INVESTOR Winning Companies, Winning IR Strategies Winning Companies, Asia IPS 2012 13 Coversv2.Indd 1

16/01/2013 11:10 asIa 2012/2013

PeRCePtIon stUDY PeRCePtIon INVESTOR Winning companies, winning IR strategies Winning companies, Asia IPS 2012_13 CoversV2.indd 1

IR MagazIne InvestoR PeRcePtIon study asIa 2012/2013 Investor Asia 2012/2013 Perception Study Winning companies, winning IR strategies

Foreword Research for this investor perception study was overseen by IR Insight, the research and intelligence unit of Cross Border, the publisher of IR Magazine. IR Insight commissioned Fox Insight to conduct the initial electronic survey and Mary Maude Research to conduct the telephone interviews. The study was conducted among Asia-based portfolio managers and analysts, who were asked to identify the companies that are the current leading exponents of investor relations in Greater China and South East Asia. Respondents were also questioned on their use of technology, time spent in the office, and the quality of information provided by IROs. We would like to thank Charles Fox at Fox Insight and Mary Maude and her team of interviewers for their exemplary work on this study. We would also like to thank all the members of the investment community who kindly gave their time to participate in the survey.

Lloyd Bevan IR Insight London November 2012 INTRODUCTION New kids on the block

Welcome to the report of the IR Magazine Investor Perception Study – Asia 2012/2013. This investor perception study bears witness to a good deal of change since last year’s report. That’s hardly surprising, given the volatile nature of today’s global economy and the world’s stock markets. But the changes to the lists of best-performing companies in our Asian awards research point to something broader than that. The research is conducted among sell-side analysts, buy-side analysts and portfolio managers in Asia, and their responses this year Janet Dignan introduces betray some fundamental new thinking. the Asian IR perception study for 2012/2013 Let’s take the two broad sections of the report: South East Asia, covering Singapore, Thailand, the Philippines, Malaysia and Indonesia; and Greater China, covering mainland China, Hong Kong and Taiwan. First South East Asia. The dominant sectors among this year’s Top 25 are banks & financials, with eight companies in the Top 25, five of them in the top 10; real estate, with five in the Top 25; and TMT, with four in the Top 25. Last year’s Top 25 boasted seven real estate companies, five in the banks & financials sector and three in technology, media & telecommunications (TMT). In terms of countries represented, Singapore remains easily the strongest, unsurprisingly. But last year there were only three non-Singaporean companies in the Top 25: Indonesia’s Astra International in 11th place; Philippine Long Distance Telephone (PLDT) in 12th; and CIMB Group in 13th. Now we have six The top three: this year & last year companies in the Top 25, three of them in the top 10: Malaysia’s CIMB 2011 2012 Company Company Group and Public Bank in fifth and Rank Rank sixth place, respectively, Thailand’s South East Asia Kasikornbank in eighth, PLDT 16th, AmBank from Malaysia 23rd, and 1 SingTel 1 SingTel another Thai company, Minor 2 DBS 2 CapitaLand International, in 24th. Some things have changed very 3 CapitaLand 3 DBS little, however. At the top of the table in Greater China South East Asia this year the three companies ranked first, second and 1 TSMC 1 China Telecom third are SingTel, DBS Group and 2 HTC Corporation 2 TSMC CapitaLand. And last year? SingTel, CapitaLand and DBS. The top three in 3 Anta Sports Products 3 Delta Electronics the Greater China rankings saw more change, with only TSMC retaining its presence, now in second place. And now all three top companies in China are in the technology and telecoms business. Indeed, the Greater China Top 30 is host to nine companies from the TMT sector (against eight last year); five from the banking and financials sector (the same as last time, though only three of them are the same companies as last time); four from the real estate sector (against five last year, only two of which are still in the Top 30); and five consumer/retail companies (compared with three in 2011). Geographically, the Greater China award list has also changed. More than half the 2012 Top 30 companies – 17 – are from mainland China, nine are from Hong

2 IR Magazine INVESTOR Perception Study – Asia 2012/2013 INTRODUCTION

Kong and just four are from Taiwan. That compares with last year’s totals of 15 mainland Chinese companies, 11 from Hong Kong and five from Taiwan. Such changes may be a result of several factors, from a growing emphasis on investor relations in certain companies or sectors to greater competition for capital to higher numbers of investors and analysts from particular backgrounds participating in the awards survey. Whatever the precise cause of these variations, however, it would be surprising if they did not reflect the changing level of input – in terms of salaries and budgets. IR Magazine’s latest research into this area (published in the IR Magazine Global Practice Report 2012 in November) shows Asia’s corporate IR departments having the biggest IR teams, on average, but the smallest budgets. The biggest companies employ an average of 5.8 people for their investor relations work, the smallest 2.8, giving an overall average of 3.8. The equivalent number for Europe is 3.4 and for North America it’s 2.8. On the other hand, Asian IR budgets – that is, for IR expenditure excluding salaries, overheads and the annual report – come in lower than in Europe and North America. This is reflected in the fact that proportionately fewer Asian companies outsource IR activities than their counterparts elsewhere, so the differences may all come out in the wash. But it remains undoubtedly the case that Asian companies, especially in Asia’s emerging markets, have been following a far steeper learning curve in recent years than their IR peers in Europe and North America. Still, as members of the investment community told our researchers in this year’s awards research, there is still room for plenty of improvement. Multiple respondents said they would like to have more information from a company about its peer group and about its industry sector overall. That may be a tip for IROs looking to ensure inclusion in future editions of investor perception studies like this one. How it was done The research for the 2012 IR Magazine Awards in Greater China and South East Asia was done under the aegis of IR Insight, the research arm of IR Magazine. The first step was the commissioning of an electronic survey by Fox Insight of London, which elicited 223 responses from members of the Asian investment community. Next Mary Maude Research conducted a telephone survey, involving in-depth interviews with more than 200 more portfolio managers and analysts in the region. Finally, researchers from IR Insight spoke to successful companies to round out the research and provide the corporate perspective. The end result is another comprehensive survey of Asian investor relations, bringing together quantitative and qualitative research from both sides of the IR equation. Here’s hoping its contents will contribute to the continuing, steady improvement in relations between Asian companies and their investment community audiences, wherever they may be.

Janet Dignan Founder, IR Magazine

IR Magazine INVESTOR Perception Study – Asia 2012/2013 3 ???????????IR MAGAZINE ASIA TOP 50

All-Asia All- Total Regional movement Total Total asia Company (large caps in bold) Country short rank from last awards points rank lists year 1 1 O China Telecom China 6 6 479 Taiwan Semiconductor Manufacturing 2 2 Y Taiwan 5 9 397 Company 3 3 O Delta Electronics Taiwan 2 8 392 4 4 + PetroChina China 1 8 368 5 5 O China Resources Enterprise Hong Kong 3 8 362 6 1 T SingTel Singapore 5 7 311 7 6 O Lenovo China 2 9 304 8 2 T DBS Group Singapore 3 7 290 9 7 O Pacific Basin Shipping Hong Kong 4 8 285 10 8 + China Minsheng Banking Corp China 1 3 251 11 3 T CapitaLand Singapore 3 8 227 12 9 O China Merchants Bank China 0 1 215 13 4 Y StarHub Singapore 1 7 214 14 5 O CIMB Group Malaysia 1 6 210 15 10 T Agile Property China 1 2 198 16 11 + Golden Eagle Retail China 0 3 196 17 12 + AAC Technologies China 0 0 188 18 13 + Tingyi China 0 1 171 19 14 O Ping An Insurance China 0 2 162 20 15 + Link REIT Hong Kong 0 3 157 21 16 O Bank of China (Hong Kong) Hong Kong 0 2 143 22 17 + Sinopec China 0 2 142 23 18 + MediaTek Taiwan 0 2 141 24 19 T Anta Sports China 0 1 133 =25 20 T China Shenhua Energy China 0 1 131 =25 20 + Sa Sa International Hong Kong 0 0 131 27 22 + CITIC Securities China 0 0 128 28 6 + Public Bank Malaysia 0 3 124 29 23 + Tencent Holdings China 0 1 114 30 7 T Keppel Corporation Singapore 1 3 113 =31 24 + China National Offshore Oil Corporation China 0 1 110 =31 24 + Wistron Corporation Taiwan 0 1 110 33 26 + China Overseas Land & Investment Hong Kong 0 1 109 34 8 + Kasikornbank Thailand 1 1 108 35 27 + Digital China China 0 0 105 36 28 T Hang Lung Properties Hong Kong 0 1 104 =37 29 Y Belle International Hong Kong 0 0 102 =37 29 T Orient Overseas (International) Hong Kong 0 3 102 39 9 + Singapore Airlines Singapore 1 1 100 O rank up T rank down Y same + new

4 IR Magazine INVESTOR Perception Study – Asia 2012/2013 IR MAGAZINE ???????????ASIA TOP 50

All-Asia All- Total Regional movement Total Total asia Company (large caps in bold) Country short rank from last awards points rank lists year =40 31 + China Oilfield Services China 0 1 99 =40 31 + President Chain Store Taiwan 0 1 99 =40 10 T UOB Singapore 0 1 99 43 33 + ASUSTeK Computer Taiwan 0 2 98 44 34 T Industrial Commercial Bank of China China 0 0 95 45 11 + Sembcorp Marine Singapore 0 2 91 46 12 T CapitaMall Trust Singapore 0 1 85 =47 35 T AU Optronics Taiwan 0 0 84 =47 13 + Neptune Orient Lines Singapore 0 1 84 =47 13 + Olam International Singapore 0 2 84 50 36 T HTC Corporation Taiwan 0 0 83 O rank up T rank down Y same + new

CONTENTS

The report 54 IR Magazine South East Asia Top 25 Profiles of the highest-ranking companies 6 Trends: Taking it to the bank in Singapore, Thailand, Malaysia, Indonesia Tim Human investigates the emergence of Malaysian banks as and the Philippines IR rivals to regional heavyweight Singapore The research 8 Research: Raising the IR standard in Asia IR Magazine finds out how the investment community rates Asian 92 IR Insight research process investor relations, focusing on the optimization of technology – Methodology – Respondents 12 IRO poll: IR & technology – Survey IR professionals at this year’s top-ranked companies answer questions on their use of technology for investor relations 95 Table of all ranked companies in Greater China 14 Winners and short-listed companies 2012 Breakdown of this year’s awards 99 Table of all ranked companies in South East Asia The rankings 101 Index of companies 18 IR Magazine Greater China Top 30 Profiles of the highest-ranking companies in China, Hong Kong and Taiwan

IR Magazine INVESTOR Perception Study – Asia 2012/2013 5 Trends Taking it to the bank Tim Human investigates the emergence of Malaysian IR in 2012, led by the banking sector

hile other countries are concept paper on capital adequacy ratios in May this year – talking about cutting back their along with a request for feedback – despite the fact the new banking sectors, Malaysia is rules are set to come into effect at the start of 2013. Wheaded in the other direction. ‘The central banks have said they will come up with some- Prime Minister Najib Razak recently thing – and it’s not just Malaysia, but many other countries as launched construction of a new 28-hectare well – to be implemented on January 1. [They say] they are work- business district, which will have financial ing on it and will let us know,’ explains Tan. ‘That has created a services at its heart. Named after the significant amount of uncertainty in the market, so everyone is premier’s father, the Tun Razak Exchange focusing on it. We can’t give them a conclusive answer, because is expected to create 40,000 new finance the central banks have not yet provided a conclusive answer, and roles in Kuala Lumpur. it’s a big challenge to manage people’s expectations.’ Malaysian banks are also the driving Given the uncertainty, Tan has spent a lot of time educating force behind the country’s performance in the investment community about CIMB’s approach to handling this year’s IR Magazine Awards research. Basel III. ‘We have points of view that differ from those of other Last year, no Malaysian companies made [banks],’ he explains. ‘Investors tend to be very binary: they like it into the top 10 rankings for South East it one way and don’t like it another way. If they like the way the Asia. This year, by contrast, there are two other guy is doing it, you are wrong. So there is a lot of work companies in the top 10 and three in the that needs to be done to educate investors.’ top 25: CIMB, Public Bank and AmBank. Public Bank, too, says Basel III has been a key area of All three companies are banks. interest for the investment community, although it mentions The recognition comes at a time when this alongside several other areas of focus. There have been Malaysia’s banks have enjoyed a more no ‘major challenges’ for its IR function over the last year, comfortable time than many of their peers notes the bank’s spokesperson. in South East Asia and the rest of the world: GDP is growing at a healthy 5 percent, the stock market is buoyant and bank balance 210 CIMB Group sheets are strong. 124 Public Bank

Central issues 62 AmBank Group Still, it has not been the easiest of rides. One of the main challenges faced by the 42 Media Prima banks and their IR teams has been to 27 educate investors and analysts on the CB Industrial Product impact of incoming regulatory changes 24 Axis REIT stemming from Basel III, the international rules aimed at strengthening capital 23 Telecom Malaysia requirements and risk management. ‘It’s been the biggest challenge to be able to Best investor relations by a Malaysian company provide as much clarity as possible with regards to what central banks are trying to do,’ says Steven Tan, head of IR at CIMB, High-climbing CIMB the Kuala Lumpur-based universal bank Of the three Malaysian companies210 CIMB in the Group top 25, CIMB is with operations across South East Asia. the highest placed at number five. The bank – a consistent 124 Public Bank Companies are unlikely to have received performer at the IR Magazine Awards – once again wins best praise from investors and analysts unless IR by a62 MalaysianAmBank company, Group for the third year in a row. For the they handled this issue well, but discussions 2012 South East Asia awards, it is short-listed for six awards in on this topic have been complicated by total,42 includingMedia Prima the grand prix for best overall investor relations the difficulty of knowing what is actually (large cap), best IR by a CEO and a debut for Tan on the short 27 required of banks. Bank Negara Malaysia, list forCB best Industrial investor Product relations officer.

Malaysia’s central bank, only put out a 24 RespondentsAxis REIT to IR Magazine’s awards research heap praise

23 Telecom Malaysia 6 IR Magazine INVESTOR Perception Study – Asia 2012/2013 Trends

on the bank’s senior management for its accessibility, as well one sell-side respondent from Malaysia. as on the IR team for its knowledge and responsiveness. How much corporate access? A spokesper- ‘Top management at CIMB goes the extra mile to communicate son for the company says Public Bank with shareholders,’ comments one Singapore-based sell-side attended eight investor conferences in the analyst. ‘Steven Tan, the head of investor relations, does an first nine months of 2012, as well as holding excellent job juggling the organizational issues and also 94 face-to-face meetings and 12 teleconfer- presenting the company’s message and financial information.’ ences at its Kuala Lumpur headquarters. CIMB’s continued IR success is built on offering extensive The third Malaysian bank in the access to management; Tan and his senior management rankings, AmBank, sits in 23rd place in conducted around 250 meetings in the first nine months of the South East Asia Top 25. It also picks up 2012 alone. Of those, 90 percent involved senior management two nominations: one for the prestigious – often the CEO or deputy CEO – and 10 percent were IR-only. grand prix for best overall investor relations Investors who know the company well are also given the chance in the small & mid-cap category, and the to meet other business leaders, such as the CFO, retail banking other for best IR by a Malaysian company. heads and country CEOs. Despite the strong performance of ‘I try to provide greater access to management – people Malaysian banks in this year’s awards, value that,’ says Tan. ‘They come and don’t just see the head Ganesh Nadarajah, group general manager of investor relations: they see the CEO, they see the deputy of investor relations and planning at CEO, and these are the guys who actually run the business. AmBank, thinks there is a lot more room I don’t think many companies do that.’ for professionalism. ‘A lot of IR people in For Tan, it is not the role of IR to fill in for management Malaysia are in more of a co-ordination when there are strategic issues to discuss. ‘We find it absolutely role, so it took a lot to convince me that this crucial that investors actually speak face to face with senior is a good career move for me,’ he states. management,’ he says. ‘If they need data, information or Nadarajah explains how, when he took clarifications on certain statements or ideas, then yes, I will on the IR role and began attending confer- take those meetings and those calls. But in terms of seeking ences and roadshows, he would be the only information on the strategic direction of the company, it would IR person there on his own taking meetings have to come from senior management.’ and doing presentations. He notes, however, that investors have been comfortable Public face dealing with him instead of senior manage- Public Bank follows closely behind CIMB in sixth place in the ment. He also hears from people in the South East Asia Top 25. The bank, which focuses on retail market that more and more senior figures customers and small to medium-sized enterprises, appears on are being appointed to IR roles in Malaysia. three short lists in this year’s research. ‘The company consis- ‘I think the potential [of the profession] to tently provides good corporate access and disclosures,’ states grow is very, very significant,’ he concludes.

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IR Magazine INVESTOR Perception Study – Asia 2012/2013 7 RESEARCH Raising the IR standard

Respondents by region or the 2012 edition of IR Magazine’s annual investor poll, Mary Maude Research asked a sample of 100 members of the Asian investment community whether IROs are 8% meeting their needs and how IR departments should 21% F 14% optimize technology to increase the flow of information between companies and the investors and analysts who follow them. To the extent that IR departments are failing to meet the needs of their investment community audience it is because 28% 29% they themselves suffer from a lack of information internally. This suggests Asian IROs need to do more internal brand building to get closer to senior management and develop a deeper understanding of the business. Continuing concerns about transpar- China Hong Kong Singapore ency can be addressed, according to the investment community, Taiwan Other South East Asia by focusing resources on a regularly updated website.

1 IR standards

Only a minority of investors and analysts say (90 percent) who believe IROs are helpful. At the root of this IROs give them the information they need. apparent contradiction is a view among investors and analysts This low figure of 38 percent compares with that Asian IROs are themselves excluded from useful informa- an overwhelming majority of respondents tion and so are not to blame for their failure to satisfy the

Does IR provide the information you need?

38% 35%

Yes No 27% Sometimes

How would you 3% 4% describe IROs? 3%

Helpful 90% Unnecessary In the way All of the above

8 IR Magazine INVESTOR Perception Study – Asia 2012/2013 RESEARCH

Top five areas where companies could provide more Information sources Do you have to go elsewhere for 1 41% Transparency information that should be provided by an IRO? 2 11% Access to IRO

=3 9% Guidance 40% 50% =3 9% Knowledge of industry

=5 6% Access to management Yes No 10% =5 6% Bad news Sometimes

investment community’s requests for it. ‘Much of what we need from management,’ repeats a sell-side is not accessible to an IRO,’ notes a sell-side analyst from China. respondent from Singapore. When these investors and analysts are asked to give examples Nine out of 10 respondents have to go of where IROs provide too much or too little, not surprisingly elsewhere to get the information companies instances of the former are few, whereas instances of the latter should be providing, both to make up for are many. In fact, the only thing IROs in Asia provide too much of the lack of information available from the is marketing. ‘There is too much promotion of their companies, company and to balance the marketing tone with little understanding of the concerns of the street,’ remarks of the information that is provided. ‘You a buy-side respondent from Hong Kong. always need to do extra work to find out The list of what IR provides too little of is broad, with no more as the information given is minimal,’ single concern attracting an overall majority of responses. says a buy-sider from Hong Kong. Lack of transparency continues to be the most common Often this means investors and analysts complaint from investors and analysts, mentioned by 41 percent seek insight from senior management. They of respondents. This is consistent with last year’s investor poll, also regularly check data among themselves when transparency also topped the list of areas where IR in Asia or refer to independent research and requires most improvement. ‘The biggest issue right now is the third-party databases. ‘A lot of the informa- lack of transparency and disclosure,’ says a Hong Kong buy-side tion from IROs is ‘canned’. That’s why access analyst. ‘Insufficient data in results and insufficient disclosure to management is so important for a deeper

‘They say This Top excuses What are the most common excuses used by IROs for withholding information? question is too detailed’

Competitor-sensitive information buy side, Hong Kong 50% ‘They usually just say, I don’t have that information IR is not allowed to speak on behalf of the company and I don’t know that either 15% sell side, China ‘They say, Sorry, we really IR doesn’t return the call don’t have numbers on that’ 10% buy side, China Suggest using stock exchange website ‘They often just don’t know as 5% they are not kept in the loop’

sell side, Taiwan ‘They tend to just say information is competitor-sensitive’ ‘Usually IROs don’t have the detail you need and cannot answer any specific questions’ sell side, Singapore

buy side, Hong Kong

IR Magazine INVESTOR Perception Study – Asia 2012/2013 9 RESEARCH

understanding of the thought processes,’ suggests a head of research from the Philippines. Another advises a respondent from the Philippines. sell-side respondent from Indonesia complains about being Most of the time IROs are not privy to given the runaround by an IRO who repeatedly dodged a request this information, hence the ‘helpful’ 90 for a printed version of a presentation by referring the sell-sider percent approval rating referred to above, to the stock exchange, which didn’t have it. ‘It’s infuriating and a although a few respondents hint at some waste of my time,’ lamets the respondent. A referral to the stock nefarious practices. ‘IROs tend to be a bit exchange is one of the most common excuses IROs regularly unfair and have their preferred analysts,’ rely on (see Top excuses, page 9).

2 Technological improvements

IROs in Asia should not waste their time and money on social media. That is the What technology should IROs focus on? verdict of 100 buy-side analysts and sell-side analysts from all across Asia, when asked how they would like to see 23% IR website IROs focus their resources on technology. (web page, webcasts, interactive annual report) The tech-themed requests from the 4% Mobile IR investment community can be grouped (apps and social media) into three broad categories: IR websites, IR outreach including webcasts and interactive annual 73% (video conferences, email and alerts,increasing telephone reports; mobile IR such as smartphone contact) apps and social media; and IR outreach, like video conferencing and email alerts. Close to three quarters (73 percent) of like Twitter or Weibo (see Anti-social investment, opposite). respondents would prefer IROs to dedicate So when it comes to technology, it seems all Asian investors IR resources to website-related issues. ‘All I really want from IROs is to know they can get all the information want is quality websites with all the infor- they want on the company from the website at a time of their mation to hand,’ says a Hong Kong sell-side choosing, using desktops and laptops rather than smartphones analyst. Most of the remaining and tablets. One of the principal respondents, 23 percent, are reasons for the popularity of interested in IROs using technol- How many video conferences have you websites is the need for conducted with senior management of the companies you are involved with? How often do you watch company What proportion of your work time 30% webcasts? Respondents (%) Respondents (%) 39% is spent at your desk? Daily 3 1-4 0 10 5-10 10 20 Weekly 11 17% % of time More than 10 3 0 Monthly 10 14% 90 3

at desk 30 None 7 9

Quarterly 33 9

80 1

Annually 11 respondents 40

36 1

2 0

Never 23 % 1 70 50 Varies 6 60 Rarely 3

Do you follow any IROs ogy like video conferencing to investors and analysts on Twitter or Weibo? improve accessibility to the to watch or listen to company, leaving only 4 10% company briefings, percent of respondents who presentations and confer- would like to see IR time and Yes ence calls without having to money concentrated on IR apps for No attend every event in person. 90% smartphones and tablets. Notably, Webcasts are particularly there is no interest from the Respondents (%) popular: on a stand-alone basis, investment community in IROs they account for a quarter of all DIGITIAL COMMUNITY going on social networking outlets responses from investors.

10 IR Magazine INVESTOR Perception Study – Asia 2012/2013 RESEARCH

‘Useless and could ‘It’s convenient ‘Although I do follow some create false confidences’ and you get IR guys, it’s not for work buy side, Hong Kong real-time news’ purposes. IROs are pretty buy side, Hong Kong professional in that way’

sell side, Hong Kong Topic: Twitter and Weibo for IR… ‘We can’t access Twitter from the office ‘As an interactive media, Weibo as it is banned’ works best for questions and sell side, Hong Kong answers and you get up-to- date responses. But they could do much better. Space for ‘IROs should improve comments would be helpful’ on this as none of them sell side, China seem to use Weibo’ buy side, Hong Kong,

‘Websites are the most important and should allow access from China. On a similar note, a Hong Kong to podcasts. As I follow the whole market I can’t attend all peer says: ‘I would like to have conference briefings, so need to be able to access the information on the calls for results, which most companies website,’ says a head of research from the Philippines. ‘In don’t do. It only needs to be simple. Just addition to presentations, I think all companies should record do the basics well.’ their annual meetings and put them online. Only one or two of my companies do this and I find it very useful,’ comments Digital community a sell-side analyst from Hong Kong. But what may seem to be The majority of investors and analysts an obvious point is far from universal practice among Asian spend most of their time behind a desk companies. ‘Companies need to make presentations available so company webcasts are widely viewed online,’ implores a Chinese buy-sider. and meetings via video conference are Meanwhile, other respondents set a lower benchmark for rising in popularity. In keeping with these company websites. The expectations of these investors and desk-bound trends, the use of social analysts rise only as high as a website being kept up to date media for IR purposes is low. and being treated by the firm as one of the principal sources of company information. ‘I would like to see an effort made to Immobile investors promote websites, to include transparent information on the Two thirds of investors and analysts spend company and industry,’ says a sell-side analyst from Hong Kong. more than 70 percent of their working day There is evidently a vast difference in the amount of data at their desks. being made available online by companies in Asia. Summing up the position in China, a buy-sider says: ‘Some companies are High audience figures for IR TV very good at online data disclosure. It is an important first Three quarters of the investment community impression of the company – others need to follow suit.’ have watched a webcast and more than half Equally, however, the appetite for technological uptake (57 percent) do so at least once a quarter. among the investment community can be just as varied. The level of divergence ranges from a ‘more the merrier’ approach to Switching to remote-controlled communications, echoed by a sell-side analyst from Singapore, meetings to a steadfast adherence to the traditional way of doing things, A majority of investors and analysts (61 epitomized by a buy-sider from Hong Kong, who says: ‘I don’t percent) have been involved in at least one really use technology. I prefer the old style: hard copy and video conference with senior management, meeting face to face.’ but frequency remains low. For others, the luxury of a webcast is simply too far removed from everyday reality, when it can be a challenge just to reach an Anti-social investment IR professional on the other end of the telephone. ‘I just want to Only one in 10 investors and analysts use be able to speak to them,’ implores one buy-side respondent social networking sites for IR.

IR Magazine INVESTOR Perception Study – Asia 2012/2013 11 IRO POLL: IR & technology

All of the IR teams in the Greater China Top 30 and the South East Asia Top 25 were asked the following questions:

1 Use of technologY 3 IR website

Which of the following does the IR team dedicate the How often does the IR team put something new up most resources to? on the IR web page (excluding share price)?

IR page on website 1 21% 2 Webcasts 29% 3 Interactive annual reports 4 Video conferences 5 Smartphone apps 50% Twitter/Weibo 6 Hourly Monthly Annually Daily Quarterly Never Fully 96 percent of respondents put the IR web page Weekly Half-yearly Don’t have one in first or second place (71 percent put it first) compared with a similarly large number (93 percent) of respondents who put Twitter/Weibo in either last IR teams update the webpage at least every quarter or second-to-last place (68 percent put it last). and at most once a week. An even half of IR teams do so monthly, the single most popular response. INVESTING IN TECHNOLOGY Reassuringly, no respondent said he/she never 2 updates the web page or doesn’t even have one.

Which of the following would the IR team most like Webcasting to dedicate more resources to? 4

Respondents % Does the IR team currently post webcasts on the IR page of your company’s website? IR page on website 66

Interactive annual reports 26 21% Video conferences 4 Yes Webcasts 4 No

Smartphone apps 0 79%

Twitter/Weibo 0

Nearly four in five respondents put webcasts on their Web pages continue to be the top priority when it IR web pages. For some, this has been a recent comes to technology, even though they already attract development over the last 12 months (see IR initiatives, the most IRO time. Interactive annual reports top webpage 13). But while webcasts are widely used, only 4 casts when it comes to prioritizing the areas needing percent of respondents would like to dedicate more more IR attention and investment in the future. resources to them.

12 IR Magazine INVESTOR Perception Study – Asia 2012/2013 IRO POLL: IR & TECHNOLOGY

5 TRADITIONAL TELEPHONE Publicly listed share capital 13% Three quarters or more More than half but less than 17% When the IR team answers a telephone call or email three quarters 53% from the investment community, how often can you More than a quarter but less than half 17% provide the answer it is looking for straight away? Less than a quarter

13% Share capital owned by the company founder or founder's family 8% 17% 48% Always None More often than not 17% Less than 10% 5% (more than 50% of the More than 10% but less than 20% 34% time but less than 100%) More than 20% but less than 30% 50/50 17% More than 30% but less than 50% Sometimes More than 50% 58% 9% (less than 50%) 4% 48% Never 9% Share capital owned by the state 13% (directly or indirectly)

Depositary receipt listed on an overseas exchange? 43% On balance, the vast majority (92 percent) of respon- 57% dents believe they are able to provide the answers to Yes No queries from the investment community most times Company profile they answer the telephone.

6 Ir initiatives

Describe a new initiative that has been undertaken by the IR department in the last 12 months?

