investor · 2013. 2. 11. · ir magazine investor perception study – asia 2012/2013 5 ir magazine...

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asIa 2012/2013INVESTOR Winning companies, winning IR strategies

PeRCePtIon stUDY

Asia IPS 2012_13 CoversV2.indd 1 16/01/2013 11:10

AsiA 2012/2013Investor Winning companies, winning Ir strategies

PercePtion Study

ForewordResearch 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 BevanIR InsightLondonNovember 2012

2 IR MAGAzINE INVESTOR PERCEPTION STudy – ASIA 2012/2013

iNTRODUCTiON

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 betray some fundamental new thinking.

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 companies in the Top 25, three of them in the top 10: Malaysia’s CIMB Group and Public Bank in fifth and sixth place, respectively, Thailand’s Kasikornbank in eighth, PLdT 16th, AmBank from Malaysia 23rd, and another Thai company, Minor International, in 24th.

Some things have changed very little, however. At the top of the table in South East Asia this year the three companies ranked first, second and third are SingTel, dBS Group and CapitaLand. And last year? SingTel, CapitaLand and dBS. The top three in 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

new kids on the block

The top three: this year & last year

2011 Rank

Company2012 Rank

Company

south East Asia

1 singtel 1 singtel

2 DBs 2 CapitaLand

3 CapitaLand 3 DBs

Greater China

1 tsMC 1 China telecom

2 HtC Corporation 2 tsMC

3 Anta sports Products 3 Delta electronics

Janet Dignan introduces the Asian Ir perception study for 2012/2013

3IR 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 doneThe 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 dignanFounder, IR Magazine

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iR MAGAZiNE AsiA TOP 50

All-asia rank

regional rank

All-Asia movement from last

year

Company (large caps in bold) Country total awards

total short lists

total points

1 1 O China Telecom China 6 6 479

2 2 YTaiwan semiconductor Manufacturing Company

taiwan 5 9 397

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 100O rank up T rank down Y same + new

???????????


iR MAGAZiNE AsiA TOP 50

CONTENTs

All-asia rank

regional rank

All-Asia movement from last

year

Company (large caps in bold) Country total awards

total short lists

total points

=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 83O rank up T rank down Y same + new

Editor Candice de Monts-Petit | Chief copy editor Kathleen Hennessy | Editorial assistant Liu Xiao

| Contributor tim Human | Founder Janet Dignan | Research manager Lloyd Bevan |

Art & design Mariel tabora Foulds | Printed by Premier Corporate Mail, Units 11-12, the I o Centre,

seymour street, royal Arsenal, London se18 6ss, UK

the report

6 Trends: Taking it to the bank Tim Human investigates the emergence of Malaysian banks as Ir rivals to regional heavyweight singapore

8 Research: Raising the iR standard in AsiaIR Magazine finds out how the investment community rates Asian investor relations, focusing on the optimization of technology

12 iRO poll: iR & technologyIr professionals at this year’s top-ranked companies answer questions on their use of technology for investor relations

14 Winners and short-listed companies 2012Breakdown of this year’s awards

the rankings

18 iR Magazine Greater China Top 30Profiles of the highest-ranking companies in China, Hong Kong and taiwan

54 iR Magazine south East Asia Top 25Profiles of the highest-ranking companies in singapore, thailand, Malaysia, Indonesia and the Philippines

the research

92 iR insight research process – Methodology– respondents– survey

95 Table of all ranked companies in Greater China

99 Table of all ranked companies in south East Asia

101 index of companies


TRENDs

concept paper on capital adequacy ratios in May this year – along with a request for feedback – despite the fact the new rules are set to come into effect at the start of 2013.

‘The central banks have said they will come up with some-thing – and it’s not just Malaysia, but many other countries as well – to be implemented on January 1. [They say] they are work-ing on it and will let us know,’ explains Tan. ‘That has created a significant amount of uncertainty in the market, so everyone is focusing on it. We can’t give them a conclusive answer, because the central banks have not yet provided a conclusive answer, and it’s a big challenge to manage people’s expectations.’

Given the uncertainty, Tan has spent a lot of time educating the investment community about CIMB’s approach to handling Basel III. ‘We have points of view that differ from those of other [banks],’ he explains. ‘Investors tend to be very binary: they like it one way and don’t like it another way. If they like the way the other guy is doing it, you are wrong. So there is a lot of work that needs to be done to educate investors.’

Public Bank, too, says Basel III has been a key area of interest for the investment community, although it mentions this alongside several other areas of focus. There have been no ‘major challenges’ for its IR function over the last year, notes the bank’s spokesperson.

While other countries are talking about cutting back their banking sectors, Malaysia is headed in the other direction.

Prime Minister Najib Razak recently launched construction of a new 28-hectare business district, which will have financial services at its heart. Named after the premier’s father, the Tun Razak Exchange is expected to create 40,000 new finance roles in Kuala Lumpur.

Malaysian banks are also the driving force behind the country’s performance in this year’s IR Magazine Awards research. Last year, no Malaysian companies made it into the top 10 rankings for South East Asia. This year, by contrast, there are two companies in the top 10 and three in the top 25: CIMB, Public Bank and AmBank. All three companies are banks.

The recognition comes at a time when Malaysia’s banks have enjoyed a more comfortable time than many of their peers 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 sheets are strong.

