The document discusses emerging trends in the global and Indian forex markets. It outlines several key factors that drive forex market growth globally and in India, including economic shifts, government policies, social trends, and the lucrative nature of forex trading. Some of the factors that have contributed to growth in India include rising foreign investment, GDP growth, increased currency transactions, and a growing young investor population. The conclusion is that the combination of global equity markets, economic growth, foreign investment, and transactions will help further increase India's position in the global forex market.
AFC Asia Frontier Fund presentation 2014.06.09Thomas Hugger
The document provides an executive summary of the AFC Asia Frontier Fund, including its objectives, fund overview, and firm overview. The fund aims to achieve long-term capital appreciation by investing in listed equities of companies in high-growth Asian frontier markets like Bangladesh, Cambodia, Iraq, and others. It focuses on earnings growth, undervalued stocks, and sectors like consumer, financials, and infrastructure. Asia Frontier Capital, based in Hong Kong, will manage the fund using a combination of value and growth investing approaches.
The Effects of the Global Financial Crisis on the Nigerian Stock Exchangeiosrjce
Financial Crises is a global phenomenon, a situation in which the values of financial institutions or
assets drop rapidly. It applied broadly to a variety of situations in which some financial institutions or assets
suddenly lose a large part of their values. This topic ‘The Effects of Global Financial Crises on the Nigerian
Stock Exchange tend to bring limelight the historical background, theories, causes and effects of financial crises
mostly in the country’s stock exchange. It aims of equipping the Readers, Economics and other Stakeholders in
the economics and financial sector with the right knowledge to face the challenges brought about by this ugly
phenomenon with the view of controlling and reducing its effects to the barest minimum.
Singapore has a strong and resilient financial system dominated by profitable banks. The Monetary Authority of Singapore acts as the central bank and regulates the financial markets, which include developed banking, money, bond, equity, foreign exchange, and derivatives markets. Singapore has established itself as a global financial center and treasury hub, though it faces challenges from regional competition. Overall the financial system has remained stable through economic downturns, though the outlook depends on global economic conditions.
A view about singapore and its market...Avinash Avi
(1) Singapore seceded from Malaysia in 1965 and has since grown to be one of the most prosperous nations in Asia with a GDP per capita of $28,100. (2) Founded by Sir Stamford Raffles in 1819, Singapore was an important trading post under British rule and became independent in 1965. (3) Today, Singapore has a highly developed market economy and is a major global financial and shipping hub, with the world's busiest port.
This document provides an overview of international finance topics including international monetary systems, exchange rates, the balance of payments, and the role of the International Monetary Fund (IMF). It discusses the gold standard, Bretton Woods system, and fixed and flexible exchange rate systems. It also describes the functions of the IMF in stabilizing currency exchange rates, financing balance of payments deficits, and advising borrowing countries. Additionally, it summarizes the IMF's response to the COVID-19 pandemic by providing emergency financing, debt relief, calls for bilateral debt suspension, and efforts to enhance liquidity and adjust existing lending arrangements.
1) The Singapore Exchange (SGX) operates the stock market in Singapore, listing and trading stocks of over 700 companies with a total market capitalization of $650 billion.
2) SGX was formed in 1999 through the merger of Singapore's existing stock, futures, and options exchanges. It has since expanded through acquisitions and opening representative offices in other financial centers.
3) In addition to its core functions of facilitating stock trading, SGX also oversees derivatives and commodities markets, and has strategic investments in other Asian stock exchanges to boost regional connectivity.
The document discusses emerging trends in the global and Indian forex markets. It outlines several key factors that drive forex market growth globally and in India, including economic shifts, government policies, social trends, and the lucrative nature of forex trading. Some of the factors that have contributed to growth in India include rising foreign investment, GDP growth, increased currency transactions, and a growing young investor population. The conclusion is that the combination of global equity markets, economic growth, foreign investment, and transactions will help further increase India's position in the global forex market.
AFC Asia Frontier Fund presentation 2014.06.09Thomas Hugger
The document provides an executive summary of the AFC Asia Frontier Fund, including its objectives, fund overview, and firm overview. The fund aims to achieve long-term capital appreciation by investing in listed equities of companies in high-growth Asian frontier markets like Bangladesh, Cambodia, Iraq, and others. It focuses on earnings growth, undervalued stocks, and sectors like consumer, financials, and infrastructure. Asia Frontier Capital, based in Hong Kong, will manage the fund using a combination of value and growth investing approaches.
The Effects of the Global Financial Crisis on the Nigerian Stock Exchangeiosrjce
Financial Crises is a global phenomenon, a situation in which the values of financial institutions or
assets drop rapidly. It applied broadly to a variety of situations in which some financial institutions or assets
suddenly lose a large part of their values. This topic ‘The Effects of Global Financial Crises on the Nigerian
Stock Exchange tend to bring limelight the historical background, theories, causes and effects of financial crises
mostly in the country’s stock exchange. It aims of equipping the Readers, Economics and other Stakeholders in
the economics and financial sector with the right knowledge to face the challenges brought about by this ugly
phenomenon with the view of controlling and reducing its effects to the barest minimum.
Singapore has a strong and resilient financial system dominated by profitable banks. The Monetary Authority of Singapore acts as the central bank and regulates the financial markets, which include developed banking, money, bond, equity, foreign exchange, and derivatives markets. Singapore has established itself as a global financial center and treasury hub, though it faces challenges from regional competition. Overall the financial system has remained stable through economic downturns, though the outlook depends on global economic conditions.
A view about singapore and its market...Avinash Avi
(1) Singapore seceded from Malaysia in 1965 and has since grown to be one of the most prosperous nations in Asia with a GDP per capita of $28,100. (2) Founded by Sir Stamford Raffles in 1819, Singapore was an important trading post under British rule and became independent in 1965. (3) Today, Singapore has a highly developed market economy and is a major global financial and shipping hub, with the world's busiest port.
This document provides an overview of international finance topics including international monetary systems, exchange rates, the balance of payments, and the role of the International Monetary Fund (IMF). It discusses the gold standard, Bretton Woods system, and fixed and flexible exchange rate systems. It also describes the functions of the IMF in stabilizing currency exchange rates, financing balance of payments deficits, and advising borrowing countries. Additionally, it summarizes the IMF's response to the COVID-19 pandemic by providing emergency financing, debt relief, calls for bilateral debt suspension, and efforts to enhance liquidity and adjust existing lending arrangements.
1) The Singapore Exchange (SGX) operates the stock market in Singapore, listing and trading stocks of over 700 companies with a total market capitalization of $650 billion.
2) SGX was formed in 1999 through the merger of Singapore's existing stock, futures, and options exchanges. It has since expanded through acquisitions and opening representative offices in other financial centers.
3) In addition to its core functions of facilitating stock trading, SGX also oversees derivatives and commodities markets, and has strategic investments in other Asian stock exchanges to boost regional connectivity.
This document summarizes key concepts relating to international trade and monetary systems. It discusses Adam Smith's theory of absolute advantage, showing how countries can benefit from specializing in goods they have a cost advantage in producing. It then discusses Ricardo's theory of comparative advantage, noting trade can occur even if one country has an absolute advantage in all goods. The document also summarizes the gold standard system, its breakdown during WWI, and the establishment of the IMF to help restore order and facilitate international trade and payments. It describes how the IMF uses tools like SDRs and country quotas to achieve its goals.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
The document provides information about the Islamic Development Bank (IDB). It details that the IDB was established in 1974 in Jeddah, Saudi Arabia by 57 member countries to promote social and economic development in Muslim communities. The IDB aims to alleviate poverty and promote human development, science/technology, Islamic economics and cooperation among member countries. It has a Board of Governors as its highest authority and a Board of Executive Directors that directs operations. The IDB is funded through sources like the Islamic Solidarity Fund for Development and its Waqf Fund.
