Kathy Matsui, Stephanie Hui, Kate Richdale And

Total Page:16

File Type:pdf, Size:1020Kb

Kathy Matsui, Stephanie Hui, Kate Richdale And COVER STORY 20 FINANCEASIA JULY / AUGUST 2015 FINANCEASIA.COM COVER STORY By FinanceAsia reporters inanceAsia’s 2015 honour roll of the most influential women across the Asia FPacific region spans investment bank- ing and commercial bankers. We also bring you leading women in new ar- eas of finance such as Fintech where Asian companies are among the fastest-growing in the world. FinanceAsia also canvased corporate fin- anciers for exceptional women working in deal advisory including lawyers and accountants. We wanted to include women from across the region and admit we found this easier in China and Australia than say Korea and Japan. There is also a positive skew in the re- sults towards FinanceAsia’s own area of ex- pertise, corporate finance. FA FINANCEASIA.COM JULY / AUGUST 2015 FINANCEASIA 21 COVER STORY KELLY BAYER Delivering products that year. The division also achieved established software help companies to achieve a 9% increase in average companies. She is a Master of ROSMARIN their targets and increase lending balances and a 9% Science graduate from profits is the driving aspiration boost in average deposit Stanford University. COMMONWEALTH behind Kelly Bayer Rosmarin in balances, clocking up 41 new “I inherited a healthy BANK OF AUSTRALIA her role as head of institutional transaction banking mandates business with a strong track GROUP EXECUTIVE banking and markets at the in 2014. record in customer satisfaction FOR INSTITUTIONAL Commonwealth Bank of Big clients include Telstra, but since then we have focused BANKING AND MARKETS Australia. Woolworths, Origin Energy, heavily on using technology to Bayer Rosmarin’s team of Transurban, Queensland give clients more granular and about 1,500 staff across nine Motorways, and the Scentre insightful information about countries generates nearly 15% Group. “I like to see people in how their businesses operate,” of CBA’s group profits. They business fulfil their potential Bayer Rosmarin said. provide services to large and use our products and Her team’s achievements in corporate, government, and services to make their the past 12 months include institutional clients covering businesses more successful,” being selected by the debt capital markets, loan said the veteran banker. Queensland state government syndication, project and Bayer Rosmarin took on her to provide whole of structured finance, foreign current role in January 2014 government banking services exchange, commodity and after heading corporate for the next five years; being interest rate products, and banking solutions at CBA. She mandated lead arranger and transactional banking. joined the bank in 2004. Prior swap bank on Newcastle Port’s Last financial year the to that she was a management A$875 million syndicated division reported revenues of consultant with the Boston facilities; and being the only A$2.7 billion and an after-tax Consulting Group and also domestic lead arranger for the profit of A$1.3billion, which was spent time in Silicon Valley financing of the A$2.1 billion a 5% increase on the previous working for start-ups and Sydney Light Rail Project. CATHRYN CARVER ANZ SENIOR MANAGING DIRECTOR, INTERNATIONAL AND INSTITUTIONAL BANKING ANZ is the only Australian Resources, Fosun’s A$474 high-level agreements will Council of Australia, Jennifer bank with a stated aim of million purchase of Roc Oil, begin to bear fruit for ANZ’s Westacott. making meaningful profits in and New Hope’s acquisitions international and institutional “These high-level Asia, placing Cathryn Carver in the agricultural sector. In banking division. In November agreements put ANZ in the at the pointy end of the bank’s each case ANZ acted for the last year she was part of a path of future deals,” Carver strategic vision. Carver is foreign buyer as an adviser small group that spearheaded said. “To be successful in responsible