Central issuesStill, it has not been the easiest of rides. One of the main challenges faced by the banks and their IR teams has been to educate investors and analysts on the impact of incoming regulatory changes stemming from Basel III, the international rules aimed at strengthening capital requirements and risk management. ‘It’s been the biggest challenge to be able to provide as much clarity as possible with regards to what central banks are trying to do,’ says Steven Tan, head of IR at CIMB, the Kuala Lumpur-based universal bank with operations across South East Asia.

Companies are unlikely to have received praise from investors and analysts unless they handled this issue well, but discussions on this topic have been complicated by the difficulty of knowing what is actually required of banks. Bank Negara Malaysia, Malaysia’s central bank, only put out a

taking it to the bankTim Human investigates the emergence of Malaysian Ir in 2012, led by the banking sector

CIMB Group

Public Bank

AmBank Group

Media Prima

CB Industrial Product

Axis REIT

Telecom Malaysia

CIMB Group

Public Bank

AmBank Group

Media Prima


Axis REIT

Telecom Malaysia

27

24

23

42

62

124

210

27

24

23

42

62

124

210

Best investor relations by a Malaysian company

High-climbing CIMBOf the three Malaysian companies in the top 25, CIMB is the highest placed at number five. The bank – a consistent performer at the IR Magazine Awards – once again wins best IR by a Malaysian company, for the third year in a row. For the 2012 South East Asia awards, it is short-listed for six awards in total, including the grand prix for best overall investor relations (large cap), best IR by a CEO and a debut for Tan on the short list for best investor relations officer.

Respondents to IR Magazine’s awards research heap praise


TRENDs

one sell-side respondent from Malaysia. How much corporate access? A spokesper-son for the company says Public Bank attended eight investor conferences in the first nine months of 2012, as well as holding 94 face-to-face meetings and 12 teleconfer-ences at its Kuala Lumpur headquarters.

The third Malaysian bank in the rankings, AmBank, sits in 23rd place in the South East Asia Top 25. It also picks up two nominations: one for the prestigious grand prix for best overall investor relations in the small & mid-cap category, and the other for best IR by a Malaysian company.

despite the strong performance of Malaysian banks in this year’s awards, Ganesh Nadarajah, group general manager of investor relations and planning at AmBank, thinks there is a lot more room for professionalism. ‘A lot of IR people in Malaysia are in more of a co-ordination role, so it took a lot to convince me that this is a good career move for me,’ he states.

Nadarajah explains how, when he took on the IR role and began attending confer-ences and roadshows, he would be the only IR person there on his own taking meetings and doing presentations. He notes, however, that investors have been comfortable dealing with him instead of senior manage-ment. He also hears from people in the market that more and more senior figures are being appointed to IR roles in Malaysia. ‘I think the potential [of the profession] to grow is very, very significant,’ he concludes.

on the bank’s senior management for its accessibility, as well as on the IR team for its knowledge and responsiveness. ‘Top management at CIMB goes the extra mile to communicate with shareholders,’ comments one Singapore-based sell-side analyst. ‘Steven Tan, the head of investor relations, does an excellent job juggling the organizational issues and also presenting the company’s message and financial information.’

CIMB’s continued IR success is built on offering extensive access to management; Tan and his senior management conducted around 250 meetings in the first nine months of 2012 alone. Of those, 90 percent involved senior management – often the CEO or deputy CEO – and 10 percent were IR-only. Investors who know the company well are also given the chance to meet other business leaders, such as the CFO, retail banking heads and country CEOs.

‘I try to provide greater access to management – people value that,’ says Tan. ‘They come and don’t just see the head of investor relations: they see the CEO, they see the deputy CEO, and these are the guys who actually run the business. I don’t think many companies do that.’

For Tan, it is not the role of IR to fill in for management when there are strategic issues to discuss. ‘We find it absolutely crucial that investors actually speak face to face with senior management,’ he says. ‘If they need data, information or clarifications on certain statements or ideas, then yes, I will take those meetings and those calls. But in terms of seeking information on the strategic direction of the company, it would have to come from senior management.’

Public facePublic Bank follows closely behind CIMB in sixth place in the South East Asia Top 25. The bank, which focuses on retail customers and small to medium-sized enterprises, appears on three short lists in this year’s research. ‘The company consis-tently provides good corporate access and disclosures,’ states

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REsEARCH

raising the ir standard

Only a minority of investors and analysts say IROs give them the information they need. This low figure of 38 percent compares with an overwhelming majority of respondents

For 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 meeting their needs and how IR departments should

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 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 under-standing of the business. Continuing concerns about transpar-ency can be addressed, according to the investment community, by focusing resources on a regularly updated website.

1 iR sTANDARDs

21%

29%28%

14%

8%

China Hong Kong Singapore

Taiwan Other South East Asia

respondents by region

35%

27%

38%

Yes

No

Sometimes

90%

3%3% 4%

Helpful

Unnecessary

In the way

All of the above

How would you describe Iros?

Does Ir provide the information you need?

(90 percent) who believe IROs are helpful. At the root of this apparent contradiction is a view among investors and analysts that Asian IROs are themselves excluded from useful informa-tion and so are not to blame for their failure to satisfy the


REsEARCH

from management,’ repeats a sell-side respondent from Singapore.

Nine out of 10 respondents have to go elsewhere to get the information companies should be providing, both to make up for the lack of information available from the company and to balance the marketing tone of the information that is provided. ‘you always need to do extra work to find out more as the information given is minimal,’ says a buy-sider from Hong Kong.