Growth of islamic banking in pakistan a comparative studyAlexander Decker
1) The study analyzed the growth of Islamic banking in Pakistan from 2004-2009 compared to conventional banks in terms of deposits, investments, assets, and equity.
2) The results found that Islamic banking grew at a higher average rate than conventional banks for deposits, assets, and equity, though the growth rates for investments were not statistically significant.
3) Specifically, the growth rates of deposits and assets for Islamic banks were statistically significantly higher than for conventional banks, indicating Islamic banking in Pakistan grew faster in these areas during the period studied.
11.growth of islamic banking in pakistan a comparative studyAlexander Decker
1) The study analyzed the growth of Islamic banking in Pakistan from 2004-2009 compared to conventional banks in terms of deposits, investments, assets, and equity.
2) The results found that Islamic banking grew at a higher average rate than conventional banks for deposits, assets, and equity, though the growth rates for investments were not statistically significant.
3) Specifically, the growth rates of deposits and assets for Islamic banks were statistically significantly higher than for conventional banks, indicating Islamic banking in Pakistan grew faster in these areas during the study period.
The document summarizes several major international financial institutions: the IMF, World Bank, United Nations, State Bank of Pakistan, and stock exchanges. The IMF works to foster global monetary cooperation and financial stability. The World Bank provides loans to developing countries. The UN officially formed in 1945 and works on goals like poverty reduction. The State Bank of Pakistan regulates banking in Pakistan. Stock exchanges provide services for trading securities and facilitate capital formation.
The document discusses Islamic finance and its growth. It provides details about a conference held by the National Bureau of Asian Research on Islamic finance in Southeast Asia. It summarizes the opening and closing keynote addresses which discussed linking Asia and the Middle East through sukuk markets, building a financial architecture through research, and managing regulatory challenges. The document also provides background on Islamic financial principles and the opportunities it provides through interregional linkages and new investment opportunities.
The document provides an overview of the Islamic Development Bank (IDB), including its vision, objectives, capital structure, membership, organizational structure, programs, sources of funds, and modes of finance. The IDB is an international development bank established in 1975 by OIC member states. It aims to promote socio-economic development in Muslim communities through various development programs and by providing financing through Sharia-compliant structures like leasing, installment sales, and istisna'a contracts. The IDB has expanded over time and now operates as a group consisting of five entities focused on development banking, research, private sector development, trade finance, and political risk insurance.
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
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Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
1. The document discusses the need for an Islamic inter-bank market in Pakistan to promote liquidity among Islamic banks.
2. Currently, Islamic banks manage reserve requirements through high cash reserves and limited liquidity due to the lack of Shariah-compliant securities and no lender of last resort.
3. For an effective Islamic inter-bank market, the document recommends developing a range of Shariah-compliant securities, establishing settlement and trading systems, and allowing participation from both Islamic and conventional institutions.
This document discusses emerging markets and why China is different from other emerging economies. It notes that while BRIC is now BRI due to China's decoupling, other emerging markets like Brazil, Russia, and India still face challenges from high current account deficits and energy security issues. The document argues that China has created advantages for itself through massive infrastructure development and becoming a global manufacturing and consumption center. It asserts that China appears to have the right economic parameters with moderate GDP growth, inflation, and a current account surplus. The document suggests that financial services companies should seek alternative investments and innovative instruments to generate better returns as opportunities arise globally.
The document provides information about the International Monetary Fund (IMF). It states that the IMF was created in 1945 as part of the Bretton Woods system to promote international monetary cooperation and global trade. It has 189 member countries and works to secure financial stability, facilitate trade, and reduce poverty worldwide. The IMF engages in surveillance of members, provides lending, and builds members' capacity through activities like training and research.
Silk Road Economic Belt Financial Strategies, 2015Brien Desilets
The document discusses financial strategies for funding projects along China's Silk Road Economic Belt initiative. It outlines various sources of funding including the $40 billion Silk Road Fund, Chinese policy banks and state-owned enterprises, multilateral development banks like the AIIB and NDB, sovereign wealth funds, and individual project financing models. Specific projects highlighted that could receive funding include the Gwadar Port in Pakistan, Karot Hydropower Plant in Pakistan, and the Belgrade-Budapest high speed rail line. The document stresses the need for projects to generate revenue and involve local stakeholders to support long-term sustainability of investments.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
This document discusses sovereign wealth funds (SWFs), including their sources of funding, size, investments, and implications. Some key points:
- SWFs have existed since the 1950s and come from countries' foreign exchange reserves and commodity export earnings. Assets total over $3 trillion currently.
- Traditionally passive investors, SWFs are now taking more active roles in private equity and M&A deals. Over the next 5 years, they could invest over $1 trillion in global equity and $1.5 trillion in debt.
- SWF investments have geo-economic implications, potentially leading to lower taxes, better infrastructure, and strengthened state-run businesses in recipient countries through capital inflows
Mutual fund industry - An Intercontinental Analysistechkaush
The document provides a summary of the mutual fund industry in the United States, China, and India. It discusses the structure and regulations of the mutual fund market in the US, including the types of funds, fees and expenses, taxation, and the top fund management companies. The US mutual fund industry has over $13 trillion in assets, with equity funds making up the majority. Expense ratios for funds have declined since 2002. Vanguard is the largest fund manager in the US.
AFC Asia Frontier Fund invests in fast growing Asian frontier countries like Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar (Burma), Papua New Guinea, Pakistan, Sri Lanka and Vietnam. Due to the emerging middle class and opportunities for developing infrastructure in these countries, the fund’s main investment focus is the consumer and infrastructure sector. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries.
This document summarizes key concepts relating to international trade and monetary systems. It discusses Adam Smith's theory of absolute advantage, showing how countries can benefit from specializing in goods they have a cost advantage in producing. It then discusses Ricardo's theory of comparative advantage, noting trade can occur even if one country has an absolute advantage in all goods. The document also summarizes the gold standard system, its breakdown during WWI, and the establishment of the IMF to help restore order and facilitate international trade and payments. It describes how the IMF uses tools like SDRs and country quotas to achieve its goals.
Performing Online Survey’s “An Added Advantage” Over Advertisementijtsrd
In this article we try to study about the importance of performing surveys and they have an added advantage over advertisement. In earlier years manual surveys were done often door to door but off late surveys are being done online all over the world. Most of the nations conduct online surveys and use this as a great strategy to create good products and provide good services to the people and avoid spending heavily on advertisements. Surveys offer many benefits and therefore have become famous for their convenience, comfort and accurate feedback from the consumers. This article is based on the recent trends observed in various sectors where surveys are done and advertisements are offered to the consumer. After doing the marketing research by the companies and the changes in consumer behaviour observed the following conclusion is drawn. Dr. Mamta Bansal | Mr. Mandeep Narang "Performing Online Survey’s “An Added Advantage” Over Advertisement" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38607.pdf Paper Url: https://www.ijtsrd.com/management/marketing/38607/performing-online-survey’s-“an-added-advantage”-over-advertisement/dr-mamta-bansal
The document provides information about the Islamic Development Bank (IDB). It details that the IDB was established in 1974 in Jeddah, Saudi Arabia by 57 member countries to promote social and economic development in Muslim communities. The IDB aims to alleviate poverty and promote human development, science/technology, Islamic economics and cooperation among member countries. It has a Board of Governors as its highest authority and a Board of Executive Directors that directs operations. The IDB is funded through sources like the Islamic Solidarity Fund for Development and its Waqf Fund.