for key and/or provider of acquisition two memorandums of banking you have to find a international and institutional finance. understanding between ANZ, balance between making banking client relationships “We bridge the cultural China Development Bank, money today and laying within Australia and Asia and divide, bringing a sound Baosteel, and Aurizon. the groundwork for is determined to add new, knowledge of Australian She is a board member making money large Asian clients to the practices to foreign clients,” of China’s Bank of tomorrow.” bank’s roster. Carver said. Tianjin (an ANZ As a woman she brings In the six months to end Carver spent the majority of partner) and deputy an added element of March ANZ generated 21% of her career at Macquarie Bank chair of the newly collaboration to her its profits from Asia-Pacific, before moving to Westpac formed Australian role. “Control and Europe, and America, up from where she was general Sino Association command aren’t 16% three years ago, and manager of corporate finance 100 — an effective on their bringing the bank closer to its and head of capital markets. agricultural own. You have to be 2017 target of deriving 25% to She joined ANZ in 2005, alliance between attuned to people 30% of its group profits from running corporate finance, Australia and and be able to offshore. then global capital markets, China, chaired motivate them to Several landmark deals which included a two-year by Fortescue deliver for helped along the way such as stint in the Hong Kong office. founder Andrew themselves and the Baosteel’s A$1.4 billion ($1.07 Carver is hopeful that a Forrest and head bank,” she told billion) acquisition of Aquila number of recently signed of the Business FinanceAsia. 22 FINANCEASIA JULY / AUGUST 2015 FINANCEASIA.COM COVER STORY REIKO HAYASHI BANK OF AMERICA MERRILL LYNCH HEAD OF JAPAN GLOBAL CAPITAL MARKETS Reiko Hayashi is in our list for her work on market-defining transactions in Japan’s debt markets. Hayashi was heavily involved in bringing to market debt financing for the $16 billion Suntory acquisition of US distiller Beam. The acquisition was the third-largest cross-border purchase by a Japanese company and symbolic of Japan Inc. expanding overseas in search of growth. Hayashi also worked on Development Bank of Japan’s landmark €250 million green bond, the first by a Japanese firm, and is promoting this socially responsible asset class to other Japanese corporates. Her deal-making skills has led to promotion through the ranks at Bank of America Merrill Lynch. In 2014 she was named Japan head of global capital markets. Before that Hayashi was made head of Japan debt capital markets in 2011 and head of Japan Public Sector Origination in 2006, having previously overseen corporate and public finance WEI SUN CHRISTIANSON within debt capital markets and risen from the trading floor over MORGAN STANLEY the course of a 25-year career in banking. CO-CEO OF ASIA-PACIFIC EX-JAPAN AND CHINA CEO; Hayashi is a member of Bank of America Merrill Lynch’s MEMBER OF THE GLOBAL MANAGEMENT COMMITTEE diversity and inclusion council aimed at encouraging talented women to go for promotion. Christianson as co-chief listing. Morgan Stanley She is an advocate of flexible working hours for women in executive officer of Asia ranked fourth in Dealogic’s banking. That is reflected in her team, which includes several Pacific ex-Japan helped to China M&A advisory ranking mothers who enjoy flexible work hours. drive Morgan Stanley’s strong as of mid-June. revenue growth across the The mother of three is region in 2014 and so far this passionate about diversity reported year. and childcare. Christianson Christianson is also CEO of spoke at the Summer Davos in China, which has enjoyed the 2013 to discuss female region’s highest revenue leadership and gender parity. growth over the past year. She joined Facebook’s chief Since becoming the firm’s operating officer Sheryl China head in 2006, Sandberg in Beijing last Christianson has