Often this means investors and analysts seek insight from senior management. They also regularly check data among themselves or refer to independent research and third-party databases. ‘A lot of the informa-tion from IROs is ‘canned’. That’s why access to management is so important for a deeper

investment community’s requests for it. ‘Much of what we need is not accessible to an IRO,’ notes a sell-side analyst from China.

When these investors and analysts are asked to give examples of where IROs provide too much or too little, not surprisingly instances of the former are few, whereas instances of the latter are many. In fact, the only thing IROs in Asia provide too much of is marketing. ‘There is too much promotion of their companies, with little understanding of the concerns of the street,’ remarks a buy-side respondent from Hong Kong.

The list of what IR provides too little of is broad, with no single concern attracting an overall majority of responses. Lack of transparency continues to be the most common complaint from investors and analysts, mentioned by 41 percent of respondents. This is consistent with last year’s investor poll, when transparency also topped the list of areas where IR in Asia requires most improvement. ‘The biggest issue right now is the lack of transparency and disclosure,’ says a Hong Kong buy-side analyst. ‘Insufficient data in results and insufficient disclosure

50%

10%

40%

Yes

No

Sometimes

Do you have to go elsewhere for information that should be provided by an IRO?

Information sources

Transparency

Access to IRO

Guidance

Knowledge of industry

Access to management

Bad news

1

2

=3

=3

=5

=5

9%

6%

6%

9%

11%

41%

top five areas where companies could provide more

top excuses What are the most common excuses used by iROs for withholding information?

Competitor-sensitive information

iR is not allowed to speak on behalf of the company

iR doesn’t return the call

suggest using stock exchange website

50%

15%

10%

5%

‘they tend to just say information is

competitor-sensitive’

sELL siDE, siNGAPORE

‘they say, Sorry, we really don’t have numbers on that’

BUy siDE, CHiNA

‘they usually just say, I don’t have that information and I don’t know that either

sELL siDE, CHiNA

‘they often just don’t know as they are not kept in the loop’

sELL siDE, TAiWAN

‘Usually Iros don’t have the detail you need and cannot answer any specific questions’

BUy siDE, HONG KONG

‘they say This question is too detailed’

BUy siDE, HONG KONG


REsEARCH

73%

4%

23% IR website (web page, webcasts, interac-tive annual report)Mobile IR (apps and social media)IR outreach (video conferences, email and alerts,increasing telephone contact)

What technology should Iros focus on?

like Twitter or Weibo (see Anti-social investment, opposite). So when it comes to technology, it seems all Asian investors

really want from IROs is to know they can get all the information they want on the company from the website at a time of their choosing, using desktops and laptops rather than smartphones

and tablets. One of the principal reasons for the popularity of websites is the need for

investors and analysts to watch or listen to company briefings,

presentations and confer-ence calls without having to attend every event in person. Webcasts are particularly popular: on a stand-alone basis, they account for a quarter of all responses from investors.

IROs in Asia should not waste their time and money on social media. That is the verdict of 100 buy-side analysts and sell-side analysts from all across Asia, when asked how they would like to see IROs focus their resources on technology.

The tech-themed requests from the investment community can be grouped into three broad categories: IR websites, including webcasts and interactive annual reports; mobile IR such as smartphone apps and social media; and IR outreach, like video conferencing and email alerts.

Close to three quarters (73 percent) of respondents would prefer IROs to dedicate IR resources to website-related issues. ‘All I want is quality websites with all the infor-mation to hand,’ says a Hong Kong sell-side analyst. Most of the remaining respondents, 23 percent, are interested in IROs using technol-

ogy like video conferencing to improve accessibility to the company, leaving only 4 percent of respondents who would like to see IR time and money concentrated on IR apps for smartphones and tablets. Notably, there is no interest from the investment community in IROs going on social networking outlets

What proportion of your work time is spent at your desk?

10 20304050607

08090

100% of time

at desk

respondents%

0

39

1

10123619

7

3

How many video conferences have you conducted with senior management of the companies you are involved with?

1-45-10More than 10None

Respondents (%) 30%

17%14%

39%How often do you watch company webcasts? Respondents (%)

DailyWeekly

MonthlyQuarterlyAnnually

NeverVariesRarely

311

1033

1123

63

2 TECHNOLOGiCAL iMPROvEMENTs

understanding of the thought processes,’ advises a respondent from the Philippines.

Most of the time IROs are not privy to this information, hence the ‘helpful’ 90 percent approval rating referred to above, although a few respondents hint at some nefarious practices. ‘IROs tend to be a bit unfair and have their preferred analysts,’

suggests a head of research from the Philippines. Another sell-side respondent from Indonesia complains about being given the runaround by an IRO who repeatedly dodged a request for a printed version of a presentation by referring the sell-sider to the stock exchange, which didn’t have it. ‘It’s infuriating and a waste of my time,’ lamets the respondent. A referral to the stock exchange is one of the most common excuses IROs regularly rely on (see Top excuses, page 9).

DiGiTiAL COMMUNiTy

Do you follow any iROs on Twitter or Weibo?