Growth of islamic banking in pakistan a comparative studyAlexander Decker
1) The study analyzed the growth of Islamic banking in Pakistan from 2004-2009 compared to conventional banks in terms of deposits, investments, assets, and equity.
2) The results found that Islamic banking grew at a higher average rate than conventional banks for deposits, assets, and equity, though the growth rates for investments were not statistically significant.
3) Specifically, the growth rates of deposits and assets for Islamic banks were statistically significantly higher than for conventional banks, indicating Islamic banking in Pakistan grew faster in these areas during the period studied.
11.growth of islamic banking in pakistan a comparative studyAlexander Decker
1) The study analyzed the growth of Islamic banking in Pakistan from 2004-2009 compared to conventional banks in terms of deposits, investments, assets, and equity.
2) The results found that Islamic banking grew at a higher average rate than conventional banks for deposits, assets, and equity, though the growth rates for investments were not statistically significant.
3) Specifically, the growth rates of deposits and assets for Islamic banks were statistically significantly higher than for conventional banks, indicating Islamic banking in Pakistan grew faster in these areas during the study period.
The document summarizes several major international financial institutions: the IMF, World Bank, United Nations, State Bank of Pakistan, and stock exchanges. The IMF works to foster global monetary cooperation and financial stability. The World Bank provides loans to developing countries. The UN officially formed in 1945 and works on goals like poverty reduction. The State Bank of Pakistan regulates banking in Pakistan. Stock exchanges provide services for trading securities and facilitate capital formation.
The document discusses Islamic finance and its growth. It provides details about a conference held by the National Bureau of Asian Research on Islamic finance in Southeast Asia. It summarizes the opening and closing keynote addresses which discussed linking Asia and the Middle East through sukuk markets, building a financial architecture through research, and managing regulatory challenges. The document also provides background on Islamic financial principles and the opportunities it provides through interregional linkages and new investment opportunities.
The document provides an overview of the Islamic Development Bank (IDB), including its vision, objectives, capital structure, membership, organizational structure, programs, sources of funds, and modes of finance. The IDB is an international development bank established in 1975 by OIC member states. It aims to promote socio-economic development in Muslim communities through various development programs and by providing financing through Sharia-compliant structures like leasing, installment sales, and istisna'a contracts. The IDB has expanded over time and now operates as a group consisting of five entities focused on development banking, research, private sector development, trade finance, and political risk insurance.
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
Global Financial Crisis and Singapore Vikas Sharma
Starting with the genesis and global impact of the Global Financial Crisis (GFC), this paper details drills down into its impact on Singapore's economy, and the measures that were taken by the island-state to limit the damage caused.
1. The document discusses the need for an Islamic inter-bank market in Pakistan to promote liquidity among Islamic banks.
2. Currently, Islamic banks manage reserve requirements through high cash reserves and limited liquidity due to the lack of Shariah-compliant securities and no lender of last resort.
3. For an effective Islamic inter-bank market, the document recommends developing a range of Shariah-compliant securities, establishing settlement and trading systems, and allowing participation from both Islamic and conventional institutions.
This document discusses emerging markets and why China is different from other emerging economies. It notes that while BRIC is now BRI due to China's decoupling, other emerging markets like Brazil, Russia, and India still face challenges from high current account deficits and energy security issues. The document argues that China has created advantages for itself through massive infrastructure development and becoming a global manufacturing and consumption center. It asserts that China appears to have the right economic parameters with moderate GDP growth, inflation, and a current account surplus. The document suggests that financial services companies should seek alternative investments and innovative instruments to generate better returns as opportunities arise globally.
The document provides information about the International Monetary Fund (IMF). It states that the IMF was created in 1945 as part of the Bretton Woods system to promote international monetary cooperation and global trade. It has 189 member countries and works to secure financial stability, facilitate trade, and reduce poverty worldwide. The IMF engages in surveillance of members, provides lending, and builds members' capacity through activities like training and research.
Silk Road Economic Belt Financial Strategies, 2015Brien Desilets
The document discusses financial strategies for funding projects along China's Silk Road Economic Belt initiative. It outlines various sources of funding including the $40 billion Silk Road Fund, Chinese policy banks and state-owned enterprises, multilateral development banks like the AIIB and NDB, sovereign wealth funds, and individual project financing models. Specific projects highlighted that could receive funding include the Gwadar Port in Pakistan, Karot Hydropower Plant in Pakistan, and the Belgrade-Budapest high speed rail line. The document stresses the need for projects to generate revenue and involve local stakeholders to support long-term sustainability of investments.
Sovereign wealth funds are investment funds managed by governments to invest global financial assets like stocks, bonds, property, and precious metals. They serve purposes like maximizing long-term returns, reducing volatility of government revenues, and building savings for future generations. Sources of funds include current account surpluses, natural resource profits, and national assets. The largest funds are located in the Middle East and Asia, with oil and gas funds making up most assets. Debate exists around transparency and the impact of sovereign wealth funds on global financial stability.
This document discusses sovereign wealth funds (SWFs), including their sources of funding, size, investments, and implications. Some key points:
- SWFs have existed since the 1950s and come from countries' foreign exchange reserves and commodity export earnings. Assets total over $3 trillion currently.
- Traditionally passive investors, SWFs are now taking more active roles in private equity and M&A deals. Over the next 5 years, they could invest over $1 trillion in global equity and $1.5 trillion in debt.
- SWF investments have geo-economic implications, potentially leading to lower taxes, better infrastructure, and strengthened state-run businesses in recipient countries through capital inflows
Mutual fund industry - An Intercontinental Analysistechkaush
The document provides a summary of the mutual fund industry in the United States, China, and India. It discusses the structure and regulations of the mutual fund market in the US, including the types of funds, fees and expenses, taxation, and the top fund management companies. The US mutual fund industry has over $13 trillion in assets, with equity funds making up the majority. Expense ratios for funds have declined since 2002. Vanguard is the largest fund manager in the US.
AFC Asia Frontier Fund invests in fast growing Asian frontier countries like Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar (Burma), Papua New Guinea, Pakistan, Sri Lanka and Vietnam. Due to the emerging middle class and opportunities for developing infrastructure in these countries, the fund’s main investment focus is the consumer and infrastructure sector. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries.
The document discusses opportunities for sovereign wealth funds (SWFs) in Africa, with a focus on Nigeria. It contains the following key points:
1) SWFs are increasingly looking to emerging markets like Africa for investment opportunities, as some move away from Western markets following losses. Total SWF assets exceed $3 trillion.
2) Sub-Saharan Africa offers strong growth potential and natural resources. Many countries have improving economic fundamentals like rising foreign reserves and better debt metrics.
3) Nigeria presents a compelling investment case as Africa's largest economy with significant oil reserves and a growing population. Though impacted by the global crisis, its economic and political fundamentals remain strong.
AFC Asia Frontier Fund invests in stock exchange listed equities of the following fast growing Asian economies: Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
Asia Frontier Capital Ltd. is the manager of the fund.
