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1.
2. The 2nd in World GDP and Rising
Source: GE Presentation
3. The 2nd in World GDP and Rising
Source: GE Presentation
4. Beat Target over 11 Years in a row
Source: CEIC, Central Government’s Website, CLSA Asia-Pacific Markets
5. Beat Target over 11 Years in a row
Source: CEIC, Central Government’s Website, CLSA Asia-Pacific Markets
6.
7.
8. Energy Consumption in China
Energy consumption in US, China and India 1990-2035 (quadrillion Btu)
Source: U.S. Energy Information Administration
Source: McKinsey Insights China
9. Natural Gas Demand
Non-OECD Asia Net Natural Gas Trade 2008-2035 (trillion cubic feet)
World Natural Gas consumption Natural Gas consumption in non-OECD Asia
2008-2035 (trillion cubic feet) 2008-2035 (trillion cubic feet)
Source: U.S. Energy Information Administration
26. Simple 10-20 Rule Concept
Buy at a P/E of 10 and Sell at a P/E of 20
Date Yrs Hold Return
1974 1.3 180%
1982 4.8 463%
1989 4.4 430%
1995 2.6 126%
1998 1.8 116%
2008 2.2 88%
2012 Buy XXX %
Now P/E = 9.2
Price As of 28/6/12
32. ICBC
Fundamental
• Revenue – 771.93bn HKD
• Net Profit – 263.16bn HKD
• EPS – 0.7415 HKD
Ticker: 1398
Listed: HSKI, SHH • Debt/Equity – 203.68%
• Dividend Yield – 5.82%
Qualitative • P/E – 5.73X
• The world's most profitable bank • ROE – 22.79%
with the largest market capitalization
in the world, 2011
• Net profit has increased yoy with the
highest net profits among its peers
Source: FT.com/ Businessweek.com/ Reuters.com As of 28/6/12
33. Anhui Conch Cement Company Limited
Fundamental
• Revenue – 59.33bn HKD
• Net Profit – 14.13bn HKD
Ticker: 0914
Listed: HSKI, NYSE • EPS – 2.67 HKD
• Debt/Equity – 33.90%
Qualitative • Dividend Yield – 2.08%
• China No.1 Cement Producer • P/E – 7.93X
• Products used by over 20 countries • ROE – 24.95%
• "Top Quality and Sincere Service"
• Earning growth contributors
rural & public housing projects
• SOE (State Owned Enterprises)
Source: FT.com/ Businessweek.com/ Reuters.com As of 28/6/12
34. Anhui Conch Cement Company Limited
Source: FT.com/ Businessweek.com/ Reuters.com As of 28/6/12
35.
36. Why Invest in Gold ?
Store of Value
Safe Haven
Alternative Currency
37. Why Invest in Gold ?
Inflation
Store of Value
Value
Safe Haven
Alternative Currency
38. Why Invest in Gold ?
Inflation
Economic Crisis
Store of Value
Value
Safe Haven
War
Alternative Currency
39. Why Invest in Gold ?
Inflation
Economic Crisis
Central bank Reserve
USD Weakness
Lower Interest Rate
Store of Value
Value
Money into risk asset
Safe Haven
War
Alternative Currency
43. Gold Mining vs. Gold Price
2. The mining had to “catch up” to expectations which
already built into the gold markets.
3. Mining companies issue new shares to raise capital that
decrease EPS while Market Cap inflated a lot
44. Newmont Mining
Fundamental
• Revenue – 10.36bn USD
• Net Profit – 502mn USD
• EPS – 0.9713 HKD
• Debt/Equity – 33.4%
Ticker: NEM • Dividend Yield – 2.73%
Listed: NYSE • P/E – 52.79X
Qualitative • ROE – 3.83%
• A gold producer operate in North
America, South America, Asia Pacific
and Africa.
• Gold Reserves of 98.8 million ounces
Source: FT.com/ Businessweek.com/ Reuters.com As of 28/6/12
45. BHP Billiton
Fundamental
• Revenue – 74.40bn AUD
• Net Profit – 22.25bn AUD
• EPS – 4.10 AUD
Ticker: BHP • Debt/Equity – 40.41%
Listed: ASX • Dividend Yield – 4.25%
• P/E – 8.45X
Qualitative
• ROE – 38.59%
• A largest global resources producer
operate in 25 countries
• Mines copper, aluminum, diamonds,
uranium, iron, gold, and coal, and
has proved oil reserves
Source: FT.com/ Businessweek.com/ Reuters.com As of 28/6/12