PHEIM ASSET MANAGEMENT
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PHEIM ASSET MANAGEMENT Presentation Transcript

  • 1. P HEIM ASSET MANAGEMENT As at Apr 2010
  • 2. Pheim
    • Provides portfolio management services
      • Over US$1bn assets under management
    • 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
      • 95% Institutions & Government Agencies as at Mar 10
    • Unique & Proven Investment Philosophy and Process
  • 3. Pheim Asset Management Founder Dr. Tan, Chong-Koay TEXT Pheim Unit Trusts Bhd, Malaysia (2002) Pheim Asset Mgt (Asia) Pte Ltd Singapore (1995) Pheim Asset Mgt Sdn Bhd, Malaysia (1994)
  • 4. Shareholding Pheim Asset Management Sdn Bhd - Malaysia Pheim Asset Management (Asia) Pte Ltd - Singapore 5.0% Aizawa Securities Co., Ltd 20.0% Multi Purpose Capital Holdings Bhd 45.0% Dr. Tan Chong Koay 15.0% Azmi Bin Malek Merican 15.0% Omar Bin Malek Ali Merican 5.0% Aizawa Securities Co., Ltd 66.5% Dr. Tan Chong Koay 28.5% Omar Bin Malek Ali Merican
  • 5. Investment Advisor License “ MAS [Monetary Authority of Singapore] announced yesterday that it has approved the applications for IA licenses by PrimePartners Asia Capital and Pheim Asset Management (Asia) , making them the first boutique fund managers to be accorded IA status” MAS License for 2 Boutique Funds The Straits Times, Sep 10, 1999
  • 6. Full Investment Advisor License “ 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 license to full investment adviser status.” Reuters, April 9, 2002 Singapore boutique fund gets nod for license upgrade
  • 7. Combined Assets Under Management
  • 8. Pheim Asset Management (Asia) Pte Ltd DR. TAN, CHONG-KOAY CHIEF EXECUTIVE MR. TENG, CHEONG-KWEE DIRECTOR INVESTMENT MR. LIM, ANDREW CFA, MBA, B.Eng (Hons) - SR FUND MANAGER MS. TEO, JUSTINE CFA B.Sc (Hons) –SR FUND MANAGER MR. LIM, THIAM-KON CFA B.Bus (Hons) – SR FUND MANAGER MR. YEOH, CHIH-HONG B Eng (Hons) – SR INVESTMENT EXECUTIVE MR. SEE, KUAN-MIN B Comp (Hons) – INVESTMENT EXECUTIVE
    • OPERATIONS
    • MS. THAM, JASMINE, B.A. (Hons)
    • SENIOR OPERATIONS EXECUTIVE
    • MS. CHUA, CYNTHIA
    • Dip Banking and Finance
    • OPERATIONS EXECUTIVE
    COMPLIANCE MR. HONG, KIN-HOONG, B.A (Hons) - COMPLIANCE OFFICER MARKETING * MS. YAP, CHRISTINA B.Sc. - Operations Manager / Business Devlopment ACCOUNTS Mr. CHOO, IVAN, CPA - ACCOUNTANT BOARD OF DIRECTORS MR. CHAN, CHOONG-THO, CFA CHIEF INVESTMENT OFFICER
  • 9. Investment Personnel
    • Over 21 yrs working experience; B.Eng, MBA, CFA
    • Oversees Fund Managers
    Mr. Chan, Choong-Tho Chief Investment Officer
    • 5 yrs working experience; B.Eng ( Hons)
    • Covers India, Indonesia
    Mr. Yeoh, Chih-Hong Senior Investment Executive
    • 8 years working experience; B.Bus (Hons), CFA
    • Covers Vietnam and Taiwan
    Mr. Lim, Thiam-Kon Senior Fund Manager
    • 11 yrs working experience; B.Sc (Hons), CFA
    • Covers Hong Kong, China, Thailand and Singapore S-shares
    Ms. Teo, Justine Senior Fund Manager
    • Research
    Mr. See, Kuan-Min Investment Executive
    • Over 19 yrs working experience; B.Eng, MBA, CFA
    • Covers Korea, Australia & New Zealand
    Mr. Lim, Andrew Senior Fund Manager
    • Over 33 yrs working experience
    • Oversees Fund’s Investments
    Dr. Tan, Chong-Koay Chief Strategist Pheim Singapore
  • 10. Pheim Asset Management Sdn Bhd
    • OPERATIONS OFFICERS
    • MS. WONG, SHIAU-WAN B.Sc
    • MS. EHSAN, ERMA Dip. Acct
    BOARD OF DIRECTORS DR. TAN, CHONG-KOAY CHIEF EXECUTIVE INVESTMENT COMMITTEE
    • FUND MANAGER/ ANALYST
    • MS. TUNG, YIN-WAI M.Econs, B.Ec (Hons)
    • MS. CHONG, PAULINE BA (Hons)
    • MR. WAHAP, KHIRWAN B.Sc (B.Admin)
    • MS. TAN, ANGIE B.Com