Unlocking the economic potential of Mongolia's resources sectors.
- Mongolia's GDP is predicted to double in 5 years due to new mining projects and infrastructure investments totaling $39-52 billion.
- Funding will come from foreign investment, domestic banking sector growth, stock and debt markets, sovereign borrowing, and other sources. Realizing this potential requires political stability, strong legal systems, and prudent fiscal policies.
The document discusses the growth of stock exchanges around the world over the past few decades. It notes that in 1988 stock exchanges existed in 63 countries, but by 2005 that number had grown to 145 countries, representing 92% of the global population and 99% of global GDP. This growth has created opportunities for exchange operators to expand into new markets and for investors to diversify internationally. However, many of the newer exchanges are still immature with limited trading and foreign investment. As these markets continue developing, they have the potential to increase global liquidity and wealth.
- The document provides an outlook and analysis of Vietnam's economy and stock market for Q3 2016.
- Key points discussed include expectations for GDP growth of 6.3-6.4% in 2016, stable interest rates and USD/VND exchange rate, positive impacts from foreign trade agreements and foreign direct investment, and opportunities in the real estate, privatization and restructuring sectors.
- The stock market outlook is positive, with the VN-Index expected to reach 699-880 by the end of 2017, driven by earnings growth of around 8% and stable or flat valuation multiples. Risks include slower global and domestic growth.
AFC Asia Frontier Fund presentation 2013.08.22Thomas Hugger
The document provides information on the AFC Asia Frontier Fund, including:
- The fund seeks long-term capital appreciation through investing in listed equities of companies in high-growth Asian frontier markets such as Bangladesh, Cambodia, Iraq, Laos, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, and Vietnam.
- The fund focuses on consumer stocks, financials, and infrastructure and will invest in both large and mid-small cap companies.
- Asia Frontier Capital, based in Hong Kong, will manage the fund. The firm was created through a management buyout of Leopard Capital and is led by Thomas Hugger, who has over 20 years of experience investing
The document discusses the progress Mongolia has made in recent years as well as opportunities and challenges for continued growth. It notes that Mongolia has seen increasing GDP per capita, education levels, and life expectancy. Infrastructure development has lagged rising exports but projects like rail, power plants, and roads are underway. While inflation and fiscal control remain issues, foreign investment and sovereign bonds can help fund needed infrastructure. The mining boom presents huge opportunities if Mongolia can effectively manage expectations and complete necessary economic development.
- Mongolia has experienced significant economic growth in recent years driven by mining exports, but faces challenges in building infrastructure to support continued growth.
- While human development indicators have improved and the government has invested in renewable energy and social programs, public opinion shows skepticism about foreign involvement in mining and pressure for the government to control more of the industry.
- The country needs substantial investment in power, transportation, and other infrastructure to develop its resources and economy fully, but must also manage public expectations and concerns about foreign influence. Issuing the country's first sovereign bond can help finance needed projects to support exports and development.
Thailand is a constitutional monarchy headed by King Rama X. The economy relies heavily on international trade, with key exports including vehicles, electronics, and rubber. The population is diverse and predominantly Buddhist. Traditional Thai culture is expressed through dances, martial arts like Muay Thai, and cuisine such as tom yum soup. The government promotes science and technology research to support economic growth while addressing environmental challenges like pollution and climate change impacts.
AFC Asia Frontier Fund presentation: December 2014Thomas Hugger
AFC Asia Frontier Fund invests in listed equities from Bangladesh, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea,Sri Lanka and Vietnam
Beyond Commodities - Gulf investors and the new AfricaJoannes Mongardini
The document examines Sub-Saharan Africa's growth outside of natural resources and commodities, and the role of Gulf investors. It finds that Africa has proven more resilient to global headwinds than expected, supported by demographic trends, a growing middle class, and economic reforms. East Africa is emerging as the most appealing region for non-commodity Gulf investment, particularly in manufacturing, retail, tourism, and education. Gulf investors have potential options like co-investing with private equity or direct acquisitions. Retail, tourism, and improving logistics networks represent opportunities, but challenges remain in some sectors and countries.
Asia Frontier Capital Ltd.: AFC Asia Frontier Fund presentationThomas Hugger
AFC Asia Frontier Fund invests in listed equities of the fast growing Asian economies like Bangladesh, Bhutan, Cambodia, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
This document provides an overview of investment opportunities in Africa outside of commodities sectors and the potential role of Gulf investors. It finds that Africa has shown resilience to global headwinds like falling commodity prices due to positive demographic trends, economic reforms, and regional integration efforts. East Africa is emerging as the most appealing region for non-commodity Gulf investment, particularly in sectors like retail, tourism, manufacturing, and education. Gulf investors can enter African markets through various means like co-investing with private equity funds or acquiring existing businesses. Key opportunities exist in developing shopping centers, investing in tourism, and improving logistics for fast-moving consumer goods.
Mongolia is poised to experience rapid economic growth driven by its vast natural resource wealth. Investment opportunities exist across multiple asset classes including the currency, fixed income, local and global equities, private equity, property and infrastructure. The stock market has been one of the best performing globally in 2010 and has significant potential for further growth as major mining projects come online and more companies list. Mongolia is establishing itself as a lucrative destination for global investment and capital.
This document discusses opportunities for entering the Chinese yachting market. It notes that China's economy has grown rapidly in recent decades, increasing the number of wealthy individuals. While yachting is new to China, 5-15% of high-net-worth individuals express interest in purchasing yachts. The yachting market size is estimated to reach 15 billion RMB by 2018, with average annual growth over 30%. However, developing this market faces challenges such as a lack of yachting culture, high costs, and insufficient support services. The document recommends strategies like partnering with Chinese companies, participating in boat shows, and using online and offline marketing to introduce yachting and western boat brands to potential Chinese clients.
Ford is considering entering the Indonesian automobile market. Indonesia has a population of 240 million people and average annual GDP growth of 6%. The automobile market is growing rapidly, dominated by Japanese brands. Ford would target the growing affluent class and introduce popular models like the Explorer, Flex, Ranger and Escape initially. Key competitors have large shares and are investing heavily in production facilities. Television is the dominant advertising medium currently, though mobile use is growing rapidly. Challenges include developing local supply chain and distribution networks. Ford recommends a regional production strategy to serve the large ASEAN market and expanding dealerships to accommodate sales growth.
Emerging economies and financial markets110914aKannan R
The potential growth of Emerging Markets are quite and going forward there will be a long term trend of continuous flow of funds from AMs to EMs. The strategies for sustaining this momentum are covered.
Similar to Asia Frontier Capital Presentation - Asian Frontier Stock Markets (20)
AFC Uzbekistan Fund - March 2021 fund presentationThomas Hugger
The document discusses an investment opportunity in Uzbekistan through the AFC Uzbekistan Fund. It highlights Uzbekistan's rapid economic growth and liberalization as the country undergoes political and economic reforms. Specifically, it notes Uzbekistan's young population, competitive labor costs, strategic location along trade routes, tourism potential, and improving business environment as reasons for the country's investment potential and expected continued strong economic growth over the next 3-5 years. The main risks mentioned include potential increases in the current account deficit and external economic or political shocks.