coordinated September to discuss equality with multiple domestic in the workplace. She also regulators to successfully delivered the keynote speech build out Morgan Stanley’s at the Hong Kong Stock China onshore businesses Exchange on increasing Under Christianson’s women’s roles in decision- leadership, Morgan Stanley making. Since 2008, has broadened its onshore Christianson has been an footprint in China to include active participant in the domestic securities and bond various annual volunteering underwriting, commercial programs at Beijing Children’s banking, asset management, Hospital. trust services, and renminbi- She serves on the board of denominated private equity Estee Lauder and is a member investing. of the advisory committee of Morgan Stanley also the Securities and Futures advised WH Group on its $7 Commission of Hong Kong, as billion acquisition of well as a member of the Smithfield Foods and Shenzhen Stock Exchange’s Alibaba’s $25 billion New York strategic planning committee. FINANCEASIA.COM JULY / AUGUST 2015 FINANCEASIA 23 COVER STORY GOLDMAN SACHS HEAD OF MER- CHANT BANKING, ASIA PACIFIC EX JAPAN When Stephanie Hui first joined Goldman Sachs in 1995 she only planned to stay one year. Having just graduated from Harvard with a biology degree, Hui took a job at the US bank to help pay for medical STEPHANIE HUI school. But she quickly took to Wall Street and enjoyed meeting young business people to hear their pitches. “Every week I would see 10 to 15 entrepreneurs, all with their exciting ideas and passionate attitudes about whatever they were doing. They were so eager to share with us how brilliant their company would become,” Hui told FinanceAsia. “Some of them were living pay-check to pay-check and are now [millionaires] or even billionaires. It’s been amazing to watch their journeys.” Fast-forward 20 years and Hui is head of merchant banking for Asia Pacific ex VIVIEN HSU WOAN-MEEI Japan for Goldman Sachs, overseeing approximately $3 billion-worth of FUBON FINANCIAL HOLDINGS investments in small- to large-size PRESIDENT companies.
Recommended publications
  • Governance and Remuneration 2014
    Governance & remuneration reportStrategic In this section Our Board 72 Our Corporate Executive Team 76 Chairman’s letter 78 Corporate governance framework 79 Board report to shareholders Oversight and stewardship in 2014 and future actions 80 remuneration & Governance Leadership and effectiveness 82 Committee reports Audit & Risk 86 Nominations 92 Corporate Responsibility 94 Remuneration report Chairman’s annual statement 96 Annual report on remuneration 97 2014 Remuneration policy report 119 Financial statements Financial Investor information Investor GSK Annual Report 2014 71 Our Board Strategic reportStrategic Diversity Experience International experience Composition Tenure (Non-Executives) % % % % Scientific 19 Global 75 Executive 19 Up to 3 years 39 % % % % Finance 31 USA 100 Non-Executive 81 3-6 years 15 % % % % Industry 50 Europe 94 Male 69 7-9 years 23 % % % EMAP 63 Female 31 Over 9 years 23 Sir Christopher Gent 66 Skills and experience Chairman Sir Christopher has many years of experience of leading global businesses and a track record of delivering outstanding performance Governance & remuneration & Governance Nationality in highly competitive industries. He was appointed Managing Director British of Vodafone plc in 1985 and then became its Chief Executive Officer Appointment date in 1997 until his retirement in 2003. Sir Christopher was also a 1 June 2004 and as Chairman Non-Executive Director of Ferrari SpA and a member of the British on 1 January 2005 Airways International Business Advisory Board. Committee membership External appointments Corporate Responsibility Sir Christopher is a Senior Adviser at Bain & Co. Committee Chairman, Nominations, Remuneration and Finance Sir Philip Hampton 61 Skills and experience Chairman Designate Prior to joining GSK, Sir Philip chaired major FTSE 100 companies including J Sainsbury plc.
