Greater China 2019

Total Page:16

File Type:pdf, Size:1020Kb

Greater China 2019 IR Magazine Awards – Greater China 2019 Winners and nominees AWARDS BY RESEARCH Best overall investor relations (large cap) ANTA Sports Products China Resources Beer WINNER China Telecom China Unicom Shenzhou International Group Holdings Best overall investor relations (small to mid-cap) Alibaba Pictures Group Far East Consortium International WINNER Health and Happiness H&H International Holdings Li-Ning NetDragon Websoft Holdings Best investor relations officer (large cap) ANTA Sports Products Suki Wong Cathay Financial Holdings Yajou Chang & Sophia Cheng China Resources Beer Vincent Tse WINNER China Telecom Lisa Lai China Unicom Jacky Yung Best investor relations officer (small to mid-cap) Agile Group Holdings Samson Chan BizLink Holding Tom Huang Far East Consortium International Venus Zhao WINNER Li-Ning Rebecca Zhang Yue Yuen Industrial (Holdings) Olivia Wang Best IR by a senior management team Maggie Wu, CFO & Daniel Zhang, Alibaba Group CEO Tomakin Lai Po-sing, CFO & China Resources Beer Xiaohai Hou, CEO Xiaochu Wang, CEO & Zhu WINNER China Unicom Kebing, CFO Wai Hung Boswell Cheung, CFO & Far East Consortium International David Chiu, Chairman & CEO Ma Jianrong, CEO & Cun Bo Wang, Shenzhou International Group Holdings CFO AWARDS BY REGION Best in region: China Alibaba Pictures Group ANTA Sports Products China Resources Beer WINNER China Telecom China Unicom Shenzhou International Group Holdings Best in region: Hong Kong AIA Group Far East Consortium International WINNER Health and Happiness H&H International Holdings Yue Yuen Industrial (Holdings) Best in region: Taiwan BizLink Holding WINNER Cathay Financial Holdings Chailease Holding Co Delta Electronics Lite-On Technology Corporation Page 2 of 6 AWARDS BY SECTOR Best in sector: communications Alibaba Pictures Group China Mobile China Telecom China Unicom WINNER Ctrip Best in sector: consumer ANTA Sports Products China Resources Beer WINNER Health and Happiness H&H International Holdings Shenzhou International Group Holdings Yue Yuen Industrial (Holdings) Best in sector: energy, industrials, materials & utilities China Communications Services Corporation China Tower Corporation CLP Holdings Kunlun Energy Company WINNER Best in sector: financials (including real estate) AIA Group China Life Insurance Company China Merchants Bank Far East Consortium International WINNER Longfor Group Best in sector: technology BizLink Holding WINNER Delta Electronics Hua Hong Semiconductor NetDragon Websoft Holdings ZTE Corporation Page 3 of 6 AWARDS BY NOMINATION Best annual report (large cap) China Telecom Chow Tai Fook Jewellery Group CITIC Telecom International Holdings CLP Holdings WINNER ENN Energy Holdings Link Asset Management Ping An Insurance (Group) Company of China Taiwan Semiconductor Manufacturing Company Best annual report (mid-cap) Canvest Environmental Protection Group Co China Communications Services Corporation China Resources Cement Holdings China Zhongwang Holdings WINNER COSCO SHIPPING Ports Far East Consortium International Kerry Logistics Network Kerry Properties Best annual report (small cap) China Renaissance JNBY Group New World Department Store China Pacific Basin Shipping WINNER Sa Sa International Holdings Best ESG materiality reporting (large cap) Alibaba Group Holding China Overseas Land & Investment CLP Holdings WINNER Delta Electronics Link Asset Management Taiwan Semiconductor Manufacturing Company Page 4 of 6 Best ESG materiality reporting (small to mid-cap) China Resources Cement Holdings WINNER China Zhongwang Holdings Far East Consortium International Kerry Properties MGM China Holdings New World Department Store China Best investor event (large cap) China Life Insurance Company China Telecom Fosun International Link Asset Management PetroChina Co Taiwan Semiconductor Manufacturing Company WuXi Biologics (Cayman) Yum China Holdings WINNER Best investor event (small to mid-cap) Alibaba Pictures Group China New Higher Education (2001.HK) China Resources Cement Holdings Honghua Group WINNER Kerry Logistics Network Sa Sa International Holdings Sercomm Corporation Best IR during a corporate transaction BOC Aviation China Modern Dairy Holdings Emperor Watch & Jewellery ENN Energy Holdings WINNER Kerry Logistics Network Link Asset Management Yuexiu Property Company Page 5 of 6 Best IR website (large cap) ANTA Sports Products China Telecom Chow Tai Fook Jewellery Group CTBC Financial Holding Co Lenovo Group WINNER Link Asset Management Taiwan Semiconductor Manufacturing Company Best IR website (small to mid-cap) 361 Degrees International China Communications Services Corporation WINNER China Everbright COSCO SHIPPING Ports Far East Consortium International Yue Yuen Industrial (Holdings) Best use of multimedia for IR China Life Insurance Company China Medical System Holdings Far East Consortium International Guotai Junan International Holdings Pacific Basin Shipping Taiwan Semiconductor Manufacturing Company Yue Yuen Industrial (Holdings) WINNER Rising star Individual Alibaba Pictures Group Phoebe Li China Renaissance Hans Zhao Galaxy Entertainment Group Joyce Fung Pacific Basin Shipping Vivian Li PAX Global Technology Calvin Pei Sa Sa International Holdings Ming Chan WINNER Page 6 of 6 .