Shareholder outreach Shareholder technology ‘Live ‘Traveling to meet investors and ‘Financial interactive charts on IR website’ webcast of shareholders on non-deal roadshows in new quarterly results regions such as continental Europe and China’ ‘Mobile version of IR website’ announcement and ‘Conducted debt investor relations forum’ making replay of ‘Compiled presentation slides to introduce webcast available on company profile’ ‘Organized 100 investors to visit the group’s our IR web page’ factories in China’ ‘Put together a corporate video to introduce the businesses of the company’ ‘More sophisticated reverse roadshow’ ‘Made online live webcast of results presentation available for overseas investors ‘Expanded and analysts’ ‘Shareholder investor focus to tracking retail investors in exercise and addition to webcast’ institutional investors’

‘Created an IR database to keep track of investor profile and issues discussed’

‘We have engaged investors interested in sustainability issues’

Shareholder TARGETING

IR Magazine INVESTOR Perception Study – Asia 2012/2013 13 greaterWINNERS chANDina RUNNER TOP 30S-UP Greater China

Grand prix for best overall investor Best investor relations officer relations – large cap chart p20 – Hong Kong chart p31

1 China Telecom...... China 1 China Resources Enterprise...... Vincent Tse 2 Taiwan Semiconductor Manufacturing Company 2 Pacific Basin Shipping...... Emily Lau ...... Taiwan 3 Orient Overseas (International)...... Stanley Shen 3 delta Electronics...... Taiwan 4 Galaxy Entertainment...... Peter Caveny 4 PetroChina...... China Best investor relations officer Grand prix for best overall investor – Taiwan chart p25 relations – mid OR SMALL cap chart p33 1 Delta Electronics...... Rodney Liu 1 Lenovo...... China 2 Taiwan Semiconductor Manufacturing Company 2 Pacific Basin Shipping...... Hong Kong ...... Elizabeth Sun 3 Agile Property...... China 3 President Chain Store...... Katrina Li 4 Golden Eagle Retail...... China Best investor relations by a CEO or Best investor relations by a president – mainland China chart p20 mainland Chinese company chart p20 1 China Telecom...... Wang Xiao Chu 1 China Telecom 2 Ping An Insurance...... Ma Mingzhe 2 PetroChina 3 Sinopec...... Fu Chengyu 3 Lenovo 4 Vinda International...... Donna Zhang 4 China Minsheng Banking Corp Best investor relations by a CEO or Best investor relations by a president – Hong Kong chart p36 Hong Kong company chart p31 1 Pacific Basin Shipping...... Klaus Nyborg* 1 China Resources Enterprise =2 AIA Group...... Mark Tucker 2 Pacific Basin Shipping =2 China Resources Enterprise...... Long Chen 3 Link REIT =2 Link REIT...... George HongChoy 4 Bank of China (Hong Kong) *Left Pacific Basin in March 2012

Best investor relations by a Best investor relations by a CEO or Taiwanese company chart p23 president – Taiwan chart p26

1 Taiwan Semiconductor Manufacturing Company 1 Delta Electronics...... Yancey Hai 2 delta Electronics =2 ASUSTeK Computer...... Jerry Shen 3 MediaTek =2 Taiwan Semiconductor Manufacturing Company 4 Wistron Corporation ...... Morris Chang =2 Wistron Corporation...... Simon Lin

Best investor relations officer – mainland China chart p20 Best investor relations by a CFO – mainland China chart p20 1 China Telecom...... Jacky Yung 2 PetroChina...... Mao Zefeng 1 China Telecom ...... Wu Andi 3 Lenovo...... Gary Ng =2 China Oilfield Services...... Li Feilong 4 China Minsheng Banking Corp...... Wan Qing Yuan =2 Golden Eagle Retail...... Patricia Tai 4 Lenovo...... Wai Ming Wong

14 IR Magazine INVESTOR Perception Study – Asia 2012/2013 WINNERGREATERS AND CHRUNNERINA TOPS-UP 30

Best investor relations by a CFO Best investor relations during – Hong Kong chart p35 a corporate transaction chart p33

1 Pacific Basin Shipping...... Andrew Broomhead 1 Lenovo...... China 2 China Resources Enterprise...... Frank Lai 2 PetroChina...... China 3 Lifestyle International...... Terry Poon Fuk-chuen 4 Orient Overseas (International)...... Ken Cambie

Best investor relations by a CFO Sector awards – Taiwan chart p24 See page 42 for more on best in sector 1 Taiwan Semiconductor Manufacturing Company ...... Lora Ho Banks & financial services =2 ASUSTeK Computer...... David Chang =2 MediaTek...... David Ku 1 China Minsheng Banking Corp...... China 2 China Merchants Bank...... China 3 Ping An Insurance...... China Best corporate literature chart p24 4 Bank of China (Hong Kong)...... Hong Kong 1 Taiwan Semiconductor Manufacturing Company ...... Taiwan Consumer goods & services 2 China Resources Enterprise...... Hong Kong 1 China Resources Enterprise...... Hong Kong 3 PetroChina...... China 2 Golden Eagle Retail...... China =4 Lenovo...... China 3 Tingyi...... China =4 Pacific Basin Shipping...... Hong Kong 4 Anta Sports...... China

Best use of technology chart p24 Energy

1 Taiwan Semiconductor Manufacturing Company 1 PetroChina...... China 2 Sinopec...... China ...... Taiwan 3 China Shenhua Energy...... China 2 delta Electronics...... Taiwan 4 China National Offshore Oil Corporation...... China 3 Lenovo...... China 4 Tencent Holdings...... China Industrials, logistics & transport

Best investment community 1 Pacific Basin Shipping...... Hong Kong meetings chart p24 2 Orient Overseas (International)...... Hong Kong 3 Sany Heavy Industry...... China 1 Taiwan Semiconductor Manufacturing Company ...... Lora Ho Real estate 2 China Resources Enterprise...... Hong Kong 3 PetroChina...... China 1 Agile Property...... China 2 Link REIT...... Hong Kong 4 delta Electronics...... Taiwan 3 China Overseas Land & Investment...... Hong Kong 4 Hang Lung Properties...... Hong Kong Best corporate governance and disclosure chart p36 Technologies & telecoms 1 Pacific Basin Shipping...... Hong Kong 1 China Telecom...... China 2 PetroChina...... China 2 Taiwan Semiconductor Manufacturing Company 3 delta Electronics...... Taiwan ...... Taiwan =4 China Resources Enterprise...... Hong Kong 3 delta Electronics...... Taiwan =4 Lenovo...... China 4 Lenovo...... China

IR Magazine INVESTOR Perception Study – Asia 2012/2013 15 greaterWINNERS chANDina RUNNER TOP 30S-UP South East Asia

Grand prix for best overall investor Best use of technology chart p56 relations – large cap chart p55 1 SingTel...... Singapore 1 SingTel...... Singapore 2 dBS Group...... Singapore 2 dBS Group...... Singapore 3 CapitaLand...... Singapore 3 CapitaLand...... Singapore 4 Keppel Corporation...... Singapore 4 StarHub...... Singapore 5 CIMB Group...... Malaysia Best investment community meetings chart p62 Grand prix for best overall investor relations – mid OR SMALL cap chart p80/82 1 CapitaLand...... Singapore =2 SingTel...... Singapore =1 Frasers Centrepoint Trust...... Singapore =2 StarHub...... Singapore =1 Keppel Land...... Singapore 4 dBS Group...... Singapore 3 Venture Corporation...... Singapore 4 AmBank Group...... Malaysia 5 Minor International...... Thailand Best corporate governance and disclosure chart p57

1 SingTel...... Singapore Best investor relations officer chart p65 2 CapitaLand...... Singapore 1 StarHub...... Singapore, Jeannie Ong 3 StarHub...... Singapore 4 Public Bank...... Malaysia 2 SingTel...... Singapore, Sin Yang Fong 3 CapitaLand...... Singapore, Harold Woo 4 CIMB Group...... Malaysia, Steven Tan Best Investor relations during a corporate transaction chart p59

Best investor relations by a 1 DBS Group...... Singapore CEO or president chart p59 2 CIMB Group...... Malaysia 1 DBS Group...... Singapore, Piyush Gupta 2 CIMB Group...... Malaysia, Nazir Razak Best investor relations by an 3 Olam International...... Singapore, Sunny Verghese Indonesian company chart p89/91 4 StarHub...... Singapore, Neil Montefiore 1 XL Axiata 2 Garuda Indonesia Best investor relations by a CFO chart p61 3 Astra International 1 CapitaLand...... Singapore, Arthur Lang 2 UOB...... Singapore, Lee Wai Fai Best investor relations by a 3 Keppel Corporation...... Singapore, Loh Chin Hua Malaysian company chart p90 4 Sembcorp Marine...... Singapore, Tan Cheng Tat 1 CIMB Group 2 Public Bank Best corporate literature chart p56 3 AmBank Group 4 Media Prima 1 SingTel...... Singapore 2 dBS Group...... Singapore 3 Keppel Land...... Singapore =4 CapitaLand...... Singapore =4 StarHub...... Singapore

16 IR Magazine INVESTOR Perception Study – Asia 2012/2013 WINNERGREATERS AND CHRUNNERINA TOPS-UP 30

Best investor relations by a Best investor relations by a Philippine company chart p91 Thai company chart 90

1 PLDT 1 Kasikornbank 2 AboitizPower 2 Minor International 3 universal Robina Corporation 3 Advanced Info Service 4 Alliance Global 4 PTT

Sector awards See page 43 for more on best in sector

Banks & financial services Real estate 1 DBS Group...... Singapore 1 CapitaLand...... Singapore 2 CIMB Group...... Malaysia 2 CapitaMall Trust...... Singapore 3 Public Bank...... Malaysia 3 CapitaMalls Asia...... Singapore

Consumer goods & services Technologies & telecoms (including retail) 1 SingTel...... Singapore 1 Minor International...... Thailand 2 StarHub...... Singapore 2 Super Group...... Singapore 3 PLDT...... Philippines 3 universal Robina Corporation...... Philippines Transport Diversified industrials (including energy & agriculture) 1 singapore Airlines...... Singapore 2 Neptune Orient Lines...... Singapore 1 Keppel Corporation...... Singapore 3 ComfortDelgro Corporation...... Singapore 2 Sembcorp Marine...... Singapore 3 Olam International...... Singapore

IR Magazine INVESTOR Perception Study – Asia 2012/2013 17 3

GREATER /

CHINA 2 TOP 30

Company echnology points otal

Rank (large caps in bold) Country I RO C EO CF O Corp literature T Meetings Corp gov in country Best prix Grand T 1 China Telecom China 73 63 45 20 18 23 24 144 69 479 Taiwan Semiconductor Manufacturing 2 Taiwan 44 9 21 44 42 54 24 91 68 397 Company 3 Delta Electronics Taiwan 68 33 6 18 36 41 30 107 53 392 4 PetroChina China 62 14 8 32 20 42 32 95 63 368 5 China Resources Enterprise Hong Kong 69 18 24 33 15 48 27 75 53 362 6 Lenovo China 43 6 18 30 33 23 27 72 52 304 7 Pacific Basin Shipping Hong Kong 33 24 51 30 12 27 36 33 39 285 8 China Minsheng Banking Corp China 36 6 12 18 12 39 18 68 42 251 9 China Merchants Bank China 27 12 18 18 0 0 23 76 41 215 10 Agile Property China 34 0 0 24 12 18 18 47 44 198 11 Golden Eagle Retail China 28 9 27 18 12 4 12 45 41 196 12 AAC Technologies China 35 8 18 6 11 30 6 37 37 188 13 Tingyi China 33 6 18 3 6 24 11 39 31 171 14 Ping An Insurance China 23 15 12 18 6 6 6 47 29 162 15 Link REIT Hong Kong 18 18 12 15 6 0 23 30 35 157 16 Bank of China (Hong Kong) Hong Kong 17 6 12 8 6 9 8 39 38 143 17 Sinopec China 12 15 0 8 16 11 13 48 19 142 18 MediaTek Taiwan 15 0 12 6 6 21 9 60 12 141 19 Anta Sports China 23 8 8 18 15 6 18 20 17 133 =20 China Shenhua Energy China 13 6 0 18 15 12 18 26 23 131 =20 Sa Sa International Hong Kong 18 6 14 0 0 12 0 42 39 131 22 CITIC Securities China 33 6 6 9 0 3 0 53 18 128 23 Tencent Holdings China 18 6 12 0 24 15 3 18 18 114 =24 China National Offshore Oil Corporation China 16 9 9 14 6 7 6 26 17 110 =24 Wistron Corporation Taiwan 17 9 6 6 6 24 6 9 27 110 26 China Overseas Land & Investment Hong Kong 11 15 0 11 8 6 20 30 8 109 27 Digital China China 9 13 6 6 6 12 6 23 24 105 28 Hang Lung Properties Hong Kong 9 14 0 12 3 12 9 20 25 104 =29 Belle International Hong Kong 12 17 12 0 3 12 0 29 17 102 =29 Orient Overseas (International) Hong Kong 21 0 18 6 6 15 12 15 9 102 GREATER CHINA TOP 30

1 China Telecom

AWARD WINNER | BEST IN SECTOR (see p42) | BEST IN COUNTRY (see 90)

2011 ranking 8

Grand prix for best overall investor relations – large cap Best investor relations by a mainland Chinese company Best investor relations officer – mainland China IR awards Best investor relations by a CEO or president – mainland China Best investor relations by a CFO – mainland China Best in sector – technologies & telecoms

Large cap Listing information Hong Kong Stock Exchange Telecommunications

CEO Mr WANG Xiaochu

CFO Ms WU Andi

Head of IR Mr YUNG Shunloy (Jacky)

Ms LAI Karwing (Lisa), Mr WONG Kachun (Ivan), Ms Rebecca WONG, Ms Enrica LEE, Ms Doris IR team CHAN, Ms Stella LAW

Team size Seven

[email protected] Contact information www.chinatelecom-h.com +852 2877 9777 [email protected]

Investor/analyst feedback ‘China Telecom ticks all the boxes – access, delivery, corporate governance and excellent management’ – sell side, Singapore

‘The IRO at China Telecom is one of the few IROs in China able to give us the full picture, including any negatives. He is capable of analyzing the facts and summing up management’s attitude. This makes him the most useful IRO I speak to’ – sell side, Hong Kong

‘China Telecom holds regular, well-attended meetings’ – buy side, China

‘China Telecom and TSMC have large IR departments with well-qualified staff. Therefore, the manpower and the knowledge are available to answer all your questions’ – buy side, Singapore

‘China Telecom is transparent, always accessible, quick to respond and shareholder-friendly: exceptionally good communication with investors and analysts’ – sell side, Hong Kong

... see page 21 for more

Top ranker

hina Telecom is undoubtedly the big winner at this Xioachu. ‘This is really great encouragement year’s IR Magazine Awards in Asia. As well as topping to our company and our staff.’ both the Greater China Top 30 and the Asia Top 50 lists, The state-owned company performed C the Chinese telecoms major takes home an impressive well in 2011, taking eighth place both in the six awards – including the coveted grand prix for large-cap country-wide and regional Asia lists, but companies – with the winning combination of its chief executive, China Telecom was short-listed for only one chief financial officer and IRO all winning individual accolades award last year – making its 2012 sweep all for their IR performance. the more impressive. The company, which is ‘We are very pleased China Telecom has been honored with ranked 221st by revenue in the Fortune these grand awards by IR Magazine,’ says company CEO Wang Global 500 list, also gains recognition this

IR Magazine INVESTOR Perception Study – Asia 2012/2013 19 greater china TOP 30

479 China Telecom 479 China Telecom, China

368 PetroChina 397 Taiwan Semiconductor Manufacturing Company, Taiwan

304 Lenovo 392 Delta Electronics, Taiwan

251 China Minsheng Banking Corp 368 PetroChina, China

215 China Merchants Bank 362 China Resources Enterprise, Hong Kong

198 Agile Property 251 China Minsheng Banking Corp, China

196 Golden Eagle Retail 215 China Merchants Bank, China

188 AAC Technologies 171 Tingyi, China

171 Tingyi 162 Ping An Insurance, China

162 Ping An Insurance 143 Bank of China (Hong Kong), Hong Kong

Best investor relations by a 142 Sinopec, China mainland Chinese company 141 MediaTek, Taiwan

Grand prix for best overall investor relations – large cap 73 China Telecom Jacky Yung 62 PetroChina Mao Zefeng 479 China Telecom, China 43 Lenovo Gary Ng 397 Taiwan Semiconductor Manufacturing Company, Taiwan 36 China Minsheng Banking Corp Wan Qing Yuan 392 Delta Electronics, Taiwan 35 AAC Technologies Connie Chin 304 Lenovo, China Best investor relations officer – mainland China 188 AAC Technologies, China

141 MediaTek, Taiwan China Telecom 63 Tencent Holdings, China Wang Xiao Chu 114 Ping An Insurance 15 Wistron Corporation, Taiwan Ma Mingzhe 110 Sinopec 15 105 Digital China, China Fu Chengyu 15 Vinda International Donna Zhang Best in sector

Best investor relations by a CEO year with awards from IR Global Rankings and the League of or president – mainland China American Communications Professionals, as well as accolades from the publications Corporate Governance Asia, FinanceAsia and The Asset. 45 China Telecom Wu Andi ‘I would like to sincerely thank our investors for their kind 27 China Oilfield Services support and trust,’ adds Wang, who also pays tribute to the Li Feilong company’s staff for their ‘dedication and passion for excellence. 27 Golden Eagle Retail We shall continue to strive for dual leadership in innovation and Patricia Tai service to achieve scale development and enhance value for our 18 Lenovo Wai Ming Wong customers and shareholders.’ China Telecom is the smallest of China’s three network Best investor relations by operators – the other two are the state-owned China Mobile a CFO – mainland China and China Unicom – but has the largest landline service in the

20 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

country and more than 155.5 mn mobile subscribers and 87.98 ‘China Telecom fully understands investors’ mn broadband customers as of October 2012. The company has requirements, and provides the greatest been listed on the Hong Kong Stock Exchange as well as the co-operation’ – sell side, Hong Kong NYSE since 2002. Its share price was hit in 2008, but has since ‘Good transparency at China Telecom’ – buy recovered to a level of around two thirds of its 2007 peak. side, Hong Kong The firm posted profits of RMB12.5 bn ($2 bn) in the first nine months of 2012 – a 7.8 percent drop on the same period in 2011. ‘IR at China Telecom is professional and active’ This was largely attributed to increased expenses, including the – sell side, Hong Kong subsidies paid on high-end smartphones such as the Apple ‘Professional and transparent investor iPhone 4S, which China Telecom began offering in March 2012. relations’ – sell side, China The latest iPhone 5 went on sale in China on December 14. ‘China Telecom is very responsive and Commenting on the effect of the iPhone on revenue and

produces well-prepared annual reports’ – sell profits in the company’s half-year results announcement in side, Hong Kong ‘ August, Wang said the extra cost would pay off. ‘The company believes the launch of the iPhone to expand Investor/analyst feedback the high-end market requires an appropriate increase in marketing initiatives that would create short-term pressure on profitability,’ he said. ‘However, it would also enhance long-term and its two rivals to offer the much faster sustainable growth and value creation for the company.’ service once 4G networks are up and China’s telecoms regulator is expected to issue 4G mobile running, further enhancing the firm’s internet licenses in 2013, allowing operators like China Telecom high-end mobile offering.

Greater China Top 30

BY COUNTRY 17

9 4

BY SECTOR

Technology Consumer Banks & Energy Real estate Industrials, goods & services financial services logistics & transport

9 6 5 4 4 2

IR Magazine INVESTOR Perception Study – Asia 2012/2013 21 greater china TOP 30

2 Taiwan Semiconductor Manufacturing Company (TSMC)

AWARD WINNER | BEST IN COUNTRY (see p91)

2011 ranking 1

Best investor relations by a Taiwanese company Best investor relations by a CFO – Taiwan Best corporate literature Best use of technology IR awards Best investment community meetings Short-listed for grand prix for best overall investor relations – large cap Short-listed for best investor relations officer – Taiwan Short-listed for best investor relations by a CEO or president – Taiwan Short-listed for best in sector – technologies & telecoms

Large cap Listing information Taiwan Stock Exchange Semiconductors

CEO Dr Morris CHANG

CFO Ms Lora HO

Head of IR Dr Elizabeth SUN

IR team Mr Kevin PAN, Mr Harry CHEN, Ms Jenny HUANG, Ms Nori CHEN

Team size Four

Contact information www.tsmc.com [email protected] + 886 3 568 2085

Investor/analyst feedback ‘TSMC deserves to win as it is not only proactive but also provides outstanding guidance’ – buy side, Singapore

‘There is so much transparency in TSMC’s detailed reporting’ – sell side, Taiwan

‘Elizabeth Sun, head of IR at TSMC, organizes the most fantastic conferences and keeps us well informed at all times. I would, however, appreciate having a little more direct contact with the CEO’ – sell side, Taiwan

‘Both the CFO and IRO at TSMC are extremely helpful and have good relationships with investors. They are particularly good at explaining where the company is going next’ – buy side, China

‘China Telecom and TSMC have large IR departments with well-qualified staff. Therefore, the manpower and the knowledge are available to answer all your questions’ – buy side, Singapore

‘Elizabeth Sun is professional, knowledgeable and transparent’ – sell side, China

‘As TSMC is listed in the US, it conforms to US standards of disclosure and IR generally’ – sell side, Taiwan

‘TSMC has a long record of actively engaging with the investment community. The large IR department is headed up by Elizabeth Sun, who is exceptionally knowledgeable about the company and the sector’ – sell side, Taiwan

‘TSMC provides detailed information on the semiconductor industry and is good at giving us an outlook on the future’ – sell side, Taiwan

‘The CFO at TSMC is insightful about industry developments and IR uses technology creatively to keep me informed’ – portfolio manager, Taiwan

‘The IR person at TSMC has great knowledge and is easy to get hold of’ – sell side, Taiwan

‘The IR team at TSMC speak English better than most companies in Taiwan’ – buy side, Singapore

22 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

Sun still on the rise lizabeth Sun, TSMC’s head of IR for the past 10 years, isn’t afraid of thinking and acting outside the IR box. First, she is the only IRO interviewed who admits to not E going on roadshows – at all. ‘In 2012 we attended zero roadshows, but I did go to some broker-sponsored conferences: two in Hong Kong, two in Singapore and three or four in Taipei,’ she says. ‘I may also go to one in Tokyo in January.’ The company, which won best use of technology in addition to four other awards this year, has equipped its headquarters with teleconferencing facilities. ‘That compensates for my inability to travel too much,’ Sun confesses. Furthermore, Sun doesn’t do any deliberate investor targeting. ‘As I’ve been in this job for some time now, I know quite a lot of investors,’ she says. The comparative landscape of the semiconductor industry has recently tipped in favor of TSMC and Elizabeth Sun this has attracted interest from a whole new set of investors. Head of IR, TSMC ‘Our financials are fantastic and our share price has gone up quite a bit,’ Sun explains. ‘From an IR perspective, as long industry, a large number of investors and as you have good numbers, you will continue to attract good analysts are keen to get Sun’s views on the investors.’ The challenge for Sun this year has been adjusting business in order to better understand the the company’s ‘so-called value proposition or equity story’ so it company’s customers and suppliers. ‘When suited all types of investors. ‘I had to be able to present the new I get a request for a meeting, I have to ask story well, so we could look appealing to new investors without myself: will this contribute to our investors’ scaring off existing ones,’ she highlights. understanding of the true value of our Another facet of Sun’s unusual IR style is that, unlike company?’ she explains. ‘Is it positive for most IROs who make it a point of honor to be available for our share price, for our shareholder base?’ every meeting request, Sun believes in carefully selecting the If Sun is the only member of her team to investors and analysts she will actually talk to. She is also the speak with investors, the more than 300 only one in her team of four who speaks to investors – a way meetings attended this past year by TSMC of keeping the message consistent, she insists. ‘In terms of clearly demonstrates her senior manage- accepting meetings, I’ve taken an approach very different from ment’s involvement in the IR program. what an IR textbook would state,’ she admits. ‘Indeed, after ‘At TSMC both the chief executive and many years of experience, I came to the conclusion that not CFO always present quarterly earnings all meetings are useful.’ releases,’ she details, although they never Because of TSMC’s critical position as a bellwether for its attend conferences. ‘My value to them is that I help reduce their workload. I believe what the investment community really 397 Taiwan Semiconductor Manufacturing Company cares about is access to management. As management is very busy, however, 392 Delta Electronics the value of IR is critical at this point.’ 141 MediaTek TSMC was founded in 1987, with the Taiwanese government a main shareholder 110 Wistron Corporation at the time with a 10 percent stake. The government reduced its stake to 6.4 percent 99 President Chain Store eight years ago and has remained relatively ‘quiet and passive’ as a shareholder, 98 ASUSTeK Computer according to Sun. The remaining local 84 AU Optronics shareholders are mostly individuals. ‘The majority of our shares are now held by 83 HTC Corporation foreign institutional investors, which are more rational, more informed and in for the 102 Best investor relations longer term,’ she highlights. Because of by a Taiwanese company this, TSMC’s share price is less volatile and

IR Magazine INVESTOR Perception Study – Asia 2012/2013 23 greater china TOP 30

21 Taiwan Semiconductor Manufacturing Company Lora Ho 12 ASUSTeK Computer David Chang 12 MediaTek David Ku Best investor relations by a CFO – Taiwan

54 Taiwan Semiconductor Manufacturing Company, Taiwan

48 China Resources Enterprise, Hong Kong

42 PetroChina, China

Lora Ho 41 Delta Electronics, Taiwan CFO, TSMC 39 China Minsheng Banking Corp, China

‘reflects relatively truthfully the intrinsic 30 AAC Technologies, China value of the firm.’ Foreign investors are usually keen to Best investment give feedback and advice, a benefit Sun is community meetings willing to take advantage of extensively. ‘Several times, decisions were made because of the input received from investors 44 Taiwan Semiconductor Manufacturing Company, Taiwan through me,’ she says. A recent example 33 China Resources Enterprise, Hong Kong is the question of deciding whether the company should borrow money or raise 32 PetroChina, China funds through issuing new equity in order to maintain the high level of dividend the 30 Lenovo, China company had been paying out, after a major 30 Pacific Basin Shipping, Hong Kong increase in its capital expenditures. ‘I asked several long-term investors Best corporate I trusted and their answer was clear and literature unanimous: borrow money to fund the dividends,’ reveals Sun, adding that not only is she keen to get advice from certain 42 Taiwan Semiconductor Manufacturing Company, Taiwan investors, she also values understanding their way of thinking, ‘the logic behind 36 Delta Electronics, Taiwan their recommendation.’ 33 Lenovo, China Sun, who previously worked as a finance professor in the US, is an active member 24 Tencent Holdings, China of the Taiwanese IR community, and often discusses key concerns with her peers. ‘One 20 PetroChina, China popular subject among the IR community in Taiwan is how to handle unfriendly sell-side Best use of analysts, the ones who in the IRO’s eyes technology don’t know the company well and put out a lot of rubbish,’ she says. ‘Another topic is unfortunately, it is not becoming more strategic, except in shareholder identification. It’s hard to very rare cases. ‘I was fortunate enough to earn a space on identify who shareholders really are behind the strategic side of things, but a lot of IROs in Taiwan have their registrar, especially foreign ones.’ yet to be given that kind of opportunity,’ she says. For Sun, If Sun believes the role of an IR manager this situation has a lot to do with senior management’s way in Taiwan has become more important over of thinking. ‘Sadly, the majority of companies here still view the past decade, her gut feeling is that, an IRO as a make-up artist,’ she concludes.

24 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

3 Delta Electronics

AWARD WINNER

2011 ranking 5

Best investor relations officer – Taiwan Best investor relations by a CEO or president – Taiwan Short-listed for grand prix for best overall investor relations – large cap Short-listed for best investor relations by a Taiwanese company IR awards Short-listed for best corporate governance and disclosure Short-listed for best use of technology Short-listed for best investment community meetings Short-listed for best in sector – technologies & telecoms

Large cap Listing information Taiwan Stock Exchange Electronic components & equipment

CEO Mr Yancey HAI

CFO Mr Roger CHU

Head of IR Mr Rodney LIU

Team size One

Contact information www.delta.com.tw [email protected] +886 2 8797 2088

Investor/analyst feedback ‘Delta gives us quarterly and annual guidance that provides accurate information. There is also a consistency in the updates and the IRO has a good knowledge of the business’ – buy side, Singapore

‘I tend to meet senior management at Delta four to six times a year, which is well above average. It also hosts plenty of roadshows and investor conferences’ – sell side, Taiwan

‘Excellent updates of both recent news and the next quarter expectations from Delta Electronics’ – buy side, China

... see page 27 for more

Sweeping the short lists

Hai (who is now chairman) and its IRO 68 Delta Electronics Rodney Liu Rodney Liu by winning the awards for best investor relations by a CEO and 44 Taiwan Semiconductor Manufacturing Company Elizabeth Sun best investor relations officer. 18 President Chain Store Katrina Li 17 ASUSTeK Computer Nick Wu ‘IR is a one-man team, but not a 17 Wistron Corporation Mike Liang one-man show. I get constant

Best investor relations support from my colleagues in officer – Taiwan every department’

aiwanese components manufacturer Delta Electronics, Liu works as the sole member of Delta’s which was short-listed for four awards last year, was IR department, a situation he describes as nominated for an impressive eight categories this year, ‘a one-man team, but not a one-man show. T gaining top recognition for both its former CEO Yancey I get constant support from my colleagues

IR Magazine INVESTOR Perception Study – Asia 2012/2013 25 greater china TOP 30

in every department of the company. 33 Delta Electronics The finance division provides me with Yancey Hai the figures, our PR team handles the 9 ASUSTeK Computer announcements and I also work closely Jerry Shen with the different business managers.’ 9 Taiwan Semiconductor Manufacturing Company At the top end, Hai is also very much Morris Chang involved in rolling out the program, report- 9 Wistron Corporation Simon Lin edly dedicating 10 percent to 15 percent of his time to IR activities. ‘Our former CEO Best investor relations by a understands the strategic importance of CEO or president – Taiwan IR,’ says Liu. ‘He spent most of his career in the financial industry, so he knows the difficult to explain the company’s businesses and strategy to ecosystem of the investment community investors because Delta’s commercial profile is getting more very well. He maintains a constant and and more complicated,’ he explains. Another challenging task, consistent exposure to investors, hosting according to Liu, is giving credible guidance, with markets quarterly analyst meetings, attending reacting in a more volatile and unpredictable way. investment forums and traveling abroad two or three times a year to meet major existing shareholders and potential investors.’ ‘Taiwanese investors see foreign ownership as Liu, meanwhile, is responsible for daily a result of good practices. To them, it means our operations and communications in investor relations, responding to inquiries from IR is managed to a high standard’ investors, portfolio managers and analysts. He prepares all the data for the quarterly The company is 74 percent owned by foreign investors, which results meetings, which are chaired by the represents the second-largest foreign ownership in the country CEO. He also travels a lot, attending eight to after Taiwan Semiconductor Manufacturing Company. Liu 10 roadshows yearly in the US, Europe and believes that’s an advantage for Delta. ‘Taiwanese investors Japan, and numerous conferences in Taipei, see this as a result of good practices,’ he explains. ‘To them Hong Kong and Singapore – all of which it means our IR is managed to a high standard, and we have adds up to around 300 meetings a year. a good reputation for trying to protect the interests of every stakeholder in the company.’ Good corporate governance has always been regarded as ‘I have to have total confidence a high priority at Delta, and the company was a pioneer in Taiwan in implementing both corporate sustainability reporting in what I say, and if I’m not and quarterly results announcements. ‘We always try to think 100 percent sure I will let my long term and to do things consistently so that, aside from macro uncertainties, our investors will feel comfortable holding interlocutor know’ on to our stock, without worrying too much about unexpected short-term drawbacks,’ Liu says. He points out that when Liu believes credibility and accuracy are problems do come up, investors are immediately informed: ‘It’s key to his good work. ‘The credibility of what always better just to say the bad news – better earlier than later.’ we say is my top priority,’ he says, ‘I have to have total confidence in what I say, and if I’m not 100 percent sure I will let my ‘On some occasions I even encourage our major interlocutor know.’ He reveals that the investors to send formal feedback letters to the one question always asked by investors nowadays relates to the gross margin board members or the chairman’ drivers for the next three to five years. ‘Our investors tend to be long term and they want Both Liu and Hai highlight the importance of getting to know the prospects for the next several comments from investors. ‘This is something we truly value. years, not just the next quarter,’ he adds. On some occasions I even encourage our major investors to One challenge Liu has faced recently is send formal feedback letters to the board members or the due – surprisingly – to the company’s chairman,’ says Liu, who describes his strategic responsibilities successful development and improved as ‘providing market intelligence and analysis based on investor business model. ‘It’s been increasingly feedback in order to supplement the company’s business and