    [Show full text]
  • Doug Ogden December 2006
    JPMorgan’s Hands-On China Series Views you can use Transcript – Doug Ogden December 2006 NEW REPORT Investment Opportunities in China’s Clean Energy Technology In this presentation to global investors, Douglas Ogden, Director of the China Sustainable Energy Program in Beijing and Executive Vice President of The Energy Foundation in San Francisco, discussed the numerous opportunities for clean energy technology investment in China. These opportunities depend on social investment in upstream policies that shape markets conducive to modern, clean energy technologies. China’s traditional energy technologies, based predominantly on oil and relatively dirty coal, are priced well below social costs, skewing China’s market in favor of inefficient, Doug Ogden outmoded, and heavily polluting energy technologies. The current unsustainable situation has enormous public health and environmental costs. Director, China Sustainable These conditions, however, are being gradually reversed through concerted public policy Energy Program and legal institutional capacity building supported by international non-profits, multilateral Executive Vice President, banks, and the business community. Energy Foundation Engagement in policy development and implementation can be a highly successful strategy for creating market opportunities for clean energy technologies: Witness the progress over the last 8 years that have ushered in: China’s advanced fuel economy standards—driving markets in advanced engine technologies; The national renewable energy law and wind concessions—creating
    [Show full text]
  • Global Events
    GLOBAL EVENTS Education • Professional Leverage • Networking • Philanthropy Industry Icons Sep 18, 2013 New York: A Conversation With Adena T. Friedman, Chief Financial Officer, The Carlyle Group Adena Friedman, Chief Financial Officer, The Carlyle Group Bill Stone, Founder and CEO, Moderator, SS&C Technologies Jun 3, 2013 Washington: Conversation with David M. Rubenstein, Co-Founder, The Carlyle Group David M. Rubenstein, Co-Founder, The Carlyle Group Jeffrey R. Houle, Moderator, Partner, DLA Piper Apr 3, 2013 New York: Fireside Chat with Saba Capital's Boaz Weinstein Boaz Weinstein, Founder & CIO, Saba Capital Stephanie Ruhle, Moderator, Anchor, Bloomberg Oct 30, 2012 Newport Beach: A Conversation with Dr. Mohamed El-Erian of PIMCO: Investing in a Zero-Interest Rate Environment Dr. Mohamed El-Erian, Chief Executive Officer and Co-CIO, PIMCO Lupin Rahman, Moderator, Executive Vice President, PIMCO Marc Seidner, Managing Director and Generalist Portfolio Manager, PIMCO Qi Wang, Managing Director and Portfolio Manager, PIMCO Oct 16, 2012 New York: Know Yourself and Your Decision-Making Process: A Conversation with Nobel Laureate Dr. Daniel Kahneman Dr. Daniel Kahneman, Eugene Higgins Professor of Psychology and Professor of Public Affairs Emeritus, Princeton University Jason Zweig, Moderator, Columnist, Wall Street Journal Sep 19, 2012 New York: Conversation with Eric E. Schmidt, Executive Chairman of Google Eric E. Schmidt, Executive Chairman, Google Apr 30, 2012 New York: An Armchair Discussion with John J. Mack on Leadership John J. Mack, former Chairman and CEO, Morgan Stanley Joanne Pace, Moderator, former Chief Operating Officer, Morgan Stanley Investment Management Jan 25, 2012 Geneva: Philippe Jabre Talks Markets Philippe Jabre, Chief Investment Officer, Jabre Capital Partners Dec 8, 2011 Los Angeles: Dinner Event with Howard Marks, Chairman, Oaktree Capital Oct 26, 2011 Los Angeles: Renee Haugerud, Founder, CIO & Managing Principal, Galtere, Ltd.
    [Show full text]
  • Hang Seng Indexes Announces Index Review Results
    14 August 2020 Hang Seng Indexes Announces Index Review Results Hang Seng Indexes Company Limited (“Hang Seng Indexes”) today announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 30 June 2020. All changes will take effect on 7 September 2020 (Monday). 1. Hang Seng Index The following constituent changes will be made to the Hang Seng Index. The total number of constituents remains unchanged at 50. Inclusion: Code Company 1810 Xiaomi Corporation - W 2269 WuXi Biologics (Cayman) Inc. 9988 Alibaba Group Holding Ltd. - SW Removal: Code Company 83 Sino Land Co. Ltd. 151 Want Want China Holdings Ltd. 1088 China Shenhua Energy Co. Ltd. - H Shares The list of constituents is provided in Appendix 1. The Hang Seng Index Advisory Committee today reviewed the fast expanding innovation and new economy sectors in the Hong Kong capital market and agreed with the proposal from Hang Seng Indexes to conduct a comprehensive study on the composition of the Hang Seng Index. This holistic review will encompass various aspects including, but not limited to, composition and selection of constituents, number of constituents, weightings, and industry and geographical representation, etc. The underlying aim of the study is to ensure the Hang Seng Index continues to serve as the most representative and important benchmark of the Hong Kong stock market. Hang Seng Indexes will report its findings and propose recommendations to the Advisory Committee within six months. The number of constituents of the Hang Seng Index may increase during this period. Hang Seng Indexes Announces Index Review Results /2 2.