AFC Iraq Fund (non-US) - Factsheet 31.07.2020Thomas Hugger
The AFC Iraq Fund (Non-US) is an equity fund that invests in companies located in or doing business with Iraq. In July 2020, the fund returned 11.4%, outperforming its benchmark index which returned 8.2%. The fund's largest holdings are in the financial and communications sectors, with over half of its assets in Iraqi banks. As of July 2020, the fund was 91.1% invested in Iraq, with smaller allocations to Norway and the UK, and held 7.2% in cash.
The AFC Iraq Fund is an equity fund that invests in companies listed on the Iraq Stock Exchange as well as foreign companies conducting business in Iraq. In June 2020, the fund returned 11.4%, outperforming its benchmark which returned 8.2%. As of July 2020, the fund was invested in 14 companies across Iraq, Norway, and the UK, with financials making up over half of assets. The top holdings reported strong earnings growth in the first half of 2020, demonstrating the recovery of the Iraqi banking sector.
AFC Iraq Fund: presentation August 2020Thomas Hugger
This document provides an overview of investment opportunities in Iraq. It discusses Iraq's oil wealth as the positive factor, noting Iraq's large oil reserves and low production costs. However, it also points out weaknesses in Iraq's banking system, infrastructure, and private sector development as challenges. The document argues that despite risks, Iraq presents a attractive risk-reward profile for investors given the gap between the real risks in Iraq versus the higher perceived risks, which are likely to narrow as the country develops.
- The AFC Vietnam Fund is a Vietnam public equities fund focused on small to medium cap equities. In July 2020, the fund gained 0.8% with a NAV of USD 1,632.94, bringing returns since inception in December 2013 to +63.3%.
- The fund's largest positions are in Agriculture Bank Insurance JSC, Vietnam Container Shipping JSC, TanCang Logistics and Stevedoring JSC, Pharmedic Pharmaceutical Medicinal JSC, and LienViet Post Joint Stock Commercial Bank.
- The portfolio is invested in 47 names across various sectors including industrials (28.3%) and consumer goods (21.0%), with 24.1% in
AFC Vietnam Fund: presentation 07.08.2020Thomas Hugger
- The document provides an executive summary, investment strategy, and performance summary for the AFC Vietnam Fund, an open-end fund that invests in undervalued listed Vietnamese equities.
- The fund sees opportunities for capital appreciation over the next 3-5 years based on Vietnam's strong GDP growth, increasing foreign investment, and attractive stock valuations compared to regional markets.
- The investment strategy focuses on fundamental bottom-up stock selection across various sectors, with risk controls like diversification and position limits. The fund held over 60 stocks as of July 2020 and has outperformed the VN Index since inception.
AFC Asia Frontier Fund: Factsheet as of 31.07.2020Thomas Hugger
The document provides information on the AFC Asia Frontier Fund, an investment fund focused on public equities in emerging Asian frontier markets. Key details include: the fund's monthly subscription and redemption terms, its benchmark index, fund managers and investment manager, available share classes and their fees, fund size and performance since inception in 2012. The summary also includes commentary on the fund's July 2020 performance and positioning at the end of the month.
AFC Uzbekistan Fund factsheet 2020 07 31Thomas Hugger
The AFC Uzbekistan Fund is a Cayman Islands domiciled fund that invests primarily in listed companies in Uzbekistan and Kyrgyzstan. In July 2020, the fund returned +3.2% and has returned +3.9% since its inception in March 2019. The largest holding, Qizilqum Cement, appreciated 22.8% on strong domestic cement demand and price increases. However, low trading liquidity impacted some other holdings and overall fund performance. The fund remains focused on materials and industrial companies, with over 90% of assets in Uzbekistan.
AFC Uzbekistan Fund (non-US) factsheet 2020 07 31Thomas Hugger
The document summarizes the AFC Uzbekistan Fund (Non-US), a fund focused on investing in listed equities of companies in Uzbekistan and Kyrgyzstan. The fund returned +3.2% in July 2020, with its largest holdings in cement producer Qizilqum Cement appreciating 22.8% for the month. For the year-to-date period, the fund has returned -5.0%. As of July 2020, the fund was invested in 28 names across Uzbekistan (93.6%) and Kyrgyzstan (2.3%), with largest allocations to materials (59.2%) and industrials (14.6%).
AFC Uzbekistan Fund presentation 2020 08 07Thomas Hugger
The document provides an overview of the investment opportunity in Uzbekistan through the AFC Uzbekistan Fund. Uzbekistan is undergoing rapid economic and political liberalization, with GDP growth averaging over 5% in recent years. The economy is being restructured to attract foreign investment and transform Uzbekistan into a regional manufacturing and logistics hub. The Fund seeks to capture capital appreciation over the next 3-5 years by investing in undervalued companies in Uzbekistan, which are expected to benefit from the country's economic growth and liberalization. Risks include a potential increase in the current account deficit and external economic or political shocks.
- The AFC Vietnam Fund invests in listed Vietnamese companies as well as companies with operations in Vietnam. In June 2018, the fund lost -0.1% while benchmarks declined more sharply.
- The fund has outperformed since inception in 2013 with a return of +80.0% and annualized return of +13.9%, benefiting from broad diversification.
- While Vietnam is still considered a frontier market, the manager believes an upgrade to emerging market status is likely in the future, which could attract substantial new investments to Vietnamese stocks.
AFC Vietnam Fund Presentation 10.7.2018Thomas Hugger
The document provides information on the AFC Vietnam Fund, a fund focused on capturing growth in Vietnam. It summarizes that Vietnam's economy is growing at over 6% annually and attracting strong foreign investment. The fund aims to achieve capital appreciation over the next 3-5 years by investing in undervalued small and medium companies across various sectors in Vietnam through a bottom-up stock selection process. Since inception in 2013, the fund has achieved a return of 80.04% and its net asset value as of June 2018 was $1,800.40.
The AFC Iraq Fund is an equity fund focused on investments in Iraq and foreign companies doing business in Iraq. The fund offers monthly subscriptions and redemptions at net asset value. It aims to achieve long-term capital appreciation by investing in a diversified portfolio of listed Iraqi and foreign equities. As of June 2018, the fund was invested in 14 companies across Iraq, Norway, and the UK, with largest allocations to the financial and consumer staples sectors. For the month, the fund returned -2.5%, outperforming its benchmark which lost -3.5%, and has gained 17.1% year-to-date compared to the benchmark's decline of -0.6%.
AFC Iraq Fund (non-US) Factsheet 30.6.2018Thomas Hugger
This document provides information on the AFC Iraq Fund (Non–US), including its investment objective, focus, subscriptions and redemptions, benchmarks, fees, performance, holdings and allocations. The fund seeks long-term capital appreciation through investing in listed Iraqi equities and foreign companies doing business in Iraq. In June 2018, the fund returned -2.5% compared to -3.5% for its benchmark and is up 17.1% year-to-date. The largest country, sector and security allocations are to Iraq, financials and bank stocks, respectively.
AFC Asia Frontier Fund Factsheet 30.6.2018Thomas Hugger
AFC Asia Frontier Fund invests in listed equities from Bangladesh, Cambodia, Iraq, Kazakhstan, Kyrgyzstan, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka, Uzbekistan and Vietnam.
AFC Asia Frontier Fund Factsheet - May 2017Thomas Hugger
AFC Asia Frontier Fund invests in listed equities of Asian frontier markets like Bangladesh, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar, Pakistan, Papua New Guinea, Sri Lanka and Vietnam.