Yes

No 90%

10%

Respondents (%)


REsEARCH

from China. On a similar note, a Hong Kong peer says: ‘I would like to have conference calls for results, which most companies don’t do. It only needs to be simple. Just do the basics well.’

digital community The majority of investors and analysts spend most of their time behind a desk so company webcasts are widely viewed and meetings via video conference are rising in popularity. In keeping with these desk-bound trends, the use of social media for IR purposes is low.

Immobile investorsTwo thirds of investors and analysts spend more than 70 percent of their working day at their desks.

High audience figures for IR TVThree quarters of the investment community have watched a webcast and more than half (57 percent) do so at least once a quarter.

Switching to remote-controlled meetings A majority of investors and analysts (61 percent) have been involved in at least one video conference with senior management, but frequency remains low.

Anti-social investment Only one in 10 investors and analysts use social networking sites for IR.

‘Websites are the most important and should allow access to podcasts. As I follow the whole market I can’t attend all briefings, so need to be able to access the information on the website,’ says a head of research from the Philippines. ‘In addition to presentations, I think all companies should record their annual meetings and put them online. Only one or two of my companies do this and I find it very useful,’ comments a sell-side analyst from Hong Kong. But what may seem to be an obvious point is far from universal practice among Asian companies. ‘Companies need to make presentations available online,’ implores a Chinese buy-sider.

Meanwhile, other respondents set a lower benchmark for company websites. The expectations of these investors and analysts rise only as high as a website being kept up to date and being treated by the firm as one of the principal sources of company information. ‘I would like to see an effort made to promote websites, to include transparent information on the company and industry,’ says a sell-side analyst from Hong Kong.

There is evidently a vast difference in the amount of data being made available online by companies in Asia. Summing up the position in China, a buy-sider says: ‘Some companies are very good at online data disclosure. It is an important first impression of the company – others need to follow suit.’

Equally, however, the appetite for technological uptake among the investment community can be just as varied. The level of divergence ranges from a ‘more the merrier’ approach to communications, echoed by a sell-side analyst from Singapore, to a steadfast adherence to the traditional way of doing things, epitomized by a buy-sider from Hong Kong, who says: ‘I don’t really use technology. I prefer the old style: hard copy and meeting face to face.’

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 IR professional on the other end of the telephone. ‘I just want to be able to speak to them,’ implores one buy-side respondent

‘As an interactive media, Weibo works best for questions and answers and you get up-to-date responses. But they could do much better. space for comments would be helpful’

sELL siDE, CHiNA

‘Useless and could create false confidences’

BUy siDE, HONG KONG

‘Iros should improve on this as none of them seem to use Weibo’

BUy siDE, HONG KONG,

‘Although I do follow some Ir guys, it’s not for work purposes. Iros are pretty professional in that way’

sELL siDE, HONG KONG Topic: Twitter and Weibo for iR…‘We can’t access twitter from the office as it is banned’

sELL siDE, HONG KONG

‘It’s convenient and you get real-time news’

BUy siDE, HONG KONG


iRO POLL: iR & TECHNOLOGy

No

Yes

79%

21%

Annually

Never

Don’t have one

Monthly

Quarterly

Half-yearly

Hourly

Daily

Weekly

50%

21%29%

3 iR WEBsiTE

How often does the iR team put something new up on the iR web page (excluding share price)?

IR teams update the webpage at least every quarter and at most once a week. An even half of IR teams do so monthly, the single most popular response. Reassuringly, no respondent said he/she never updates the web page or doesn’t even have one.

4 WEBCAsTiNG

Does the iR team currently post webcasts on the iR page of your company’s website?

1 UsE OF TECHNOLOGy

Which of the following does the iR team dedicate the most resources to?

Fully 96 percent of respondents put the IR web page 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 or second-to-last place (68 percent put it last).

2 iNvEsTiNG iN TECHNOLOGy

Which of the following would the iR team most like to dedicate more resources to?

Web pages continue to be the top priority when it comes to technology, even though they already attract the most IRO time. Interactive annual reports top web-casts when it comes to prioritizing the areas needing more IR attention and investment in the future.

All of the Ir teams in the Greater China top 30 and the south east Asia top 25 were asked the following questions:

Nearly four in five respondents put webcasts on their IR web pages. For some, this has been a recent development over the last 12 months (see IR initiatives, page 13). But while webcasts are widely used, only 4 percent of respondents would like to dedicate more resources to them.

resPonDents %

66

26

4

4

0

0

IR page on website

Interactive annual reports

Video conferences

Webcasts

Smartphone apps

Twitter/Weibo

123456

IR page on website

Webcasts

Interactive annual reports

Video conferences

Smartphone apps

Twitter/Weibo


iRO POLL: iR & TECHNOLOGy

5 TRADiTiONAL TELEPHONE

When the iR team answers a telephone call or email from the investment community, how often can you provide the answer it is looking for straight away?