26 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

corporate governance strategies.’ To this Yancey Hai, chairman and former CEO, Delta Electronics end, Delta is planning to add another member to the investor relations team, You moved on last June to be chairman at Delta after eight someone who will focus more on analytical years as chief executive. Do you plan to continue being work such as peer group analysis and involved in IR activities? market research, in order to examine how I do. I am off to a roadshow in Montreal next week to meet the company can add value to the business. with investors. My plan is to go to North America, Europe, Hong Kong and Singapore at least once a year. I will also continue to participate in investment forums and hold Liu does not see IR as a stepping- meetings for investors when they come to Taiwan. stone to the board Do you think you have benefited from almost a decade of talking to investors? The IR community in Taiwan has Certainly. Nowadays investors are pretty critical and quite evolved dramatically over the past decade, straightforward. If they are not satisfied with certain things, going from embryonic to dynamic, led by they will say so. For example, if they don’t approve of certain numerous IR hires at large caps. ‘Most new investment plans, they will tell us. I believe this is a large Taiwanese companies now have an IR good thing. The time I spent talking to investors has also person, and I see more and more smaller given me the capability to improve my way of communicating. companies hiring IR professionals, or at Because I know exactly the meaning of each question, I am least considering the option. This was quite able to make my answers as straight as possible, which rare even a few years ago,’ confirms Liu. means there is no gray area. If being an IRO in Taiwan is a higher- profile position than before, it is also a good What was your approach to succession planning in the way to get to know the business units and to CEO transition last June? eventually move into one. Liu, who studied Our new CEO has been with the company for 25 years, so physics and business before working as a he knows the business well. He used to be president of trader and an analyst for the electronics our China operations and before that worked in Thailand. sector, aims in the mid to long term to He recently started getting involved in IR activities, showing get more involved in strategic planning his face alongside mine at quarterly results announcements or possibly shift toward the business side of and meeting some of our main investors. things. It’s an ambitious plan, although he says he does not yet see IR as a stepping- Has the downturn in the Chinese economy affected your stone to the board. ‘We are too far behind business? the US for that,’ he concludes. Yes. In the past few months, we’ve felt the slowdown in the Chinese economy, especially on the export front. I believe ‘Head of IR Rodney Liu is very diligent and things are now getting better. The Purchasing Managers’ has a great attitude’ – sell side, Taiwan Index, which we monitor, seems to have improved a little bit recently. China is now a major economy and people ‘Rodney Liu is an excellent spokesperson think it’s the end of the world because its GDP growth rate with deep knowledge of the company’ – buy side, Hong Kong is down to 7.5 percent. But we should keep in mind that $7 tn of annual GDP growth is still substantial! ‘Rodney Liu is very helpful’ – sell side, Taiwan You were singled out as ‘Asia Innovator of the Year’ by ‘IR at Delta truly understands the corporate’s CNBC in 2010. What are the reasons behind your company’s operations and shares the information in shift in business model from component provider to system time and fairly with investors’ – portfolio solutions provider? manager, Hong Kong Delta has been an electronic components manufacturer for ‘Delta is a complex company made up of almost 40 years now. When you are solely a components several large divisions. The meetings and provider, your added value is pretty limited so in 2009 we releases help us to understand how

decided to develop a new and more profitable business everything relates and give a sense of model that allows us to provide more added-value solutions internal cohesion’ – sell side, Taiwan ‘ for our customers. Investor/analyst feedback

IR Magazine INVESTOR Perception Study – Asia 2012/2013 27 greater china TOP 30

4 PetroChina

AWARD WINNER | BEST IN SECTOR (see p42)

2011 ranking N/A

Best in sector – energy Short-listed for grand prix for best overall investor relations – large cap Short-listed for best investor relations by a mainland Chinese company Short-listed for best investor relations officer – mainland China IR awards Short-listed for best corporate governance and disclosure Short-listed for best investment community meetings Short-listed for best corporate literature Short-listed for best investor relations during a corporate transaction

Large cap Listing information Hong Kong Stock Exchange Energy

CEO Mr ZHOU Jiping

CFO Mr ZHOU Mingchun

Head of IR Mr MAO Zefeng

Mr WEI Fang, Ms WANG Ling, Mr LIU Zhaohui, Mr ZHANG Lei, Ms ZHU Tongnan, IR team Ms FUNG Nina, Mr XING Chong, Ms LI Karlok Amy, Mr XU Yanlai

Team size 10

Contact information www.petrochina.com.cn [email protected] +852 2899 2010

Investor/analyst feedback ‘Great meetings’ – buy side, China

‘IR is very friendly and responsive’ – sell side, China

‘Wei Fang and Brian Xing are always exceptionally responsive and helpful. Excellent feedback from investors as well’ – sell side, Hong Kong

‘PetroChina’s IR is the most active and responsive’ – sell side, Hong Kong

‘IR at PetroChina is very helpful and responsive’ – sell side, Hong Kong

‘PetroChina’s IR is very real and transparent regarding company information’ – buy side, Hong Kong

‘Wei Fang is a very articulate and engaging speaker’ – sell side, Hong Kong

High-energy activity 368 PetroChina, China

s head of IR and senior assistant 142 Sinopec, China secretary to the board at Petro- 131 China, Mao Zefeng sets a high bar China Shenhua Energy, China for his department. ‘Our IR team A 110 China National Offshore Oil Corporation, China makes continuous progress in its work in order to provide ever-improving professional 99 China Oilfield Services, China services to investors,’ he says. ‘Our goal is to achieve a 100 percent response rate to 77 China Resources Power, Hong Kong investors’ visits and queries.’ It’s unsurprising that at one of the Best in sector – energy

28 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

world’s largest energy firms, Mao’s IR team is very busy. But it’s recalls. ‘I attended 18 more meetings in not just the IR department that has contributed to PetroChina’s China and overseas in 2012 than last year.’ sector award for energy firms and helped the company make These interactions not only improve its way onto seven other short lists, including best investor relationships with investors and analysts, relations by a Chinese company, best IRO and best corporate but also help the energy giant formulate its governance. ‘Our chairman, president, CFO, secretary to plans for the future. ‘After each results the board of directors and other members of the company’s roadshow, major capital market meeting management team spend a considerable amount of their time and investor meeting, our team prepares every year participating in IR work,’ explains Mao. reports on feedback and suggestions from As well as being listed on the Shanghai Stock Exchange, investors for the management’s reference,’ PetroChina has H-shares listed in Hong Kong and an ADR in explains Mao. ‘This provides fresh food New York, which Mao says has helped attract new investors for thought for the management as it and strengthen existing investor relations practice through develops future strategies for PetroChina.’ greater transparency. ‘It is noteworthy that with our adherence The company has been actively to the regulatory criteria of the Hong Kong Stock Exchange and exploiting technology for its IR outreach, the NYSE, the corporate governance of the company has become using teleconferences, webcasts and even more stringent, and the company is now more attractive to the latest social media networks. ‘We strive foreign investors.’ to use more technologies to enhance our IR The proportion of foreign-held H-shares, however, is only work, such as with the future development 12 percent, as PetroChina’s parent company, China National of an IR app,’ explains Mao. Petroleum Corporation, has an 86 percent stake in the company The firm’s IR website includes an through domestic A-shares. If foreign ownership is relatively low, investor FAQ page, where investors and this does not mean international investors constitute a silent analysts can have their queries answered minority. ‘We believe foreign investors have strong financial online. Visitors to the site can also read positions and pay more attention to our company’s fundamental more than 60 questions posed by their performance,’ stresses Mao. ‘Therefore, they are a very active peers since the start of 2012. Mao says this group among PetroChina’s investors.’ allows the IR team to interact with investors Although PetroChina is a state-controlled company, it is more frequently; and he reports that it’s a tight government regulation on fuel prices that has caused a development that has been well received. slowdown in profits. Unsurprisingly, Mao says this is one of the ‘Our chairman answers questions from big talking points with investors, among other topics such as investors in person, our president and chief reforms in the pricing mechanism of refined oil and natural financial officer attend visits by investors, gas in China, the company’s oil and gas production figures, and members of our senior management overseas business development, capital expenditures and are proactive in initiating investor relations dividend policies. He also lists ‘government policies for the activities,’ Mao adds. ‘The company places industry’ as one of the investment community’s biggest very high value on the interest of investors concerns when it comes to PetroChina’s IR. and shareholders.’ The company’s third quarter 2012 results showed a 33 percent drop in profits, with a RMB24.9 bn ($3.99 bn) profit over the quarter, down from RMB37.4 bn during the same period last year. PetroChina blames falling crude oil prices and losses in its natural gas business as it had to increase imports despite being forced to sell at a loss because of government measures aimed at curbing inflation. ‘Currently, our biggest challenge is how to effectively communicate fundamental information about the company and properly address its future growth prospects in order to estab- lish investor confidence at a time when business performance has been severely affected by regulatory policies,’ Mao explains. Mao and his investor relations team of 10, coming from IR, securities affairs and the firm’s Hong Kong office, have been actively increasing the number of occasions at which they can engage with investors. ‘PetroChina organized and attended, both Mao Zefeng, head of investor in China and abroad, a total of 360 IR-related meetings, two relations, PetroChina results roadshows and three reverse roadshows [in 2012],’ he

IR Magazine INVESTOR Perception Study – Asia 2012/2013 29 greater china TOP 30

5 China Resources Enterprise

AWARD WINNER | BEST IN COUNTRY (see 90) | BEST IN SECTOR (see p42)

2011 ranking =25

Best investor relations by a Hong Kong company Best investor relations officer – Hong Kong Best in sector – consumer goods & services Short-listed for best investor relations by a CEO or president – Hong Kong IR awards Short-listed for best IR by a CFO – Hong Kong Short-listed for best corporate literature Short-listed for best investment community meetings Short-listed for best corporate governance and disclosure

Large cap Listing information Hong Kong Stock Exchange Consumer

CEO Mr HONG Jie (appointed August 17, 2012, replacing Mr CHEN Lang, who became chairman)

CFO Mr LAI Ni Hium (Frank)

Head of IR Mr Vincent TSE

IR team Mr Kevin LEUNG

Team size Two

Contact information www.cre.com.hk [email protected] +852 2829 8412

Investor/analyst feedback ‘China Resources Enterprise reports quarterly so there is better disclosure than from other companies and it holds more frequent meetings’ – buy side, Hong Kong

‘CRE communicates well, is transparent and proactively reaches out to investors’ – buy side, Hong Kong

‘Comprehensive IR program at CRE, including reverse roadshows, which no one else does and we find really useful’ – buy side, Hong Kong

‘Good communication and frequent udpates from CRE’ – sell side, Hong Kong

Making good use of resources

Interview with Vincent Tse, head of IR, How is your team set up? China Resources Enterprise IR has an intricate relationship with PR and the department is responsible for both PR and IR. There are five people in the In your view, what specific reasons may team, and we have no plans to expand at the moment. have contributed to your company winning and being short-listed for so many awards How many meetings and roadshows did you attend this year? this year? What – if anything – have you We’ve attended around 500 meetings, 20 investor conferences been doing differently? and three roadshows, with a stable amount of traveling. We’ve been actively participating in investor conferences, particularly in Hong Kong and What is the most popular question you get asked by investors China. This allows us to maximize client and/or analysts? exposure within a minimal time. We also Investors and analysts most commonly want to know when the constantly remind investors of China inflexion point will happen. Resources Enterprise’s (CRE) distinctive approach to investor relations. What, in your opinion, does the investment community care

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president and best IR by a CFO, respec- 69 China Resources Enterprise Vincent Tse tively. What makes the IR approach taken by CRE’s senior management special? 33 Pacific Basin Shipping Emily Lau Our CEO has now become our chairman. 21 Orient Overseas (International) We emphasize team work, being forward- Stanley Shen looking and paying attention to details. 20 Galaxy Entertainment Peter Caveny What do you believe is the attraction of 18 Link REIT Hubert Chak CRE to investors? 18 Sa Sa International We conduct quarterly reporting. The invest- Tiffany Cheung ment community has given us recognition Best investor relations for our commitment to good standards of officer – Hong Kong corporate governance. We have a long listing history and have weathered numerous most about when it comes to investor relations? financial crises without a scratch. We have It cares most about us communicating precisely and concisely also been able to finance our development within a short period of time. through our strong cash flow.

In terms of technology, which of these do you spend more time on: video conferencing, website, webcasts, IR apps or social 362 China Resources Enterprise media? And which of them do you plan to spend more time and 285 Pacific Basin Shipping resources on?

The technology we spend most time on is video conferencing. 157 Link REIT No extra effort will be spent on other types of technology next year. We prefer traditional face-to-face meetings, but we are all 143 Bank of China (Hong Kong) equipped with BlackBerrys, smartphones and tablets in order to provide faster responses. 131 Sa Sa International

109 China Overseas Land & Investment Do you believe the role of an IR manager is becoming more senior and/or strategic in Hong Kong? 104 Hang Lung Properties I believe it is, although this is happening slowly. 102 Belle International How would you describe your strategic responsibilities? 102 Orient Overseas (International) Where would you like to develop your role in the future? My strategic responsibilities are to channel outsiders’ voices Best investor relations by inside, to influence corporate strategy by balancing interests a Hong Kong company from all parties. My role in the future will remain the same.

Your CEO and CFO were short-listed for best IR by a CEO or What is the biggest investor relations challenge you have faced in the current economic environment? 362 China Resources Enterprise, Hong Kong Being unable to predict when the economic recovery will come. 196 Golden Eagle Retail, China

171 Tingyi, China How did you get into investor relations? I did a primary degree in electronic 133 Anta Sports, China engineering, then two master’s degrees in marketing and finance. I worked as a 131 Sa Sa International, Hong Kong salesman, as an auditor and as an equity 102 Belle International, Hong Kong research analyst in my early career, gaining exposure to corporate finance, equity 99 President Chain Store, Taiwan research and corporate management. I left stockbroking 10 years ago to join Best in sector – consumer CRE, and have been a member of the goods & services management team here ever since.

IR Magazine INVESTOR Perception Study – Asia 2012/2013 31 greater china TOP 30

6 Lenovo

AWARD WINNER

2011 ranking 30

Grand prix for best overall investor relations – mid or small cap Best investor relations during a corporate transaction Short-listed for best investor relations by a mainland Chinese company Short-listed for best investor relations officer – mainland China IR awards Short-listed for best IR by a CFO – mainland China Short-listed for best corporate literature Short-listed for best use of technology Short-listed for best corporate governance and disclosure Short-listed for best in sector – technologies & telecoms

Mid/small cap Listing information Hong Kong Stock Exchange Computers

CEO Mr YANG Yuanqing

CFO Mr WONG Waiming

Head of IR Mr Gary NG

IR team Mr Bryan HSU, Ms Katie KUNG, Ms Jenny Shih, Ms Janice Chan, Ms Joanne Lam

Team size Six

Contact information www.lenovo.com [email protected] +852 2516 4843

Investor/analyst feedback ‘The IR team is quick to respond to rumors’ – sell side, Hong Kong

‘The IR team at Lenovo gets back to you quickly about any requests or queries. Team members have taken the time to understand analyst expectations and put in the effort to communicate’ – sell side, Singapore

‘Lenovo’s IR is professional and well organized’ – sell side, Hong Kong

‘Very responsive IR team, able to communicate and manage expectations well. Any surprises are well communicated’ – sell side, Hong Kong

‘Quick to respond, friendly and good disclosure’ – buy side, Hong Kong

‘The range of industry experts available from Lenovo helps to put the sector in perspective’ – sell side, Taiwan

Sustaining the tech momentum onsistency and proactivity are the of company management and will assess how you react during mottos of IRO Gary Ng’s team at a downturn in the market,’ he explains, adding that his team Lenovo, which wins this year’s has also been focusing more on educating its stakeholders, C grand prix for best overall investor organizing roundtables for small groups of sell-side analysts – relations in the mid and small-cap category, an educational process that actually goes both ways. Indeed, as well as best IR during a corporate Lenovo’s IR team has created a formal channel for getting transaction for the second year in a row. feedback on its business directly from investors and analysts. The tech and IT sectors have been ‘We invited a few of our key investors and sell-side analysts volatile, an issue Ng addresses by doing ‘a to join our leadership workshop within the company, so they can bit more of everything’ in order to raise the share market and product trends with us,’ Ng explains. ‘They company’s visibility. ‘In times of uncertainty have been in the industry for a long time, so talking to them investors will want to see more involvement helps us greatly to broaden our scope.’ This knowledge sharing

32 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

has allowed Ng’s team to position itself as a partner and adviser he explains. ‘This way we could convert our to senior management members, for both business and capital shareholders into customers.’ markets issues. Ng points out that the current economic The Hong Kong-based team comprises six members, and climate has led investors and analysts, who there is a plan to add one more based in Germany as a result of are usually keen to discuss technology the company’s acquisition of Frankfurt-listed Medion last year. trends – current popular questions concern With around 300 one-on-one meetings, 12 global conferences and the new OS Win 8, cloud computing and two non-deal roadshows a year on average, Ng is constantly on mobile convergence – to inquire more the move, also traveling to the company’s hub in North Carolina. pressingly about Lenovo’s profitability. ‘We regularly travel to the US to ‘It’s a tough time, so the meet tech investors in New York questions we are always and San Francisco, as well as The IR team has been focusing asked are, Where is the London, China and Singapore,’ he more on educating stakeholders, growth? and How much says. He is also investigating other has your margin improved?’ shareholder niches such as organizing roundtables for small he explains. Scandinavian countries, where groups of sell-side analysts Lenovo’s stock price there are a lot of sustainability has recovered from its funds. ‘Lenovo is part of the Hang Seng Sustainability Index, so 2009 plunge and has been enjoying good this is an issue we are pushing forward,’ he adds. health this past year. Ng believes the The team uses traditional IR technology – webcasts for reasons behind this are that his company results announcements and video conferences for cross-border has demonstrated to shareholders its communication – and Ng laughs when asked whether being in capacity to deliver even in a tough market the technology sector adds any pressure to adopt the latest environment, while communicating technology trends for IR: ‘Being a tech company doesn’t neces- consistently with the markets. ‘Execution, sarily mean we’re high tech!’ capability and credibility drive the attraction Nevertheless, the company has been seriously pushing social of investors to Lenovo,’ he concludes. media, creating and managing dedicated Facebook and Twitter accounts for the IR team. In addition, an investor app will certainly be the next project in the IR technology pipeline. 24 Lenovo, China ‘We are not yet there on the IR app, but we are definitely keen 21 PetroChina, China to learn how to make more of it,’ Ng says. This technology deployment aims to optimally convey the IR Best investor relations during message to Lenovo’s shareholder base, which is broad, both in a corporate transaction terms of geographical zones and investment styles. ‘We have a good mix of growth, GARP and value investors,’ says Ng, who adds that the company has benefited significantly from having a 304 Lenovo, China large proportion of its shareholder base – more than 50 percent – as foreign institutional investors, which provide a more stable 285 Pacific Basin Shipping, Hong Kong and long-term investor base. Another advantage brought by foreign ownership is that these international investors bring 198 Agile Property, China along some of their best practices into a country that is trying to 196 Golden Eagle Retail, China build its own practices to a high standard. ‘There is still a gap between western and Chinese practices, 188 AAC Technologies, China but I believe companies here are trying to become equipped with the relevant skill set, or at least the right mind-set,’ says Ng. 157 Link REIT, Hong Kong Lenovo listed its shares in Hong Kong in the mid-1990s, back 133 Anta Sports, China before the Shanghai Stock Exchange even existed. The company was attracted by the Hong Kong capital market because of its 131 Sa Sa International, Hong Kong liquidity and efficiency in providing funding capacity for future expansion. Ng reveals that the company, which operates in 160 105 Digital China, China countries, might consider a secondary listing in the near future, in a move that could help to build its brand in a local market. 102 Orient Overseas (International), Hong Kong ‘We are open to new areas where we could benefit from Grand prix for best overall investor existing investor pools, not just in terms of market efficiency, but relations – mid or small cap also in boosting our business by raising our brand awareness,’

IR Magazine INVESTOR Perception Study – Asia 2012/2013 33 greater china TOP 30

7 Pacific Basin Shipping

AWARD WINNER | BEST IN SECTOR (see p42)

2011 ranking 32

Best investor relations by a CEO or president – Hong Kong Best investor relations by a CFO – Hong Kong Best corporate governance and disclosure Best in sector – industrials, logistics & transport IR awards Short-listed for grand prix for best overall investor relations – mid or small cap Short-listed for best investor relations by a Hong Kong company Short-listed for best investor relations officer – Hong Kong Short-listed for best corporate literature

Mid/small cap Listing information Hong Kong Stock Exchange Transport

CEO Mr Mats BERGLUND

CFO Mr Andrew BROOMHEAD

Head of IR Ms Emily LAU

IR team Ms Mona SHIU

Team size Two

Contact information www.pacificbasin.com [email protected] +852 2233 7000

Investor/analyst feedback ‘Pacific Basin is always open to discussions and has a proactive approach to IR. The website contains every detail you need’ – sell side, Singapore

‘Pacific Basin’s IR people are easy to get hold of and are pretty transparent. The quarterly briefings and annual reports are chock-full of information. The firm takes the time to meet with both buy-side and sell-side analysts on a regular basis’ – sell side, Hong Kong

‘The response time is quick from Pacific Basin and the IR manager devotes time to improving the IR services to all clients, both investors and analysts’ – head of research, Hong Kong

‘Friendly and very useful disclosure of information from Pacific Basin’ – sell side, Hong Kong

‘Pacific Basin does really well overall and is quick to respond’ – sell side, China

Turning the tide

ong Kong-based Pacific Basin ‘We haven’t been doing anything differently; we just ensure Shipping’s IR ranking has risen we keep up the same level of engagement so we don’t get sharply from 32nd in 2011 to threatened by the fact that the markets are quite tough,’ H seventh in 2012. Its IR team explains Andrew Broomhead, the company’s CFO. scooped four awards for best IR by a CEO or president, best IR by a CFO, best corporate governance and disclosure, and best in ‘It is important for companies like us to be sector – industrials, logistics & transport. This is a performance all the more engaging continually. People may not want to impressive when you realize that shipping, invest today, but they might want to invest at which is a cyclical industry, has been in the doldrums since the global financial crisis. some point in the future’

34 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

‘Because we are in a cyclical industry and investors are trying to work out when the turning point will be, it is important for companies like us to be engaging continually. People may not want to invest today, but they might want to invest at some point in the future.’ Pacific Basin Shipping’s IR team has certianly been active on the road, meeting with around 500 investors in 2012and attending numerous roadshows, luncheons and conferences. ‘A lot of banks are conducting investor conferences in Hong Kong and Singapore, which you can simply attend on a half-day basis,’ Broomhead says. The present situation of the shipping industry has brought a challenge, however, in securing the right invitations. ‘Brokers and investment banks have reduced the frequency of their conferences in sectors that are not currently sexy,’ he says.

Andrew Broomhead ‘What you learn over the years is that, when you do CFO, Pacific Basin Shipping something, you had better be able to explain it to investors afterwards’ 51 Pacific Basin Shipping Andrew Broomhead 24 China Resources Enterprise Pacific Basin has been regularly accessing the capital Frank Lai markets via share placements and issuance of convertible 21 Lifestyle International bonds. This has led Broomhead to notice that when a company Terry Poon Fuk-chuen raises finance, investors will immediately start asking, ‘What 18 Orient Overseas (International) Ken Cambie do you need money for?’, or ‘Why do you need more money?’ ‘What you learn over the years is that, when you do something, Best investor relations by a CFO you had better be able to explain it to investors afterwards,’ he – Hong Kong says.’ This helps frame the discussion internally about why we are choosing a certain course of action at a specific time.’ – which is an unusually high proportion for If meeting with investors has had an indirect impact on the a Hong Kong-listed company. way the company shapes its strategy, Broomhead also believes a Twenty years ago, the local stock company needs to reflect and communicate on topics investors exchange was dominated by firms owned by don’t ask about. ‘Thanks to our strong balance sheet, we seldom old Hong Kong families who relinquished get asked whether we have enough cash,’ he says. ‘But I believe only a small percentage of shares as free a lot of eastern companies are bring asked this question by float. The listings landscape changed concerned investors.’ dramatically with the arrival of mainland The IR team recognizes the value of explaining objectively Chinese companies seeking to use Hong to investors what’s going on in the market. ‘We’ve had a lot of Kong as a stepping stone, as well as feedback that people want to hear not only the good news but smaller companies listing the majority of also the bad news – investors appreciate the objectivity we put their shares. ‘In the last few years, we’ve into our commentary,’ Broomhead points out. seen Chinese companies embrace require- Timing and objectivity have both been of general concern to ments and regulations sometimes more the Hong Kong IR community. ‘The Hong Kong Stock Exchange quickly than some of the longer-standing has recently taken the view that companies need to get out the Hong Kong companies, for the simple bad news early, not just wait for the interim or annual results. reason that certain of the mainland Chinese It’s about getting the news out to the market on a timely basis,’ regulations have been more forward-look- explains Broomhead. ing: quarterly reporting is one example of The company’s shareholder base is global and relatively that,’ confirms Broomhead. ‘Chinese stable, with 60 percent held by institutional investors split companies are very much on top of keeping approximately equally between Asia, Europe and North America. up with what they are supposed to be doing.’ A Canadian shipping company has a 13 percent stake and the For Broomhead, however, when it comes balance is held by retail investors, with a heavier weighting to IR, what is more important than what a toward Hong Kong. The company has a free float of 98 percent company does is how it does it and the

IR Magazine INVESTOR Perception Study – Asia 2012/2013 35 greater china TOP 30

attend every meeting. ‘We try to understand who the investors are, and then we have an educational process to embark upon,’ explains IRO Emily Lau, who handles the introductory meetings for new investors. Some investors require only an update on financial figures or the affirmation that corporate governance is satisfactory, and will be directed to the CFO. Then there are other investors or analysts who have been following the company for a long time, are highly knowledgeable about it and want to hear information directly from the chief executive, who is at the cutting edge of what’s going on in the business. ‘An investor can move up and down that communication trail,’ summarizes Broomhead. Broomhead sits on the board of Pacific Basin, something not often seen at Asian companies – although, as he reminds us, Pacific Basin is an international company rather than a purely Asian firm, and having a CFO on the board is common among Emily Lau, head of IR, its peer group. ‘The presence of the CFO on the board highlights Pacific Basin Shipping the board’s commitment to the increasingly important role of good corporate governance,’ he points out. ‘The impact on credibility of what it is doing. ‘This is where investor relations is that investors know governance issues IR plays a critical role in any company,’ he will be voiced in board discussions.’ says. ‘Why do investors meet companies anyway, when they can just read most of the information online? They want to be able to ‘The presence of the CFO on the board highlights look the CEO in the eye and ask him or her, the board’s commitment to the increasingly What is your strategy? And they want to see he or she believes it and is genuine about it. important role of good corporate governance’ That’s why it’s always important that the CEO has some participation in IR activities.’ Whether a CFO sits on the board or not, investors place If Pacific Basin’s CEO regularly speaks considerable value on being able to meet him or her regularly; with investors, this doesn’t mean he will over the long term, this allows them to derive comfort from his or her approach as well as the board’s approach to governance issues. ‘It all comes down to credibility, and everybody has a role 36 Pacific Basin Shipping, Hong Kong to play,’ Broomhead adds. 32 PetroChina, China This is a role inherent to a CFO’s job, and for which each CFO needs to find his/her own personal style of communicating. 30 Delta Electronics, Taiwan It’s more than just presenting; interacting with the audience is important. ‘You do feel a bit like an actor on a stage, because 27 China Resources Enterprise, Hong Kong you’re giving a performance,’ Broomhead observes. ‘You must let 27 Lenovo, China the investors and the audience, in effect, be the directors of that play and performance, and your job is to ensure the key messages Best corporate governance get out there.’ Broomhead’s past experience in corporate finance and disclosure is one thing that helped him understand how investors think. More recently, Pacific Basin conducted a communications and presentation skills workshop during its IPO in 2004. ‘We 24 Pacific Basin Shipping Klaus Nyborg* ended up watching our own performance on video playback,’ 18 AIA Group Mark Tucker 285 Pacific Basin Shipping, Hong Kong 18 China Resources Enterprise Long Chen 102 Orient Overseas (International), Hong Kong 18 Link Reit George HongChoy 54 Sany Heavy Industry, China *Left Pacific Basin in March 2012 Best investor relations by a CEO or Best in sector – industrials, president – Hong Kong logistics & transport

36 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

Broomhead recalls. ‘There’s nothing more powerful than cally embracing the latest social media watching how badly you’ve done! It pinpoints the areas where networks, although this initiative is still at you need to make progress.’ The exercise proved helpful when an exploratory phase. Broomhead had to step up during the recent CEO transition ‘We have a Facebook page, a LinkedIn and handle the post-results television interviews, traditionally page and a Twitter account, all of which conducted by the CEO. we believe can reach different audiences,’ There are many other occasions for both Broomhead and explains Lau. ‘For example, we have a Lau to be broadcast. The company is a keen user of technology lot of crew members whose families when it comes to IR. There is, of course, the indispensable IR enjoy following our fleet’s movements on website that, as Lau points out, has won multiple awards, as Facebook. Professionals and job seekers well as the conference calls and webcasts for announcing can browse our detailed LinkedIn profile, annual and interim results. But Pacific Basin is also enthusiasti- too, and develop their own network.’

