEWABLE ENERGY: China focuses on a massive expansion with non fossil energy that is renewable energy and nuclear energy. The

More information

ENGINEERING LABOUR MARKET

ENGINEERING LABOUR MARKET ENGINEERING LABOUR MARKET in Canada Projections to 2025 JUNE 2015 ENGINEERING LABOUR MARKET in Canada Projections to 2025 Prepared by: MESSAGE FROM THE CHIEF EXECUTIVE OFFICER Dear colleagues: Engineers

More information

Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.)

Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.) Small/Mid-Cap Quality Strategy (including FPA Paramount Fund, Inc. and FPA Perennial Fund, Inc.) Investment Policy Statement OVERVIEW Investment Objective and Strategy The primary objective of the FPA

More information

LSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE

LSEG Information Services Division. Investor and Analyst presentation. Mark Makepeace Group Director of Information Services, CEO of FTSE LSEG Information Services Division Investor and Analyst presentation Mark Makepeace Group Director of Information Services, CEO of FTSE 1 Table of Contents SECTION 1) Introduction by Xavier Rolet (CEO,

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario

Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario Medium and Long Term Natural Gas Outlook CEDIGAZ February 215 Global growth rates Macroeconomic indicators CEDIGAZ Reference Scenario 4 3 %/year 199-213 213-235 6 Main consuming markets - %/year (213-235)

More information

ING International Trade Study Developments in global trade: from 1995 to 2017. Singapore

ING International Trade Study Developments in global trade: from 1995 to 2017. Singapore ING International Trade Study Developments in global trade: from 1995 to 2017 Singapore Executive summary Singapore is expected to grow on average 3.7% in the coming years. This is relatively low compared

More information

OIM plc. Speculative buy (unchanged) Research-Update March 14 th, 2012 Opportunity Investment Management plc.

OIM plc. Speculative buy (unchanged) Research-Update March 14 th, 2012 Opportunity Investment Management plc. : Research-Update March 14 th, 2012 Opportunity Investment Management plc. OIM plc Speculative buy (unchanged) Summary Profit leap: According to preliminary figures, OIM was able to multiply the profit

More information

GLOBAL WOOD AND WOOD PRODUCTS FLOW

GLOBAL WOOD AND WOOD PRODUCTS FLOW ITEM 5 GLOBAL WOOD AND WOOD PRODUCTS FLOW TRENDS AND PERSPECTIVES Table of Contents GLOBAL WOOD AND WOOD PRODUCTS FLOW - TRENDS AND PERSPECTIVES... 1 SUMMARY... 2 INTRODUCTION... 3 INTERNATIONAL TRADE...

More information

Future Growth of the Airline Industry

Future Growth of the Airline Industry Future Growth of the Airline Industry How will global competition drive change? Andrew Herdman Director General Association of Asia Pacific Airlines Geneva, Switzerland 22 February 2011 Overview Current

More information

Brisbane Mining Club June Lunch 2014 David Knox Managing Director & CEO, Santos Limited

Brisbane Mining Club June Lunch 2014 David Knox Managing Director & CEO, Santos Limited Brisbane Mining Club June Lunch 2014 David Knox Managing Director & CEO, Santos Limited Thursday, 5 June Brisbane Ladies and Gentlemen Thank you for inviting me here today. Today I want to talk to you

More information

Edinburgh University Trading and Investment Club

Edinburgh University Trading and Investment Club Edinburgh University Trading and Investment Club Healthcare: Healthcare plc 500 450 400 350 300 250 200 150 100 50 0 Asset Name Ticket Symbol Market Analysts Sector-Heads Sub-Industry healthcare plc :LSE

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information