On balance, the vast majority (92 percent) of respon-dents believe they are able to provide the answers to queries from the investment community most times 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

sHAREHOLDER TARGETiNG

‘Traveling to meet investors and shareholders on non-deal roadshows in new

regions such as continental Europe and China’

‘Conducted debt investor relations forum’

‘Organized 100 investors to visit the group’s factories in China’

‘More sophisticated reverse roadshow’

‘Financial interactive charts on IR website’

‘Mobile version of IR website’

‘Compiled presentation slides to introduce company profile’

‘Put together a corporate video to introduce the businesses of the company’

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

‘We have engaged investors interested in sustainability issues’

‘expanded investor focus to retail investors in

addition to institutional

investors’

‘shareholder tracking

exercise and webcast’

‘Live webcast of

quarterly results announcement and

making replay of webcast available on

our Ir web page’

‘Made online live webcast of results

presentation available for overseas investors

and analysts’

AlwaysMore often than not(more than 50% of the time but less than 100%)50/50Sometimes(less than 50%)Never

58%

34%

8%

53%17%

17%

13%

NoneLess than 10% More than 10% but less than 20%More than 20% but less than 30%More than 30% but less than 50%More than 50%

Three quarters or moreMore than half but less than three quartersMore than a quarter but less than halfLess than a quarter

Yes No

Share capital owned by the company founder or founder's family

Publicly listed share capital

Depositary receipt listed on an overseas exchange?

Share capital owned by the state (directly or indirectly)

48%

13%9%

4%9%

17%

48%

5%17%

17%

13%

43%57%

Company profile


GREATER CHiNA TOP 30WiNNERs AND RUNNERs-UP

GrAnD PrIX For Best overALL Investor reLAtIons – LArGe CAP chart p20

1 China Telecom ...........................................China2 Taiwan Semiconductor Manufacturing Company

........................................................................Taiwan3 delta Electronics .............................................Taiwan4 PetroChina ........................................................China

GrAnD PrIX For Best overALL Investor reLAtIons – MID or sMALL CAP chart p33

1 Lenovo ......................................................China 2 Pacific Basin Shipping ............................. Hong Kong3 Agile Property ....................................................China4 Golden Eagle Retail ..........................................China

Best Investor reLAtIons By A MAInLAnD CHInese CoMPAny chart p20

1 China Telecom2 PetroChina3 Lenovo4 China Minsheng Banking Corp

Best Investor reLAtIons By A HonG KonG CoMPAny chart p31

1 China Resources Enterprise2 Pacific Basin Shipping3 Link REIT4 Bank of China (Hong Kong)

Best Investor reLAtIons By A tAIWAnese CoMPAny chart p23

1 Taiwan semiconductor Manufacturing Company 2 delta Electronics3 MediaTek4 Wistron Corporation

Best Investor reLAtIons oFFICer – MAInLAnD CHInA chart p20

1 China Telecom ..................................Jacky yung 2 PetroChina ..............................................Mao zefeng 3 Lenovo ...........................................................Gary Ng4 China Minsheng Banking Corp .........Wan Qing yuan

Greater chinaBest Investor reLAtIons oFFICer – HonG KonG chart p31

1 China Resources Enterprise ............vincent Tse 2 Pacific Basin Shipping ............................... Emily Lau3 Orient Overseas (International) ............Stanley Shen4 Galaxy Entertainment ...........................Peter Caveny

Best Investor reLAtIons oFFICer – tAIWAn chart p25

1 Delta Electronics ............................. Rodney Liu 2 Taiwan Semiconductor Manufacturing Company

.............................................................Elizabeth Sun3 President Chain Store ................................ Katrina Li

Best Investor reLAtIons By A Ceo or PresIDent – MAInLAnD CHInA chart p20

1 China Telecom ............................ Wang Xiao Chu 2 Ping An Insurance .................................. Ma Mingzhe3 Sinopec ....................................................Fu Chengyu4 Vinda International ............................... donna zhang

Best Investor reLAtIons By A Ceo or PresIDent – HonG KonG chart p36

1 Pacific Basin shipping ................ Klaus Nyborg* =2 AIA Group .............................................. Mark Tucker=2 China Resources Enterprise ................... Long Chen=2 Link REIT .......................................George HongChoy

*Left Pacific Basin in March 2012

Best Investor reLAtIons By A Ceo or PresIDent – tAIWAn chart p26

1 Delta Electronics ..............................yancey Hai =2 ASuSTeK Computer ................................. Jerry Shen=2 Taiwan Semiconductor Manufacturing Company

.............................................................Morris Chang=2 Wistron Corporation ...................................Simon Lin

Best Investor reLAtIons By A CFo – MAInLAnD CHInA chart p20

1 China Telecom ..................................... Wu Andi=2 China Oilfield Services ............................... Li Feilong=2 Golden Eagle Retail .................................Patricia Tai4 Lenovo ............................................... Wai Ming Wong



Best Investor reLAtIons By A CFo – HonG KonG chart p35

1 Pacific Basin shipping ........ Andrew Broomhead 2 China Resources Enterprise ......................Frank Lai3 Lifestyle International ............Terry Poon Fuk-chuen4 Orient Overseas (International) ............. Ken Cambie

Best Investor reLAtIons By A CFo – tAIWAn chart p24

1 Taiwan semiconductor Manufacturing Company .............................................................. Lora Ho

=2 ASuSTeK Computer ...............................david Chang=2 MediaTek ......................................................david Ku

Best CorPorAte LIterAtUre chart p24

1 Taiwan semiconductor Manufacturing Company ............................................................... Taiwan

2 China Resources Enterprise ................... Hong Kong3 PetroChina ........................................................China=4 Lenovo ...............................................................China=4 Pacific Basin Shipping ............................. Hong Kong

Best Use oF teCHnoLoGy chart p24

1 Taiwan semiconductor Manufacturing Company ............................................................... Taiwan

2 delta Electronics .............................................Taiwan3 Lenovo ...............................................................China4 Tencent Holdings ..............................................China