AFC Iraq Fund April 2016 Fund FactsheetThomas Hugger
The AFC Iraq Fund is an equity fund focused on investments in Iraq and foreign companies doing business in Iraq. The fund's Class D shares returned -2.7% in April 2016, outperforming its benchmark index which returned -6.6%. The fund has faced redemptions from another Iraq fund and political protests in Iraq have increased uncertainty. However, interest in emerging markets is resuming and frontier markets like Iraq are expected to see increased investment in the coming months. As of April 30, the fund was invested in 14 companies across Iraq, Norway, and the UK and held 1.2% in cash.
AFC Vietnam Fund invests in a diversified portfolio of listed Vietnamese companies as well as those that relate to non-Vietnamese companies with main business operations in Vietnam. The fund currently has a focus on small to medium cap equities which are considered underpriced.
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2. 2
Proven Expertise In Frontier Markets
• Asia Frontier Capital Limited was created in June 2013 through a MBO from Leopard Capital – a PE fund
manager focusing on frontier markets
• The founder and CEO, Thomas Hugger, has more than 20 years experience in investing in Frontier Markets
• Licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)
Asia Frontier Capital Offers Three Funds
• AFC Asia Frontier Fund – Launched 30th March 2012
• AFC Vietnam Fund – Launched 23rd December 2013
• AFC Iraq Fund – Launched 26th June 2015
AFC Asia Frontier Fund
INTRODUCING ASIA FRONTIER CAPITAL
4. 4AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
AFC Asia Frontier
Fund Universe
Bangladesh
Cambodia
Iraq
Laos
Maldives
Mongolia
Myanmar
Pakistan
Papua New Guinea
Sri Lanka
Vietnam
5. 5
Excellent upside potential
due to high GDP growth
Low Correlation and
Diversification at
attractive Valuations
Increasing
Consumption
Favourable
Demographics
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Manufacturing shift
from China
6. 6
Healthy GDP Growth Outlook for AFC Frontier Universe
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Source: IMF
7.7
7.2 6.8 6.7
6.2
5.3 5.2
4.7 4.6
3.1
1.4
5.4
0.0
2.0
4.0
6.0
8.0
10.0
Average GDP Growth Estimates (2017-2021)
7. 7
A sizeable combined GDP which is equal to or larger than some emerging and developed economies.
This is backed by an outlook for stable GDP growth rates.
AFC Asia Frontier Fund
Source: IMF
5.7%
5.4% 5.1%
3.3% 3.1%
2.5%
1.4%
0.0%
2.0%
4.0%
6.0%
8.0%
Emerging
Asia
AFC
Universe
Sub
Saharan
Africa
MENA Eastern
Europe
South &
Central
America
G7
Expected Average GDP Growth Rates (2017-2021)
1,404
1,073 1,064
941
736
638
391
0
400
800
1,200
1,600
Korea AFC
Universe
Mexico Indonesia Turkey Saudi
Arabia
Thailand
GDP Size as of 2016 (USD billion)
Source: IMF
WHY ASIAN FRONTIER MARKETS
8. 8
Compared to Developed Markets, the AFC Frontier Universe has a much younger population
growing at a faster rate: This supports future economic growth and consumption
AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Source: United Nations Population Division.
AFC Frontier Universe – A Young and Growing Population
AFC Frontier Universe is supported by huge young population Developed Markets are not getting younger. AFC Frontier
Universe offer young and growing population
59%
39% 37%
33%
28%
0%
20%
40%
60%
80%
AFC
Universe
North
America
Northern
Europe
Western
Europe
Japan
% of Population below age of 30
25
38 40
44
47
1.5%
0.7%
0.6%
0.2%
-0.2%
-0.4%
0.0%
0.4%
0.8%
1.2%
1.6%
0
10
20
30
40
50
AFC
Universe
North
America
Northern
Europe
Western
Europe
Japan
Median Age and Population Growth
Median Age Population Growth
9. 9AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
The AFC Frontier Universe has a sizeable population which continues to grow
and will support future GDP growth
AFC Frontier Universe Combined Population: 583 million (as of 2015)
Source: IMF
32.6%
27.4%
15.7%
8.9%
6.0%
3.6%
2.7%
1.3%
1.2% 0.5% 0.1%
AFC Universe - Population Mix Pakistan
Bangladesh
Vietnam
Myanmar
Iraq
Sri Lanka
Cambodia
Papua New
Guinea
Lao P.D.R.
Mongolia
Maldives
1,373
1,293
583
337 322
255 204
-
250
500
750
1,000
1,250
1,500
China India AFC
Universe
Euro
Area
United
States
Indonesia Brazil
Population (millions)
10. 10AFC Asia Frontier Fund
Combination of young workforce and low wages is attracting manufacturing activities to Asian frontier
countries as wages in China increase and the workforce gets greater employment opportunities
WHY ASIAN FRONTIER MARKETS
The Shift from China
Source: China Statistical Bulletin, Wage Indicator Foundation, Bangladesh Garment Manufacturers & Exporters Association, General Statistics
Office of Vietnam
*Rebased to 100 (2003). RMG: Ready Made Garments
Wages in Asian Frontier countries are amongst the lowest in the region
Bangladesh and Vietnam are good examples of the shift of
manufacturing from China to neighboring countries
0
100
200
300
400
500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Bangladesh RMG & Vietnam Export Growth*
Bangladesh Vietnam
68
83
111 115
133
150
223
250 251 252
274
298
0
75
150
225
300
375
Monthly Minimum Wage (USD)
11. COUNTRY SNAPSHOT
11AFC Asia Frontier Fund
• Two Stock Exchanges:
- Dhaka Stock Exchange (DSE), started trading in 1956: USD 46 billion market cap, 329 shares
- Chittagong Stock Exchange (CSE), started trading in 1995: USD 37.9 billion market cap, 265 shares
• Most of the shares traded in Chittagong are also listed in Dhaka
• 35 closed end funds are listed – all trading at discount (average 34%)
• A few corporate bonds and government bonds are also traded
• Foreigners can buy 100% of almost all companies., including land. Foreigners who invest USD 1 million or transfer USD 2 million to a recognized
bank can apply for Bangladeshi citizenship!
• We prefer the consumer staples and consumer discretionary sectors due to rising income levels and high growth of urbanisation.
• The fund’s biggest holding is Beximco Pharma whose GDR (listed in London) is trading at a 39% discount !
• Very bureaucratic – lot of hurdles for foreigners like a 10% capital gain tax, capital control.
• GDP of USD 227 billion, GDP per capita of USD 1,404, Population of 162 million.
Bangladesh Bangladesh Dhaka Stock Exchange Broad Index
12. COUNTRY SNAPSHOT
12AFC Asia Frontier Fund
• The Cambodian Securities Exchange started trading in 2012 (with the help of the Korea Stock Exchange)
• Currently 4 stocks listed (soon 5), Market cap of USD 188 million
• Investors need a “trading code” – very bureaucratic for a fund to receive (lack of understanding)
• Few Cambodian stocks listed outside – like Naga Corp (3918) in Hong Kong
• Foreigners cannot own land (except apartments above ground floor and <70% of a building) – similar to Thailand
• More than 90% of currency used is USD – ATMs in Cambodia dispense USD! KHR is “pegged” to USD at ~ 4,100
• Tourism is a big growth driver for the country with 5 million tourist arrivals in 2016 and accounted for ~17% of GDP.
• Garment manufacturing is also a growth area with many Chinese and Taiwanese garment producers relocating or expanding capacity in
Cambodia.
