ASEAN FVMR

Our ASEAN investment universe consists of non-financial companies listed in Indonesia, Malaysia, Philippines, Singapore, and Thailand.

History

The five-year backtesting period shows the ASIR ASEAN FVMR Model portfolio generated an average annual return of 11.8% versus the ASIR Benchmark’s 6.6%. Our backtesting benchmark equally weights the largest and most liquid non-financial companies listed anywhere on those five different ASEAN stock exchanges. On average the universe has consisted of 200 companies each year over the past ten years.

We started to publish our ASIR ASEAN FVMR Model portfolio on November 18th, 2013, and the charts and tables on this page show the return as of January 9th, 2018. Since publishing started, the ASIR ASEAN FVMR Model portfolio has returned 16.3% p.a. versus the MSCI ASEAN Index at 4.7% p.a. Note that the MSCI ASEAN benchmark includes financial companies, while the ASIR ASEAN model portfolio does not include any financial companies.

Examples of previously held positions 

AOT TB
Airports of Thailand Public Company Ltd.

Attractive because:

Strong cash levels, good price momentum, and strong long-term earnings growth relative to its sector

Company Background:

Founded in 2002, Airports of Thailand Public Company Limited’s core activities are the management and development of international airports. AOT runs Suvarnabhumi, Don Mueang, Chiang Mai, Chiang Rai, Phuket, and Hat Yai international airports in Thailand. Their traffic accounted for more than 780,000 flights in 2016.

HART MK
Hartalega Holdings Berhad

Attractive because:

Earnings on an upcycle trend, low correlation with Western stock markets, and solid short -term earnings momentum relative to its sector.

Company Background:

Hartalega Holdings Berhad is a Malaysian glove manufacturer and supplier, specializing in nitrile and latex gloves. It is the world's leading nitrile glove producer. HART acts as an original equipment manufacturer (OEM), having its products marketed by other companies/manufacturers. It has operations in the United States, Europe and Asia.

INKP IJ
PT Indah Kiat Pulp & Paper Tbk

Attractive because:

Cheap on a gross profit basis, good price momentum, and sales on an upcycle trend relative to its sector.

Company Background:

PT Indah Kiat Pulp & Paper Tbk is the largest manufacturer of paper pulp, paper, and other paper-related products by sales in Indonesia, and one of the largest in the world. It also produces industrial paper products, such as packaging paper and specialty paper. It is owned by the holding company, APP, which is controlled by the Sinar Mas group.

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