    [Show full text]
  • Xiaomi Sews up Deals for Smart Homes
    16 BUSINESS Thursday, November 29, 2018 CHINA DAILY HONG KONG EDITION Xiaomi sews Shenzhen firms hike investment up deals for in R&D sector By ZHOU MO in Shenzhen, Guangdong smart homes [email protected] 20 percent of Shenzhen­registered list­ Tech tie­ups with Ikea, Microsoft and Nearly 20 percent of ed companies devoted more Shenzhen­registered listed than 10 percent of their iKongjian ‘to create better life for people’ companies devoted more operating revenue to R&D than 10 percent of their oper­ By OUYANG SHIJIA shortly after Ikea, the world’s ating revenue to research ouyangshijia@ largest furniture retailer, said and development last year, a chinadaily.com.cn last week that it would acceler­ level on par with globally ate its transformation to fully leading high­tech enterpris­ the sector that took the lead. Chinese technology giant embrace new technologies and es like Google and Apple, Of the 10 listed companies Xiaomi Corp announced on offer better user experiences. according to a report. with the biggest R&D invest­ Wednesday it has teamed up Bjorn Block, business leader In all, 256 companies cov­ ment, eight were IT compa­ with Sweden’s furniture titan for Ikea’s Home Smart divi­ Lei Jun, founder and CEO of Xiaomi Corp, delivers a speech on Wednesday during the MIDC Xiaomi ered in the Shenzhen­regis­ nies. Ikea to offer smart home prod­ sion, told during the confer­ AIoT Developer Conference in Beijing. PROVIDED TO CHINA DAILY tered Listed Companies The R&D investment of ucts. ence that the new partnership Development Report dis­ Tencent Holdings Ltd, the The tie­up is part of its larg­ marked a key step in creating a closed their R&D spending world’s largest game maker er efforts to expand into the seamless experience for cus­ partnership would benefit home renovation service plat­ in their 2017 annual reports.
    [Show full text]
  • 2016 Annual Report (PDF)
    Table of Contents 2 Corporate Information 3 CEO’s Statement 6 Management Discussion and Analysis 23 Biographies of Directors and Senior Management 27 Corporate Governance Report 39 Report of the Directors 59 Independent Auditor’s Report 64 Consolidated Statement of Profit or Loss and Other Comprehensive Income 65 Consolidated Statement of Financial Position 67 Consolidated Statement of Changes in Equity 68 Consolidated Statement of Cash Flows 70 Notes to the Consolidated Financial Statements 166 Five-year Financial Summary Corporate Information BOARD OF DIRECTORS REGISTERED OFFICE Executive Directors Maples Corporate Services Limited PO Box 309 Ms. GAO Lina (Deputy Chairman and Chief Executive Officer) Ugland House Mr. HAN Chunlin (Chief Operation Officer) Grand Cayman, KY1-1104, Cayman Islands Non-Executive Directors HONG KONG OFFICE Mr. YU Xubo (Chairman) Unit 2402, 24/F, Mr. WOLHARDT Julian Juul Alliance Building 130-136 Mr. HUI Chi Kin, Max Connaught Road Central Sheung Wan Mr. ZHANG Ping Hong Kong Mr. SUN Yugang PRINCIPAL SHARE REGISTRAR AND Independent Non-Executive Directors TRANSFER OFFICE Mr. LI Shengli Maples Finance Limited Mr. LEE Kong Wai, Conway PO Box 1093, Mr. KANG Yan Queensgate House Mr. ZOU Fei Grand Cayman, KY1-1102 Cayman Islands AUDIT COMMITTEE HONG KONG BRANCH SHARE REGISTRAR Mr. LEE Kong Wai, Conway (Chairman) AND TRANSFER OFFICE Mr. HUI Chi Kin, Max Mr. ZOU Fei Computershare Hong Kong Investor Services Limited Rooms 1712-1716, 17/F, Hopewell Centre REMUNERATION COMMITTEE 183 Queen’s Road East Wanchai Hong Kong Mr. LI Shengli (Chairman) Mr. WOLHARDT Julian Juul LEGAL ADVISORS Mr. ZOU Fei NOMINATION COMMITTEE As to Hong Kong Law Mr.