Best InvestMent CoMMUnIty MeetInGs chart p24

1 Taiwan semiconductor Manufacturing Company .............................................................. Lora Ho

2 China Resources Enterprise ................... Hong Kong3 PetroChina ........................................................China4 delta Electronics .............................................Taiwan

Best CorPorAte GovernAnCe AnD DIsCLosUre chart p36

1 Pacific Basin shipping ...................... Hong Kong 2 PetroChina ........................................................China3 delta Electronics .............................................Taiwan=4 China Resources Enterprise ................... Hong Kong=4 Lenovo ...............................................................China

Sector awardsSee page 42 for more on best in sector

BAnKs & FInAnCIAL servICes

1 China Minsheng Banking Corp ..................China2 China Merchants Bank .....................................China3 Ping An Insurance .............................................China4 Bank of China (Hong Kong) ..................... Hong Kong

ConsUMer GooDs & servICes

1 China Resources Enterprise ............ Hong Kong2 Golden Eagle Retail ..........................................China3 Tingyi .................................................................China4 Anta Sports........................................................China

enerGy

1 PetroChina ................................................China2 Sinopec ..............................................................China3 China Shenhua Energy .....................................China4 China National Offshore Oil Corporation .........China

InDUstrIALs, LoGIstICs & trAnsPort

1 Pacific Basin shipping ...................... Hong Kong2 Orient Overseas (International) ............... Hong Kong3 Sany Heavy Industry ..........................................China

reAL estAte

1 Agile Property ...........................................China2 Link REIT .................................................. Hong Kong3 China Overseas Land & Investment ........ Hong Kong4 Hang Lung Properties ............................. Hong Kong

teCHnoLoGIes & teLeCoMs

1 China Telecom ...........................................China2 Taiwan Semiconductor Manufacturing Company

........................................................................Taiwan3 delta Electronics .............................................Taiwan4 Lenovo ...............................................................China

Best Investor reLAtIons DUrInG A CorPorAte trAnsACtIon chart p33

1 Lenovo ......................................................China 2 PetroChina ........................................................China



GrAnD PrIX For Best overALL Investor reLAtIons – LArGe CAP chart p55

1 singTel .............................................. singapore2 dBS Group ..................................................Singapore3 CapitaLand .................................................Singapore4 StarHub ......................................................Singapore5 CIMB Group ..................................................Malaysia

GrAnD PrIX For Best overALL Investor reLAtIons – MID or sMALL CAP chart p80/82

=1 Frasers Centrepoint Trust ................ singapore =1 Keppel Land ...................................... singapore3 Venture Corporation...................................Singapore4 AmBank Group .............................................Malaysia5 Minor International ...................................... Thailand

Best Investor reLAtIons oFFICer chart p65

1 starHub ....................... singapore, Jeannie Ong2 SingTel ...............................Singapore, Sin yang Fong3 CapitaLand ............................Singapore, Harold Woo4 CIMB Group ..............................Malaysia, Steven Tan

Best Investor reLAtIons By A Ceo or PresIDent chart p59

1 DBs Group ..................singapore, Piyush Gupta2 CIMB Group ............................Malaysia, Nazir Razak3 Olam International ........ Singapore, Sunny Verghese4 StarHub .......................... Singapore, Neil Montefiore

Best Investor reLAtIons By A CFo chart p61

1 CapitaLand ................... singapore, Arthur Lang2 uOB .......................................Singapore, Lee Wai Fai3 Keppel Corporation ........... Singapore, Loh Chin Hua4 Sembcorp Marine ............ Singapore, Tan Cheng Tat

Best CorPorAte LIterAtUre chart p56

1 singTel .............................................. singapore2 dBS Group ..................................................Singapore3 Keppel Land ...............................................Singapore=4 CapitaLand .................................................Singapore=4 StarHub ......................................................Singapore

South east AsiaBest Use oF teCHnoLoGy chart p56

1 singTel .............................................. singapore2 dBS Group ..................................................Singapore3 CapitaLand .................................................Singapore4 Keppel Corporation ....................................Singapore

Best InvestMent CoMMUnIty MeetInGs chart p62

1 CapitaLand ........................................ singapore=2 SingTel ........................................................Singapore=2 StarHub ......................................................Singapore4 dBS Group ..................................................Singapore

Best CorPorAte GovernAnCe AnD DIsCLosUre chart p57

1 singTel .............................................. singapore2 CapitaLand .................................................Singapore3 StarHub ......................................................Singapore4 Public Bank ..................................................Malaysia

Best Investor reLAtIons DUrInG A CorPorAte trAnsACtIon chart p59

1 DBs Group ........................................ singapore2 CIMB Group ..................................................Malaysia

Best Investor reLAtIons By An InDonesIAn CoMPAny chart p89/91

1 XL Axiata2 Garuda Indonesia3 Astra International

Best Investor reLAtIons By A MALAysIAn CoMPAny chart p90

1 CiMB Group2 Public Bank3 AmBank Group4 Media Prima



Sector awardsSee page 43 for more on best in sector

BAnKs & FInAnCIAL servICes

1 DBs Group ........................................ singapore2 CIMB Group ..................................................Malaysia3 Public Bank ..................................................Malaysia

ConsUMer GooDs & servICes (InCLUDInG retAIL)

1 Minor international ..............................Thailand2 Super Group ...............................................Singapore3 universal Robina Corporation .................Philippines