Recommended publications
  • Buy Kunlun Energy
    23 August 2017 Utilities Kunlun Energy Deutsche Bank Markets Research Rating Company Date Buy Kunlun Energy 23 August 2017 Results Asia China Reuters Bloomberg Exchange Ticker Price at 21 Aug 2017 (HKD) 7.45 Utilities 0135.HK 135 HK HSI 0135 Price target - 12mth (HKD) 8.50 Utilities 52-week range (HKD) 7.95 - 5.55 HANG SENG INDEX 27,155 Core profit growth in line; robust volume with slightly lower margin Valuation & Risks Kunlun's 1H17 core net profit rose by 14% yoy to Rmb2.7bn, in line with our Hanyu Zhang expectations and accounting for 58/62% of DBe/consensus full year forecast. Research Analyst Volume was as strong as expected with 12-184% yoy growth in four gas related +852-2203 6207 segments. Similar with gas utilities peers, Kunlun recorded a Rmb2cents/cm Michael Tong, CFA yoy (flat hoh) decline in EBITDA margin for gas sales segment due to market competition and failure to pass through PetroChina's winter citygate price hike. Research Analyst Mgmt expect the volume momentum to continue and margins to recover a bit +852-2203 6167 HoH in 2H17. Kunlun is the beneficiary of China's structural growth in both piped gas and the LNG value chain and is trading at an undemanding valuation of 11x Price/price relative 2018E P/E. Maintain Buy. 10 7.5 By segment results review 5 Kunlun's 1H17 reported net profit was flat yoy at Rmb2.4bn. If adding back 2.5 Rmb325mn attributable impairment loss, core net profit rose by 14% yoy to Jan '16 Jul '16 Jan '17 Jul '17 Rmb2.7bn.
    [Show full text]
  • Your ROC Directors Unanimously Recommend
    11 September 2014 Norton Rose Fulbright Australia ABN 32 720 868 049 Level 15, RACV Tower 485 Bourke Street MELBOURNE VIC 3000 AUSTRALIA Company Announcements Tel +61 3 8686 6000 Australian Securities Exchange Fax +61 3 8686 6505 Level 2 GPO Box 4592, Melbourne VIC 3001 120 King Street MELBOURNE VIC 3000 DX 445 Melbourne nortonrosefulbright.com Direct line +61 3 8686 6710 Email [email protected] Our reference: 2813782 Dear Sir/Madam Proposed takeover bid for all of the ordinary shares in Roc Oil Company Limited We act for a wholly owned subsidiary of Fosun International Limited, Transcendent Resources Limited (Fosun ) in relation to its off-market takeover bid for all of the ordinary shares in Roc Oil Company Limited (ROC ) ( Offer ). On behalf of Fosun, we enclose: (1) a copy of the bidder’s statement dated 11 September 2014 containing the Offer ( Bidder’s Statement ) in accordance with subsection 633(1), item 5 of the Corporations Act 2001 (Cth); and (2) a notice of the date for determining the people to whom information is to be sent in accordance with subsection 633(1), items 6 and 12 of the Corporations Act 2001 (Cth). We note that a copy of the Bidder’s Statement was today sent to the Australian Securities and Investments Commission, and will be sent to ROC today. Yours faithfully James Stewart Partner Norton Rose Fulbright Australia Encl. For personal use only APAC-#24123292-v1 Norton Rose Fulbright Australia is a law firm as defined in the Legal Profession Acts of the Australian states and territory in which it practises.