8 China Minsheng Banking Corp

BEST IN SECTOR (see p42)

2011 ranking N/A

Best in sector – banks & financial services IR awards Short-listed for best investor relations by a mainland Chinese company Short-listed for best investor relations officer – mainland China

Large cap Listing information Shanghai Stock Exchange Banks & financials

CEO Mr DONG Wenbiao

CFO Ms BAI Dan

Head of IR Mr WAN Qingyuan

IR team Dr WANG Honggang, Mr HE Qun, Ms GUAN Jian, Ms SUN Jiawei, Ms LIU Yushan, Ms LI Beibei

Team size Seven

Contact information www.cmbc.com.cn [email protected] +86 10 6846 7286

Investor/analyst feedback ‘China Minsheng discloses its banking activities every month. It has the most regular updates of all my companies’ – buy side, China

‘China Minsheng continues to improve in terms of service to the investor with regular updates and meetings’ – buy side, China

‘IR at Minsheng provides detailed analysis on SME loans’ – sell side, China

‘Responsive IR at China Minsheng’ – buy side, China

‘Quick responses to investors’ inquiries from China Minsheng plus transparent information disclosure equals excellent IR’ – sell side, China

‘IR at China Minsheng gives me all the information I need without asking for it’ – buy side, Taiwan

‘It’s a smaller IR team than at Merchants but the people in the team are well informed’ – sell side, China

‘Strong emphasis on IR at Minsheng, as most senior managers will devote a considerable amount of time to communicating with investors and analysts after interim and annual results season’ – sell side, China

IR Magazine INVESTOR Perception Study – Asia 2012/2013 37 greater china TOP 30

9 China Merchants Bank

2011 ranking 11

IR awards Short-listed for best in sector – banks & financial services

Large cap Listing information Shanghai Stock Exchange Banks & financials

CEO Mr MA Weihua

CFO Mr LI Hao

Head of IR Ms DIAO Wenqing (Linda)

IR team Ms YU Xiaoying, Ms JIANG Wenjing

Team size Three

Contact information www.cmbchina.com [email protected] +86 755 8319 8888

Investor/analyst feedback ‘The IR people provide clear and accurate information and are easy to access’ – buy side, China

‘Merchants is accessible and will usually give you a meeting when asked. The IRO understands the banking industry’ – sell side, China

‘China Merchants has active and effective communication with the investment community’ – sell side, Hong Kong

‘China Merchants Bank has a long track record and is very reliable’ – sell side, China

‘CMB hosts lots of events to help understand the company’ – sell side, China

Continuing improvement

hina Merchants Bank has been a The difference between China Merchants and the other regular in the IR Magazine Greater big Chinese banks is that the company’s largest shareholders China Top 30 since its inauguration. are state-owned enterprises, which are corporate legal entities, C This year the company is short- so the bank is not directly controlled by the government. As listed for best in sector – banks & financial a result, Diao says, state ownership has no impact on the bank’s services, and is ranked ninth in the Greater IR strategy. ‘The state, as an investor, is treated exactly the same China Top 30. as institutional investors,’ she The company’s senior explains. ‘They are all our share- investor relations ‘State ownership does not affect holders; they are not involved in the manager, Linda Diao, daily management of the bank.’ attributes this enviable our IR strategy. The state, as an Diao went straight into banking position to continuous investor, is treated the same as after a degree in English and hard work on every institutional investors’ finance, starting out as a graduate aspect of the firm’s IR at another bank. Later she joined function. ‘We have been China Merchants to work in the trying very hard to improve our investor international settlements and clearance department, and relations, basing our work on feedback from subsequently in the financial institutions business department. our investors and analysts in the market,’ In 2007 she was promoted to set up from scratch the company’s she says. ‘In several areas I believe China first investor relations department. Merchants Bank is now the leader.’ She knows the bank well, which she believes is one reason

38 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

China Merchants chose her to handle investor inquiries. Recently, the company’s value. ‘How China Merchants investors have been asking predominantly about China Merchant’s can sustain its development is very impor- impending rights issue plan – the company will be offering tant,’ Diao says. ‘But it’s also important for existing shareholders 2.2 shares for every 10 shares they own us to tell investors how we are going to – and the forecasts for its net interest margin. They also want to achieve that.’ know what measures the bank is taking to meet the challenges IR at at the banks is also about getting presented by both this year’s rate cuts – the first since 2008 – feedback from investors and analysts, and interest rate liberalization. which can both enhance the business and Indeed, as interest rate cuts negatively affect net interest margins, they are simply ‘not beneficial for the bank,’ Diao says. Investor relations at China Mer- chants is also about getting feed- Interest rate liberalization will squeeze banks’ net back from investors and analysts, interest margins. China Merchants will need to which can enhance the business make structural changes in order to adapt

contribute to the team’s strategic impor- The upcoming liberalization of China’s interest rates poses a tance. In some cases, such feedback has further issue, Diao says: ‘It will squeeze the bank’s net interest even led to highly useful changes. margin, its main source of income.’ China Merchants, just ‘One shareholder asked for the break- like other banks, will have to make structural changes in order down of income from our credit card to adapt. ‘In the past, China was in a very good economic division,’ Diao recalls. ‘He then pointed out development phase, but now our country’s development is that our low annual and merchant fees were under a lot of pressure,’ adds Diao, who cites a strained world the reasons our credit card division was not economy as an additional concern. making much profit. He further suggested The company is listed both in Shanghai and Hong Kong, a we offer a greater number of products to situation that has proved beneficial overall for the bank, which card holders, known as cross-sales.’ This resulted in a great boost in credit card income, with non-interest products now accounting for more than 45 percent of ‘Having a dual listing means China Merchants has the division’s total revenue. to meet different regulatory requirements and Diao also points out that banks can adapt to different investment cultures’ learn from their competitors as well as is keen to learn about best IR practices from both regions. Banks can learn from competitors ‘Having a dual listing means China Merchants has to meet different regulatory requirements and adapt to different invest- as well as investors ment cultures,’ explains Diao. ‘This actually poses a great challenge for us and helps us to improve.’ their investors. China Minsheng Bank, Diao commands a team of two IROs, having hired her second which was also short-listed for (and won) – a fluent English speaker who has worked at the bank for many the IR Magazine Award for best in sector years – only this year. ‘The number of people in IR is not very big, – banks & financial services this year, ‘has but our effort is very obvious and the progress we have made done something noteworthy in terms of very distinguished,’ she points out. The team has been traveling investor relations,’ she says. Talking about frequently on roadshows and conferences, and has adopted a recent incident where China Minsheng efficient IR technology such as webcasts and video conferencing shares were sold short, Diao commends the to communicate with investors, alongside formal press releases company’s IR team members, who ‘immedi- for the announcements of annual results. ately held a teleconference explaining the Diao believes investor relations will play an increasingly bank’s performance, to help stabilize important role in China, especially with the Chinese economy investor sentiment.’ under pressure. An IR team must explain a company’s ability to ‘They reacted very quickly to the market. perform in the current economic environment, and plays a key I believe this kind of practice is worth role in allowing the investment community to accurately assess learning,’ concludes Diao.

IR Magazine INVESTOR Perception Study – Asia 2012/2013 39 greater china TOP 30

10 Agile Property

BEST IN SECTOR (see p42)

2011 ranking 7

Best in sector – real estate IR awards Short-listed for grand prix for best overall investor relations – mid or small cap

Mid/small cap Listing information Hong Kong Stock Exchange Real estate

CEO Mr CHEN Zhuolin

CFO Mr CHUI Yongnian

Head of IR Jacky CHAN

Mr Domingo CHEN, Ms Maggie MUI, Ms Vivian LEE, Mr Damon ZHU, Ms Rachel WANG, IR team Ms Cherry LIN

Team size Seven

[email protected] +86 20 8883 9590 Contact information www.agile.com.cn [email protected] +852 2847 3383

Investor/analyst feedback ‘The IR people at Agile have developed and maintained good relationships with investors and analysts’ – sell side, China

‘Investor relations at Agile delivers professional communication with sell-side analysts, no matter what their rating is’ – sell side, Hong Kong

‘Agile’s IR team, Jacky Chan and Maggie Mui, provide great corporate access to investors. Mui is very approachable, patient and helpful in providing timely and detailed information and data. Good information both in reports and online’ – buy side, Singapore

‘Agile is responsive to our needs, providing meetings for clients and all the necessary data’ – sell side, China

Actively Agile

Interview with Domingo Chen, deputy How is your investor relations team set up? Are you looking head of capital markets and corporate to expand it? affairs, Agile Property Our investor relations team is an independent functional unit within the capital markets and corporate affairs department In your view, what specific reasons may of Agile. We may expand our team size according to the have contributed to your company winning development of our company. an award this year? What have you been doing differently? How many meetings and roadshows did you attend this year? We’ve been truly devoted to discussing Generally have you done more traveling? and sharing ideas with the investment We have established contact with more than 2,500 local and community in a frank and open manner. We international institutional investors this past year, meeting are also proactive in gathering constructive with more than 700 investment and financial institutions. views to optimize investor relations with We’ve conducted 61 company visits, 127 site visits, 43 roadshows regards to best practice and understanding and conferences and 56 conference calls. In most categories market concerns. we have increased the number of meetings year on year.

40 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

Agile is listed on the Hong Kong Stock 198 Agile Property, China Exchange. What is the advantage of 157 Link REIT, Hong Kong being listed in Hong Kong compared with being listed in Shanghai or elsewhere in 109 China Overseas Land & Investment, Hong Kong mainland China? Do you plan to have a dual listing at some point in the future? 104 Hang Lung Properties, Hong Kong And what do you believe is the attraction of Agile to investors? 81 China Vanke, China The advantage of being listed in Hong Kong 80 Shimao Property, China is its stronger legal and financial system. Yes, a dual listing is also possible given Best in sector that our business is still heavily based in – real estate China, so we remain open to this. I believe the attraction of Agile is its strong market What is the most popular question you get asked by investors presence and strong management team. and/or analysts? Investors mostly ask about our company’s sales performance What is the big talking point in the Chinese and the macroeconomic situation in China. IR community right now? The biggest topic is the upcoming social and Has there ever been an occasion when a meeting with economic reforms that will occur after the investors and/or analysts has influenced or helped shape transition in the government. your business strategy? Yes. This two-way communication allows for a lot of valuable Do you feel the importance of the role of insight and feedback that can help shape our business strategy an IR manager is becoming more strategic and corporate tactics. in China? Yes, I do believe the role is becoming What do you think the investment community cares most about more strategic in China, as those in it need when it comes to IR? to address volatile markets and evolving That the information we relay to them is timely, true and faithful. regulatory policies.

In terms of technology, which of these do you spend more How would you describe your strategic time on: video conferencing, website, webcasts, IR apps or responsibilities? Where would you like social media? On which do you plan to spend more time/ to develop your role in the future? resources in the future? As Agile continues to face policy risks and The technologies we use most often are video conferencing tough competition, the IR manager needs and our website because they are quick [to work on] and cost- to develop a more in-depth understanding effective. We also conduct live webcasting twice a year during of both the microeconomic issues – our results announcements with online Q&A sessions, so that over- company’s operational and financial man- seas investors can have a timely and enhanced understanding of agement – and the macroeconomic ones, our company’s performance. by which I mean our country’s regulatory policies. My role in the future will focus on Could you detail your investor base? Have you benefited from increasing investor interest, both foreign having foreign investors? and domestic, in our company. The Chen family holds a majority stake with approximately 64 percent, and our second-largest shareholder is JPMorgan How did you get into IR? with approximately 5 percent. Agile is well received by various I’ve been in the financial and banking international institutional investors, mainly from Hong Kong, the fields for a long time. It’s fate – and friends’ US, the UK, Singapore, Canada, mainland China, South Korea support – that brought me into IR. and the rest of Europe.

IR Magazine INVESTOR Perception Study – Asia 2012/2013 41 BEST IN SECTOR: GREATER CHINA

Industrials, logistics Banks & financial services & transport

1 China Minsheng 1 Pacific Basin China 251 Hong Kong 285 Banking Corp Shipping 2 China Merchants Bank China 215 2 orient Overseas Hong Kong 102 3 Ping An Insurance China 162 (International) 4 Bank of China (Hong Kong) Hong Kong 143 3 sany Heavy Industry China 54 5 CITIC Securities China 128 Real estate sector winners 2011

1 Agile Property China 198 greater china 2 Link REIT Hong Kong 157 Fubon Financial, Taiwan 3 China Overseas Land & Hong Kong 109 Investment Anta Sports Products, China 4 Hang Lung Properties Hong Kong 104 5 China Vanke China 81 Fosun International, China 6 shimao Property China 80 sector winners 2011 Agile Property, China

TSMC, Taiwan

Cosco Pacific, Hong Kong

Consumer goods & services

1 China Resources Hong Kong 362 enterprise

2 Golden Eagle Retail China 196 3 Tingyi China 171 4 Anta Sports China 133 5 sa Sa International Hong Kong 131 Technologies & telecoms 6 Belle International Hong Kong 102 7 President Chain Store Taiwan 99 1 China Telecom China 479

2 t aiwan Semiconductor Taiwan 397 Energy Manufacturing Company 3 Delta Electronics Taiwan 392 1 PetroChina China 368 4 Lenovo China 304 5 AAC Technologies China 188 2 Sinopec China 142 6 MediaTek Taiwan 141 3 China Shenhua Energy China 131 7 tencent Holdings China 114 4 China National Offshore Oil China 110 Corporation 8 Wistron Corporation Taiwan 110 5 China OilfieldS ervices China 99 9 Digital China China 105

42 IR Magazine INVESTOR Perception Study – Asia 2012/2013 BEST IN SECTOR:GREATER SOUTH CHI EANAS TOPT ASI 30A

Banks & financial services sector winners 2011

1 DBS Group Singapore 290 South East Asia

2 CIMB Group Malaysia 210 DBS Group, Singapore 3 Public Bank Malaysia 124 4 Kasikornbank Thailand 108 Keppel Corporation, Singapore 5 UOB Singapore 99 6 oCBC Bank Singapore 70 7 singapore Exchange Singapore 64 CapitaLand, Singapore 8 AmBank Group Malaysia 62 SingTel, Singapore Consumer goods & services (including retail) Neptune Orient Lines, Singapore

1 Minor International Thailand 61

2 super Group Singapore 51 3 Universal Robina Philippines 39 Corporation Real estate 4 CP ALL Thailand 37 5 CP Foods Thailand 36 1 Capitaland Singapore 227

2 CapitaMall Trust Singapore 85 3 CapitaMalls Asia Singapore 72 =4 Frasers Centrepoint Trust Singapore 66 =4 Keppel Land Singapore 66 6 Ascendas REIT Singapore 50 7 MapleTree Industrial Trust Singapore 42

Technologies & telecoms

1 SingTel Singapore 311

2 StarHub Singapore 214 sector winners 2011 3 PLDT Philippines 70 4 venture Corporation Singapore 63 Diversified industrials 5 Advanced Info Service Thailand 47 (including energy & agriculture) 6 s ingapore Technologies Singapore 46 Engineering 1 Keppel Corporation Singapore 113 7 Media Prima Malaysia 42 2 sembcorp Marine Singapore 91 3 olam International Singapore 84 Transport 4 noble Group Singapore 68 5 sembCorp Industries Singapore 60 1 singapore Airlines Singapore 100 6 AboitizPower Philippines 55 2 neptune Orient Lines Singapore 84 7 First Resources Singapore 46 3 ComfortDelgro Corporation Singapore 43 8 P TT Exploration and Thailand 41 Production 4 Precious Shipping Thailand 39

IR Magazine INVESTOR Perception Study – Asia 2012/2013 43 greater china TOP 30

11 Golden Eagle Retail

2011 ranking =60

Short-listed for grand prix for best overall investor relations – mid or small cap IR awards Short-listed for best investor relations by a CFO – mainland China Short-listed for best in sector – consumer goods & services

Mid/small cap Listing information Hong Kong Stock Exchange Consumer

CEO Mr WANG Hung (Roger)

CFO Ms TAI Ping (Patricia)

Head of IR (see CFO, above)

IR team Mr FAN Yi, Ms LI Duo (Regina)

Team size Two

Contact information www.geretail.com [email protected] +852 3116 3918 / +86 25 8470 7089

Investor/analyst feedback ‘Great corporate governance and the IR team manages its time really well’ – sell side, China

‘Golden Eagle is the best at IR by a long way’ – buy side, Hong Kong

‘Golden Eagle has good communications with analysts’ – sell side, Hong Kong

‘IR knows the business and financials very well and is willing to explain in detail’ – buy side, Malaysia

‘Golden Eagle provides monthly numbers as well as excellent and informative webcasts’ – sell side, Taiwan

12 AAC Technologies

2011 ranking =85 Mid/small cap Listing information Hong Kong Stock Exchange Technologies & telecoms CEO Mr Benjamin Zhengmin PAN CFO Mr Richard Joe Kuen MOK (executive director) Head of IR Ms Connie CHIN IR team Ms Louis SO, Ms Tina TANG Team size Three

Contact information www.aactechnologies.com [email protected] +852 3470 0060

Investor/analyst feedback ‘AAC has a systematic method of disclosure where it provides detailed periodic updates in addition to the quarterlies. It is possible to meet management one-to-one at roadshows and that gives me peace of mind’ – buy side, Singapore

‘AAC puts on great one-on-one meetings’ – buy side, Hong Kong

44 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

13 Tingyi

2011 ranking =79

IR awards Short-listed for best in sector – consumer goods & services

Large cap Listing information Hong Kong Stock Exchange Consumer

CEO Mr WEI Yingzhou

CFO Mr Frank LIN

Head of IR Ms Debbie HO

IR team Ms Mandy YUAN, Ms Serena NIU

Team size Three

Contact information www.masterkong.com.cn [email protected] +852 2511 1911

Investor/analyst feedback ‘Tingyi provides lots of information in the public arena and arranges regular meetings with the CEO and CFO, who explain the strategy and focus of the company’ – sell side, Taiwan

‘IR at Tingyi is willing to update what’s going on’ – sell side, Hong Kong

‘Tingyi is very honest and open and provides lots of insight into the inner workings of the company. It is also able to explain the dynamics of the industry, so you get an all-round picture’ – buy side, Hong Kong

14 Ping An Insurance

2011 ranking 15

Short-listed for best investor relations by a CEO or president – mainland China IR awards Short-listed for best in sector – banks & financial services

Large cap Listing information Hong Kong Stock Exchange Insurance

CEO Mr MA Mingzhe

CFO Mr YAO Bo (Jason)

Head of IR Mr JIN Shaoliang

Mr ZHANG Xuewu (Stone), Mr YANG Xu (Carlos), Mr LEI Yiming (Raymond), Ms LIN Yan (Miranda), IR team Ms ZHU Shan (Crystal), Ms GUO Lisi (Lizzie)

Team size Seven

Contact information www.pingan.com [email protected] +86 755 2262 3487 / +86 755 8243 6179

IR Magazine INVESTOR Perception Study – Asia 2012/2013 45 greater china TOP 30

15 Link REIT

2011 ranking =49 Short-listed for best investor relations by a Hong Kong company IR awards Short-listed for best investor relations by a CEO or president – Hong Kong Short-listed for best in sector – real estate Mid/small cap Listing information Hong Kong Stock Exchange Real estate CEO Mr George Kwok Lung HONGCHOY CFO Mr CHEUNG Lee Ming (Andy) Head of IR Mr Hubert CHAK IR team Mr Eric YAU, Ms Miranda LAI, Ms Carol LO, Ms Josephine WONG Team size Five Contact information www.thelinkreit.com [email protected] +852 2175 1800

Investor/analyst feedback ‘High-profile developer in Hong Kong in the headlines for the right reasons’ – wealth manager, Hong Kong

‘Link stands alone in Asia for corporate governance. Family shareholdings and disregard for minority shareholder views continue to astonish investors. The price performance of Link sends a strong message to all other property companies about the cost of equity capital advantages that good corporate governance can result in’ – sell side, Hong Kong

... see page 52 for more

16 Bank of China (Hong Kong)

2011 ranking =20

Short-listed for best investor relations by a Hong Kong company IR awards Short-listed for best in sector – banks & financial services

Large cap Listing information Hong Kong Stock Exchange Banks

CEO Mr HE Guangbei

CFO Mr ZHUO Chengwen

Head of IR Ms Yammie TANG

IR team Ms Alieza CHAN, Ms Angel CHEN

Team size Three

Contact information www.bochk.com [email protected] / [email protected] +852 2826 6314

Investor/analyst feedback ‘Bank of China’s website contains updated info’ – head of research, Hong Kong

‘IR is very accessible and professional’ – sell side, Hong Kong

‘Bank of China provides detailed disclosure in its annual reports and good access to management’ – sell side, Hong Kong ... see page 52 for more

46 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

17 Sinopec

2011 ranking N/A

Short-listed for best investor relations by a CEO or president – mainland China IR awards Short-listed for best in sector – energy

Large cap Listing information Hong Kong Stock Exchange Energy

CEO Mr WANG Tianpu

CFO Mr WANG Xinhua

Head of IR Mr ZHENG Baomin

IR team Ms PAN Guoying (Marlene), Mr JIANG Hao, Mr CHEN Yang

Team size Four

[email protected] +86 10 5996 9566 Contact information www.sinopec.com [email protected] +86 10 5996 0028

Investor/analyst feedback ‘At Sinopec it is always possible to reach an IRO by phone’ – sell side, China

‘Sinopec’s IR delivers frequent updates on company and industry information, plus good access to its subsidiary companies’ – sell side, China ... see page 52 for more

18 MediaTek

2011 ranking N/A

Short-listed for best investor relations by a Taiwanese company IR awards Short-listed for best investor relations by a CFO – Taiwan

Large cap Listing information Taiwan Stock Exchange Electronic components & equipment

CEO Mr TSAI Ming-Kai

CFO Mr David KU

Head of IR Ms Sophia LIANG

IR team Mr Jessie WANG, Ms Angela HSIAO

Team size Three

Contact information www.mediatek.com [email protected] +886 3 567 0766

Investor/analyst feedback ‘Regular, useful updates from MediaTek, a good streamlined IR program and accessible management’ – sell side, Taiwan

‘The IRO at MediaTek is a good communicator and the CEO tells us clearly what the company is doing to improve its situation and doesn’t deny that there are problems. This gives us confidence that the necessary changes will be made’ – sell side, Taiwan ... see page 52 for more

IR Magazine INVESTOR Perception Study – Asia 2012/2013 47 greater china TOP 30

19 Anta Sports

2011 ranking 3

IR awards Short-listed for best in sector – consumer goods & services

Mid/small cap Listing information Hong Kong Stock Exchange Retail

CEO Mr DING Shizhong

CFO Mr LING Shing Ping

Head of IR Ms Suki WONG

IR team Mr Bruce CHIK, Ms Raquel TSO

Team size Three

Contact information ir.anta.com [email protected]/[email protected] + 852 2116 1660

Investor/analyst feedback ‘IR at Anta is easy to access and provides prompt replies. The webcast conference is well organized and convenient for oversea investors’ – buy side, Malaysia

‘Anta IR answers questions quickly’ – buy side, China

=20 China Shenhua Energy

2011 ranking 6

IR awards Short-listed for best in sector – energy

Large cap Listing information Hong Kong Stock Exchange Energy

CEO Mr ZHANG Xiwu (executive chairman)

CFO Mr ZHANG Kehui

Head of IR Mr CHEN Guangshui

IR team Mr Michael BAI, Mr Manor ZHUANG

Team size Three

+86 10 5813 1088 Contact information www.csec.com [email protected] /[email protected] +86 10 5813 3355 +86 10 5813 3399

Investor/analyst feedback ‘IR at China Shenhua takes the initiative and is objective’ – buy side, China

‘China Shenhua puts on great monthly meetings via teleconference’ – buy side, Hong Kong

‘China Shenhua has the best disclosure of all my companies and the IR people are helpful’ – buy side, China

48 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

=20 Sa Sa International

2011 ranking =43

Mid/small cap Listing information Hong Kong Stock Exchange Consumer goods

CEO Dr Simon KWOK

CFO Mr Guy LOOK

Head of IR Ms Tiffany CHEUNG

IR team Ms Trace LAW

Team size Two

Contact information www.sasa.com [email protected] +852 2975 3899

Investor/analyst feedback ‘Insightful, timely and professional IR at Sa Sa’ – buy side, Hong Kong

‘Sa Sa’s CFO is very knowledgeable and consistent in messages. IR does well at communicating reliably with investors’ – buy side, Hong Kong

‘Effective IR at Sa Sa’ – buy side, Hong Kong

22 CITIC Securities

2011 ranking N/A

Large cap Listing information Shanghai Stock Exchange Banks & financial services

CEO Mr WANG Dongming

CFO Mr GE Xiaobo

Head of IR Ms ZHENG Jing

IR team Ms Mandy LIU, Mr QU Le, Ms Maria XIA

Team size Four

Contact information www.cs.ecitic.com [email protected] +86 10 6083 6030

Investor/analyst feedback ‘The IR team is proactive in its communications with investors’ – sell side, Hong Kong

‘Very efficient replies from CITIC to all kinds of queries’ – sell side, Hong Kong

‘Given it’s just listed in Hong Kong, we are impressed by the IR quality of CITIC. The senior management is willing to communicate with the investor base’ – sell side, Hong Kong

‘Active and effective communication with the investment community from CITIC Securities’ – sell side, Hong Kong

... see page 52 for more

IR Magazine INVESTOR Perception Study – Asia 2012/2013 49 greater china TOP 30

23 Tencent Holdings

2011 ranking =35

IR awards Short-listed for best use of technology

Large cap Listing information Hong Kong Stock Exchange Technology

CEO Mr MA Huateng (Pony)

CFO Mr LO Shek Hon (John)

Head of IR Ms Catherine CHAN

IR team Names not supplied

Team size Eight

Contact information www.tencent.com [email protected] +86 755 8601 3388 ext 87329

Investor/analyst feedback ‘Corporate access is really good at Tencent’ – sell side, Hong Kong

=24 China National Offshore Oil Corporation

2011 ranking N/A

IR awards Short-listed for best in sector – energy

Large cap Listing information Hong Kong Stock Exchange Energy

CEO Mr LI Fanrong

CFO Mr ZHONG Hua

Head of IR Mr Cao Yan

IR team Ms DING Jianchun, Ms Lydia ZHONG

Team size Seven

[email protected] +86 10 8452 2973 Contact information www.cnoocltd.com [email protected] +852 2212 2502

Investor/analyst feedback ‘IR at CNOOC is very helpful’ – sell side, Hong Kong

‘Cao Yan, Zhang Fan and Lydia Zhong are always exceptionally responsive and helpful. Excellent feedback from investors as well’ – sell side, Hong Kong

‘CNOOC‘s IR maintains a high professional standard’ – sell side, Hong Kong

‘Lydia Zhong provides very timely and concise responses to questions’ – sell side, Hong Kong

50 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

=24 Wistron Corporation

2011 ranking =87

Short-listed for best investor relations by a Taiwanese company IR awards Short-listed for best investor relations by a CEO or president – Taiwan

Large cap Listing information Taiwan Stock Exchange Technology

CEO Mr Simon LIN

CFO Mr Henry LIN

Head of IR Mike LIANG

IR team Ms Florence HSIAO

Team size Two

Contact information www.wistron.com [email protected] +886 2 6616 9999

Investor/analyst feedback

‘Wistron consistently provides timely updates. The IRO deserves a special mention for his responsiveness and knowledge’ – sell side, Taiwan

26 China Overseas Land & Investment

2011 ranking 37

IR awards Short-listed for best in sector – real estate

Large cap Listing information Hong Kong Stock Exchange Real estate

CEO Mr HAO Jianmin

CFO Mr NIP Yun Wing

Head of IR Mr Yang Hai Song (Harry)

Team size Names not provided

Contact information www.coli.com.hk [email protected] +852 2823 7978

Investor/analyst feedback ‘Investor relations at China Overseas Land & Investment is generally good and management is available at meetings’ – sell side, Hong Kong

IR Magazine INVESTOR Perception Study – Asia 2012/2013 51 greater china TOP 30

27 Digital China 28 Hang Lung 2011 ranking N/A Properties Large cap Listing Hong Kong Stock Exchange 2011 ranking 10 information Technology Short-listed for best in sector – real IR awards CEO Mr LIN Yang estate

Mr WANG Xinhui (vice president, head of Large cap Listing CFO treasury department and president of Hong Kong Stock Exchange information finance strategic business unit) Real estate

Head of IR Ms Wycee LIU (assistant president) CEO Mr Philip CHEN

IR team Ms Judie ZHU, Ms Lily LAI CFO Mr HO Hau Cheong Team size Three Head of IR Mr KWAN Chuk Fai (CF) www.digitalchina.com Ms Cathy LEUNG Contact [email protected] Ms Emma CHOW information [email protected] IR team Ms Veronica CHONG +852 3416 8089 Ms Joanne CHONG Ms Tracy TSUI Investor/analyst feedback ‘Corporate access at Digital China is good’ – sell side, Team size Six Hong Kong www.hanglung.com Contact ‘Good transparency at Digital China’ – buy side, Hong [email protected] information Kong +852 2879 0280

Further investor/analyst feedback

15 O Link REIT (page 46) 18 + MediaTek (page 47) ‘IR at Link always gives accurate guidance and is ‘I would prefer more detail in MediaTek’s reporting’ responsive to investor inquiries’ – buy side, Hong Kong – sell side, Taiwan ‘Both the CEO and the head of IR at MediaTek are 16 O Bank of China (Hong Kong) (page 46) articulate about company strategy and can explain the ‘Bank of China has great disclosure and proactive potential pitfalls and advantages of each policy going communications’ – sell side, Hong Kong forward’ – sell side, Taiwan ‘MediaTek has a good-sized IR team and thorough 17 + Sinopec (page 47) disclosure’ – sell side, Taiwan ‘Evan Jia and Baomin Zheng are always exceptionally responsive and helpful. Excellent 22 + CITIC Securities (page 49) feedback from investors as well’ – sell side, Hong ‘Maria Xia has done a great job’ – sell side, Hong Kong Kong ‘Sinopec is transparent and timely with company ‘Maria Xia is always willing to take the extra step information’ – buy side, Hong Kong to meet investors’ needs. She is very well organized, ‘Sinopec is the most efficient at disclosing knowledgeable, responsible and resourceful. Her information’ – sell side, Hong Kong strong financial background brings investors extra value, and her competent knowledge of the company helps investors on a timely basis’ – sell side, Hong Kong

52 IR Magazine INVESTOR Perception Study – Asia 2012/2013 GREATER CHINA TOP 30

=29 Belle International

2011 ranking =25 Large cap Listing information Hong Kong Stock Exchange Retail CEO Mr SHENG Baijiao CFO N/A Head of IR Mr Forest WANG IR team Ms PANG Ding, Ms Qin Zhuyue Team size Three Contact information www.belleintl.com [email protected] +86 755 8287 7385

Investor/analyst feedback ‘Belle has responsive IR and any complications are explained in a timely manner’ – buy side, Singapore

‘The main reason I’m choosing Belle for best overall investor relations is because of the transparency. If it is doing well, it tells you, but also if it is doing badly, which is certainly not the case with most companies. I would like it to do more frequent roadshows and corporate events’ – portfolio manager, Hong Kong

=29 Orient Overseas (International)

2011 ranking =16

Short-listed for best investor relations officer – Hong Kong IR awards Short-listed for best investor relations by a CFO – Hong Kong Short-listed for best in sector – industrials, logistics & transport

Mid/small cap Listing information Hong Kong Stock Exchange Transportation

CEO Mr TUNG Chee Chen

CFO Mr Kenneth CAMBIE

Head of IR Mr Stanley SHEN

IR team Mr James LEUNG

Team size Two

Contact information www.ooilgoup.com [email protected] +852 2833 3167 / +852 9309 5871

Investor/analyst feedback ‘Orient has the most accessible management members, who are open with their knowledge of company and industry, especially the CFO’ – sell side, Singapore

‘I usually deal with Stanley Shen at Orient Overseas and he knows the sector and industry very well. He is happy to share his knowledge and is accessible’ – sell side, Hong Kong

‘Friendly and very useful disclosure of information at Orient Overseas’ – sell side, Hong Kong

IR Magazine INVESTOR Perception Study – Asia 2012/2013 53 SOUTH EAST

0 ASIA 2 TOP 25

Company echnology points otal

Rank (large caps in bold) Country I RO C EO CF O Corp literature T Meetings Corp gov in country Best prix Grand T

1 SingTel Singapore 30 12 6 48 48 41 54 9 63 311

2 DBS Group Singapore 20 74 6 33 36 33 15 18 55 290

3 CapitaLand Singapore 27 6 27 17 27 47 26 6 44 227

4 StarHub Singapore 45 15 9 17 3 41 20 15 49 214

5 CIMB Group Malaysia 24 36 6 6 12 15 3 75 33 210

6 Public Bank Malaysia 9 0 14 6 0 9 18 47 21 124

7 Keppel Corporation Singapore 21 12 20 0 21 17 0 6 16 113

8 Kasikornbank Thailand 5 0 0 12 12 12 8 53 6 108

9 Singapore Airlines Singapore 10 6 6 9 12 20 9 0 28 100

10 UOB Singapore 19 2 21 11 4 5 6 17 14 99

11 Sembcorp Marine Singapore 21 2 18 6 0 18 6 9 11 91

12 CapitaMall Trust Singapore 12 3 6 3 17 15 9 2 18 85

=13 Neptune Orient Lines Singapore 9 6 0 9 6 15 0 18 21 84

=13 Olam International Singapore 9 18 6 6 15 12 0 0 18 84

15 CapitaMalls Asia Singapore 8 6 6 6 12 8 0 12 14 72

=16 OCBC Bank Singapore 8 2 6 8 12 9 15 0 10 70

=16 PLDT Philippines 0 12 0 0 0 6 0 46 6 70

18 Noble Group Singapore 18 0 6 3 15 6 0 0 20 68

=19 Frasers Centrepoint Trust Singapore 6 12 0 12 6 3 9 9 9 66

=19 Keppel Land Singapore 6 0 0 18 6 9 3 6 18 66

21 Singapore Exchange Singapore 13 2 3 6 6 9 8 3 14 64

22 Venture Corporation Singapore 18 6 6 6 0 9 0 0 18 63

23 AmBank Group Malaysia 6 2 12 0 6 3 0 18 15 62

24 Minor International Thailand 9 0 0 6 6 9 0 25 6 61

25 SembCorp Industries Singapore 12 6 6 12 3 6 0 0 15 60 South East Asia TOP 25

1 SingTel

AWARD WINNER | BEST IN SECTOR (see p43)

