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Your Need is our FocusNot for public distribution and for accredited investors’ information only
PHEIM
ASSET MANAGEMENT
As at Apr 2010
2 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Shareholding
Aizawa Securities Co., Ltd 5.0%
Omar Bin Malek Ali Merican 15.0%
Azmi Bin Malek Merican 15.0%
Multi Purpose Capital Holdings Bhd 20.0%
Dr. Tan Chong Koay 45.0%
Pheim Asset Management Sdn Bhd - MalaysiaPheim Asset Management Sdn Bhd - Malaysia
Pheim Asset Management (Asia) Pte Ltd - SingaporePheim Asset Management (Asia) Pte Ltd - Singapore
Aizawa Securities Co., Ltd 5.0%
Omar Bin Malek Ali Merican 28.5%
Dr. Tan Chong Koay 66.5%
5 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Combined Assets Under Management
1,580
433393
311254
202
97
595615
860
1,201
1,008
1,467
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Mar-10
Fu
nd
Siz
e (
US
$ M
il)
Malaysia Singapore
8 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Pheim Asset Management (Asia) Pte Ltd
DR. TAN, CHONG-KOAYCHIEF EXECUTIVE
MR. TENG, CHEONG-KWEEDIRECTOR
INVESTMENTMR. LIM, ANDREW CFA, MBA, B.Eng (Hons) - SR FUND MANAGER
MS. TEO, JUSTINECFA B.Sc (Hons) –SR FUND MANAGER
MR. LIM, THIAM-KONCFA B.Bus (Hons) – SR FUND MANAGER
MR. YEOH, CHIH-HONG B Eng (Hons) – SR INVESTMENT EXECUTIVE
MR. SEE, KUAN-MINB Comp (Hons) – INVESTMENT EXECUTIVE
OPERATIONSMS. THAM, JASMINE, B.A. (Hons)-SENIOR OPERATIONS EXECUTIVE
MS. CHUA, CYNTHIA Dip Banking and Finance-OPERATIONS EXECUTIVE
COMPLIANCEMR. HONG, KIN-HOONG, B.A (Hons)- COMPLIANCE OFFICER
MARKETING* MS. YAP, CHRISTINA B.Sc.- Operations Manager / Business Devlopment
ACCOUNTSMr. CHOO, IVAN, CPA - ACCOUNTANT
BOARD OF DIRECTORS
MR. CHAN, CHOONG-THO, CFACHIEF INVESTMENT OFFICER
9 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Investment PersonnelPheim Singapore
Dr. Tan, Chong-Koay
Chief Strategist
• Over 33 yrs working experience• Oversees Fund’s Investments
Mr. Chan, Choong-Tho
Chief Investment Officer
•Over 21 yrs working experience; B.Eng, MBA, CFA•Oversees Fund Managers
Mr. Lim, Andrew
Senior Fund Manager
• Over 19 yrs working experience; B.Eng, MBA, CFA • Covers Korea, Australia & New Zealand
Ms. Teo, Justine
Senior Fund Manager
• 11 yrs working experience; B.Sc (Hons), CFA• Covers Hong Kong, China, Thailand and Singapore S-shares
Mr. Lim, Thiam-Kon
Senior Fund Manager
• 8 years working experience; B.Bus (Hons), CFA• Covers Vietnam and Taiwan
Mr. Yeoh, Chih-Hong
Senior Investment Executive
• 5 yrs working experience; B.Eng ( Hons)• Covers India, Indonesia
Mr. See, Kuan-Min
Investment Executive
• Research
10 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Pheim Asset Management Sdn Bhd
MR. TEW, SOW-HUME FCCAHEAD OF COMPLIANCE
OPERATIONS OFFICERS• MS. WONG, SHIAU-WAN B.Sc• MS. EHSAN, ERMA Dip. Acct
BOARD OF DIRECTORS
DR. TAN, CHONG-KOAYCHIEF 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, MIKEDIRECTOR OF PORTFOLIO INVESTMENT
INVESTMENT RESEARCH COMMITTEE
11 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Investment Personnel
Pheim MalaysiaDr. Tan, Chong-Koay Chief Strategist
• Over 33 years experience• Oversees Fund’s Investments
Mr. Lai, MikeDirector of Portfolio Investment
• 18 yrs working experience; B.A (Accounting)• Covers Malaysia, India, Indonesia
Ms. Tung, Yin-Wai Fund Manager
• 7 yrs working experience; B.Econs(Hons), M.Econs• Covers Malaysia, Hong Kong, China, Taiwan
Ms. Chong, PaulineFund Manager
• 8 yrs working experience; B.A (Hons) Business & Economics • Covers Malaysia, Korea, Thailand
Mr. Wahap, KhirwanFinancial Analyst
• 7 yrs working experience; B.Sc (B.Admin)• Research – Covers Malaysia, quantitative
Ms. Tan, AngieSenior Financial Analyst
• 5 yrs experience; B.Com• Research – Covers Malaysia, Singapore, Indonesia
Mr. Ng, TerenceFinancial Analyst
• 4 yrs experience; B.Business• Research – Covers Malaysia, Philippines, Thailand
Ms. Abdul Shukri, Nor AzianiFinancial Analyst
• Dip. IT• Research – Covers quantitative
12 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Research Process
1 2 3 TEXT
Periodic Country
and Company
Visits
Evaluate Business Model & Industry Economics Through 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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
In Search of Alpha
Text
Market Info Providers: Bloomberg
Brokers’ Research
SectoralTheme/
Extreme Events
In HouseResearch
Universe of Discounted /
Undiscovered Stock
3rd Party Sources:
periodicals
Our Contacts Banks, Clients,
Competitors
16 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Investment Criteria
Quantitative Factors
Qualitative Factors
1. Strong Balance Sheet• Low Gearing• Strong Cash Flow
2. Positive Earning Dynamics• Strong Earnings Growth• Dominant Market Position• Pricing Power
3. 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 :We prefer companies that have the following features :
4. Technical Factors• Tracking the Turning Points of
Major Trends
17 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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
RecommendationStocks that
meet our criteria
Assess Financials
and Prospects
Company Visits,
Management Interviews
3rd Party Checks: Clients,
Bankers, BrokersCompetitors, Professional
Bodies
18 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
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 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
Contact Details
Address: 43 Duxton Rd, Singapore 089507Address: 43 Duxton Rd, Singapore 089507
Telephone: +65-6227-9928Telephone: +65-6227-9928
Facsimile: +65-6225-9912Facsimile: +65-6225-9912
Website: www.pheim.com.sg Website: www.pheim.com.sg
Email: [email protected]: [email protected]
Pheim Asset Management (Asia) Private Limited
21 Your Need is our Focus
Not for public distribution and for accredited investors’ information only
DisclaimerWhile 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.