    [Show full text]
  • China As a Hybrid Influencer: Non-State Actors As State Proxies COI HYBRID INFLUENCE COI
    Hybrid CoE Research Report 1 JUNE 2021 China as a hybrid influencer: Non-state actors as state proxies COI HYBRID INFLUENCE COI JUKKA AUKIA Hybrid CoE Hybrid CoE Research Report 1 China as a hybrid influencer: Non-state actors as state proxies JUKKA AUKIA 3 Hybrid CoE Research Reports are thorough, in-depth studies providing a deep understanding of hybrid threats and phenomena relating to them. Research Reports build on an original idea and follow academic research report standards, presenting new research findings. They provide either policy-relevant recommendations or practical conclusions. COI Hybrid Influence looks at how state and non-state actors conduct influence activities targeted at Participating States and institutions, as part of a hybrid campaign, and how hostile state actors use their influence tools in ways that attempt to sow instability, or curtail the sovereignty of other nations and the independence of institutions. The focus is on the behaviours, activities, and tools that a hostile actor can use. The goal is to equip practitioners with the tools they need to respond to and deter hybrid threats. COI HI is led by the UK. The European Centre of Excellence for Countering Hybrid Threats tel. +358 400 253 800 www.hybridcoe.fi ISBN (web) 978-952-7282-78-6 ISBN (print) 978-952-7282-79-3 ISSN 2737-0860 June 2021 Hybrid CoE is an international hub for practitioners and experts, building Participating States’ and institutions’ capabilities and enhancing EU-NATO cooperation in countering hybrid threats, located in Helsinki, Finland. The responsibility for the views expressed ultimately rests with the authors.
    [Show full text]
  • Corporate Banking in an Ecosystem World
    The power of many: Corporate banking in an ecosystem world August 2019 Authors and acknowledgements Akash Lal Senior Partner Mumbai Daniele Chiarella Senior Partner London Feng Han Partner Shanghai Giulio Romanelli Partner Sydney Markus Röhrig Partner Munich Vincent Zheng Associate Partner Beijing Xing Liu Consultant Beijing The authors would like to acknowledge the contributions of Roger Rudisuli, Kevin Buehler, Jacob Dahl, Joe Ngai, John Qu, Andras Havas, Istvan Rab, Fumiaki Katsuki, and Shinichiro Oda to this report. The power of many: Corporate banking in an ecosystem world Corporate banking is being transformed by digitization. From core business processes to the way that clients engage and transact, digital has become the sine qua non of almost every action. However, digitization is still in the early stages in corporate banking. As it matures, more fundamental changes will ensue, enabled by the free flow of data between banks, their clients, and third parties. The resulting “ecosystems” will catalyze new operating models and disruption on an unprecedented scale. Already, tech giants such as Alibaba, Tencent, strategies, talent, and IT to do so. They need to and Amazon operate ecosystems with multiple identify potential partners, and determine which businesses. Some already offer financial services, business models work best for them. The task is from trade finance, to payments and marketplace nuanced and complex, but in a world of increasing lending. The implication of these changes is that the competition, it represents an opportunity that traditional boundaries between corporate banks cannot be ignored. and the industries they serve can no longer be taken for granted. In an ecosystem context, information, Corporate banking’s performance resources, and expertise have coalesced; everything challenge is up for grabs.
    [Show full text]
  • Bay to Bay: China's Greater Bay Area Plan and Its Synergies for US And
    June 2021 Bay to Bay China’s Greater Bay Area Plan and Its Synergies for US and San Francisco Bay Area Business Acknowledgments Contents This report was prepared by the Bay Area Council Economic Institute for the Hong Kong Trade Executive Summary ...................................................1 Development Council (HKTDC). Sean Randolph, Senior Director at the Institute, led the analysis with support from Overview ...................................................................5 Niels Erich, a consultant to the Institute who co-authored Historic Significance ................................................... 6 the paper. The Economic Institute is grateful for the valuable information and insights provided by a number Cooperative Goals ..................................................... 7 of subject matter experts who shared their views: Louis CHAPTER 1 Chan (Assistant Principal Economist, Global Research, China’s Trade Portal and Laboratory for Innovation ...9 Hong Kong Trade Development Council); Gary Reischel GBA Core Cities ....................................................... 10 (Founding Managing Partner, Qiming Venture Partners); Peter Fuhrman (CEO, China First Capital); Robbie Tian GBA Key Node Cities............................................... 12 (Director, International Cooperation Group, Shanghai Regional Development Strategy .............................. 13 Institute of Science and Technology Policy); Peijun Duan (Visiting Scholar, Fairbank Center for Chinese Studies Connecting the Dots ..............................................