2011 ranking 1

Grand prix for best overall investor relations – large cap Best corporate literature Best use of technology IR awards Best corporate governance and disclosure Best in sector – technologies & telecoms Short-listed for best investment community meetings Short-listed for best investor relations officer

Large cap Listing information Singapore Exchange Telecom services

CEO Ms CHUA Sock Koong

CFO Ms Jeann LOW

Head of IR Ms SIN Yang Fong

Singapore: Mr Jason LIM, Ms Angela Tay Hui YOON, Ms TONG Sok Khan IR team Australia: Mr Stuart SALIER, Ms Aline Van DEVENTER, Ms Riana ALEN

Team size Seven

Contact information www.singtel.com [email protected] +65 6838 2533

Investor/analyst feedback ‘There is a consistency of information disclosure from SingTel that makes modeling the company easier’ – head of research, Singapore

‘Singapore Telecom leads the way in IR as it has been around for a long time and, the longer you do something, the better you get at it’– head of research, Singapore

... see page 57 for more

Sing when you’re winning 311 SingTel, Singapore

ingTel has done it again: the Singapore-based tele- 290 DBS Group, Singapore communications giant, which achieved the top ranking 227 CapitaLand, Singapore for South East Asia in 2011, has maintained its pole S position this year and increases the number of awards 214 StarHub, Singapore it wins from four to five. Investors and analysts are unanimous in their praise for the 210 CIMB Group, Malaysia IR team at SingTel. Last March the company rearranged its organizational structure by customer segments instead of 124 Public Bank, Malaysia geographical ones, a strategy aiming to ‘better capture emerging 113 Keppel Corporation, Singapore opportunities in the multimedia and digital information-communications space’. On that occasion, the IR team organized special 108 Kasikornbank, Thailand meetings in order to explain the initiative to investors. ‘Our senior management hosted media and investor briefings 100 Singapore Airlines, Singapore to help people understand our new expansion strategy,’ explains vice president Sin Yang Fong, who recently saw corporate Grand prix for best overall communications added to her corporate responsibilities. investor relations – large cap

IR Magazine INVESTOR Perception Study – Asia 2012/2013 55 South East Asia TOP 25

‘SingTel continually strives toward higher the IR team, met with more than 300 investors during 2012, both standards of disclosure and corporate locally and internationally,’ Sin notes. transparency.’ Sin adds that her team’s With a total headcount of seven, SingTel’s IR team is based in success relies on the constant balancing of the company’s businesses’ commercial sensitivities against their investors’ growing ‘Our listing on the ASX and SGX means that we demand for transparency and governance. have to adopt the more stringent standard across Another contributing factor to the IR program’s success is that senior manage- both exchanges’ ment is very much committed to engaging with investors, frequently participating in Singapore and Sydney, reflecting the company’s dual listing. one-on-one meetings, conferences and ‘Our listing on the Australian Stock Exchange (ASX) and Singapore roadshows, and holding conference calls Exchange (SGX) means we have to adopt the more stringent and webcasts. ‘Our group CEO and the standard across both exchanges,’ highlights Sin. ‘After 11 CEOs of our three key business units meet years on the ASX, we have been able to assimilate most ASX regularly with investors, attending events requirements into our own practices.’ on a rotational basis,’ explains Sin. SingTel’s free float is held 25 percent by retail shareholders, In addition to attending major regional 75 percent by institutions, of which just 15 percent are domestic. conferences in Singapore and Hong Kong, Singapore’s sovereign wealth fund Temasek owns a majority SingTel’s management also traveled stake in the company, but is reportedly treated like any other extensively during 2012, with two visits to institutional investor. the US and two to Europe. The firm also organizes a Regional Mobile Investor Day, an ‘annual full-day investor event that ‘We have included a section of Q&As with our brings SingTel’s senior management and its group CEO, where she discusses in depth the associates – including unlisted entities – together in one place to meet investors’. group’s key strategic issues’ ‘Our senior management, together with With team members in different locations and an international shareholder base, the IR department relies heavily on 48 SingTel, Singapore technology for its daily operations. The corporate website is ‘a one-stop shop’ for investor information, on which are posted the 33 DBS Group, Singapore quarterly results materials: news releases, investor presentation 18 Keppel Land, Singapore slides with their audio commentary, analyst conference calls and their transcripts, and a historical financial summary that is 17 CapitaLand, Singapore downloadable in an Excel format. Email alerts are also sent out to investors, although the company has not yet considered using 17 StarHub, Singapore social media for IR communications. A big point of focus this year has been the annual report, Best corporate literature which has won the company its award for best corporate literature. ‘We devote significant time and resources to corporate reporting, including getting input from senior management 48 SingTel, Singapore and the chairman,’ says Sin. ‘For example, we have included 36 DBS Group, Singapore a section of Q&As with our group CEO, where she discusses in depth the group’s key strategic issues.’ 27 CapitaLand, Singapore

21 Keppel Corporation, Singapore ‘Many investors are keen to learn more about our 17 CapitaMall Trust, Singapore dividend policy and the outlook for the future’

15 Noble Group, Singapore SingTel, which posted S$3.9 bn ($3.18 bn) in net profits this 15 Olam International, Singapore past year, has a track record of strong cash distribution and steady increases in payouts to shareholders. Dividends for 2012 Best use of technology amounted to 15.8 cents, which represents a 62 percent payout

56 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

ratio of net profits. This high level is reflected in the topics that 54 SingTel, Singapore are most often brought up by investors when they meet with Sin.

‘Many investors are keen to learn more about our dividend policy 26 CapitaLand, Singapore and the outlook for the future,’ she confirms. The team takes investor satisfaction very seriously, as 20 StarHub, Singapore that type of feedback helps SingTel fine-tune the investor relations message and better develop content to address 18 Public Bank, Malaysia investor concerns. To achieve this, Sin’s team has put in place 15 DBS Group, Singapore a formal procedure for monitoring progress. 15 OCBC Bank, Singapore

‘SingTel commissions an annual investor Best corporate governance perception study in order to gather feedback from and disclosure institutional investors and financial analysts’ guidance from advisory bodies. ‘Not only do we talk with investors that have concerns ‘In addition to the regular face–to-face meetings, SingTel about our governance, but we also engage commissions an annual investor perception study, conducted extensively with voting advisory services by an independent consultant, in order to gather feedback from firms, such as ISS, to understand their institutional investors and financial analysts,’ explains Sin. ‘In guidelines and best practices,’ notes Sin, these studies, we also ask investors to benchmark us against adding that, for specific topics, a relevant our peer group and tell us what they would like the company specialist will be called in: ‘If the issue and the IR department to do more or less of. The feedback is brought up is about management remu- then reported to the board, which will take it into account when neration, an appropriate representative from planning future strategy and operations.’ HR will join IR as we take our stakeholders The market information collected from discussions with through the explanation.’ investors is also greatly valued, says Sin. ‘We benefit from having In SingTel’s search for continuous global telecommunications investors and analysts who share improvement – not to say perfection – their specialized knowledge and global views of the market with even competitors have their part to play. us,’ says Sin. ‘We maintain a professional relationship with our competitors’ IR departments,’ reports Sin. ‘We often exchange emails to ‘We engage extensively with voting advisory benchmark our disclosures.’ firms to understand their guidelines and best ‘SingTel provides results in a special form practices’ that allows us to copy them directly onto our spreadsheets with no need to type. This is useful and I wish other companies would do Investors are not the only ones being asked for feedback. the same’ – sell side, Singapore SingTel is always keen to improve its practices by seeking ‘Singapore Telecom provides excellent regional conferences’ – sell side, Singapore 311 SingTel, Singapore ‘I have voted for Singapore Telecom as it 214 StarHub, Singapore is one of the few companies that does not provide scripted information that’s of little 70 PLDT, Philippines use to me or, I imagine, other investors’ – buy side, Singapore 63 Venture Corporation, Singapore ‘Singapore Telecom’s IRO is very knowledgeable and willing to share information with 47 Advanced Info Service, Thailand the investment community. I wish other companies would do the same’ – buy side, 46 Singapore Technologies Engineering, Singapore Singapore

42 Media Prima, Malaysia ‘SingTel is forthcoming with disclosure’ – buy side, Singapore ‘ Best in sector – technologies & telecoms Investor/analyst feedback

IR Magazine INVESTOR Perception Study – Asia 2012/2013 57 South East Asia TOP 25

2 DBS Group

AWARD WINNER | BEST IN SECTOR (see p43)

2011 ranking 3

Best investor relations by a CEO or president Best investor relations during a corporate transaction Best in sector – banks & financial services IR awards Short-listed for grand prix for best overall investor relations – large cap Short-listed for best corporate literature Short-listed for best investment community meetings Short-listed for best use of technology

Large cap Listing information Singapore Exchange Banks & financial services

CEO Mr Piyush GUPTA

CFO Mrs CHNG Sok Hui

Head of IR Mr Michael SIA

IR team Mr YAN Kai Yin

Team size Two

Contact information www.dbs.com [email protected] +65 6878 5751

Investor/analyst feedback ‘The CEO of DBS is selective about which meetings he attends but, when he does turn up, he is among the very best’ – sell side, Singapore

‘The recently appointed CEO of DBS has changed communications for the better’– buy side, Singapore

‘DBS provides good access to management and updates regularly on every division’ – sell side, Singapore

‘The CEO of DBS has laid out strategic initiatives and executed them all’ – sell side, Singapore

‘There is improved transparency at DBS due to the appointment of the new CEO who understands our need to know about each division and operational unit. He tries hard to keep us in the loop’ – head of research, Singapore

‘DBS deserves credit for providing clarity amid chaos’ – sell side, Singapore

‘During the past two years, DBS has put in a lot of effort to communicate its strategy. We can meet management face to face, which few other companies organize’ – sell side, Singapore

... see page 87 for more Interesting developments

ingaporean banking group DBS, Hong Kong in 1999 and Taiwan’s Bowa Bank in 2008. It is also created as the Development Bank one of the nine foreign banking groups that were approved of Singapore in 1968, is the largest for local incorporation in China. DBS’ most recent acquisition S bank in South East Asia by assets was Indonesian bank Danamon in April this year. and has a strong ambition to become a During that process the company’s IR department, which leader in Asia. Unsurprisingly, the company wins best IR during a corporate transaction this year, had a has been in an acquisitive mood these past critical role to play. ‘It is important for IR to understand the 15 years, buying up Singapore’s Post Office rationale, synergies and financial effects of the transaction so Savings Bank in 1998, Kwong On Bank in they can be explained to the market,’ says senior vice president

58 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

of IR Michael Sia. ‘For that reason, IR is usually involved right from the start of a corporate transaction, well before the announcement is made.’ DBS’ IR team of two, which reports to CFO Chng Sok Hui, is keen to focus its efforts on areas it believes are important to the investment community: ‘timely disclosure, candor at meetings, responsiveness to investor concerns and strong credibility’. As investors are ultimately trying to determine the structural return on equity of the bank in order to assign a fair value to the shares, it is important that the IR team provide them with a clear narrative of issues backed up by numbers. ‘Investors and analysts don’t like to be surprised, so expectations must be Piyush Gupta, managed while ensuring fair disclosure,’ highlights Sia. CEO, DBS Group This year, there was an addition to the habitual speakers at investor meetings, which often involve chief executive Piyush 74 DBS Group Gupta, as key business heads were introduced, an initiative Piyush Gupta, Singapore aimed at ‘giving the investment community a better feel for the 36 CIMB Group quality of our management team’ while letting investors gain Nazir Razak, Malaysia comfort about the execution of the strategy. Gupta, who wins 18 Olam International the award for best IR by a CEO or president for the second year Sunny Verghese, Singapore 15 StarHub in a row, is described by Sia as ‘candid’ in his dialogue with the Neil Montefiore, Singapore investment community. 12 Frasers Centrepoint Trust ‘Investors see him as a strong leader with a firm grasp of Chew Tuan Chiong, Singapore operational details who is able to execute a well-defined strategy 12 Keppel Corporation with the support of a seasoned senior management team,’ Sia Chiau Beng Choo, Singapore adds. ‘They also appreciate that he is an excellent communicator 12 PLDT Napoleon Nazareno, Philippines who can articulate the bank’s progress and challenges in a 12 SingTel manner that is both forthright and accessible to them. Both our Chua Sock Koong, Singapore senior management and our CEO believe in providing detailed disclosure to give investors and analysts a better understanding Best investor relations of and reassurance about what we are doing.’ by a CEO or president For that purpose, his team attended two international roadshows and several investor conferences in Singapore, 290 DBS Group, Singapore conducting a total of 250 investor meetings this year. Sia also relies greatly on phone calls and emails to interact with investors, 210 CIMB Group, Malaysia and uses webcasts for announcements of quarterly results. 124 Public Bank, Malaysia Sia, who worked as a sell-side analyst before joining DBS, also highlights the importance of sell-side reports in assessing 108 Kasikornbank, Thailand the market temperature on the company. ‘We use these reports to benchmark ourselves against peers and ascertain the validity 99 UOB, Singapore of such views,’ he explains. One example was the market’s concern about the volatility of DBS’ trading income. ‘We have 70 OCBC Bank, Singapore since then focused our treasury expertise on structuring 64 Singapore Exchange, Singapore products for customers,’ Sia adds. Other feedback that led to concrete action concerned liquidity management and the 62 AmBank Group, Malaysia bank’s strategy in Hong Kong. Local investors represent 42 percent of DBS’ shareholders, Best in sector – banks including the 30 percent stake of sovereign wealth fund Temasek. & financial services The rest are institutional investors from – in decreasing order – North America, the UK, other Asian countries and continental 27 DBS Group, Singapore Europe. Sia says the main challenge in his job is keeping abreast of regulatory changes. This may be the reason why, although 24 CIMB Group, Malaysia foreign investors represent a sizable proportion of shareholders, DBS does not plan a secondary listing to complement its home Best investor relations during listing on Singapore Exchange. a corporate transaction

IR Magazine INVESTOR Perception Study – Asia 2012/2013 59 South East Asia TOP 25

3 CapitaLand

AWARD WINNER | BEST IN SECTOR (see p43)

2011 ranking 2

Best investor relations by a CFO Best investment community meetings Best in sector – real estate Short-listed for grand prix for best overall investor relations – large cap IR awards Short-listed for best investor relations officer Short-listed for best corporate literature Short-listed for best use of technology Short-listed for best corporate governance and disclosure

Large cap Listing information Singapore Exchange Real estate

CEO Mr LIEW Mun Leong

CFO Mr Arthur LANG

Head of IR Mr Harold WOO

IR team Mr CHEONG Kwok Mun, Ms Eileen LEE, Ms Subathra BALA, Ms Julia CHEW

Team size Five

[email protected] Contact information www.capitaland.com +65 6823 3210 [email protected]

Investor/analyst feedback ‘Each of the three [Capita] companies has its own dedicated IRO and all are helpful and responsive. Briefings are held for any meaningful transaction and the [IROs] go out on the road and hold conferences with a systematic approach’ – sell side, Singapore

‘Proactive IR from CapitaLand and I appreciate the frequent, overseas site visits that are a great help in understanding the company operations’ – sell side, Singapore

‘The IROs are very responsive and have a good knowledge of the company’ – sell side, Singapore

... see page 63 for more Capital commitment to IR

arold Woo, CapitaLand’s senior vice this year, while his CFO Arthur Lang scoops the prize for best president of nine years, is one of IR by a CFO. CapitaLand also achieves the high ranking of the most enthusiastic IROs around, number three on the top 10 list for South East Asia. H a quality that apparently pays off. ‘I really enjoy my work,’ explains Woo, who was an institu- Not only has he won the best investor tional broker for 19 years, including a four-year stint in the City relations officer award twice, in 2009 and of London. ‘I’m quite fortunate, as our senior management 2011, but he has also led his company to embraced the strategic value of IR from the outset.’ Woo attends win awards for best in sector – real estate all board meetings, not only at CapitaLand but also at all the and best investment community meetings firm’s listed subsidiaries and listed real estate investment trusts, which helps him keep up to date on what’s going on. CapitaLand, which operates in the retail, office and residential ‘Senior management at Capita- real estate space, is a very large, even ‘widespread’ group, and last year started to refocus its activities on its three core Land embraced the strategic value markets: Singapore, China and Australia. of IR from the outset’ ‘Singapore is our home turf and we’ve been in China since

60 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

Arthur Lang, CFO, CapitaLand

What makes the IR approach taken by CapitaLand’s senior action, communicating with investors. management special? On those occasions, I did glean some I believe the reason our IR is successful is because, unlike some knowledge from them about how IR is done. companies, we do not treat IR as a ‘necessary inconvenience’, if Ultimately, I believe investors appreciate you will. IR at CapitaLand is very much regarded as an inherent the very straightforward principles we part of the business, to communicate with our investors and follow. First, we tell it as it is: if it’s good stakeholders so they continue to support us. When we deliver news, we tell them good news, and if it’s bad a message, it’s not just from a prepared script. We want to news, we tell them bad news. I think there’s make sure we truly understand the drivers of the business, the no point in sugarcoating the bad news issues faced by the business, and we do this by actually getting because in the long term it can damage the involved in the strategic decisions for the group. Our senior vice company’s credibility. Secondly, we keep the president of IR, Harold Woo, sits in on board meetings and on message simple. Nowadays investors are some very important strategy meetings. That way, when we impatient: they’ve got so many things speak to investors, they know we understand where the group happening and markets are highly volatile, is heading. Business unit heads are also encouraged to be so we’ve got to make sure the message is involved in IR. There’s a lot of interplay here, so when we talk very clear, crisp and straight to the point. to investors it comes across as very credible and effective. Thirdly, we give clear visibility to investors – again, no nasty surprises. Following these How do you divide the IR tasks between the CEO and CFO? three principles in our communication style The CEO is involved in IR and is engaging, especially with has allowed us to build trust with investors. investors and other stakeholders. He focuses primarily on If your IR team could ask you for one of communicating the group’s broad strategy, some of its key the following, which do you think it would achievements and where he thinks it is heading. I will come be: larger IR budget, bigger IR team, or up with the numbers and the details of how the group is going greater access to you and the CEO? to execute this strategy. In his absence, I will step up to speak with investors. This is how we complement each other. Can I say all of the above? If I have to choose only one, I would say greater access Ahead of your recent change of CEO, was succession planning to the CEO and me, particularly to the CEO, a big talking point with investors? but to senior management as a whole. The announcement came out recently, but the actual change Harold and the IR team can well manage a happened on January 1, 2013. I believe the one thing investors certain amount of tasks when it comes to hate most is surprises, particularly nasty ones. So when the IR, but there’s nothing like involving senior board started its search for a new CEO candidate sometime in management in meeting investors, to get June 2011, we had the senior management communicate this them to look investors in the eye and directly to the market, one year before the actual transition: basically give them direction on the strategy we wanted to make sure investors heard it from us before they of the business. This is very important and heard it from the rumor mill. Investors really appreciate the much appreciated by investors. very advanced heads-up. Then an official search started for the next candidate, and 27 CapitaLand just recently the company announced the appointment of our Arthur Lang, Singapore new chief executive, who is actually our current chief operations 21 UOB Lee Wai Fai, Singapore officer so he is already familiar with our investors. The overriding 20 Keppel Corporation impression from this whole experience in terms of succession Loh Chin Hua, Singapore planning is that we seek to maximize communication channels 18 Sembcorp Marine with our investors. Tan Cheng Tat, Singapore 14 Public Bank How have you developed your own approach to investor Yik Sook Ling, Malaysia relations? Did you get any specific training? 12 AmBank Group Mandy Simpson, Malaysia My trainer was Harold Woo! I didn’t get any formal training. 12 Fraser and Neave When I took this position, I knew IR was definitely part of the job. Joseph Tan Eng Guan, Malaysia In my previous job as an investment banker, I had the opportu- Best investor relations nity to follow the senior managements of very large Singaporean by a CFO companies on roadshows, where I could see CEOs and CFOs in

IR Magazine INVESTOR Perception Study – Asia 2012/2013 61 South East Asia TOP 25

1994, so that gives us an 18-year track record in the country,’ says Woo. ‘Right after the global financial crisis, real estate prices fell steeply, but they bounced back very quickly thanks to the stimulus packages bestowed on those three countries.’

‘It’s very challenging to give visibility to investors about whether governments will continue to implement anti-speculation measures’

But the real estate markets have reached such heights again that the governments in Singapore and China have had to take drastic cooling measures. How these will affect CapitaLand’s business is the main question investors have been asking Woo during 2012 – an issue he is finding tricky to address. ‘The residential property sector in particular faces a lot of government policy risk,’ he explains. ‘It’s very challenging to give visibility to investors about whether governments will continue to implement anti-speculation measures.’ Temasek, Singapore’s sovereign wealth fund, owns 40 Harold Woo percent of the company, a large stake that, according to Woo, Head of IR, CapitaLand

‘We make it a point to target bond holders, which 47 CapitaLand, Singapore participate very strongly in all our board issues’ 41 SingTel, Singapore

41 StarHub, Singapore doesn’t reflect on CapitaLand’s investor relations strategy. ‘Temasek has been with us since the inception of the company,’ 33 DBS Group, Singapore he points out. ‘It used to own a 60 percent stake, which it reduced to 40 percent in 2005.’ 20 Singapore Airlines, Singapore Foreign institutional investors hold two thirds of the remaining shares. ‘We rely on the whole market for our shareholder 18 Sembcorp Marine, Singapore base because Singapore is a small country,’ explains Woo. 17 Keppel Corporation, Singapore ‘Foreign investors are definitely a class of investors we target and rely upon.’ One of the benefits of having international Best investment investors, he finds, is that they are usually keen to give feedback, community meetings both positive and negative. Singapore-domiciled institutions represent 18 percent of CapitaLand’s ownership, a reflection of the growing pool of money being managed out of the island 227 Capitaland, Singapore state, with global asset management firms gradually setting up operations there. 85 CapitaMall Trust, Singapore

72 CapitaMalls Asia, Singapore ‘We rely on the whole market for our shareholder 66 Frasers Centrepoint Trust, Singapore base because Singapore is a small country. 66 Keppel Land, Singapore Foreign investors are definitely a class of

50 Ascendas REIT, Singapore investors we target and rely upon’

42 MapleTree Industrial Trust, Singapore In order to converse with investors, Woo and chief financial officer Arthur Lang travel regularly, flying three or four times a Best in sector year to Hong Kong, and taking two long-haul trips, usually to – real estate New York, Boston and London. ‘This past year we attended 450

62 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

meetings, held 55 teleconferences and conducted 19 non-deal ‘CapitaLand excels at technology and even roadshows, including some in Singapore,’ details Woo, adding provides a CD Rom chip for analysts to help that managing relationships with bond holders is also an with analysis. In terms of disclosure, it is integral part of the IR program. transparent and willing to provide and CFO Arthur Lang confirms this approach. ‘There generally divulge information. The large IR team seems to be a disproportionate amount of focus and attention makes a huge effort to be forthcoming and informs you well before an announcement’ on equity investors,’ he says. ‘In this day and age, as capital – sell side, Singapore comes from both equity and debt investors, we make it a point to also target our bond holders, which participate very strongly ‘Very professional IR team. Knows the in all our board issues.’ company well and very adept at handling investors’ – sell side, Singapore Woo stresses that IR has suffered from the fallout due to the reduction in investment income. ‘There is quite a high turnover ‘Most consistent management and IR team among the sell-side analysts,’ he says. ‘When you have someone over the past five years. The IR team coming in all fresh, you need to pick up coverage again. We do a provides easy access to the CFO and other senior management’ – sell side, Singapore lot of hand holding in order to make sure they get their models working.’ As Woo highlights, however, CapitaLand is fortunate to ‘Presentations at CapitaLand are much more have the largest market capitalization in real estate in South colorful than those at Chinese companies’ – East Asia. ‘We get coverage from more than 20 brokers, both sell side, Singapore bulge bracket and local firms, as our free float is big and we ‘CapitaLand produces regular updates and

are very liquid,’ he explains. has good disclosure overall’ – sell side, Woo believes the investor relations profession has recently Singapore ‘ achieved a new standard in Singapore, thanks to the country’s new revised code of corporate governance, which came into Investor/analyst feedback effect on November 1, 2012. ‘For the first time, one of the principles specifies that listed companies should have a stated prospects, reminding us that despite IR policy,’ he explains enthusiastically. ‘This is presently a big volatility in the markets, ‘real estate talking point in the Singapore IR community.’ remains a great creator of value, albeit Other common discussion topics have been economic a long-term one. Investors don’t get to uncertainty, the euro crisis and possible recession, and how it see the economic value creation until closer will affect Asia. But Woo remains confident about the company’s to when the project is completed.’

South East Asia Top 25

BY COUNTRY BY SECTOR

Banks & Real estate Technology financial 2 3 services 8 5 4 Transport 1 Diversified industrials (including energy & agriculture) 2 4 Energy Consumer goods 19 1 & services 1

IR Magazine INVESTOR Perception Study – Asia 2012/2013 63 South East Asia TOP 25

4 StarHub

AWARD WINNER

2011 ranking 7

Best investor relations officer Short-listed for grand prix for best overall investor relations – large cap Short-listed for best investor relations by a CEO or president IR awards Short-listed for best corporate literature Short-listed for best investment community meetings Short-listed for best corporate governance and disclosure Short-listed for best in sector – technologies & telecoms

Large cap Listing information Singapore Exchange Telecommunications

CEO Mr Neil MONTEFIORE

CFO Mr KWEK Buck Chye

Head of IR Ms Jeannie ONG

IR team Mr Eric LOH

Team size Two

Contact information www.starhub.com/ir [email protected] +65 6825 5168

Investor/analyst feedback ‘There is a consistency of disclosure from StarHub’ – buy side, Singapore

‘StarHub has highly proactive IR. For instance, when there are any policy changes, the IR people contact us to let us know immediately so we don’t have to wait for the press release’ – sell side, Singapore

... see page 66 for more

Shining example of IR

eannie Ong, StarHub’s head of on technology trends, on members of the finance team to corporate communications and explain complex issues such as merger accounting, on her investor relations of 11 years, was secretariat to ‘make everything fall into place neatly’, and – last J short-listed last year for the best but not least – on her senior management. investor relations officer award but this ‘My board of directors empowers me to do so much more year she has scooped the top IR prize. as I strive to be knowledgeable and above board in my work,’ When questioned about the reasons she says. She even has a word for her family, whom she thanks for her success, Ong’s answer is exquisite for her ‘good genes and work discipline.’ in its modesty. ‘StarHub is where I am in Ong leads a team of 10 ‘elite mavericks’ at the Singaporean my element,’ she says. ‘All the StarHubbers telecommunications challenger that includes three people – an are the wind beneath my wings.’ She assistant vice president, a secretary and herself – who dedicate explains that she relies on engineers and themselves to IR full time. ‘We have a relatively flat structure production colleagues to keep her updated and it allows us to be flexible in covering each other’s duties when required,’ she explains. This past year’s roadshow schedule has been a busy ‘StarHub is where I am in my one, involving more than 250 meetings with funds and 20 conferences, both locally and overseas, including trips to element. All the StarHubbers are Kuala Lumpur, Hong Kong, Tokyo, London, Edinburgh, the wind beneath my wings’ New York and Boston. Ong’s team also occasionally visits other

64 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

StarHub’s senior management regards ‘I often tease investors, telling them we will give investor relations as a pivotal role and Ong a gift to whoever asks us a question that has sits in on all board meetings, which allows her to speak with conviction when discussing never been asked before. To date, that prize has the company’s strategy with investors. not been claimed!’ In her opinion, an IRO’s prime asset is ‘credibility, credibility, credibility’. And she parts of Europe, the western US and Canada. Bangkok was the cautions: ‘It is very easy to lose one’s newly added destination during 2012. credibility, which is why I always guard it When meeting with analysts and investors, Ong observes zealously. For me, there is no compromise.’ she is often asked the same questions over again and that She feels there is an increasing demand there are usually annual themes. Two years ago, it was all for qualified IR professionals in Singapore, about the sustainability of StarHub’s dividends. Last year, and that the role of an IR manager is there were a lot of inquiries about NBN, the new fiber network becoming more strategic and recognized, in Singapore. Currently, she is asked whether StarHub will be although there are only a few heads of IR acquiring the soccer game broadcast rights in Singapore of who actually sit in on company board Britain’s Barclays Premier League. meetings – a number Ong hopes will This endless repetition doesn’t affect Ong’s sense of humor, increase in the future. ‘Attending board however. ‘I often tease investors, telling them we will give a meetings is of paramount importance to gift to whoever asks us a question that has never been asked the growth of an IRO’s career,’ she says. before,’ she laughs. ‘To date, that prize has not been claimed!’ She believes the critical skills for a head

Jeannie Ong Head of IR, StarHub ‘When meeting with investors, we must think, act and speak as if we were the CEO of the company’

of IR are the same as those required to be a top executive at any corporation. ‘I often tell IROs that when meeting with investors, we must think, act and speak as if we were the CEO of the company,’ she adds. Ong believes investors perceive StarHub as a safe haven in the current market environment: the company’s stock is at a five-year high and it has bee paying out steady dividends. She also cites the firm’s management performance, strategy and

45 StarHub Jeannie Ong, Singapore 30 SingTel Sin Yang Fong, Singapore 27 CapitaLand Harold Woo, Singapore 24 CIMB Group Steven Tan, Malaysia 21 Keppel Corporation Chua Ying Ying, Singapore 21 Sembcorp Marine Judy Han, Singapore 20 DBS Group Michael Sia, Singapore

Best investor relations officer

IR Magazine INVESTOR Perception Study – Asia 2012/2013 65 South East Asia TOP 25

community that it was unhealthy for the industry to be ‘StarHub ticks all the IR boxes: access, monopolized by a single brand. delivery, corporate governance and excellent management’ – sell side, Singapore As a technology company and with ‘a ready pool of technological gurus’ at hand, StarHub has naturally invested ‘Excellent post-results meetings with good in the latest technology for IR. ‘Because we are StarHub, we access to management’ – buy side, Singapore felt compelled to be the first to have our annual report app ‘The IRO at StarHub is aggressive, informa- on both the Android and iOS platforms,’ Ong points out. ‘If we tive and timely’ – sell side, Singapore don’t walk the talk, who will?’

‘StarHub provides specific detailed answers to questions’ – buy side, Singapore ‘ ‘Because we are StarHub, we felt compelled to Investor/analyst feedback be the first to have our annual report app on both the Android and iOS platforms. If we don’t walk sustainability efforts as significant advantages, although she admits competition is the talk, who will?’ fierce both commercially and in terms of IR between StarHub and the local telecom Social media such as Facebook or Twitter, however, giant SingTel. are not part of the plan. ‘Most members of the investment ‘I liken our relationship to that of community, especially sell-side analysts who cover our David and Goliath,’ Ong says. ‘It is not easy stock, prefer traditional email or a good old phone call having the company with the largest market over any social media,’ Ong reminds us. capitalization in Singapore as our main One of the big talking points in the Singaporean IR rival, but that is where the fun is!’ If Ong community right now is the compulsory sustainability works hard at convincing investors that reporting Singapore Exchange will soon implement for all Singaporean companies make worthy listed companies, and this is another area where StarHub plans investments, she also points out that one to stay ahead of the game. Indeed, the company included a fully of the challenges she has faced these past fledged sustainability report covering 42 Global Reporting few years was convincing the investment Initiative indicators in its annual report for the first time last year.