    [Show full text]
  • Annual Report Contents
    2017 ANNUAL REPORT CONTENTS Corporate Information 2 Results Highlights 4 Chairman’s Statement 6 Biographies of Directors and Senior Management 8 Business Review 16 Financial Review 26 Corporate Governance Report 35 Directors’ Report 46 Independent Auditor’s Report 58 Consolidated Statement of Profit or Loss and 63 Other Comprehensive Income Consolidated Statement of Financial Position 65 Consolidated Statement of Changes in Equity 67 Consolidated Statement of Cash Flows 69 Notes to the Consolidated Financial Statements 71 Five year Summary 162 Glossary 164 CORPORATE INFORMATION Legal Name of the Company Company Secretary WH Group Limited Mr. CHAU Ho Place of Listing and Stock Code Audit Committee The shares of the Company were listed on the Main Board Mr. LEE Conway Kong Wai (Chairman) of the Stock Exchange on August 5, 2014 Mr. HUANG Ming Mr. LAU, Jin Tin Don Stock Code: 288 Remuneration Committee Company Website Mr. HUANG Ming (Chairman) www.wh-group.com Mr. LEE Conway Kong Wai Mr. JIAO Shuge Directors Executive Directors Nomination Committee Mr. WAN Long (Chairman and Chief Executive Officer) Mr. WAN Long (Chairman) Mr. GUO Lijun (Executive Vice President and Chief Mr. HUANG Ming Financial Officer) Mr. LAU, Jin Tin Don Mr. ZHANG Taixi (General Manager of Shuanghui Group) Mr. SULLIVAN Kenneth Marc (President and Chief Environmental, Social and Executive Officer of Smithfield) Governance Committee Mr. YOU Mu (Vice President of Shuanghui Development) Mr. GUO Lijun (Chairman) Mr. SULLIVAN Kenneth Marc Non-executive Director Mr. ZHANG Taixi Mr. JIAO Shuge (Deputy Chairman) Mr. LAU, Jin Tin Don Independent Non-executive Directors Food Safety Committee Mr.
    [Show full text]
  • Annual Report – October 31 2018
    THE CHINA FUND, INC. ANNUAL REPORT October 31, 2018 The China Fund, Inc. Table of Contents Page Key Highlights 1 Asset Allocation 2 Industry Allocation 3 Chairman’s Statement 4 Investment Manager’s Statement 7 About the Portfolio Manager 9 Schedule of Investments 10 Financial Statements 14 Notes to Financial Statements 18 Report of Independent Registered Public Accounting Firm 26 Other Information 27 Dividends and Distributions: Summary of Dividend Reinvestment and Cash Purchase Plan 29 Directors and Officers 33 THE CHINA FUND, INC. KEY HIGHLIGHTS (unaudited) FUND DATA NYSE Stock Symbol CHN Listing Date July 10, 1992 Shares Outstanding 15,722,675 Total Net Assets (10/31/18) $298,469,072 Net Asset Value Per Share (10/31/18) $18.98 Market Price Per Share (10/31/18) $16.98 TOTAL RETURN(1) Performance as of 10/31/18: Net Asset Value Market Price 1-Year Cumulative -16.55% -17.53% 3-Year Cumulative 10.26% 12.29% 3-Year Annualized 3.31% 3.94% 5-Year Cumulative 18.71% 20.78% 5-Year Annualized 3.49% 3.85% 10-Year Cumulative 176.01% 169.92% 10-Year Annualized 10.69% 10.44% DIVIDEND HISTORY Record Date Income Capital Gains 12/19/17 $0.5493 — 12/19/16 $0.4678 — 12/28/15 $ 0.2133 $ 1.2825 12/22/14 $ 0.2982 $ 3.4669 12/23/13 $ 0.4387 $ 2.8753 12/24/12 $ 0.3473 $ 2.9044 12/23/11 $ 0.1742 $ 2.8222 12/24/10 $ 0.3746 $ 1.8996 12/24/09 $ 0.2557 — 12/24/08 $ 0.4813 $ 5.3361 (1) Total investment returns reflect changes in net asset value or market price, as the case may be, during each period and assumes that dividends and capital gains distributions, if any, were reinvested in accordance with the dividend reinvestment plan.