• GDP of USD 19.4 billion, GDP per capita of USD 1,228, Population of 16 million.
Cambodia Cambodia Stock Exchange Composite Index
13. COUNTRY SNAPSHOT
13AFC Asia Frontier Fund
• Trading started in 1991 but trading stopped for 15 month in 2003/2004 due to Iraq war II
• ISX in Baghdad: USD 10.6 billion market cap, 80 stocks listed – but no oil stocks
• AFC Iraq Fund holds 14 stocks – 12 stocks are listed in Iraq, each 1 in Norway and UK
• Another stock exchange is planed in Erbil – Kurdistan province (North)
• Local government bond market is dominated by banks (instead of lending to corporates)
• Foreigners can own 100% of the company in most sectors (except oil & gas). Capital controls for foreigners. Investors need a trading code.
• Iraq is recovering from conflict and the market can pose a rebound from its bottom.
• GDP of USD 156 billion, GDP per capita of USD 4,696, Population of 36 million.
Iraq Iraq Stock Exchange General Index
14. COUNTRY SNAPSHOT
14AFC Asia Frontier Fund
• Trading started in 2011 at LSX (with assistance of South Korea). 5 stocks listed, market cap USD 1,3 billion, 2 more IPOs expected later this
year
• Communist country – very difficult to invest for foreigners as of today. Foreigners can only lease land from the government.
• All 5 stocks have foreign ownership limits (EDL: 25%, BCEL: 10%) but foreign can set up 100% owned companies if the sector is open.
• Local banks pay high interest for deposits: for example 2 years: 4.9% in USD or 6.84 for LAK
• LAK is “fixed” to USD at ~ 8,200
• Laos is strong in hydropower generation and this sector holds a lot of potential and Laos can become a regional supplier of power.
• The country has a strong agricultural base as well which accounts for 33% of GDP.
• GDP of USD 14 billion, GDP per capita of USD 1,921, Population of 7 million.
Laos Laos Securities Exchange Composite Index
15. COUNTRY SNAPSHOT
15AFC Asia Frontier Fund
• Secondary trading started in 1995. Every Mongolian citizen received vouchers to exchange into shares of previously 475 government
owned companies.
• 196 listed companies, market cap USD 599 million. Many resources companies are listed abroad like HK, Australia, Canada and US.
• Average daily turnover in December 2016 was USD 7,000. In 2007 the stock market was up 400%.
• MNT Government bonds are trading at the exchange too: yield ~ 15%, a few unlisted corporate bonds
• Foreigners can own 100% of almost any sectors. Land ownership is complicated though.
• Mongolia is extremely resource rich (gold, copper, coal) and is still to fully tap its potential.
• The recent IMF agreement as well as the restart of the important Oyu Tolgoi “OT” project is a positive and the economy seems to be
turning around.
• GDP of 11 billion, GDP per capita of USD 3,704, Population of 3 million – double the size of France
Mongolia Mongolia Stock Exchange Top 20 Index
16. COUNTRY SNAPSHOT
16AFC Asia Frontier Fund
• Stock trading goes back to 1930 when British and American stocks were traded – but was halted from 1962 onwards.
• YSX started trading 25th March 2016, 4 stocks listed. Market cap USD 512 million. A few more stocks listed in Singapore and London
• Foreigners today cannot invest on the YSX.
• Since 1st April 2017 new foreign investment law. Foreigners can now own 100% of a company. However foreigners can only lease land
(typically 50 years) or through a JV.
• One of the last few untapped markets with huge potential and favourable demographics.
• Myanmar is also attracting garment related industries and could become a manufacturing hub for garments in the future.
• GDP of 68 billion, GDP per capita of USD 1,307, Population of 52 million.
Myanmar Myanmar Stock Price Index
17. 17AFC Asia Frontier Fund
• Trading started in 1949 and on 11th January 2016 Pakistan Stock Exchange “PSX” was created through a merger of the Karachi, Lahore and
Islamabad Exchange.
• Market cap of USD 98 billion, 572 listed shares + various Government bonds. Share futures (shorting). Few GDRs (illiquid)
• Upgrade from MSCI Frontier Index to MSCI Emerging Index in June 2017
• Foreigners can own 100% of most sectors except airlines, banks and media.
• China Pakistan Economic Corridor “CPEC” can lead to sustained economic growth. ~US$ 60 billion in infrastructure investments committed.
• Improving security situation which adds to economic prospects and helps with consumer spending.
• Misunderstood market given the negative press – but a large consumer market with a population of ~194 million.
• We currently like the auto sector and consumer discretionary sector due to low interest rates, improving law and order and under penetrated
consumer markets.
• GDP of USD 271 billion, GDP per capita of USD 1,428, Population of 194 million.
Pakistan Karachi Stock Exchange KSE100 Index
COUNTRY SNAPSHOT
18. COUNTRY SNAPSHOT
18AFC Asia Frontier Fund
• Trading started in 1999
• Market cap of USD 21.8 billion, 15 listings – 8 dual listings like Newcrest Mining and Oil Search. Market cap without dual listing: USD 1.7
billion (USD 1.4 billion Bank BSP)
• Treasury bills, a few government bonds and corporate bonds are available. 364 days treasury bill yield: 7.79%
• Foreigners are not allowed to own freehold land. Leases are typically 50 to 99 years.
• Papua New Guinea offers resource potential (oil, gas, copper, gold) and Exxon Mobil and its partners have invested USD 19 billion in aLNG
project.
• Agriculture is also an important sector which contributes 32% of GDP.
• GDP of USD 20 billion, GDP per capita of USD 2,517, Population of 8 million.
Papua New Guinea Port Moresby Stock Exchange Index
19. COUNTRY SNAPSHOT
19AFC Asia Frontier Fund
• Stock trading goes back to 1896. Market cap is USD 19.3 billion and 289 shares are traded.
• 279 local LKR bonds are traded at the exchange: yield between 10% and 15%
• Foreigner cannot own freehold land (anymore) – apartments on or above 4th floor
• Sri Lanka is strategically located in the region and is becoming a transhipment hub. Majority of cargo handled in Colombo is for
transhipment to India.
• Given it’s location, Sri Lanka is an important part of China’s One Belt One Road (OBOR) initiative and is benefitting from Chinese
investments in the infrastructure sector.
• GDP of 82 billion, GDP per capita of USD 3,870, Population of 21 million.
Sri Lanka Colombo Stock Exchange All Share Index
20. COUNTRY SNAPSHOT
20AFC Asia Frontier Fund
• Vietnam has 3 stock exchanges: HCMC, Hanoi and UPCoM, 1,231 listings (no double listings), market cap USD 103 billion
• Government bonds and local bonds are also traded. Futures and options to start trading in May 2017 ?
• Foreigners could own up to 100%, except banks (20%) but… Registration for ID for funds is “cumbersome”
• Foreigners can own up to 30% of apartments in a building or 10% of houses in a “Ward “
• Vietnam is becoming a hub for low cost manufacturing given lower wages. Samsung now manufactures ~50% of its mobile phones in the
country.
• Given the growth of manufacturing and FDI, we like infrastructure related companies and due to rising income levels we also like the
consumer discretionary and real estate related companies.
• GDP of 200 billion, GDP per capita of USD 2,164, Population of 93 million.
Vietnam Vietnam Ho Chi Minh Stock Index
21. COUNTRY SNAPSHOT
21AFC Asia Frontier Fund
Bhutan
• Market cap of USD 383 million.