DIversIFIeD InDUstrIALs (InCLUDInG enerGy & AGrICULtUre)

1 Keppel Corporation ........................... singapore2 Sembcorp Marine ......................................Singapore3 Olam International .....................................Singapore

Best Investor reLAtIons By A PHILIPPIne CoMPAny chart p91

1 PLDT2 AboitizPower3 universal Robina Corporation4 Alliance Global

reAL estAte

1 CapitaLand ........................................ singapore2 CapitaMall Trust .........................................Singapore3 CapitaMalls Asia ........................................Singapore

teCHnoLoGIes & teLeCoMs

1 singTel .............................................. singapore2 StarHub ......................................................Singapore3 PLdT .........................................................Philippines

trAnsPort

1 singapore Airlines ............................ singapore2 Neptune Orient Lines ................................Singapore3 Comfortdelgro Corporation .......................Singapore

Best Investor reLAtIons By A tHAI CoMPAny chart 90

1 Kasikornbank2 Minor International3 Advanced Info Service4 PTT

TOP 30

2012

/ 13GREATER

CHINA

Ran

k Company (large caps in bold) C

ount

ry

Iro

Ceo

CFo

Cor

p lit

erat

ure

tech

nolo

gy

Mee

tings

Cor

p go

v

Bes

t in

coun

try

Gra

nd p

rix

tota

l poi

nts

1 China Telecom China 73 63 45 20 18 23 24 144 69 479

2Taiwan semiconductor Manufacturing Company

taiwan 44 9 21 44 42 54 24 91 68 397

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 TelecomAWARD WiNNER | BEsT iN sECTOR (see p42) | BEsT iN COUNTRy (see 90)

2011 ranking 8

ir awards

Grand prix for best overall investor relations – large capBest investor relations by a mainland Chinese companyBest investor relations officer – mainland ChinaBest investor relations by a Ceo or president – mainland ChinaBest investor relations by a CFo – mainland ChinaBest in sector – technologies & telecoms

Listing information Large capHong Kong stock exchangetelecommunications

ceo Mr WAnG Xiaochu

cFo Ms WU Andi

Head of ir Mr yUnG shunloy (Jacky)

ir teamMs LAI Karwing (Lisa), Mr WonG Kachun (Ivan), Ms rebecca WonG, Ms enrica Lee, Ms Doris CHAn, Ms stella LAW

team size seven

contact information [email protected] [email protected]

+852 2877 9777

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

China Telecom is undoubtedly the big winner at this year’s IR Magazine Awards in Asia. As well as topping both the Greater China Top 30 and the Asia Top 50 lists, the Chinese telecoms major takes home an impressive

six awards – including the coveted grand prix for large-cap companies – with the winning combination of its chief executive, chief financial officer and IRO all winning individual accolades for their IR performance.

‘We are very pleased China Telecom has been honored with these grand awards by IR Magazine,’ says company CEO Wang

Xioachu. ‘This is really great encouragement to our company and our staff.’

The state-owned company performed well in 2011, taking eighth place both in the country-wide and regional Asia lists, but China Telecom was short-listed for only one award last year – making its 2012 sweep all the more impressive. The company, which is ranked 221st by revenue in the Fortune Global 500 list, also gains recognition this



year with awards from IR Global Rankings and the League of American Communications Professionals, as well as accolades from the publications Corporate Governance Asia, FinanceAsia and The Asset.

‘I would like to sincerely thank our investors for their kind support and trust,’ adds Wang, who also pays tribute to the company’s staff for their ‘dedication and passion for excellence. We shall continue to strive for dual leadership in innovation and service to achieve scale development and enhance value for our customers and shareholders.’

China Telecom is the smallest of China’s three network operators – the other two are the state-owned China Mobile and China unicom – but has the largest landline service in the

China Telecom, China

Taiwan Semiconductor Manufacturing Company, Taiwan

Delta Electronics, Taiwan

PetroChina, China

China Resources Enterprise, Hong Kong

China Minsheng Banking Corp, China

China Merchants Bank, China

Tingyi, China

Ping An Insurance, China

Bank of China (Hong Kong), Hong Kong

Sinopec, China

MediaTek, Taiwan

362

251

215

171

162

143

142

141

368

392

397

479

Grand prix for best overall investor relations – large cap

China Telecom

PetroChina

Lenovo

China Minsheng Banking Corp

China Merchants Bank

Agile Property

Golden Eagle Retail

AAC Technologies

Tingyi

Ping An Insurance

215

198

196

188

171

162

251

304

368

479

Best investor relations by a mainland Chinese company

China TelecomWang Xiao Chu

Ping An InsuranceMa Mingzhe

SinopecFu Chengyu

Vinda InternationalDonna Zhang

15

15

15

63

Best investor relations by a Ceo or president – mainland China

China TelecomJacky Yung

PetroChinaMao Zefeng

LenovoGary Ng

China Minsheng Banking CorpWan Qing Yuan

AAC TechnologiesConnie Chin

35

36

43

62

73

Best investor relations officer – mainland China

China TelecomWu Andi

China Oilfield ServicesLi Feilong

Golden Eagle RetailPatricia Tai

LenovoWai Ming Wong

27

18

27

45

Best investor relations by a CFo – mainland China

China Telecom, China



Lenovo, China

AAC Technologies, China

MediaTek, Taiwan

Tencent Holdings, China

Wistron Corporation, Taiwan

Digital China, China

188

141

114

110

105

304

392

397

479

Best in sector



‘

‘China telecom fully understands investors’ requirements, and provides the greatest co-operation’ – sell side, Hong Kong