    [Show full text]
  • Annual Report
    2020 (Incorporated in Hong Kong with limited liability) (Stock Code : 00656) Annual Report Profit Attributable to Owners of the Parent RMB 8,017.9 million Innovation & Win The year 2020 might be the most challenging year for Fosun, yet it was also the best year. After the pandemic, we continue with the “wartime mechanism” and maintain the fighting spirit that we have developed during the global combat against COVID-19. This has resulted in our resilient business performance throughout the year. The pandemic has also allowed us to refine further our capabilities of the Company accumulated over the years for “Industry Operations + Industrial Investment”, FC2M model, globalization and technology innovation. Fosun has thus evolved and become even stronger. The theme of Fosun’s annual report this year is “Innovation & Win”. “Innovation” means Fosun always attaches great importance to innovation. We recognize that we can create world-class products only by increasing investment in innovation and R&D. It is also because of our investment in technology innovation in various industries over the years, as well as leveraging on Fosun’s diversified and globalized business portfolio, the development model of “Industry Operations + Industrial Investment”, and the “wartime” mode that it has upkept since the battle against the pandemic, that together effectively defended the impact brought by the external environment and brought the Group a resilient performance, thereby creating mutually beneficial and win-win situation to all stakeholders. The year 2021 is a new starting point for Fosun’s transformation. Facing the huge opportunities in the industrial internet era, we will continue to create good products and put the operation of customers (C-end) as our top priority to fully unlock the multiplier growth of good products and customer resources in Fosun’s ecosystem.
    [Show full text]
  • Credit Trend Monitor: Earnings Rising with GDP; Leverage Trends Driven by Investment
    CORPORATES SECTOR IN-DEPTH Nonfinancial Companies – China 24 June 2021 Credit Trend Monitor: Earnings rising with GDP; leverage trends driven by investment TABLE OF CONTENTS » Economic recovery drives revenue and earnings growth; leverage varies. Rising Summary 1 demand for goods and services in China (A1 stable), driven by the country's GDP growth, Auto and auto services 6 will benefit most rated companies this year and next. Leverage trends will vary by sector. Chemicals 8 Strong demand growth in certain sectors has increased investment requirements, which in Construction and engineering 10 turn could slow some companies’ deleveraging efforts. Food and beverage 12 Internet and technology 14 » EBITDA growth will outpace debt growth for auto and auto services, food and Metals and mining 16 beverages, and technology hardware. As a result, leverage will improve for rated Oil and gas 18 companies in these sectors. A resumption of travel, outdoor activities and business Oilfield services 20 operations, with work-from-home options, as the coronavirus pandemic remains under Property 22 control in China will continue to drive demand. Steel, aluminum and cement 24 Technology hardware 26 » Strong demand and higher pricing will support earnings growth for commodity- Transportation 28 related sectors. These sectors include chemicals, metals and mining, oil and gas, oilfield Utilities 30 services, steel, aluminum and cement. Leverage will improve as earnings increase. Carbon Moody's related publications 32 transition may increase investments for steel, aluminum and cement companies. But List of rated Chinese companies 34 rated companies, which are mostly industry leaders, will benefit in the long term because of market consolidation.
    [Show full text]
  • STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
    [Show full text]
  • China and IMO 2020
    December 2019 China and IMO 2020 OIES PAPER: CE1 Michal Meidan The contents of this paper are the author’s sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its members. Copyright © 2019 Oxford Institute for Energy Studies (Registered Charity, No. 286084) This publication may be reproduced in part for educational or non-profit purposes without special permission from the copyright holder, provided acknowledgment of the source is made. No use of this publication may be made for resale or for any other commercial purpose whatsoever without prior permission in writing from the Oxford Institute for Energy Studies. ISBN : 978-1-78467-154-9 DOI: https://doi.org/10.26889/9781784671549 2 Contents Contents ................................................................................................................................................. 3 Introduction ........................................................................................................................................... 2 I. Background: IMO 2020 .................................................................................................................. 3 II. China: Tough government policies to tackle shipping emissions… ....................................... 5 III. ...but a relatively muted response from refiners ..................................................................... 7 a. A tale of two bunker markets .......................................................................................................