CIMB climbs up 210 CIMB Group

teven Tan, head of IR at CIMB, is 124 Public Bank geared up for the company’s 62 AmBank Group reinvention as CIMB 2.0 – set to turn the ASEAN bank into an S 42 Media Prima Asia-Pacific franchise. ‘We took over a dysfunctional, loss-making bank in 2005 27 CB Industrial Product and turned it around: 2.0 is the second version, the refresh of the CIMB business 24 Axis REIT model,’ Tan explains. CIMB has indeed gone 23 Telecom Malaysia from what Tan describes as a ‘dysfunctional’ bank to posting a personal best of MYR3.26 Best IR by a Malaysian company bn ($1.06 bn) profit for the first nine months of 2012. ‘We were a totally different animal prior to 2005,’ he adds. MYR849.4 mn ($277.4 mn). In a company statement at the It has clearly been a busy year for the time, CIMB said the deal would210 seeCIMB it emerge Group as ‘the largest bank, which acquired a 60 percent stake in investment banking franchise based in Asia-Pacific (ex-Japan).’ the Philippines’ Bank of Commerce in May, Tan explains124 that Publicnow the Bank business of turning the company a month after buying its Asian investment around is complete, a new strategy is needed. ‘That’s what 2.0 is 62 AmBank Group banking business from Royal Bank of all about,’ he says. ‘The internal structures will be streamlined Scotland in a deal reportedly worth and42 tweakedMedia toPrima allow us to move forward.’ CIMB’s acquisitions

27 CB Industrial Product 66 IR Magazine INVESTOR Perception Study – Asia 2012/2013 24 Axis REIT

23 Telecom Malaysia South East Asia TOP 25

5 CIMB Group

AWARD WINNER | BEST IN COUNTRY (see 90)

2011 ranking 13

Best investor relations by a Malaysian company Short-listed for grand prix for best overall investor relations – large cap Short-listed for best investor relations officer IR awards Short-listed for best investor relations by a CEO or president Short-listed for best investor relations during a corporate transaction Short-listed for best in sector – banks & financial services

Mid/small cap Listing information Bursa Malaysia Banks

CEO Mr Nazir RAZAK

CFO Mr Kenny KIM

Head of IR Mr Steven TAN

IR team Ms Verena CHUA, Ms Mabel TAN

Team size Three

Contact information www.cimb.com [email protected] +60 3 2084 9696

Investor/analyst feedback ‘The CEO of CIMB is the best; he takes time to meet with us every quarter. Highly articulate, he never needs the CFO to help out with any aspect of the company’ – buy side, Singapore

‘The CEO and CFO of CIMB are the most approachable and the most integrated into the IR function. The IR people engage with analysts in a personal manner and present a balanced approach’ – sell side, Singapore

‘CIMB is in a league above all other Malaysian companies’ – sell side, Malaysia

‘IR at CIMB has good industry knowledge and is responsive’ – sell side, Singapore

‘Top management at CIMB goes the extra mile to communicate with shareholders. Steven Tan, the head of IR, does an excellent job juggling the organizational issues and also presenting the company’s message and financial information’ – sell side, Singapore

‘The CEO at CIMB does a fantastic job with investors; one of the best I’ve ever met’ – buy side, Singapore

will be integrated into the group as part of the 2.0 plan and the do with very subjective measures, such company will move toward a position of greater regional control. as internal stakeholder satisfaction and The extent of activity at CIMB means Tan, supported by the external stakeholder satisfaction’, and CEO and deputy CEO at around 90 percent of meetings, is a busy the feedback the senior management gets IRO. But as a regular at the IR Magazine Awards – taking home from the company’s clients. the award for best IR by a Malaysian company for the third year Despite this, Tan knows that as well as in a row, as well as climbing to number five in the South East regular access to senior management for Asia top 10 – CIMB’s hard work is definitely paying off when it investors and analysts, it’s the department’s comes to investor relations. can-do attitude that makes the bank’s IR That said, while awards are ‘to a certain extent a rough stand out. ‘We are very proactive,’ he says. measure of success, clearly there is no hard and fast way of ‘We know our investors well, we know what measuring how well I do my job,’ comments Tan. ‘It’s very they want, we know what they need. Our difficult to come up with IR targets [to measure success] – we’ve success factor has been making sure they struggled with it for the last couple of years. Ultimately it has to all get what they need – and more.’

IR Magazine INVESTOR Perception Study – Asia 2012/2013 67 South East Asia TOP 25

6 Public Bank

2011 ranking N/A

Short-listed for best investor relations by a Malaysian company IR awards Short-listed for best corporate governance and disclosure Short-listed for best in sector – banks & financial services

Large cap Listing information Bursa Malaysia Banks

CEO Mr TAY Ah Lek

CFO Ms YIK Sook Ling

Head of IR Ms CHANG Siew Yen

IR team Mr NG Seiw Kuan, Ms Denise FONG

Team size Three

Contact information www.publicbank.com.my/corporate [email protected] +60 3 2176 6293

Investor/analyst feedback ‘Public Bank holds extremely high quality one-on-one meetings’ – buy side, Singapore

‘Good corporate governance at Public Bank. The company consistently provides good corporate access and disclosure’ – sell side, Malaysia

‘Leong was a great resource for the company and the Street, and his 7.30 meetings will be sadly missed. However, Chang has done a good job as his de-facto replacement in being the main management liaison with investors’ – sell side, Singapore

Going public

ith a 45-year track record of investor relations team. They have the ‘necessary knowledge growth and profit, Public Bank and information about the business of the bank to provide attracts interest from both appropriate, comprehensive and timely information to investors W analysts and prospective and analysts,’ explains the spokesperson. investors. ‘Public Bank has a strong This means Public Bank’s investors and analysts are following among research analysts, with happy to deal direct with the IR team – rarely requesting 14 local analysts and 16 foreign analysts meetings with other senior management, the spokesperson covering our shares,’ says a spokesperson adds. The company aims to ‘accommodate almost all requests for the Malaysian bank. ‘As at September for meetings by visiting investors and analysts’, attending eight 2012, there were 21 buy calls and nine investor conferences and 94 face-to-face meetings in the first hold calls from the research analysts.’ nine months of 2012, and holding 12 teleconferences. This year, Public Bank has upped its When it comes to guidance, much of it is ‘rather specific’, game to join CIMB as one of just two according to Public Bank’s spokesperson, covering loan, Malaysian companies in IR Magazine’s deposit and non-interest growth expectations as well as South East Asia top 10 rankings. Last year, interest margin and credit cost trends. no Malaysian company held a top spot. Public Bank has received the usual investor and analyst The Kuala Lumpur-based bank says questions surrounding the overall economic situation in Malaysia organization is a key element to its IR and the Malaysian banking industry, but attention in the past year success, with investor relations conducted has also focused on its interest rate margin and how Public Bank in a ‘structured, effective and timely achieves its low-cost income and impaired loan ratios – as well manner.’ Another popular aspect of as the upcoming changes to be implemented under Basel III. Public Bank’s investor relations policy is Announcing the bank’s quarterly results in October 2012, the ‘key senior personnel’ included in the founder and chairman Tan Sri Dato’ Sri Dr Teh Hong Piow said:

68 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

‘The outlook for the Malaysian economy, in which the group year. So despite reports of industry confu- largely operates, continues to be stable and supportive of growth sion surrounding Basel III (see page 6) and despite headwinds from the vulnerable external economic condi- a ‘vulnerable’ global economy, Public tions, and the rapidly changing regulatory landscape for banks.’ Bank’s spokesperson says the bank has not One of the country’s biggest banks, with a focus on retail encountered any major IR challenges over banking and small-to-medium-sized enterprises, Public Bank the year – no doubt contributing to its climb posted an MYR2.88 bn ($940.86 mn) profit in the first nine from outside the South East Asia Top 25 last months of 2012 – a 3.8 percent increase on the same period last year to settle in sixth place today.

7 Keppel Corporation

AWARD WINNER | BEST IN SECTOR (see p43)

2011 ranking 10

Best in sector – diversified industrials (including energy & agriculture) IR awards Short-listed for best investor relations by a CFO Short-listed for best use of technology

Large cap Listing information Singapore Exchange Diversified

CEO Mr CHOO Chiau Beng

CFO Mr LOH Chin Hua

Head of IR Ms CHUA Ying Ying

IR team Ms WANG Look Fung, Ms Teri LIEW, Ms Ivana CHUA, Ms CHAN Suan Sim, Ms Joanne KOH

Team size Six

Contact information www.kepcorp.com [email protected] +65 6413 6295

Investor/analyst feedback ‘Keppel Corporation leads the way in the use of technology and provides the most useful webcasts’ – head of research, Singapore

‘Keppel targets us for regular meetings and its facilities in Singapore are always open for investors’ – head of research, Singapore

‘Keppel provides interactive quarterly conference calls with plenty of access to management at results time’ – buy side, Hong Kong ... see page 87 for more Consistency in diversity

t Keppel, we are driven by a strong sense of securing two short list places as well as the accountability toward investors and stakeholders,’ firm’s best in sector award this year. Keppel says Chua Ying Ying, who heads investor relations Land, the corporation’s property arm, also ‘A at Keppel Corporation, winner of this year’s best in takes home the region’s grand prix for mid sector award for diversified industrials in South East Asia. and small caps, shared jointly with Frasers Under the leadership of what she calls a ‘capable board Centrepoint Trust. of directors and senior management’, Keppel practices ‘self- The Keppel Group is made up of a variety regulation and exercises best practices that often go beyond of companies covering everything from the the baseline’, helping set the company’s IR program apart and design of offshore oil rigs and integrated

IR Magazine INVESTOR Perception Study – Asia 2012/2013 69 South East Asia TOP 25

engineering to telecommunications, 25-strong group corporate communications department, transportation and real estate, with opera- also led by Chua. And because the company covers many tions in more than 30 countries. To avoid different areas, Chua says any newly appointed IROs need having this diversity generate any confusion ‘good grounding in the group’s multi-businesses’ if they are among investors, Chua says her IR depart- to succeed in Keppel Corp’s investor relations team. ‘As part ment is focused on ‘proactive, transparent of their training and development, we rotate our talents across and engaging relationships with our the department and to our business units in Singapore and shareholders and analysts’, essentially overseas,’ she explains. ‘This ensures they are given wide ensuring everyone is clear on the story. exposure and are well versed in the group’s businesses.’ Making sure the information coming out In 2010 the company gave its IR website a makeover, which of Keppel Corp is timely and accurate is Chua says has been ‘well received’. ‘In addition to ensuring key about more than just keeping investors and figures and information are prominently presented, we’ve made analysts informed, adds Chua. ‘Maintaining every effort to ensure the website is updated in a timely manner,’ accessible communications channels also she says, adding that the website’s functionality is also regularly helps us to understand the issues that reviewed to make sure it is up to date with current technology matter most to investors and the public, and trends. and address them promptly,’ she explains. According to Chua, ‘the investment community wants to have Keppel Corporation is ranked seventh access to relevant material information as quickly as possible.’ in the South East Asia Top 25 this year, So as well as delivering ‘market-sensitive news’ to Singapore climbing three places from its 2011 ranking. Exchange, where Keppel Corporation is listed, the company So how has Chua’s five-person IR team offers investors and analysts a live webcast of all quarterly succeeded in tightening up the program results and presentations. ‘These webcasts allow viewers from over the past 12 months? around the world to hear presentations by our top management ‘Each year, we make efforts to visit our and post questions online in real time,’ explains Chua. major global investors across Europe, Hong Because of this, Chua says the company’s webcasts will Kong, Japan and the US,’ explains Chua. remain a focus of the IR program. ‘We will also continue to This year, Keppel Corp’s IROs attended enhance the content and functionality of our corporate website,’ close to 200 meetings and went on eight she notes, as the IR team studies ‘how best to engage with roadshows. ‘We have also been helping both existing and potential investors’. She admits that while analysts and investors better understand the IR team has been improving its use of IT, social media are our key businesses by organizing visits to still a relatively new concept for the department, although it our offshore & marine and infrastructure does use ‘various forums and chat rooms’ to check for any facilities,’ Chua adds. ‘These include visits ‘concerns or issues’ that may arise. to our overseas projects and operations Keeping an eye on any developing issues across Keppel such as the Sino-Singapore Tianjin Eco-City Corp’s industries becomes even more important in today’s in China and our shipyard in Brazil.’ uncertain economic environment, where ‘shareholders want At Keppel, the IR team is part of the to be assured that the company’s operations and businesses remain healthy and sustainable,’ adds Chua. This year also saw Loh Chin Hua, who sits on the boards of 113 Keppel Corporation, Singapore Keppel Marine & Offshore and Keppel Land, step up to replace 91 Sembcorp Marine, Singapore Teo Soon Hoe as Keppel Corporation’s CFO in January 2012. Despite serving as chief financial officer for less than a year, Loh 84 Olam International, Singapore was short-listed for the best IR by a CFO award this year. ‘The senior management plays an integral role in Keppel’s investor 68 Noble Group, Singapore relations efforts,’ Chua says of Loh’s nomination. As well as traveling on the firm’s annual non-deal roadshows, ‘during their 60 SembCorp Industries, Singapore business trips overseas, [senior management members] make 55 AboitizPower, Philippines their schedules available for meetings with investors,’ she adds. It is this ‘strong support and emphasis on good communica- 46 First Resources, Singapore tions with the investment community’ that has allowed Keppel Corporation’s senior management – and Loh in particular – to PTT Exploration and Production, Thailand 41 stand out. ‘We made a concerted effort to introduce our newly appointed CFO to our investors and analysts, thereby improving Best in sector – diversified industrials their access to senior management,’ says Chua – clearly a (including energy & agriculture) strategy that is paying off.

70 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

8 Kasikornbank

AWARD WINNER | BEST IN COUNTRY (see 90)

2011 ranking N/A

IR awards Best investor relations by a Thai company

Large cap Listing information Stock Exchange of Thailand Banks

CEO Mr Banthoon LAMSAM

CFO Ms Kattiya INDARAVIJAYA

Head of IR Dr Adit LAIXUTHAI

Ms Marisa WATTHAPHANICH, Ms Romchat SONGSIRI, Mr Suchart LERTWATANAKITKUL, Ms IR team Saisunee DEJNANTHARAT, Ms Kanthima KANJANADECHA

Team size Six

[email protected] +66 2 470 6900 Contact information www.kasikornbank.com [email protected] +66 2 470 6901 [email protected]

Investor/analyst feedback ‘The IR officer at Kasikorn Bank displays a high level of good-quality knowledge of the sector and the industry’ – sell side, Singapore

‘I have never met the CEO of Kasikorn Bank but the IR team is good and releases detailed information’ – sell side, Singapore

‘Proactive IR at Kasikorn Bank: it tells you the bad as well as the good news’ – buy side, Singapore

‘IR at Kasikorn Bank provides accurate information and discloses all the important news equally. Moreover, information is provided regularly’ – portfolio manager, Thailand

‘Meetings are arranged before and after the results announcement and the firm gives us guidance about economics and the company’ – buy side, Thailand

No change, great difference

Interview with Adit Laixuthai, PhD, executive vice president 108 Kasikornbank and chief IRO, Kasikornbank

61 Minor International In your view, what specific reasons have contributed to your company winning your award? What have you been doing 47 Advanced Info Service differently this past year? We haven’t done anything differently but we have always done 41 PTT everything consistently, transparently and in a timely way. 39 Precious Shipping I believe the investor relations function reflects the relationship between the whole organization – as primarily represented by 37 CP ALL the CEO – and the shareholders. When the CEO at Kasikornbank clearly signals that the IR function is a part of his duties, the 37 Thaioil Group tone is set from the top, and Kasikornbank’s commitment to Best IR by a its shareholders is established. This high level of support – Thai company the proper tone at the top – makes a big difference to the

IR Magazine INVESTOR Perception Study – Asia 2012/2013 71 South East Asia TOP 25

performance of the IR team. By consistently What do you think the investment community cares most echoing the CEO’s business philosophy and about when it comes to IR? strategic directions to the investment com- Our ability to genuinely represent the organization. munity, we can strengthen the relationship we have with our shareholders. Could you detail your investor base? Have you benefited from having foreign investors? How is your team set up? Forty-nine percent of our current shareholders are foreign, 51 Kasikornbank established the investor percent are Thai; around 29 percent of those hold non-voting relations unit in May 1998, at the height DRs. Yes, we constantly benefit from valuable feedback. of the Asian crisis, to be the primary point of contact for shareholders. Currently, What makes the IR approach taken by Kasikornbank’s there are six people in the investor relations senior management special? team, including myself, and we draw on It’s their pride in the job we do, and the opportunity to be part bank-wide support. of the shareholder value creation process.

Have you seen a change to your budget How would you describe your strategic responsibilities? this year? The importance of IR in an organization is shaped by the No significant change. The IR function commitment of the CEO and the board of directors toward has been fully supported. their shareholders. An IRO is not merely a messenger, but a crucial link between the top managers and the true owners How many meetings and roadshows of the organization. Expectations must be heard, and the did you conduct this year? Generally organization must respond to them and convert them into have you done more traveling? action. The interests of the shareholders and the organization Since the beginning of the year we’ve must be aligned. conducted 307 meetings and attended six roadshows, covering Singapore, Hong Kong, What is the attraction of Kasikornbank to investors? the UK, the US, the UAE, the Netherlands, Strong commitment from the top, a professional management Germany, Malaysia, Taiwan and China. team, a clear and unique strategy, measurable and improving financial outcomes, and high standards of corporate governance. What is the most popular question you get asked by investors and/or analysts? What is the current big talking point in the Thai IR community? Investors and analysts are keen to know One topic is making IR into a real profession. about our operating environment, both economic and political, the company’s What are the three biggest IR challenges you have faced competitive landscape, strategy, aspirations in the current economic environment? and long-term goals, and our expansion Nothing compares with the hardships Kasikornbank endured plans. Compensation and succession during the Asian financial crisis. plans are also popular topics. How did you get into IR? Has there ever been an occasion when a I studied economics in Thailand and the US, gaining a PhD in meeting with an investor and/or analyst health economics from the University of Illinois. After several has influenced or helped shape the roles in the research and academic fields, I joined Kasikornbank company’s strategy? as a department head for correspondent bank relations and Yes, there have been several instances when overseas office management. I was asked to be an IRO during valuable advice from investors helped us the Asian financial crisis in 1998 and went on the road with the to gain a leading position in the game – for CEO to raise capital in 1999. instance, suggestions on new business opportunities, international financial practices, compensation schemes and global trends.

In terms of technology, which of these do you devote the greatest amount of time to: video conferencing, website, webcasts, IR app or social media? Our website is our main technological tool.

72 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

9 Singapore Airlines

AWARD WINNER | BEST IN SECTOR (see p43)

2011 ranking 21

IR awards Best in sector – transport

Large cap Listing information Singapore Exchange Airlines

CEO Mr GOH Choon Phong

CFO Mr CHAN Hon Chew

Head of IR Ms CHIA Siok Hua

IR team Ms LIM Shiao Harn, Ms Shelleen SHUM

Team size Three

Contact information www.singaporeair.com [email protected] +65 6541 4885

Investor/analyst feedback ‘There is a large IR team at Singapore Airlines and it is well versed in company knowledge and can answer difficult questions’ – buy side, Singapore

‘Singapore Airlines is the only company I follow that keeps me regularly informed’ – buy side, Singapore

10 UOB

2011 ranking 6

IR awards Short-listed for best investor relations by a CFO

Large cap Listing information Singapore Exchange Banks

CEO Mr WEE Ee Cheong

CFO Mr LEE Wai Fai

Head of IR Mr Jimmy KOH

IR team Mr Stephen LIN, Ms Kelly KANG

Team size Three

Contact information uobgroup.com [email protected] +65 6539 3940

Investor/analyst feedback ‘Highly articulate CFO helps meetings and presentations’ – sell side, Singapore

‘UOB regularly updates us and its guidance is always sound’ – sell side, Taiwan

‘IR at UOB is knowledgeable, clear and provides accurate articulation of the group’s strategies’ – portfolio manager, Hong Kong ... see page 87 for more

IR Magazine INVESTOR Perception Study – Asia 2012/2013 73 South East Asia TOP 25

11 Sembcorp Marine

2011 ranking 23

Short-listed for best investor relations by a CFO IR awards Short-listed for best in sector – diversified industrials (including energy & agriculture)

Large cap Listing information Singapore Exchange Shipbuilding

CEO Mr WONG Weng Sun

CFO Mr TAN Cheng Tat

Head of IR Ms Judy HAN

IR team Ms Serene LAM

Team size Two

Contact information www.sembcorpmarine.com.sg [email protected] +65 6262 7203

Investor/analyst feedback ‘Sembcorp Marine’s IR team is very efficient, responsive and investor-friendly’ – sell side, Singapore

‘I like the way Sembcorp Marine explains everything clearly. Its presentations are well laid out with lots of information’ – buy side, Singapore

‘Judy Han, head of IR, is proactive, knowledgeable, experienced, approachable and dedicated, and gives the best presentations’ – sell side, Singapore

... see page 87 for more

12 CapitaMall Trust

2011 ranking 5

IR awards Short-listed for best in sector – real estate

Large cap Listing information Singapore Exchange Real estate

CEO Mr Wilson TAN

CFO Ms TAN Lei Keng

Head of IR Ms Jeanette PANG

IR team Ms Cheryl CHAN

Team size Two

Contact information www.capitamall.com [email protected] +65 6826 5307

Investor/analyst feedback ‘Quick response time and clarity of materials in PowerPoints’ – sell side, Singapore

‘CapitaMall Trust grants easy access to meetings and gives good presentations with slides’ – buy side, Singapore

74 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

=13 Neptune Orient Lines

2011 ranking 18

IR awards Short-listed for best in sector – transport

Large cap Listing information Singapore Exchange Transportation

CEO Mr Yat Chung NG

CFO Mr Cedric FOO

Head of IR Mr Kah Soon AU

IR team Ms Jolynn TAN

Team size Two

Contact information www.nol.com.sg [email protected] +65 6371 2597

Investor/analyst feedback ‘I get everything I need from Neptune’s comprehensive quarterly reporting. Simple, clear and detailed – I wish other companies would follow its lead’ – buy side, Singapore

‘Friendly and very useful disclosure information at Neptune’ – sell side, Hong Kong

‘IR at Neptune does so well with its communications, especially in meetings’ – sell side, China ... see page 87 for more

=13 Olam International

2011 ranking =41

Short-listed for best investor relations by a CEO or president IR awards Short-listed for best in sector – diversified industrials (including energy & agriculture)

Large cap Listing information Singapore Exchange Agriculture

CEO Mr Sunny George VERGHESE

CFO Mr Shekhar ANANTHARAMAN

Head of IR Mr Aditya RENJEN

IR team Ms CHOW Hung Hoeng

Team size Two

Contact information olamonline.com [email protected] +65 6339 4100

Investor/analyst feedback ‘I like Olam International’s method of communicating both the vision and the company statistics, simply and clearly’ – buy side, Singapore

‘Olam is a complicated company but the CFO defines the model well. IR provides detailed information and specific answers’ – buy side, Singapore

IR Magazine INVESTOR Perception Study – Asia 2012/2013 75 South East Asia TOP 25

15 CapitaMalls Asia

2011 ranking =24

IR awards Short-listed for best in sector – real estate

Mid/small cap Listing information Singapore Exchange Real estate

CEO Mr Beng Chee LIM

CFO Mr Kok Siong NG

Head of IR N/A

IR team Ms Brenda NG, Ms Maggie HUANG

Team size Two

Contact information www.capitamallsasia.com [email protected] +65 6826 5569

Investor/analyst feedback ‘CapitaMalls provides the best updates in conference calls’ – buy side, Singapore

‘Detailed PowerPoint presentations at CapitaMalls Asia, quick response time to questions and easy access to senior management’ – sell side, Singapore

=16 OCBC Bank

2011 ranking 4

Large cap Listing information Singapore Exchange Banks

CEO Mr Samuel TSIEN

CFO Mr Darren TAN

Head of IR Ms CHEW Seow Ping

IR team Ms YEAP Wan Leng

Team size Two

Contact information www.ocbc.com

Investor/analyst feedback

‘Recently the IR has improved at OCBC’ – buy side, Singapore

‘I have high expectations for improved IR from the new senior management team’ – sell side, Singapore

76 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

=16 PLDT

AWARD WINNER | BEST IN COUNTRY (see p91)

2011 ranking 12

Best investor relations by a Philippine company IR awards Short-listed for best in sector – technologies & telecoms

Large cap Listing information Philippine Stock Exchange Telecoms

CEO Mr Napoleon NAZARENO

CFO Mr Christopher YOUNG

Head of IR Ms Melissa VERGEL de DIOS

IR team Ms Rochelle SORIANO

Team size Two

Contact information www.pldt.com.ph [email protected] +63 2 816 8024

Investor/analyst feedback ‘PLDT is still the best in class: easy access to IR and management’ – sell side, Philippines

‘IR at PLDT is accessible and provides good disclosure’ – sell side, Philippines

‘PLDT is very knowledgeable and accessible with thorough disclosure’ – sell side, Philippines

‘Head of IR Melissa Vergel de Dios is very accessible at any time and responds to very detailed questions from both analysts and investors’ – fund manager, Philippines

Keeping it consistent

LDT’s IR team, led by Melissa Vergel de Dios, is a tive outlook for the business going forward, flagship for consistency in best IR practice in the and how the synergies from the acquisition Philippines – indeed, the company has just won its are expected to affect the business.’ P country award for the fourth year in a row. ‘PLDT The team travels regularly to attend continues to give utmost importance to its investors, a priority conferences and roadshows, usually flying that is shared throughout the organization, starting from the to London, New York, Singapore and Hong chairman and continuing down the line,’ says Vergel de Dios, Kong each year, with Toronto and Kuala explaining that the IR department gets support from the whole Lumpur newly added destinations for 2012. company, including the chairman and the president and CEO, ‘We also saw a noticeable rise in the who all regularly participate in IR activities. She leads a team of three within the Philippine telecommuni- 70 PLDT cations group, and believes availability and delivering comprehensive information are key to the success of her IR program. 55 AboitizPower ‘We have always been accessible to our investors, not only when things look good, but also – more importantly – when there are 39 Universal Robina Corporation issues facing the business,’ she says. ‘Our level of disclosure in 24 Alliance Global our management discussion & analysis is quite extensive.’ PLDT last year acquired Digitel, the third player in the Best IR by a Philippine telecoms market. As a result, investors and analysts Philippine company have lately been asking the IR team mostly about ‘the competi-

IR Magazine INVESTOR Perception Study – Asia 2012/2013 77 South East Asia TOP 25

number of investors visiting the Philippines,’ company’s underlying fundamentals in order to make PDLT an notes Vergel de Dios. attractive investment choice. ‘Another issue the company faces The company has been listed on the is the rules on foreign ownership that apply in the Philippines Philippine Stock Exchange since 1953, and to certain regulated businesses such as ours,’ she explains. also has an ADR listed on the NYSE, a move aimed not only at enhancing the liquidity of its shares, but also at strengthening its ‘As part of our NYSE listing, PLDT is subject to corporate governance standards. ‘As part of our NYSE listing, PLDT is subject to SOX, SOX, which ensures a high level of corporate which ensures a high level of corporate governance within the organization’ governance within the organization,’ Vergel de Dios notes, adding that investors are also The Philippine financial regulator is currently gathering comments from the stock exchange, listed companies and ‘We have always been accessible various business groups on draft guidelines it has issued following a recent Supreme Court ruling on the definition to our investors, not only when of capital. The regulatory body is due to publish a final set things look good, but also – more of instructions, which will have a direct impact on foreign investments in the country. ‘We need to keep investors updated importantly – when there are on these developments so they can make a proper assessment issues facing the business’ of their options,’ Vergel de Dios adds. attracted by the company’s high dividend ‘One issue the company faces is the rules on yield, its leadership position in the market, its ‘unparalleled network advantage’, and foreign ownership that apply in the Philippines to the potential upside of share price increase certain regulated businesses such as ours’ ‘following the return to a two-player market in the cellular business.’ PLDT’s investor base is a mix of Philip- When asked whether she believes the role of an IR manager pine and foreign investors, with Hong is becoming a more strategic one in the Philippines, Vergel Kong-based holding company First Pacific de Dios highlights that for IR to be effective – be it in her own country or elsewhere – an IRO needs to be ‘fairly senior and have access to the strategic thinking within the company. ‘We saw a noticeable rise in the This enables the IR professional to appreciate the big picture, situate the company’s current operations, and understand its number of investors visiting the future directions. All these elements are essential to good Philippines in 2012’ communications with investors.’ and Japanese telecom giant NTT two of For investor relations to be effective, in the the firm’s strategic shareholders. Each of these, stresses Vergel de Dios, has provided Philippines or elewhere, an IRO needs to be valuable input to the business. ‘Much of the fairly senior and have access to the strategic feedback gathered from conversations with investors and analysts has been helpful in thinking within the company fine-tuning some of our strategies,’ she confirms. The company is actively seeking Vergel de Dios, who studied economics, marketing and to broaden its shareholder base by ‘tapping management, spent her early career in finance and corporate the local retail investor pool as well as new planning roles at Philippine blue chips. She joined PLDT in 2001, markets abroad.’ taking on IR six years later – a role she says she greatly enjoys. Targeting new foreign investors is not an ‘Because the PLDT group is currently evolving from a traditional easy task. With a global investor sentiment telecom company into a multi-media business, it is quite exciting that is cautious, Vergel de Dios is finding it for me to track our firm’s journey on this path and share its increasingly challenging to highlight the progress with our investors,’ she concludes.