    [Show full text]
  • Buy WH Group
    Deutsche Bank Markets Research Rating Company Date 27 February 2018 Buy WH Group Coverage Change Asia Hong Kong Reuters Bloomberg Exchange Ticker Price at 26 Feb 2018 (HKD) 9.65 Consumer 0288.HK 288 HK HSI 0288 Price target - 12mth (HKD) 11.50 Food & Beverage ADR Ticker ISIN 52-week range (HKD) 9.74 - 5.94 WHGLY US92890T2050 HANG SENG INDEX 31,499 Time to add more protein; resuming Mark Yuan Anne Ling coverage with Buy Research Analyst Research Analyst (+852 ) 2203 6181 (+852 ) 2203 6177 Well-positioned in pork price cycle; global trade profit to expand; Buy [email protected] [email protected] We like WH Group for three reasons. First, we expect both US and China’s segment margin to expand, backed by a lower hog price in 2018; second, we expect the global trading profit to improve in the long term, helped by Price/price relative increasing synergies within different subsidiaries; and third, product mix upgrade in China should drive sustainable sales growth. We believe the risk- Performance (%) 1m 3m 12m reward for the stock is attractive at 13.9x 2018E P/E vs. 11.4% earnings CAGR Absolute 4.0 19.1 59.2 in 2018-20. We resume coverage on the stock with a Buy. HANG SENG INDEX -5.0 5.5 31.4 Declining hog price to drive margin expansion in near-term Source: Deutsche Bank In 2018, we expect the pork price to continue to decline, by 10% in China, as the current hog-raising profit is still much higher than the historical average and should lead to increasing supply.
    [Show full text]
  • Issue 1211 – Octoberjanuary 20172018 [email protected]
    CorporateCorporate NewsletterNewsletter HKEX Stock Code:288 IssueIssue 1211 – OctoberJanuary 20172018 [email protected] WH Group WH Group’s Smithfield Establishes Strategic Partnership with JD.com (24th October 2017) WH Group’s Smithfield Foods has jointly launched a Tripartite Strategic Partnership Agreement with JD.com and Shuanghui Development in New York. According to the agreement, JD Fresh will become the online sales platform for Smithfield’s pork products in China. The parties will sell more than ten kinds of exclusive products on JD.com, and further cooperate on big data, cold chain logistics and foods traceability. WH Group Announces Q3 2017 Results (30th October 2017) WH Group announced the unaudited consolidated results for the nine months ended September 30, 2017. In the period, turnover increased by 3.2% to US$16,285 million. Operating profit increased by 7.6% to US$1,379 million. Net profit increased by 11.1% to US$823 million (disregard any biological fair value adjustments and the non-recurrent debt extinguishment costs and related tax during the Period for the refinancing of certain existing indebtedness). WH Group Hosts Investors, Analysts and Media Tour (20th- 24th November 2017) More than 60 investors and analysts from Morgan Stanley, Citigroup and CICC and so on, 20 Chinese and foreign reporters from Reuters, the Hong Kong Economic Times and the South China Morning Post as well as Chinese mainstream financial media participated in two separate two- day tours. The investors, analysts and reporters visited the industrial park in Luohe, Henan Province, where the headquarters of Shuanghui Development is located, and Zhengzhou Production Plant.