    [Show full text]
  • China Multi Asset Income Fund - 3-Year Class USD Fund Volatility
    Principal China Multi Asset Income Fund - 3-year Class USD Fund Volatility 31 August 2021 10.83Low Lipper Analytics 15 Aug 2021 Fund Objective Fund Performance The Fund aims to provide income and 60% moderate capital growth through investments in one CIS, which invests 50% primarily in a diversified portfolio of securities related to China. 40% Currency: ISIN Code: 30% USD MYU1002GD004 20% Bloomberg Ticker: CIMCMUS MK 10% 0% Fund Information 7 7 8 8 8 8 8 8 9 9 9 9 9 9 0 0 0 0 0 0 1 1 1 1 1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 t c b r n g t c b r n l p v n r y l p v n b r n g c e e p u u c e e p u Ju e o a a a Ju e o a e p u u - 10% O D F A J A O D F A J S N J M M S N J F A J A Domicile Malaysia - 20% Base Currency US Dollar (USD) Fund Inception 3 July 2017 Fund Benchmark Benchmark The Fund adheres to the Past performance does not guarantee future results. Asset allocation and diversification do not ensure a profit or protect against a loss. benchmark of the Target Fund for performance Cumulative Performance (%) comparison. The Since YTD 1 Month 3 Months 6 Months 1-Year 3-Year 5-Year Inception benchmark of the Target Fund -8.70 -0.21 -9.33 -10.95 -1.42 17.94 N/A 19.79 Fund is 50% MSCI China Net + 50% Markit Benchmark/Target Return -4.47 0.22 -7.23 -7.95 2.29 22.31 N/A 33.59 iBoxx Asia Local Bond Index China Offshore for Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 comparison purpose.
    [Show full text]
  • Ping an Insurance
    Investment Daily 23 April 2021 Major Market Indicators Market Overview 22 Apr 21 Apr 20 Apr Mkt. Turn.(mn) 154,500 154,400 195,700 Focus on individual company performance; Eye on Golden Week Stock Advances 905 591 842 Concept Stock Stock Declines 756 1,075 796 Overnight US equities rose. Hong Kong stock market rose 133 points to 28,755. H-share HSI 28,755 28,622 29,136 Index rose 50 points to 10,939. Tech Index rose 94 points to 8,279. Market turnover was Change +133 -514 +30 HK$154.5 billion. Commodity stocks grew. Angang(347) and Maanshan Iron(323) gained HSI Turn.($bn) 55.63 75.47 113.52 5.2-9.8%. Healthcare sector rose. Innovent Bio(1801) and Ocumension-B(1477) gained HSCEI 10,939 10,889 11,086 4.7-13.6%. China Gas(384) announced share placement at discount. Share price failed to Change +51 -197 -7 keep above placement price HK$29.75. Share price plunged 11.3% and closed at HK$29. HSCEI Turn.($bn) 68.19 76.42 112.87 US initial weekly jobless claim fell further to 547,000, better than expectation, but it failed to provide much support to the US stock market on Thursday. Investors remained concerns HSI Technical Indicators on the surge of COVID 19 new cases in lots of countries including India. Media reports saying that US President Biden plans to propose nearly doubling the capital gains tax rate 10-days MA 28,793 50-days MA 29,178 for wealthy individuals, triggered a sell off on the US stock market in late session.
    [Show full text]
  • Morgan Stanley's Top-Performing Fund Buys Undervalued Stocks
    January 19, 2020 | bloomberg.com Photographer: Michael Nagle/Bloomberg Markets Morgan Stanley’s Top-Performing Fund Buys Undervalued Stocks by Ishika Mookerjee January 19, 2020 ▶ Consumer stocks are a focus; more than half of assets in China ▶ Meituan, Moutai among drivers of fund’s 44% gain in past year A top-performing Morgan Stanley fund remain a key focus this year despite its invested capital and 15% revenue growth is betting on cash-rich consumption- slower growth in 2019. over the past three years, he added. The focused stocks in Asia, especially China, to Asian consumer stocks provide “high MSCI Asia ex Japan Index has gained 3.4% manage risks in market cycles this year. returns on capital, low leverage and so far this year. The Wall Street firm’s Asia Opportunity quality growth prospects,” Hong Kong- With more than 800 million people Portfolio, which focuses on equities in based Heugh said. The region offers “the emerging from poverty since market the region excluding Japan, returned 44% highest ratio” of high-quality companies reforms began in 1978, China is an in the past year, beating 99% of its peers, that have generated both 15% return on especially attractive hunting ground for according to data compiled by Bloomberg. The portfolio focuses on undervalued companies with low debt or net cash on their balance sheets, many of which are found in consumer sectors, said Kristian Heugh, who has been co-managing the fund since its inception in 2016. “We seek to protect investors’ capital by focusing on high quality companies with sustainable competitive advantages and purchasing them at a discount to our estimate of intrinsic value,” Heugh said.
    [Show full text]