78 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

18 Noble Group

2011 ranking 20

Large cap Listing information Singapore Exchange Agriculture, energy & minerals

CEO Mr Yusuf ALIREZA

CFO Mr Robert VAN der ZALM

Head of IR Mr Stephen BROWN

IR team Ms Jeannie KIM

Team size Two

Contact information www.thisisnoble.com [email protected] +852 2861 3511

Investor/analyst feedback ‘The management at Noble is visionary and provides a high degree of transparency’ – buy side, Singapore

‘Noble Group has had a challenging year but we have been kept in the loop throughout’ – buy side, Singapore

‘Noble organizes trips for analysts, which are really useful in helping us to understand the company better’ – head of research, Hong Kong

‘The CEO of Noble Group is fantastic. He is able to give investors and analysts a good handle on how the company sees the commodities market’ – head of research, Hong Kong

‘Noble gives excellent guidance on operations. It sets our expectations close to reality, which provides essential help for our models’ – sell side, Taiwan

Best investor relations by an SGX Catalist-listed company GX Catalist is Singapore Stock Exchange’s secondary, 139-company strong, sponsor-supervised market. The award for best IR for a Catalist-listed company focuses S on company disclosure and reporting practices, use of technology and media, IR strategy, and a company’s general accessibility to and interaction with all investors. There is one clear winner this year: Singapore-based chemicals company Megachem, which prides itself on its commitment to a high level of transparency and corporate governance. The firm also aims ‘to provide timely and adequate information to shareholders as well as provide effective channels for shareholder communication.’ Megachem’s IR operations are led by CFO Francis Yau, Francis Lau (left), CFO of Megachem with external advisory assistance provided by Citigate Dewe and Lawrence Wong, executive vice Rogerson and i.MAGE. president of Singapore Exchange

IR Magazine INVESTOR Perception Study – Asia 2012/2013 79 South East Asia TOP 25

=19 Frasers Centrepoint Trust

AWARD WINNER

2011 ranking N/A

IR awards Grand prix for best overall investor relations – mid or small cap (jointly)

Mid/small cap Listing information Singapore Exchange Real estate

CEO Dr CHEW Tuan Chiong

CFO Ms TAY Hwee Pio (financial controller)

Head of IR Mr CHEN Fung Leng

Team size One

Contact information www.fct.sg [email protected] +65 6277 2657

Investor/analyst feedback

‘FCT has well-presented information for quarterly results including Excel spreadsheets and easy access to IR and management’ – sell side, Singapore

‘Track record of minority shareholder treatment is top, as is access to properties and willingness to organize property tours’ – portfolio manager, Switzerland

Putting trust in IR

s head of investor relations at ties, primarily in the retail sector. Its portfolio currently comprises the high-performing real estate five suburban malls in Singapore – valued at S$1.7 bn ($1.38 bn). investment trust Frasers The majority of the company’s investors are located in Singapore ACentrepoint Trust (FCT), Chen and Hong Kong, says Chen, with the rest coming from the UK, Fung Leng not only has a good story to sell Europe and Japan. to investors, but is also doing a great job of With support from trust management and colleagues in the communicating it: FCT wins this year’s grand prix for best overall investor relations at a mid or small-cap firm. FCT’s parent 66 Frasers Centrepoint Trust, Singapore company, Fraser and Neave, ranked 17th in last year’s South East Asia Top 25, but 66 Keppel Land, Singapore this year FCT itself rises to 15th place. 63 Venture Corporation, Singapore ‘We believe in an open and transparent IR approach, and we are always committed 62 AmBank Group, Malaysia to delivering what we promise to our shareholders,’ says Chen. ‘We have adopted 61 Minor International, Thailand a very open and flexible communications 55 AboitizPower, Philippines approach with our investors, as well as stepping up our efforts in providing better 51 Super Group, Singapore and more timely information about our business and our views about the sector 50 Ascendas REIT, Singapore we operate in. I believe our investors appreciate that a great deal.’ Grand prix for best overall investor FCT deals in income-producing proper- relations – mid or small cap

80 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

asset management, investment and finance teams, FCT’s IR relations department – like many others department met with more than 280 investors in 2012 – or – isn’t focusing on Facebook, Twitter and around 5 percent more than in 2011, says Chen. It also put on the like, Chen says social media are one six roadshows covering Japan and Hong Kong and finished of the big talking points among members with Europe at the end of November. Chen says this isn’t of the Singapore IR community. sufficient, however: ‘We would like to see a greater geographical But the use of social media ‘as a diversification of our investor base, so we have plans to step up platform for disseminating information our IR outreach to foreign investors.’ requires the set-up of a proper protocol and additional resources to manage it,’ he says, adding that it is important to get the ‘best ‘We believe in an open and transparent approach bang for your buck’ for the IR program to investor relations’ during difficult economic times, even if the company continues to perform well – The company has no plans for a dual listing, however, and and there has been little change to his Chen maintains that the company will remain listed only on department’s budget. Singapore Exchange. ‘We have to grow to a certain critical mass before we can consider such plans,’ he explains. While FCT might not be big enough for a dual listing just yet, ‘Investors’ perception of the com- it does offer reliable, steady growth: total net asset value had pany is shaped not only by FCT’s grown from its 2006 IPO level of S$938 mn to S$1.9 bn by the end of September 2012. Dividends have also been growing actual operational and financial steadily at a compound annual growth rate of 8.8 percent since performance and business funda- 2007. Because of this, Chen says the company appeals to the kind of investors who are looking for ‘stocks that provide attrac- mentals, but also by how such tive returns, stable yield and yet have good growth prospects.’ information is delivered’

Chen comes from an engineering ‘We have plans to step up our IR outreach to background, having spent the early stages foreign investors’ of his career in the semiconductor industry, moving from research and development into The firm’s growth stability is at the center of investors’ manufacturing and marketing and later to concerns and questions. ‘FCT’s business is focused on investor relations. He held IR positions in Singapore’s suburban retail sector,’ Chen explains. ‘This is the semiconductor and shipping finance one of the sectors that has proved most resilient through the industries before joining FCT as head of economic cycles, and investors are always very intrigued about IR in June 2011. the attributes that continue to underpin the sector’s (and FCT’s) resilience, and how our malls have been able to maintain positive rental growth despite the global financial crisis.’ ‘This is a journey of continuous improvement for the investor ‘Investors are always very intrigued about how our relations professional’ malls have been able to maintain positive rental It’s not just at FCT that investor relations growth despite the global financial crisis’ is playing a more important role, however: IR is becoming increasingly strategic across Even with the company’s financial hardiness, however, Chen Singapore, Chen points out. says ‘managing investors’ expectations about the company’s ‘A successful IR person must not only growth and earnings prospects’ remains one of his biggest understand the business of his or her challenges in the current economic climate. ‘Often, investors’ organization well, but must also be cognizant perception of the company is shaped not only by FCT’s actual of the needs of the investment community operational and financial performance and business fundamen- and be able to communicate this to man- tals, but is also influenced by how such information is delivered agement, so that he or she can play his or to them – and this is where the IR person plays an important her role effectively,’ he concludes. ‘This is a role,’ he maintains. journey of continuous improvement for the Another topical issue is social media. While FCT’s investor investor relations professional.’

IR Magazine INVESTOR Perception Study – Asia 2012/2013 81 South East Asia TOP 25

=19 Keppel Land

AWARD WINNER

2011 ranking 8

Grand prix for best overall investor relations – mid or small cap (jointly) IR awards Short-listed for best corporate literature

Mid/small cap Listing information Singapore Exchange Real estate

CEO Mr ANG Wee Gee

CFO Mr LIM Kei Hin

Head of IR (see CFO, above)

IR team Ms Serena TOH, Ms TEO Soo Kiam

Team size Two

Contact information www.keppelland.con.sg [email protected] +65 6433 7546

Investor/analyst feedback ‘Keppel Land began as a small subsidiary but has grown considerably in both China and Singapore. It has built itself a good name and management gives excellent presentations. When you sit down with the firm, it explains strategy and how it is going to deliver it’ – buy side, Singapore

‘The very professional IR team at Keppel Land knows the company well and is very adept at handling investors’ – sell side, Singapore

All change at Keppel

s Keppel Land prepared for a which is one of Keppel Land’s growth markets. Half of Keppel management reshuffle at the start Land’s assets are in Singapore, with 35 percent in China, 7 of 2013, its IR team could add the percent in Vietnam, 4 percent in Indonesia, 1 percent in India, A grand prix for mid to small caps and 3 percent elsewhere. (shared with Frasers Centrepoint Trust) to its achievements for 2012. The new appointments, which came 66 Frasers Centrepoint Trust, Singapore into effect on January 1, 2013, see CFO Lim Kei Hin taking on the investor relations 66 Keppel Land, Singapore department as well as finance and IT. In the 63 Venture Corporation, Singapore company’s home country, its operations – both residential and commercial – are 62 AmBank Group, Malaysia being consolidated into a single unit and headed up by Tan Swee Yiow as company 61 Minor International, Thailand president for Singapore. 55 AboitizPower, Philippines The property arm of Keppel Corporation says a further five senior appointments 51 Super Group, Singapore will be made at the start of the new year, including a new regional company president 50 Ascendas REIT, Singapore covering India, the Middle East, Thailand, Myanmar, Malaysia and Sri Lanka and a Grand prix for best overall investor new company president for Indonesia – relations – mid or small cap

82 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

The company, which posted a $319 mn profit in the first nine Mark Awards bestowed by the Building and months of 2012 – a 48 percent increase year on year– also Construction Authority of Singapore. The reveals that two of its senior management members will be company is also included in the Dow Jones stepping down. Augustine Tan, current president of the firm’s Asia-Pacific Sustainability Index and Dow Singapore residential arm and head of regional investments, Jones World Sustainability Index 2012/2013. will leave the company at the end of March 2013 ‘to pursue his ‘This means Keppel Land now ranks personal interests’. Tan began his career at Keppel Land in among the top 154 sustainable companies 1991. Meanwhile, Christopher Ho, general manager of property in the Asia-Pacific region and is also among management, was set to leave Keppel Land at the end of 2012. the top 340 sustainable companies globally,’ ‘We recognize that people are our greatest assets, and we the company notes in a previous press are committed to strengthening our core competencies by release in 2012. putting in place a robust leadership team that will steer Keppel Keppel’s parent firm, Keppel Corpora- to the next level,’ highlights Ang Wee Gee, the new CEO of tion, which also has interests in the Keppel Land and executive vice chairman of Keppel Land China, infrastructure, offshore & marine and in a company press release announcing the new appointments. investment sectors, ranks seventh in the Keppel Land has won a series of awards over the year, South East Asia Top 25 this year and takes including trophies from the Euromoney Real Estate Awards and home the award for best in sector for the Global Real Estate Sustainability Benchmark and Green diversified industrials (see page 69).

21 Singapore Exchange

2011 ranking 9

IR awards Short-listed for best in sector – transport

Large cap Listing information Singapore Exchange Financial

CEO Mr Magnus BÖCKER

CFO Mr CHNG Lay Chew

Head of IR Ms LAU Mei Seong

IR team Mr Darrell LIM

Team size Two

Contact information www.sgx.com [email protected] +65 6236 8356

Investor/analyst feedback ‘Responsive IR and excellent disclosure from Singapore Exchange’ – sell side, Singapore

‘There is a great stability in the IR team’ – sell side, Singapore

‘The IR team at Singapore Exchange is really on the ball and continually updates me on the progress and development of the industry as well as the company. I always feel I am kept in the loop and, in terms of IR, it is far and away the best company I cover’ – sell side, Singapore

‘Head of IR Mei Seong Lau knows the business up and down and communicates very effectively with the audience on the buy side and the sell side, most of whom are not exchange specialists’ – sell side, Singapore

IR Magazine INVESTOR Perception Study – Asia 2012/2013 83 South East Asia TOP 25

22 Venture Corporation

2011 ranking =28

IR awards Short-listed for grand prix for best overall investor relations – mid or small cap

Mid/small cap Listing information Singapore Exchange Technology

CEO Mr WONG Ngit Liong

CFO Ms Victoria KO Miu Ha

Head of IR Ms Chua Mun Yuen

IR team Mr Bryan SIM, Ms LAM Yeok Theng

Team size Three

[email protected] +65 6484 8212 Contact information www.venture.com.sg [email protected] +65 6484 8136

Investor/analyst feedback ‘Venture Corporation is consistent, transparent and provides reliable detail’ – sell side, Singapore

23 AmBank Group

2011 ranking =44

Short-listed for grand prix for best overall investor relations – mid or small cap IR award Short-listed for best investor relations by a Malaysian company

Mid/small cap Listing information Bursa Malaysia Banks & finance

CEO Tan Sri Azman HASHIM (chairman)

CFO Mandy SIMPSON

Head of IR Ganesh Kumar NADARAJAH

IR team Names not provided

Team size Eight

Contact information www.ambankgroup.com [email protected] +60 3 2036 1435

Investor/analyst feedback ‘AmBank has detailed disclosure’ – sell side, Singapore

‘The CEO is very accessible and presents a credible strategy for AmBank’ – sell side, Singapore

84 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

24 Minor International

AWARD WINNER | BEST IN SECTOR (see p43)

2011 ranking N/A

Best in sector – consumer goods & services (including retail) IR awards Short-listed for grand prix for best overall investor relations – mid or small cap Short-listed for best investor relations by a Thai company

Mid/small cap Listing information Stock Exchange of Thailand Consumer goods & services

CEO Mr William HEINECKE

CFO Ms Trithip SIVAKRISKUL

Head of IR Ms Jutatip ADULBHAN

IR team Ms Suphatchanee SAIPHATANA

Team size Two

[email protected] Contact information www.minorinternational.com +66 2 365 7635/7 [email protected]

Investor/analyst feedback ‘Very high standard of information disclosure at Minor International, as well as a high degree of openness, and very friendly’ – sell side, Thailand

‘Minor International has a well-established and systematic investor relations function. It is fully responsive to every inquiry’ – sell side, Thailand

No minor achievement 61 Minor International, Thailand

roactivity is key to the rise of IR at Minor International, 51 Super Group, Singapore which enters this year’s Asia Top 50 at number 24, snatching the award for best in sector – consumer 39 Universal Robina Corporation, Philippines goods and services (including retail). ‘We have been P 37 CP ALL, Thailand focusing a lot more on the disclosure of information, and on making sure the information we have been giving out is 36 CP Foods, Thailand consistent, transparent and gets through to the right target,’ explains Jutatip Adulbhan, IR director at the Thai firm. Best in sector – consumer goods & services (including retail)

‘We make sure all institutional and retail investors are typically about the company’s prospects, get answers from us. We try to respond 100 per- risk profile, capital efficiency and balance sheet strength, as well as industry trends cent of the time’ and Thailand’s economy. But Adulbhan, who began her career as The company – which owns everything from luxury hotels in a financial adviser in Bangkok, stresses that the Maldives to Thailand’s largest premium ice cream brand – communications between the company and has been steadily increasing its IR activities with more meetings, investors flow both ways. As well as guaran- conferences and site visits. ‘The other thing we worked on a lot teeing her investors are informed on all this year is accessibility,’ Adulbhan adds. ‘We make sure all aspects of the company’s financials and institutional and retail investors get answers from us. We try to prospects, her team members make sure respond 100 percent of the time.’ She finds the questions asked they learn from them, too, helping the

IR Magazine INVESTOR Perception Study – Asia 2012/2013 85 South East Asia TOP 25

company shape its strategy for the future. and remains unconvinced when it comes to engaging with ‘We are part of the strategic planning unit,’ Facebook or Twitter, so this is not something the company explains Adulbhan. ‘We don’t only go out plans to expand into. and speak about our strategy; we also try The struggling global economy might not have affected to get feedback on what is going on in the Adulbhan’s budget but it did make it more difficult to attract industry. We’ve been getting lots of updates investment, with funds seeking the best returns spoiled for about competitors, business trends and investment options. ‘We’re now not only competing with business opportunities.’ companies within Thailand, but also at a regional and in many cases at a global level as well,’ explains Adulbhan. ‘Our role as an IR team is to be active in marketing our company to ‘The IR team is part of the strate- the investment community. We need to reach out to it – not just gic planning unit. We don’t only go wait for it to come to us.’ She points out that having non-domestic value investors has out and speak about our strategy; brought the substantial benefit of containing the volatility of the we also try to get feedback on company’s share price. ‘We are keen to reach out to institutional investors, especially the foreign ones, which are in it for the what’s going on in the industry’ longer term,’ she highlights.

Unlike many IR departments that faced budget cuts this year, the IR team at Minor ‘One of our major assets is our management International saw a slight increase in its strength: the founder, William Heinecke, is still allowance. It may have missed the cuts, but Adulbhan’s team has made sure it the CEO today’ continues to make the most of its money. ‘We started doing roadshows last year and To this end the IR team – made up of Adulbhan and one this year we’ve continued building that IR manager under the vice president of strategic planning – momentum,’ she explains. ‘Instead of managed 17 overseas roadshows and non-deal roadshows this increasing the number of roadshows, we’ve year, with another six or seven in Thailand, as well as company been trying to use the budget we have more visits and conferences, meeting an average of 300 funds. Senior efficiently, by doing things such as targeting management is frequently involved in these meetings, with both conferences that will be more useful to us.’ the CEO and the CFO attending quarterly analyst meetings, year-end results or strategic development announcements. ‘One of our major assets is our management strength: ‘Instead of increasing the number William Heinecke, the company’s founder, is still the CEO today of roadshows we go on, we’ve been and has 34 years’ experience in the business,’ Adulbhan points trying to use the budget we have out. Investors are also drawn by the fact that Minor International is a financially disciplined company with a clearly laid-out growth more efficiently’ plan: the target is a yearly net profit increase of around 15 percent-20 percent, with an efficient use of capital. In terms of destinations, the team generally travels to Hong Kong and Singapore once a quarter; to the US, ‘We feel IR professionals play a big part in Europe and Japan twice a year; and has explored new financial markets, including developing the country’s capital market’ Malaysia, China, Taiwan, Australia and various countries in the Middle East. Winning awards for Minor International isn’t quite enough Other areas of emphasis this year for Adulbhan, who, as a member of professional body the include the website and webcasts, which Thai Investor Relations Club, wants to promote her view of Adulbhan feels are the most efficient way investor relations as a strategic role across all Thai companies, to communicate with investors and get the especially those outside the top listed firms, which she says still company’s message out without hiking up need development. ‘We feel IR professionals play a big part in costs. ‘Webcasts are so useful, because developing the country’s capital market,’ she concludes, adding they’re on the website and easy for people that when it comes to IR every investor wants consistency, to rerun,’ she points out. Like many in IR, accuracy, reliability, timelessness and accessibility – and she however, she isn’t a social media enthusiast is determined to offer them all.

86 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South East Asia TOP 25

25 SembCorp Industries

2011 ranking =54

Large cap Listing information Singapore Exchange Energy

CEO Mr TANG Kin Fei

CFO Mr KOH Chiap Khiong

Head of IR Ms NG Lay San

IR team Ms Aleve CO, Ms TRINH Thi Hai Sam, GUO Xiaorong

Team size Four

Contact information www.sembcorp.com/en/ [email protected] +65 6723 3153

Investor/analyst feedback

‘The IROs at SembCorp not only know what is relevant but can also communicate it to the investment community. They understand the difference between quantity and quality’ – sell side, Singapore

‘Investor relations is a key component of the corporate culture at SembCorp Industries and it is open and transparent with investors and analysts’ – sell side, Singapore

‘SembCorp Industries is just as keen to meet potential investors as existing ones and produces a first-rate annual report’ – sell side, Singapore

Further investor/analyst feedback

2 O DBS Group (page 58) 10 T UOB (page 73) ‘Piyush Gupta, the CEO of DBS, grants us extensive access, ‘Among the Singapore banks, UOB goes is always approachable and happy to talk through issues and the extra mile in providing depth on the IR challenges. We like companies that are risk-aware and realistic team and also giving us access to senior in approach. DBS is a fine example of this’ – buy side, Singapore management. Stephen Lin and Kelly Kang ‘It is worth the wait to meet the CEO of DBS as he is so are very responsive and overall do a great articulate and knowledgeable’ – sell side, Singapore job’ – sell side, Singapore ‘Head of IR Michael Sia has been the personification of grace under pressure during the Danamon saga. He is also 11 O Sembcorp Marine (page 74) very responsive. DBS’ public disclosures make it the most ‘Sembcorp Marine is transparent transparent of the Singaporean banks, in my opinion. But it throughout’ – buy side, Singapore could bulk up the depth of the IR team as there is serious key ‘Sembcorp Marine provides detailed man risk here’ – sell side, Singapore information and is easy to contact’ – sell ‘Reliable detailed information is a constant with DBS and side, Singapore future projections are well communicated’ – sell side, Singapore =13 O Neptune Orient Lines 7 O Keppel Corporation (page 69) (page 75) ‘Consistency in messages and clear guidance at Keppel ‘Neptune gives good accessibility and is Corp’ – sell side, Singapore responsive to requests’ – sell side, Singapore

IR Magazine INVESTOR Perception Study – Asia 2012/2013 87 AWARD WINNER OUTSIDE OF TOP 25

39 XL Axiata

AWARD WINNER | BEST IN COUNTRY (see p91)

2011 ranking N/A

IR awards Best investor relations by an Indonesian company

Large cap Listing information Indonesia Stock Exchange Telecommunications

CEO Mr Hasnul SUHAIMI

CFO Mr Mohamed Adlan bin Ahmad TAJUDIN

Head of IR Mr Feiruz IKHWAN

IR team Stephanie KASENDA

Team size Two

Contact information www.xl.co.id [email protected] +62 21 5795 9981

Interview with Feiruz Ikhwan, head of IR, XL Axiata

In your view, what specific reasons may We have engaged with more than 350 investors and analysts so have contributed to your company winning far this year. This is done through a combination of roadshows an award this year? What have you been and conferences in the US, the UK, continental Europe, Hong doing differently? Kong, Singapore, Malaysia and Indonesia. At XL Axiata, we have always approached our IR initiatives from the view of continuous What is the most popular question you get asked by investors improvement. We always listen to our and/or analysts? customers and seek feedback on how we Investors and analysts typically ask about the sense of competi- can progress. As such we have kept an tion in the market, the industry landscape and the company’s active engagement with investors as well growth prospects, our company’s strategy and guidance for as a high level of transparency in disclosure. investment and growth.

How is your team set up? Has there ever been an occasion when a meeting with The team is made up of two people but has investors and/or analysts has influenced or helped shape a close working relationship with the CFO, your company’s strategy? COO and CEO. As mentioned above, capital market feedback and feedback from investors and analysts are seen as one of the strategic inputs for Has your IR budget changed this year? us in planning ahead. We value not only feedback on our per- In terms of budget, overall we typically focus formance but also about our competitors, as well as industry, on efficiency and effective spending. As such technology and regulatory trends in the region and worldwide. we look at ways to improve our effectiveness without sacrificing IR engagements. There What do you think the investment community cares most is a strong commitment from the XL Axiata about when it comes to IR? management to ensure a high level of IR Transparency, consistency of disclosure, responsiveness and engagement with analysts and investors. ability to communicate the company’s strategy and actions.

How many meetings and roadshows did In terms of technology, which of these do you spend the you conduct during 2012? greatest amount of time on: video conferencing, IR website,

88 IR Magazine INVESTOR Perception Study – Asia 2012/2013 AWARD WINNER OUTSIDE OF TOP 25

What is the big talking point in the 37 XL Axiata Indonesian IR community right now? 36 Garuda Indonesia I believe it is an interesting time where we see potential for the future of the IR 33 Astra International profession, with Indonesia having one of the fastest-growing middle-income classes 29 BW Plantation anywhere in the world. This augurs well for 29 Mitra Adiperkasa various commercial sectors and in particular for us in the telecoms industry. 25 Adaro Energy What is the biggest IR challenge you face 24 Bank Mandiri in the current economic environment? Typically, in times of uncertainty, the sense Best investor relations by is that investors are increasingly more short an Indonesian company term in nature while, as a business, we are driven to create value over the long term. webcasts, investor relations app or social media? The website is our main medium for providing information to all How did you get into IR? existing and potential investors. All IR materials and information I hold a BSc in accounting and finance from related to IR activities are posted on our website. Communica- the London School of Economics and a tions are typically made via emails or conference calls. In the qualification from the Chartered Institute of future, for effectiveness and efficiency we may look more into Management Accountants in the UK. I spent video conferencing and social media. more than 10 years in the telecommunications industry in various roles, including IR. Could you detail your investor base? I got into investor relations by chance at Around 98 percent of our investors are foreign, coming from the request of the CEO when an opening countries such as the US, the UK, Hong Kong and Singapore. arose at one of the companies I previously worked for. My position in IR at XL Axiata Do you plan to have a dual listing in the future? What do recently expanded into other roles within you believe is the attraction of XL Axiata to investors? finance and the company’s project teams. Currently we don’t have any plans for a dual listing but there is Delivering the role wouldn’t be possible always a possibility that we might do so in the future. Our main without the support of my fellow colleagues attraction for investors is our good track record in executing our at XL Axiata, the management and – last but strategy effectively and our ability to pursue opportunities while certainly not least – my lovely wife and three continuously focusing on creating value for the company. amazing daughters.

What makes the IR approach taken by XL Axiata’s senior management special? Our management is actively involved in the IR activity and engages directly with investors and analysts. There is always a balanced view and clear alignment with our strategy and execution that translates into our engagement and communications with the management team.

Do you feel the importance of the role of an IR manager is becoming more strategic in Indonesia? The IR function in Indonesia should take on a more strategic aspect as a two-way medium of communication and information flow between senior management and capital market players. On the one hand, capital market feedback provides strategic planning input and feedback to management. On the other hand, investor relations has the role of creating value for the company by ensuring the market understands the corporate strategy and its execution.

IR Magazine INVESTOR Perception Study – Asia 2012/2013 89 Southbest in E countrast Asiay TOP 25

greater china CHINA 1 China Telecom 479 south east asia 2 PetroChina 368 3 Lenovo 304 4 China Minsheng Banking Corp 251 5 China Merchants Bank 215 6 Agile Property 198 7 Golden Eagle Retail 196 8 AAC Technologies 188 9 Tingyi 171 10 Ping An Insurance 162

hong kong 1 China Resources Enterprise 362 2 Pacific Basin Shipping 285 3 Link REIT 157 4 Bank of China (Hong Kong) 143 5 Sa Sa International 131 6 China Overseas Land & Investment 109 7 Hang Lung Properties 104 =8 Belle International 102 =8 Orient Overseas (International) 102

THAILAND 1 Kasikornbank 108 2 Minor International 61 3 Advanced Info Service 47 4 PTT 41 5 Precious Shipping 39 =6 CP ALL 37 =6 Thaioil Group 37

malaysia 1 CIMB Group 210 2 Public Bank 124 3 AmBank Group 62 4 Media Prima 42 5 CB Industrial Product 27 6 Axis REIT 24 7 Telecom Malaysia 23

90 IR Magazine INVESTOR Perception Study – Asia 2012/2013 South EBEasStT AsiIN COUNTRa TOP 25Y

taiwan 1 Taiwan Semiconductor 397 Manufacturing Company 2 Delta Electronics 392 3 MediaTek 141 4 Wistron Corporation 110 5 President Chain Store 99 6 ASUSTeK Computer 98 7 AU Optronics 84 8 HTC Corporation 83

PHILIPPINES 1 PLDT 70 2 AboitizPower 55 3 Universal Robina Corporation 39 4 Alliance Global 24

indonesia 1 XL Axiata 37 2 Garuda Indonesia 36 3 Astra International 33 =4 BW Plantation 29 =4 Mitra Adiperska 29 6 Adaro Energy 25 7 Bank Mandiri 24

IR Magazine INVESTOR Perception Study – Asia 2012/2013 91 RESEARCH PROCESS

Methodology The sectors used in each region are as follows:

Every award and ranking in the IR Magazine Investor AWARDS BY sector Perception Study – Asia 2012/2013 is based solely on a survey of 434 members of the investment community. Greater China All the respondents to the survey are based in Asia. In the first stage of the research, IR Insight, the Banks & financial services research arm of IR Magazine, sent an email to a Consumer goods & services contact list of portfolio managers, buy-side analysts Energy and sell-side analysts in Asia, inviting them to take part in an electronic survey programmed by market Industrials, logistics & transport research firm Fox Insight. A total of 223 respondents Real estate in Asia completed the survey electronically. Mary Maude Research then interviewed a further 211 Technologies & telecoms respondents by telephone. On average, interviews SOUTH EAST ASIA took 10-15 minutes. Banks & financial services

Points, rankings and awards Consumer goods & services (including retail)

Points Diversified industrials (including energy & agriculture) Each respondent is asked to make three nominations Real estate per category: first, second and third. A first choice nomination earns six points, a second choice earns Technologies & telecoms three and a third choice earns two. The total number Transport of points is then calculated by multiplying by six the number of ‘firsts’, by three the number of ‘seconds’, and adding two points for each ‘third’. This points The grand prix for best overall investor relations system is also used for most of IR Magazine’s other in each region has separate short lists for both perception studies around the world. large-cap and mid or small-cap companies. The following indices were used to determine which Rankings companies are classified as large cap: The points allow us to rank all companies in the investor perception study. The company with the most FTSE China A50 Index points is ranked in first place; as companies’ points TSEC Taiwan 50 Index decrease, so do their rankings. This year the lowest Hang Seng Composite Large Cap Index number of points a ranked company can have is 20. Straits Times Index FTSE/ASEAN 40 index Awards There are a total of 45 awards in this report. Awards In the vast majority of cases, a company’s country are given for each category of IR asked about within of origin is determined by the location of its headquar- the survey. The company or individual with the most ters (ie, a company headquartered in Beijing but listed points in each category is the winner of that award. in Hong Kong is counted as mainland Chinese). Extra The awards are separated into two regions: there factors are taken into account only for mainland are 25 awards in Greater China (covering mainland Chinese companies that are listed in Hong Kong that China, Hong Kong and Taiwan) and 20 awards in have headquarters there as well. The location of the South East Asia (covering Singapore, Malaysia, company’s principal business operations and its Thailand, Indonesia and the Philippines). reporting currency are also considered pertinent here. In all award categories, survey respondents are asked to make separate nominations for each region. For the country awards, respondents were asked to nominate separately for each country they cover. The winners of the sector awards are determined by adding together each company’s points from all the other awards categories and ranking them within their sector (if applicable).

92 IR Magazine INVESTOR Perception Study – Asia 2012/2013 Respondents

Respondents by investment role Respondents by sector

All or most sectors 97

Basic materials (including chemicals) 40 7% Business services (including transport & 32 8% 26% logistics)

Consumer goods & services (including travel 82 & leisure)

Energy & utilities 51

Financial services 80

Industrials (including construction) 35 59% Pharmaceuticals, biotech & healthcare 10

Real estate 66

Technologies (including telecoms) 65 Buy-side analyst Portfolio manager

Sell-side analyst Other

Respondents by location

COUNTRY Respondents based Greater China 83 Respondents covering South East Asia 236 Respondents covering award-winning companies 149 202

43 87 24 58 20 42 16 54 9 46 90 104

434 respondents participated in this survey

IR Magazine INVESTOR Perception Study – Asia 2012/2013 93 Survey

IR in Asia BEST CORPORATE GOVERNANCE Q4 & DISCLOSURE In terms of technology, where would you like Which company has the best corporate governance? Q1IROs to focus their resources? Please think (accountability to shareholders through strong board in terms of websites, apps, twitter, webcasts, video composition and consistent disclosure policy) conferences and interactive annual reports. BEST IR DURING A CORPORATE How often do you watch company Q5 TRANSACTION Q1awebcasts? Over the past year, which company has made the best use of its IR during a takeover/merger/divestment/ In the past 12 months, how many video rights issue or other corporate transaction? Q1bconferences have you done with senior management of the companies you are involved with? BEST IR BY A CFO (nominations for the Q6 major countries they are involved in) Do you follow any IROs on Twitter or Weibo? Which CFO at a large-cap company is most highly Q1c Is this useful? respected by the investment community? Please think in terms of financial integrity, financial/ What proportion of your work time is at the accounting/regulatory knowledge, communications Q2 desk and how much out of the office? skills, and so on.

Are IROs providing you with the information BEST IR BY A CEO (nominations for the Q3 you need? If not: what is there too little of? Q7 major countries they are involved in) Too much of? In your opinion, which large-cap company’s CEO does the best job of communicating with the investment Do you have to go elsewhere to get community? Q3acompany information that should be provided by an IRO? BEST INVESTOR RELATIONS PROFESSIONAL Q8 Which IRO of a large-cap company does On balance, do you think IROs are: the best job of communicating with the investment Q3b Helpful? Unnecessary? In the way? community? Please take into account knowledge of the company’s business and sector, level of financial What, if any, excuses do IROs give for knowledge, accessibility and general efficiency, Q3anot providing information, and what’s ability to talk on behalf of the company and general the best excuse you’ve ever heard? communications/interpersonal skills.