    • MR. NG, TERENCE B.Bus
    • MS. ABDUL SHUKRI, NOR AZIANI Dip IT
    MR. LAI, MIKE DIRECTOR OF PORTFOLIO INVESTMENT INVESTMENT RESEARCH COMMITTEE MR. TEW, SOW-HUME FCCA HEAD OF COMPLIANCE
  • 11. Investment Personnel
    • 8 yrs working experience; B.A (Hons) Business & Economics
    • Covers Malaysia, Korea, Thailand
    Ms. Chong, Pauline Fund Manager
    • 4 yrs experience; B.Business
    • Research – Covers Malaysia, Philippines, Thailand
    Mr. Ng, Terence Financial Analyst
    • Dip. IT
    • Research – Covers quantitative
    Ms. Abdul Shukri, Nor Aziani Financial Analyst
    • 7 yrs working experience; B.Sc (B.Admin)
    • Research – Covers Malaysia, quantitative
    Mr. Wahap, Khirwan Financial Analyst
    • 5 yrs experience; B.Com
    • Research – Covers Malaysia, Singapore, Indonesia
    Ms. Tan, Angie Senior Financial Analyst
    • 18 yrs working experience; B.A (Accounting)
    • Covers Malaysia, India, Indonesia
    Mr. Lai, Mike Director of Portfolio Investment
    • 7 yrs working experience; B.Econs(Hons), M.Econs
    • Covers Malaysia, Hong Kong, China, Taiwan
    Ms. Tung, Yin-Wai Fund Manager
    • Over 33 years experience
    • Oversees Fund’s Investments
    Dr. Tan, Chong-Koay Chief Strategist Pheim Malaysia
  • 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.”
  • 13. Investment Process 5. Execution 4. Portfolio Allocation 3. Stock Screening & Selection 2. Macro-economic & Market Analysis 1.Clients’ Goals, Needs & Risk Appetites 6. Portfolio Monitoring & Evaluation
  • 14. Research Process 1 2 3 TEXT Periodic Country and Company Visits Evaluate Business Model & Industry Economics Through 4 5 6 Due diligence checks with company’s competitors and customers Keep abreast with business and industry trends Upkeep of database On Site Business Evaluation Management Interview and assessment
  • 15. In Search of Alpha Text Market Info Providers: Bloomberg Brokers’ Research Sectoral Theme/ Extreme Events In House Research Universe of Discounted / Undiscovered Stock 3 rd Party Sources: periodicals Our Contacts Banks, Clients, Competitors
  • 16. Investment Criteria Quantitative Factors Qualitative Factors
    • Strong Balance Sheet
      • Low Gearing
      • Strong Cash Flow
    • Positive Earning Dynamics
      • Strong Earnings Growth
      • Dominant Market Position
      • Pricing Power
    • 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
    We prefer companies that have the following features :
    • 4. Technical Factors
      • Tracking the Turning Points of Major Trends
  • 17. Stock Selection Process
    • Each counter has to satisfactorily pass each stage before it can be recommended to the Investment Committee
    • At the Investment Committee, each counter will be critically evaluated before a “BUY” call is approved
    Recommendation Stocks that meet our criteria Assess Financials and Prospects Company Visits, Management Interviews 3rd Party Checks: Clients, Bankers, Brokers Competitors, Professional Bodies
  • 18. 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. Internal Controls
    • Proprietary Software to monitor Portfolio Risks
    • Dealing
      • Executed only by Authorized & Licensed Investment Representatives
      • Trade Allocation
    • Minimal Conflict of Interest
      • Founder/Chief Investment Strategist never sat on any of the Board of Directors of Investee Companies for the last 33 years
      • No Proprietary Trading
  • 20. Contact Details Address: 43 Duxton Rd, Singapore 089507 Telephone: +65-6227-9928 Facsimile: +65-6225-9912 Website: www.pheim.com.sg Email: pheim@pheim.com.sg Pheim Asset Management (Asia) Private Limited
  • 21. 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.