• 21 listings.
• GDP of USD 2 billion.
• GDP per capita of USD 2,674.
• Population of 0.8 million
Other Potential Markets
Maldives
• Market cap of USD 546 million.
• 7 listings.
• GDP of USD 3.4 billion.
• GDP per capita of USD 9,554.
• Population of 0.4 million.
Nepal
• Market cap of USD 16 billion.
• 221 listings.
• GDP of USD 21 billion.
• GDP per capita of USD 733.
• Population of 29 million.
23. 23AFC Asia Frontier Fund
WHY ASIAN FRONTIER MARKETS
Low Market Cap/GDP relative to Emerging Markets Offers Value
Source: Bloomberg, Asia Frontier Capital
3% 6% 8%
19% 22%
28%
32%
39% 39% 40% 43%
69%
74%
82% 83%
102%
0%
20%
40%
60%
80%
100%
120%
Market Cap. as % of GDP - Asian Frontier v/s Emerging Markets
24. 24AFC Asia Frontier Fund
Source: Bloomberg. P/E is based on Trailing 12 Months and P/B is latest reporting period.
Select Asian Frontier Markets Valuations
Country Index P/E (x) P/B (x)
Dividend
Yield (%)
Pakistan KSE100 10.9 2.1 4.1
Laos LSXC 11.5 0.9 6.3
Sri Lanka CSEALL Share 12.3 1.3 3.0
Vietnam VNINDEX 15.7 2.2 2.9
Emerging and Developed Markets Valuations
Country Index P/E (x) P/B (x)
Dividend
Yield (%)
Thailand SET 16.3 1.9 3.2
Malaysia FBMKLCI 17.5 1.8 3.1
USA Dow 18.5 3.5 2.3
South Africa JSE All Share 19.6 2.0 2.8
Japan Nikkei 19.6 1.8 1.7
Korea KOSPI 21.5 1.0 1.6
Philippines PCOMP 21.6 2.5 1.7
India BSE SENSEX 22.2 2.8 1.3
Indonesia JCI 23.1 2.5 2.2
Source: Bloomberg. P/E is based on Trailing 12 Months and P/B is latest reporting period.
Asian frontier markets are attractively valued relative to emerging and developed markets
WHY ASIAN FRONTIER MARKETS
25. 25AFC Asia Frontier Fund
Source: Bloomberg.
Asian frontier markets are INVESTABLE
Liquidity and number of listings is similar to or also superior to other emerging and
frontier markets
Source: Bloomberg.
403
148 138 130
108
88
66 65
17 15 8 8 6 5
-
100
200
300
400
Daily Average Liquidity over past 12 months (USD million)
1,231
572 541
408
329 289 272 260 214 179
104 74 65 49
-
300
600
900
1,200
Number of listings on the exchange
WHY ASIAN FRONTIER MARKETS
26. 26
Asian frontier stock markets show a low correlation to global markets as they are
under researched relative to larger emerging markets
AFC Asia Frontier Fund
Source: Bloomberg. *Based on 5 years monthly data
-0.33
-0.09
0.01
0.11
0.20
0.25
0.28
0.31
0.47
-0.40
-0.20
0.00
0.20
0.40
0.60
Correlation with the MSCI World Index
DSEX Index (Bangladesh)
ISXGI Index (Iraq)
CSX Index (Cambodia)
MSETOP Index (Mongolia)
LSXC Index (Laos)
VH Index (Vietnam)
CSEALL Index (Sri Lanka)
KSE100 Index (Pakistan)
VN Index (Vietnam)
WHY ASIAN FRONTIER MARKETS
27. 27AFC Asia Frontier Fund
COUNTRY ALLOCATION
26.1%
24.7%
17.8%
12.6%
4.0% 3.6% 2.8%
1.6% 1.1% 0.3%
5.4%
0%
5%
10%
15%
20%
25%
30%
Country Allocation – 30th April 2017
29. 29
ASIA FRONTIER CAPITAL LTD.
Thomas Hugger, CEO and Fund Manager, Hong Kong
Email: th@asiafrontiercapital.com
Tel: +852 3904 1015, Fax: +852 3904 1017
Peter de Vries, Marketing Director, Hong Kong
Email: pdv@asiafrontiercapital.com
Tel: +852 3904 1079, Fax: +852 3904 1017
Website: www.asiafrontiercapital.com
Registered Office:
c/o Intertrust Cayman Islands, 190 Elgin Avenue, George Town
Grand Cayman KY1-9007, Cayman Islands
Hong Kong Office:
Asia Frontier Investments Limited
905, 9th Floor, Loon Kee Building, 267-275 Des Voeux Road Central, Hong Kong
AFC Asia Frontier Fund
CONTACT INFORMATION
Asia Frontier Investments Limited is licensed by SFC Hong Kong for Type 4 (advising on securities) and Type 9 (asset management)
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares
in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Fund
distributed in Switzerland are at the registered office of the Representative.
30. This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no
circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the
“Fund”). Offers and sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire
Offering Memorandum delivered by the Fund and the disclosure in this Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the
part of, any potential investor or the Asia Frontier Capital (the “Fund Sponsors”). The Fund Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this
Presentation and the Fund and/or to alter or terminate the potential investment opportunity described herein. Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to
making any potential investment, potential investors should consult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the consequences of the potential investment
opportunity described herein and to arrive at an independent evaluation of such potential investment opportunity.
By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any
other related information provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written
consent of the Fund Sponsors.
While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or
complete and it should not be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and,
if given or made in this Presentation, in other materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy,
content, suitability or completeness of the information, analysis or conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for
independent review of the underlying documents, available due diligence information and such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their
agents, their respective affiliates, and each of their respective shareholders, members, officers, directors, managers, employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any
and all liability for express or implied representations or warranties that may be contained in, or for omissions from or inaccuracies in, this Presentation or any other oral or written communication transmitted or made
available to a prospective investor or its Representatives. Without limiting the generality of the foregoing, nothing contained herein is or shall be relied upon as a promise or representation as to any matter, including,
without limitation, the future performance of the potential investment opportunity described herein. None of the Fund Sponsors, their agents, or their respective Representatives is under any obligation to correct any
inaccuracies or omissions in this Presentation. Each prospective investor will have the sole responsibility for verifying the accuracy of all information furnished in this Presentation and in any other due diligence
information furnished to a prospective investor, and each prospective investor shall have the sole responsibility for determining the value of the potential investment based on assumptions said prospective investor
believes to be reasonable. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished, the methodology used, the
calculations of values or conclusions. Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informational purposes only, has
inherent limitations and is not intended to be a representation, warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns to potential
investors may be lower than the figures shown herein. Projected performance data shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual
results may vary significantly from the values and rates of return projected herein. There can no assurance that the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should
have the financial ability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity) characteristic of investments in entities such as the Fund.
AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO
SOPHISTICATED INVESTORS WHO ARE CAPABLE OF UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT.
THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY
US. STATE OR ANY NON-U.S. JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BY THE SECURITIES REGULATORY
AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of
performance and jurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.
** The Fund is registered for sale to investors in Japan, Switzerland (qualified investors), Hong Kong & UK (professional investors), Singapore (accredited investors) and USA (accredited investors and qualified
purchasers).
** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their
relevant jurisdictions.
30AFC Asia Frontier Fund
DISCLAIMER