    [Show full text]
  • This Is the Message
    SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2021 Sit Developing Markets Growth Fund Investments are grouped by geographic region. Name of Issuer Quantity Fair Value ($) Name of Issuer Quantity Fair Value ($) Common Stocks - 93.9% Singapore - 4.2% Africa/Middle East - 8.4% DBS Group Holdings, Ltd. 14,500 310,329 Israel - 2.3% Flex, Ltd. * 4,000 73,240 NICE Systems, Ltd., ADR * 1,500 326,955 Sea, Ltd., ADR * 365 81,479 South Africa - 6.1% Singapore Technologies Engineering, Ltd. 44,000 127,238 * Bid Corp., Ltd. 13,200 255,781 592,286 Bidvest Group, Ltd. 5,525 63,781 South Korea - 12.0% Naspers, Ltd. 1,425 340,968 LG Chem, Ltd. 575 408,990 Prosus NV 1,700 188,992 Medytox, Inc. 15 2,500 849,522 NAVER Corp. 450 149,901 Asia - 73.4% Samsung Electronics Co., Ltd. 12,250 881,069 Australia - 2.1% Shinhan Financial Group Co., Ltd. 7,200 238,250 * Atlassian Corp., PLC 450 94,842 1,680,710 Rio Tinto, PLC, ADR 2,475 192,184 Taiwan - 9.0% 287,026 Cathay Financial Holding Co., Ltd. 82,085 137,945 China/Hong Kong - 40.6% Hon Hai Precision Industry Co., Ltd., GDR 26,835 235,611 AIA Group, Ltd. 21,400 259,582 Taiwan Semiconductor Co. 37,482 771,105 Alibaba Group Holding, Ltd., ADR * 3,150 714,199 Taiwan Semiconductor Co., ADR 1,000 118,280 * Baidu, Inc., ADR 1,700 369,835 1,262,941 Budweiser Brewing Co. APAC, Ltd. 46,000 137,276 Thailand - 1.1% China Construction Bank Corp.
    [Show full text]
  • Look Beyond Near-Term Dairy Woes; Mengniu Profit Warning
    December 19, 2016 China: Consumer Staples Equity Research Look beyond near-term Dairy woes; Mengniu profit warning Mengniu FY16 profit warning a surprise On Dec 15, Mengniu issued a profit warning stating that in 2016 it will show a substantial loss due to: (1) Infant milk formula (IMF) sub Yashili's goodwill impairment; and (2) disposal loss on excessive sprayed milk powder inventory (mgmt. estimate Rmb600mn). While the impairment had been expected by the market, the magnitude was a surprise to us. We estimate Mengniu will record Rmb3.0-3.5bn impairment losses for 2016 (this compares to its 2015 net profit of Rmb2.3bn). We revise our 2016 reported EPS to Rmb(0.23) from Rmb0.50 and recurring EPS by -8% from Rmb0.59 to Rmb0.54 due to higher COGS from #2 above, and view #1 as a one-off. Our 12-month target price has not changed under our 2018E EV/GCI vs. CROCI/WACC framework and remains HK$17.8; retain Buy. Mengniu new CEO’s initiatives: focus on improving efficiency New CEO Mr. Lu Minfang has also set out his reform plan. Key initiatives: 1) streamline headquarters and offer wide decision-making autonomy to each business unit and 2) centralize procurement. For #1, each business unit will now have independent P&L metrics internally, enabling business decision making (e.g. large scale marketing campaign) without seeking approval. For #2, the company plans to procure all its milk under the same platform and increase the use of imported milk powder for low-end UHT milk.
    [Show full text]