GRAND PRIX FOR BEST OVERALL IR Q9 Based on your ideas of what constitutes an The awards effective investor relations program, and thinking of all the companies you have been involved with BEST CORPORATE LITERATURE in the past year, which (i) large-cap company and Q1Which company produces the best corporate (ii) small/mid-cap company has the best overall IR? literature? (annual reports, quarterlies, fact books) BEST IR BY AN SGX CATALIST COMPANY BEST USE OF TECHNOLOGY Q10 Which company with a Catalist listing on Q2 Which company best uses technology for Singapore Exchange has the best IR? IR purposes? (websites, apps, Twitter, webcasts, video conferences, interactive annual reports) BEST IR IN COUNTRY Q11 Which company has the best IR in……? BEST INVESTMENT COMMUNITY MEETINGS (nominations for all the countries they are involved in) Q3 Which company holds the best investment community meetings? (results meetings, investor and analyst briefings, one-on-one meetings)

94 IR Magazine INVESTOR Perception Study – Asia 2012/2013 RANKED COMPANIES’ POINTS BREAKDOWN Greater China

Company otal points otal

R ank (large caps in bold) Country I RO C EO CF O Corp literature Use of technology Meetings Corp governance in country Best prix Grand T 1 China Telecom China 73 63 45 20 18 23 24 144 69 479

Taiwan Semiconductor 2 Taiwan 44 9 21 44 42 54 24 91 68 397 Manufacturing Company

3 Delta Electronics Taiwan 68 33 6 18 36 41 30 107 53 392 4 PetroChina China 62 14 8 32 20 42 32 95 63 368 5 China Resources Enterprise Hong Kong 69 18 24 33 15 48 27 75 53 362 6 Lenovo China 43 6 18 30 33 23 27 72 52 304 7 Pacific Basin Shipping Hong Kong 33 24 51 30 12 27 36 33 39 285 8 China Minsheng Banking Corp China 36 6 12 18 12 39 18 68 42 251 9 China Merchants Bank China 27 12 18 18 0 0 23 76 41 215 10 Agile Property China 34 0 0 24 12 18 18 47 44 198 11 Golden Eagle Retail China 28 9 27 18 12 4 12 45 41 196 12 AAC Technologies China 35 8 18 6 11 30 6 37 37 188 13 Tingyi China 33 6 18 3 6 24 11 39 31 171 14 Ping An Insurance China 23 15 12 18 6 6 6 47 29 162 15 Link REIT Hong Kong 18 18 12 15 6 0 23 30 35 157 16 Bank of China (Hong Kong) Hong Kong 17 6 12 8 6 9 8 39 38 143 17 Sinopec China 12 15 0 8 16 11 13 48 19 142 18 MediaTek Taiwan 15 0 12 6 6 21 9 60 12 141 19 Anta Sports China 23 8 8 18 15 6 18 20 17 133 =20 China Shenhua Energy China 13 6 0 18 15 12 18 26 23 131 =20 Sa Sa International Hong Kong 18 6 14 0 0 12 0 42 39 131 22 CITIC Securities China 33 6 6 9 0 3 0 53 18 128 23 Tencent Holdings China 18 6 12 0 24 15 3 18 18 114 =24 China National Offshore Oil Corporation China 16 9 9 14 6 7 6 26 17 110 =24 Wistron Corporation Taiwan 17 9 6 6 6 24 6 9 27 110 China Overseas Land & 26 Hong Kong 11 15 0 11 8 6 20 30 8 109 Investment 27 Digital China China 9 13 6 6 6 12 6 23 24 105 28 Hang Lung Properties Hong Kong 9 14 0 12 3 12 9 20 25 104 =29 Belle International Hong Kong 12 17 12 0 3 12 0 29 17 102 =29 Orient Overseas (International) Hong Kong 21 0 18 6 6 15 12 15 9 102 =31 China Oilfield Services China 11 10 27 8 2 2 2 16 21 99 =31 President Chain Store Taiwan 18 6 0 15 9 15 6 15 15 99 33 ASUSTeK Computer Taiwan 17 9 12 9 9 7 14 8 13 98 34 Industrial Commercial Bank of China China 5 0 0 0 12 6 6 59 7 95

IR Magazine INVESTOR Perception Study – Asia 2012/2013 95 RANKED COMPANIES’ POINTS BREAKDOWN Greater China

Company otal points otal

R ank (large caps in bold) Country I RO C EO CF O Corp literature Use of technology Meetings Corp governance in country Best prix Grand T

35 AU Optronics Taiwan 11 2 6 12 15 9 0 16 13 84 36 HTC Corporation Taiwan 16 6 0 6 3 6 18 9 19 83 =37 China Vanke China 12 6 0 6 0 6 0 39 12 81 =37 Vinda International China 9 15 18 0 0 0 6 18 15 81 39 Shimao Property China 11 6 9 12 5 0 3 22 12 80 40 China Resources Power Hong Kong 6 6 18 12 0 6 0 15 14 77 41 Galaxy Entertainment Hong Kong 20 0 0 0 3 6 3 20 21 73 42 China Mobile China 9 6 6 2 6 8 6 20 9 72 43 China Resources Land Hong Kong 14 2 0 12 0 5 8 12 18 71 44 Lifestyle International Hong Kong 7 0 21 3 0 6 0 21 12 70 45 Evergrande Real Estate Group China 5 0 12 0 6 9 6 22 9 69 46 Cheung Kong (Holdings) Hong Kong 3 3 0 6 6 6 6 23 12 65 47 Sunny Optical Technology China 6 6 12 8 0 3 2 15 11 63 =48 Longfor Properties China 10 0 0 2 6 18 6 10 8 60 =48 Sun Hung Kai Properties Hong Kong 9 0 3 9 3 0 6 15 15 60 50 Kerry Properties Hong Kong 17 0 6 0 0 0 0 20 12 55 =51 ASM Pacific Technology Hong Kong 6 0 3 0 9 3 0 15 18 54 =51 Sany Heavy Industry China 6 6 6 0 0 6 6 12 12 54 53 Central China Real Estate China 6 0 0 6 6 6 0 15 14 53 54 Shui On Land China 17 0 6 2 0 0 6 12 9 52 55 Taiwan Cement Taiwan 12 6 0 0 2 15 0 2 14 51 56 Sands China Hong Kong 4 6 0 0 12 0 0 15 12 50 57 Sino Land Hong Kong 2 0 0 6 0 8 6 12 15 49 =58 Dah Chong Hong Hong Kong 6 0 6 0 0 6 0 18 12 48 =58 Franshion Properties Hong Kong 15 0 0 0 0 8 6 8 11 48 =58 Qingdao Haier China 6 0 0 0 0 3 0 33 6 48 =61 Baosteel China 2 0 0 0 6 12 0 15 12 47 =61 CLP Holdings Hong Kong 8 0 9 0 0 2 10 15 3 47 =61 Intime Department Store Group China 3 0 0 6 0 0 12 14 12 47 64 SJM Holdings Hong Kong 3 0 12 3 6 6 0 12 3 45 =65 AIA Group Hong Kong 6 18 0 0 0 0 6 0 14 44 =65 Baidu China 0 0 0 6 6 8 0 12 12 44 =67 Skyworth Digital China 8 6 2 6 9 0 0 0 12 43 =67 Uni-President Enterprises Taiwan 6 0 6 6 6 6 0 6 7 43 =69 Fufeng Group China 6 0 6 6 0 6 6 6 6 42

96 IR Magazine INVESTOR Perception Study – Asia 2012/2013 RANKED COMPANIES’ POINTS BREAKDOWN Greater China

Company otal points otal

R ank (large caps in bold) Country I RO C EO CF O Corp literature Use of technology Meetings Corp governance in country Best prix Grand T

=69 Xtep China 9 0 12 6 0 6 0 6 3 42 =71 China Everbright China 12 3 3 0 0 6 0 8 6 38 =71 China Merchants Holdings Hong Kong 0 0 0 6 8 24 0 0 0 38 73 Ajisen (China) Holdings Hong Kong 3 2 18 0 0 0 0 6 8 37 =74 C&G Environmental Protection Holdings Hong Kong 6 0 0 6 6 6 6 6 0 36 =74 Epistar Corporation Taiwan 6 6 0 0 0 6 6 6 6 36 =76 The Wharf (Holdings) Hong Kong 2 0 3 0 0 0 6 12 12 35 =76 Wing Hang Bank Hong Kong 0 9 6 6 0 0 0 5 9 35 =78 Gome Electrical Appliances China 6 0 8 0 0 0 0 8 12 34 =78 Sino-Ocean Land China 5 6 0 6 6 0 3 3 5 34 =80 Noble Corp Hong Kong 0 6 6 6 0 6 0 6 3 33 =80 Suzhou Anjie Technology China 0 6 6 0 0 6 6 3 6 33 =80 Weigao Group China 6 0 6 0 0 6 3 6 6 33 =80 Xi’an Shaangu Power Co China 3 6 6 0 6 6 0 3 3 33 =84 China Cosco Holdings China 8 0 0 6 0 6 0 6 6 32 =84 China Resources Cement Hong Kong 3 0 8 6 0 6 0 6 3 32 =84 GCL-Poly Energy Holdings China 9 2 0 6 0 6 3 6 0 32 =84 Melco Crown Entertainment Hong Kong 6 6 3 0 0 2 6 9 0 32 =84 Yip’s Chemical Holdings Hong Kong 2 0 6 0 0 6 6 6 6 32 89 Trinity Industrial Group Hong Kong 9 0 6 3 0 2 0 6 5 31 =90 Country Garden China 2 0 6 6 0 0 6 8 2 30 =90 Ctrip.com International China 0 0 6 0 6 6 0 6 6 30 =90 Far EasTone Taiwan 6 3 0 0 6 3 0 6 6 30 =90 Fubon Financial Taiwan 0 0 0 0 6 6 0 12 6 30 =90 Greentown China Holdings China 0 0 0 6 0 0 0 21 3 30 =90 Melco International Development Hong Kong 6 0 6 6 0 0 0 6 6 30 =90 Merida Industry Taiwan 6 0 6 6 0 3 0 3 6 30 =90 Swire Properties Hong Kong 6 6 6 0 0 6 0 0 6 30 =90 Zhongsheng Group Holdings China 12 0 0 0 6 0 0 6 6 30

China State Construction Engineering =99 China 6 0 0 6 0 0 0 11 6 29 Corporation

=99 First Pacific Hong Kong 6 0 0 2 3 6 0 6 6 29 =99 MGM China Holdings Hong Kong 2 6 0 0 0 3 0 14 4 29 =99 MTR Corporation Hong Kong 6 0 0 3 2 0 6 12 0 29 =103 Li Ning Company China 2 0 0 6 3 0 0 13 4 28

IR Magazine INVESTOR Perception Study – Asia 2012/2013 97 RANKED COMPANIES’ POINTS BREAKDOWN Greater China

Company otal points otal

R ank (large caps in bold) Country I RO C EO CF O Corp literature Use of technology Meetings Corp governance in country Best prix Grand T

=103 TPK Holding Taiwan 0 0 6 0 0 2 0 13 7 28 105 SinoPac Holdings Taiwan 6 0 0 0 0 6 6 0 9 27 =106 Biostime International Hong Kong 0 6 9 0 0 0 3 2 6 26 =106 KWG Property Holding China 3 0 3 9 0 0 0 5 6 26 =106 Sinopharm China 0 0 6 0 0 6 0 8 6 26 109 China Construction Bank China 0 0 0 0 3 0 3 16 3 25 =110 51job China 6 0 0 0 6 0 0 6 6 24 =110 China Medical System Holdings China 6 0 0 0 0 6 0 6 6 24 =110 Far Eastern New Century Taiwan 5 6 0 0 3 2 0 2 6 24 =110 Huaneng Power International China 3 0 6 0 0 6 3 3 3 24 =110 Hong Kong Parkview Group Hong Kong 6 0 0 0 0 6 0 6 6 24 =110 Kinsus Interconnect Technology Taiwan 3 6 0 0 0 6 0 6 3 24 =110 SmarTone Telecommunications Hong Kong 6 0 0 0 0 0 3 6 9 24 =110 Sunac China China 0 0 0 0 0 0 0 24 0 24 =110 Tasly Pharmaceuticals China 6 0 0 0 6 0 0 6 6 24 =119 Acer Taiwan 11 0 0 0 0 0 0 12 0 23 =119 Catcher Technology Taiwan 0 0 3 0 3 3 0 6 8 23 =119 Zhaojin Mining China 3 0 6 0 3 2 3 6 0 23 =122 Compal Electronics Taiwan 6 2 0 0 0 0 0 5 9 22 =122 Wumart China 0 0 0 3 6 0 0 5 8 22 =124 Anhui Water Resources China 3 0 6 0 0 6 0 3 3 21 =124 China Life Insurance China 3 0 0 0 6 6 0 3 3 21 =124 Dongfeng Motor Corporation China 3 0 0 0 6 3 3 3 3 21 =124 Gourmet Master Taiwan 6 0 6 0 0 0 3 0 6 21 =124 NetDragon China 0 0 0 6 0 0 0 9 6 21 =124 Poly (Hong Kong) Investments Hong Kong 0 0 0 0 0 9 0 6 6 21 =124 Richtek Technology Corporation Taiwan 3 0 6 0 6 0 0 3 3 21 =124 SOHO China China 0 6 6 0 0 0 0 3 6 21 =132 Air China China 5 0 0 3 0 3 0 3 6 20 =132 China Steel Taiwan 0 0 0 6 6 2 0 3 3 20 =132 Geely Automobile Hong Kong 6 0 2 0 0 0 0 6 6 20 =132 Hilong Group China 6 0 0 0 0 0 0 6 8 20 =132 Jin Fu New Materials China 0 0 6 0 0 2 6 0 6 20

98 IR Magazine INVESTOR Perception Study – Asia 2012/2013 RANKED COMPANIES’ POINTS BREAKDOWN South East Asia

Company otal points otal

R ank (large caps in bold) Country I RO C EO CF O Corp literature Use of technology Meetings Corp governance in country Best prix Grand T 1 SingTel Singapore 30 12 6 48 48 41 54 9 63 311 2 DBS Group Singapore 20 74 6 33 36 33 15 18 55 290 3 CapitaLand Singapore 27 6 27 17 27 47 26 6 44 227 4 StarHub Singapore 45 15 9 17 3 41 20 15 49 214 5 CIMB Group Malaysia 24 36 6 6 12 15 3 75 33 210 6 Public Bank Malaysia 9 0 14 6 0 9 18 47 21 124 7 Keppel Corporation Singapore 21 12 20 0 21 17 0 6 16 113 8 Kasikornbank Thailand 5 0 0 12 12 12 8 53 6 108 9 Singapore Airlines Singapore 10 6 6 9 12 20 9 0 28 100 10 UOB Singapore 19 2 21 11 4 5 6 17 14 99 11 Sembcorp Marine Singapore 21 2 18 6 0 18 6 9 11 91 12 CapitaMall Trust Singapore 12 3 6 3 17 15 9 2 18 85 =13 Neptune Orient Lines Singapore 9 6 0 9 6 15 0 18 21 84 =13 Olam International Singapore 9 18 6 6 15 12 0 0 18 84 15 CapitaMalls Asia Singapore 8 6 6 6 12 8 0 12 14 72 =16 OCBC Bank Singapore 8 2 6 8 12 9 15 0 10 70 =16 PLDT Philippines 0 12 0 0 0 6 0 46 6 70 18 Noble Group Singapore 18 0 6 3 15 6 0 0 20 68 =19 Frasers Centrepoint Trust Singapore 6 12 0 12 6 3 9 9 9 66 =19 Keppel Land Singapore 6 0 0 18 6 9 3 6 18 66 21 Singapore Exchange Singapore 13 2 3 6 6 9 8 3 14 64 22 Venture Corporation Singapore 18 6 6 6 0 9 0 0 18 63 23 AmBank Group Malaysia 6 2 12 0 6 3 0 18 15 62 24 Minor International Thailand 9 0 0 6 6 9 0 25 6 61 25 SembCorp Industries Singapore 12 6 6 12 3 6 0 0 15 60 26 AboitizPower Philippines 6 0 2 0 0 0 6 35 6 55 27 Super Group Singapore 12 0 6 12 0 6 6 0 9 51 28 Ascendas REIT Singapore 8 8 0 6 0 8 0 5 15 50 29 Advanced Info Service Thailand 3 0 6 0 0 0 6 24 8 47 =30 First Resources Singapore 14 3 3 6 0 0 6 8 6 46 Singapore Technologies =30 Singapore 9 0 0 6 12 6 0 5 8 46 Engineering 32 ComfortDelgro Corporation Singapore 6 0 2 12 0 9 0 6 8 43 =33 Mapletree Industrial Trust Singapore 9 0 0 0 0 3 6 6 24 42 =33 Media Prima Malaysia 6 0 6 6 0 6 6 6 6 42 35 PTT Thailand 0 0 0 2 0 0 0 39 0 41

IR Magazine INVESTOR Perception Study – Asia 2012/2013 99 RANKED COMPANIES’ POINTS BREAKDOWN South East Asia

Company otal points otal

R ank (large caps in bold) Country I RO C EO CF O Corp literature Use of technology Meetings Corp governance in country Best prix Grand T

=36 Precious Shipping Thailand 6 3 0 6 0 6 0 18 0 39 =36 Universal Robina Corporation Philippines 6 0 0 0 0 6 0 21 6 39 38 Global Logistic Properties Singapore 6 6 0 0 12 0 0 0 14 38 =39 CP ALL Thailand 5 0 0 6 0 3 0 20 3 37 =39 Starhill Global REIT Singapore 15 3 0 0 0 6 0 0 13 37 =39 Thaioil Group Thailand 0 0 0 0 0 0 0 37 0 37 =39 XL Axiata Indonesia 2 3 9 0 0 0 2 18 3 37 =43 CP Foods Thailand 0 0 0 0 0 0 0 36 0 36 =43 Garuda Indonesia Indonesia 6 6 6 0 6 0 0 6 6 36 45 PTT Exploration and Production Thailand 0 0 0 3 3 3 0 26 0 35 46 Fraser and Neave Singapore 6 0 12 5 0 4 0 2 5 34 =47 Astra International Indonesia 6 3 0 0 0 0 0 24 0 33 =47 Robinson Department Store Thailand 6 0 6 0 0 6 0 9 6 33 =49 BW Plantation Indonesia 3 0 0 0 12 0 0 12 2 29 =49 Mitra Adiperkasa Indonesia 6 0 6 0 0 6 0 8 3 29 51 CB Industrial Product Malaysia 0 6 0 0 0 3 0 6 12 27 =52 Golden Agri-Resources Singapore 5 0 0 0 3 6 0 2 10 26 =52 K-REIT Asia Singapore 8 0 0 6 0 0 6 0 6 26 =52 Sakari Resources Singapore 9 0 0 0 0 0 5 12 0 26 =52 Thai Union Frozen Products Thailand 0 0 0 0 0 0 0 26 0 26 =56 Adaro Energy Indonesia 9 0 0 0 0 0 0 16 0 25 =56 Siam Commercial Bank Thailand 0 3 6 0 3 3 3 7 0 25 =58 Alliance Global Philippines 6 0 0 0 0 0 0 18 0 24 =58 Axis REIT Malaysia 0 3 6 0 0 0 6 6 3 24 =58 Bank Mandiri Indonesia 0 0 0 0 0 0 0 18 6 24 =58 Bumrungrad International Hospital Thailand 3 6 0 0 0 6 6 3 0 24 =58 Mapletree Investments Singapore 9 0 0 6 6 0 0 0 3 24 =63 Siam Cement Thailand 0 0 0 0 3 0 0 17 3 23 =63 Telecom Malaysia Malaysia 0 0 0 0 5 0 0 12 6 23 =63 United Tractors Indonesia 0 0 0 0 0 0 0 23 0 23 =66 Genting Group Malaysia 0 0 3 0 0 0 0 12 6 21 =66 SM Investments Philippines 0 6 0 0 0 0 0 9 6 21

100 IR Magazine INVESTOR Perception Study – Asia 2012/2013 Index Numbers in bold indicate the page(s) where a company’s profile can be found

51 Job...... 98 Central China Real Estate...... 96

AAC Technologies...... 4, 18, 20, 24, 33, 42, 44, 90, 95 Cheung Kong...... 96

AboitizPower...... 17, 43, 70, 77, 80, 82, 91, 99 China Construction Bank...... 98

Acer...... 98 China Cosco Holdings...... 97

Adaro Energy...... 89, 91, 100 China Everbright...... 97

Advanced Info Service...... 17, 43, 57, 71, 90, 99 China Life Insurance...... 98

Agile Property...... 4, 14, 15, 18, 20, 33, China Medical System Holdings...... 98 ...... 40-41, 42, 90, 95 China Merchants Bank...... 4, 15, 18, 20, 38-39, AIA Group...... 14, 36, 96 ...... 42, 90, 95, 97

Air China...... 98 China Minsheng Banking Corp...... 4, 14, 15, 18, ...... 20, 24, 37, 42, 90, 95 Ajisen China Holdings...... 97 China Mobile...... 20, 96 Alliance Global...... 17, 77, 91, 100 China National Offshore Oil Corporation...... 4, 15, 18, 28, AmBank Group...... 2, 6, 7, 16, 43, 54, 59, ...... 42, 50, 95 ...... 61, 80, 82, 84, 90, 99 China Oilfield Services...... 5, 14, 20, 28, 42, 95 Anhui Water Resources...... 98 China Overseas Land & Investment...... 4, 15, 18, 31, Anta Sports...... 2, 4, 15, 18, 31, 33, 42, 48, 95 ...... 41, 42, 51, 90, 95

Ascendas REIT...... 43, 62, 80, 82, 99 China Resources Cement...... 97

ASM Pacific Technology...... 96 China Resources Enterprise...... 4, 14, 15, 18, 20, 24, ...... 30-31, 35, 36, 42, 90, 95 Astra International...... 2, 16, 89, 91, 100 China Resources Land...... 96 ASUSTeK Computer...... 5, 14, 15, 23, ...... 24, 25, 26, 91, 95 China Resources Power...... 28, 96

AU Optronics...... 5, 23, 91, 96 China Shenhua Energy...... 4, 15, 18, 28, 42, 48, 95

Axis REIT...... 6, 90, 100 China State Construction Engineering Corporation ...... 97

Baidu...... 96 China Steel...... 98

Bank Mandiri...... 89, 91, 100 China Telecom...... 2, 4, 14, 15, 18, 19-21, 42, 90, 95

Bank of China (Hong Kong)...... 4, 14, 15, 18, China Unicom...... 20 ...... 20, 31, 42, 46, 52, 90, 95 China Vanke...... 41, 42, 96 Baosteel...... 96 CIMB Group...... 2, 4, 6, 7, 16, 17, 43, Belle International...... 4, 18, 31, 42, 53, 90, 95 ...... 54, 55, 59, 65, 66-67, 90, 99

Biostime International...... 98 CITIC Securities...... 4, 18, 42, 49, 52, 95

Bumrungrad Hospital Public Company...... 100 CLP Holdings...... 96

BW Plantation...... 89, 91, 100 ComfortDelgro Corporation...... 17, 43, 99

C&G Environmental Protection Holdings...... 97 Compal Electronics...... 98

CapitaLand...... 2, 4, 16, 17, 43, 54, 55, 56, 57, Cosco Pacific...... 42 ...... 60-63, 65, 99 Country Garden...... 97 CapitaMall Trust...... 5, 17, 43, 54, 56, 62, 74, 99 CP ALL...... 43, 71, 85, 90, 100 CapitaMalls Asia...... 17, 43, 54, 62, 76, 99 CP Foods...... 43, 85, 100 Catcher Technology...... 98 Ctrip.com International...... 97 CB Industrial Product...... 6, 90, 100

IR Magazine INVESTOR Perception Study – Asia 2012/2013 101 INDEX

Dah Chong Hong...... 96 Jin Fu New Materials...... 97

DBS Group...... 2, 4, 16, 17, 43, 54, 55, 56, 57, 58-59, K-REIT Asia...... 100 ...... 62, 65, 87, 99 Kasikornbank...... 4, 17, 43, 54, 55, 59, 71-72, 90, 99 Delta Electronics...... 2, 4, 14, 15, 18, 20, 23, 24, 25-27, ...... 36, 42, 91, 95 Keppel Corporation...... 4, 16, 17, 43, 54, 55, 56, 59, ...... 61, 62, 65, 69-70, 87, 99 Digital China...... 4, 18, 20, 33, 42, 52, 95 Keppel Land...... 16, 43, 54, 62, 80, 82-83, 99 Dongfeng Motor Corporation...... 98 Kerry Properties...... 96 Epistar Corporation...... 97 Kinsus Interconnect Technology...... 98 Evergrande Real Estate Group...... 96 KWG Property Holdings...... 98 Far Eastern New Century...... 98 Lenovo...... 4, 14, 15, 18, 20, 24, 32-33, 36, 42, 90, 95 Far EasTone...... 97 Li Ning...... 97 First Pacific...... 97 Lifestyle International...... 15, 35, 90, 96 First Resources...... 43, 69, 99 Link REIT...... 4, 14, 15, 18, 31, 33, 36, 41, 42, 46, 52, 95 Fosun International...... 42 Longfor Properties...... 96 Franshion Properties...... 96 MapleTree Industrial Trust...... 62 Fraser and Neave...... 61, 100 Mapletree Investments...... 43, 99, 100 Frasers Centrepoint Trust...... 16, 43, 54, 59, 62, ...... 80-81, 82, 99 Media Prima...... 6, 16, 43, 57, 91, 99

Fubon Financial...... 42, 97 MediaTek...... 4, 14, 15, 18, 20, 23, 24, 42, 47, 52, 91, 95

FuFeng Group...... 96 Megachem...... 79

Galaxy Entertainment...... 14, 31, 96 Melco Crown Entertainment...... 97

Garuda Indonesia...... 16, 89, 91, 100 Melco International Development...... 97

GCL-Poly Energy Holdings...... 97 Merida Industry...... 97

Geely Automobile...... 98 MGM China Holdings...... 97

Genting Group...... 100 Minor International...... 2, 16, 17, 43, 54, 71, ...... 80, 82, 85-86, 90, 99 Global Logistics Properties...... 100 Mitra Adiperkasa...... 89, 91, 100 Golden Agri-Resources...... 100 MTR Corporation...... 97 Golden Eagle Retail...... 4, 14, 15, 18, 20, 31, 33, 42, 44, 90, 95 Neptune Orient Lines...... 5, 17, 43, 54, 75, 87, 99 Gome Electrical Appliances...... 97 NetDragon...... 98 Gourmet Master...... 98 Noble Corp...... 97 Greentown China Holdings...... 97 Noble Group...... 43, 54, 56, 70, 79, 99 Hang Lung Properties...... 4, 15, 18, 31, 41, 42, 52, 90, 95 OCBC Bank...... 43, 54, 57, 59, 76, 99 Hilong Group...... 98 Olam International...... 5, 16, 17, 43, 54, 56, 59, 70, 75, 99 Hong Kong Parkview Group...... 98 Orient Overseas (International)...... 4, 14, 15, 18, HTC Corporation...... 2, 5, 23, 91, 96 ...... 31, 33, 35, 36, 42, 53, 90, 95

Huaneng Power International...... 98 Pacific Basin Shipping...... 4, 14, 15, 18, 24, ...... 31, 33, 34-37, 42, 90, 95 Industrial Commercial Bank of China...... 5, 95 PetroChina...... 4, 14, 15, 18, 20, 24, 28-29, InTime Department Stores...... 96 ...... 33, 36, 42, 90, 95

102 IR Magazine INVESTOR Perception Study – Asia 2012/2013 Index

Ping An Insurance...... 4, 14, 15, 18, 20, 42, 45, 90, 95 Starhill Global REIT...... 100

PLDT...... 2, 17, 43, 54, 57, 59, 77-78, 91, 99 StarHub...... 4, 16, 17, 43, 54, 55, 56, 57, 59, 62, 64-66, 99

Poly (Hong Kong) Investments...... 98 Sun Hung Kai Properties...... 96

Precious Shipping...... 43, 71, 90, 10 Sunac China...... 98

President Chain Store...... 5, 14, 23, 25, 31, 42, 91, 95 Sunny Optical Technology...... 96

PTT...... 17, 71, 90, 99 Super Group...... 17, 43, 80, 82, 85, 99

PTT Exploration and Production...... 43, 70, 100 Suzhou Anjie Technology...... 97

Public Bank...... 2, 4, 6, 7, 16, 17, 43, Swire Properties...... 97 ...... 54, 55, 57, 59, 61, 68-69, 90, 99 Taiwan Cement...... 96 Qingdao Haier...... 96 Taiwan Semiconductor Manufacturing Richtek Technology Corporation...... 98 Company...... 2, 4, 14, 15, 18, ...... 20, 22-24, 25, 26, 42, 91, 95 Robinson Department Store...... 100 Tasly Pharmaceuticals...... 98 Sa Sa International...... 4, 18, 31, 33, 42, 49, 90, 95 Telecom Malaysia...... 6, 90, 100 Sakari Resources...... 100 Tencent Holdings...... 4, 15, 18, 20, 24, 42, 50, 95 Sands China...... 96 Thai Oil Group...... 71, 90, 100 Sany Heavy Industry...... 15, 36, 42, 96 Thai Union Frozen Products...... 100 SembCorp Industries...... 54, 70, 87, 99 The Wharf (Holdings) ...... 97 Sembcorp Marine...... 5, 16, 17, 43, 54, 61, 62, 65, ...... 70, 74, 87, 99 Tingyi...... 4, 15, 18, 20, 42, 45, 90, 95

Shimao Property...... 41, 42, 96 TPK Holding...... 98

Shui On Land...... 96 Trinity Industrial Group...... 97

Siam Cement...... 100 Uni-President Enterprises...... 96

Siam Commercial Bank...... 100 United Tractors...... 100

Singapore Airlines...... 4, 17, 43, 54, 55, 62, 73, 99 Universal Robina Corporation...... 17, 43, 77, 85, 91, 100

Singapore Exchange...... 54, 83, 99 UOB...... 5, 16, 43, 54, 61, 73, 87, 99

Singapore Technologies Engineering...... 43, 57, 99 Venture Corporation...... 16, 43, 54, 57, 80, 82, 84, 99

SingTel...... 2, 4, 16, 17, 43, 54, 55-57, 59, 62, 65, 99 Vinda International...... 20, 96

Sino Land...... 96 Weigao Group...... 97

Sino-Ocean Land...... 97 Wing Hang Bank...... 97

Sinopac Holdings...... 98 Wistron Corporation...... 4, 14, 18, 20, 23, 25, 26, 42, 51, 91, 95

Sinopec...... 4, 14, 15, 18, 20, 28, 42, 47, 52, 95 Wumart...... 98

SinoPharm...... 98 Xi’an Shaangu Power Co...... 97

SJM Holdings...... 96 XL Axiata...... 16, 88-89, 91, 100

Sky Worth Digital...... 96 Xtep...... 97

SM Investments...... 100 Yip’s Chemical Holdings...... 97

SmarTone Telecommunications...... 98 Zhaojin Mining...... 98

SOHO China...... 98 Zhongsheng Group Holdings...... 97

IR Magazine INVESTOR Perception Study – Asia 2012/2013 103