‘Good transparency at China telecom’ – buy side, Hong Kong

‘Ir at China telecom is professional and active’ – sell side, Hong Kong

‘Professional and transparent investor relations’ – sell side, China

‘China telecom is very responsive and produces well-prepared annual reports’ – sell side, Hong Kong


country and more than 155.5 mn mobile subscribers and 87.98 mn broadband customers as of October 2012. The company has been listed on the Hong Kong Stock Exchange as well as the NySE since 2002. Its share price was hit in 2008, but has since recovered to a level of around two thirds of its 2007 peak.

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. This was largely attributed to increased expenses, including the subsidies paid on high-end smartphones such as the Apple iPhone 4S, which China Telecom began offering in March 2012. The latest iPhone 5 went on sale in China on december 14.

Commenting on the effect of the iPhone on revenue and profits in the company’s half-year results announcement in August, Wang said the extra cost would pay off.

‘The company believes the launch of the iPhone to expand 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 sustainable growth and value creation for the company.’

China’s telecoms regulator is expected to issue 4G mobile internet licenses in 2013, allowing operators like China Telecom

Greater China Top 30

17

9 4

By COUNTRy

By sECTOR

9

technology

4

energy

4

real estate

2

Industrials, logistics & transport

6

Consumer goods & services

5

Banks & financial services

and its two rivals to offer the much faster service once 4G networks are up and running, further enhancing the firm’s high-end mobile offering.



2 Taiwan semiconductor Manufacturing Company (TsMC)

AWARD WiNNER | BEsT iN COUNTRy (see p91)

2011 ranking 1

ir awards

Best investor relations by a taiwanese companyBest investor relations by a CFo – taiwanBest corporate literatureBest use of technologyBest investment community meetingsshort-listed for grand prix for best overall investor relations – large cap short-listed for best investor relations officer – taiwanshort-listed for best investor relations by a Ceo or president – taiwanshort-listed for best in sector – technologies & telecoms

Listing information Large captaiwan stock exchangesemiconductors

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


‘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



industry, a large number of investors and analysts are keen to get Sun’s views on the business in order to better understand the company’s customers and suppliers. ‘When I get a request for a meeting, I have to ask myself: will this contribute to our investors’ understanding of the true value of our company?’ she explains. ‘Is it positive for our share price, for our shareholder base?’

If Sun is the only member of her team to speak with investors, the more than 300 meetings attended this past year by TSMC clearly demonstrates her senior manage-ment’s involvement in the IR program.

‘At TSMC both the chief executive and CFO always present quarterly earnings releases,’ she details, although they never attend conferences. ‘My value to them is that I help reduce their workload. I believe what the investment community really cares about is access to management. As management is very busy, however, the value of IR is critical at this point.’

TSMC was founded in 1987, with the Taiwanese government a main shareholder at the time with a 10 percent stake. The government reduced its stake to 6.4 percent eight years ago and has remained relatively ‘quiet and passive’ as a shareholder, according to Sun. The remaining local shareholders are mostly individuals. ‘The majority of our shares are now held by foreign institutional investors, which are more rational, more informed and in for the longer term,’ she highlights. Because of this, TSMC’s share price is less volatile and

Elizabeth 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 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 this has attracted interest from a whole new set of investors.

‘Our financials are fantastic and our share price has gone up quite a bit,’ Sun explains. ‘From an IR perspective, as long as you have good numbers, you will continue to attract good investors.’ The challenge for Sun this year has been adjusting the company’s ‘so-called value proposition or equity story’ so it suited all types of investors. ‘I had to be able to present the new story well, so we could look appealing to new investors without scaring off existing ones,’ she highlights.

Another facet of Sun’s unusual IR style is that, unlike most IROs who make it a point of honor to be available for every meeting request, Sun believes in carefully selecting the investors and analysts she will actually talk to. She is also the only one in her team of four who speaks to investors – a way of keeping the message consistent, she insists. ‘In terms of accepting meetings, I’ve taken an approach very different from what an IR textbook would state,’ she admits. ‘Indeed, after many years of experience, I came to the conclusion that not all meetings are useful.’

Because of TSMC’s critical position as a bellwether for its

Sun still on the rise

Elizabeth sun Head of Ir, tsMC

Taiwan Semiconductor Manufacturing Company

Delta Electronics

MediaTek

Wistron Corporation

President Chain Store

ASUSTeK Computer

AU Optronics

HTC Corporation

99

98

84

83

102

110

141

392

397

Best investor relations by a taiwanese company



‘reflects relatively truthfully the intrinsic value of the firm.’

Foreign investors are usually keen to give feedback and advice, a benefit Sun is willing to take advantage of extensively. ‘Several times, decisions were made because of the input received from investors through me,’ she says. A recent example is the question of deciding whether the company should borrow money or raise funds through issuing new equity in order to maintain the high level of dividend the company had been paying out, after a major increase in its capital expenditures.

‘I asked several long-term investors I trusted and their answer was clear and unanimous: borrow money to fund the dividends,’ reveals Sun, adding that not only is she keen to get advice from certain investors, she also values understanding their way of thinking, ‘the logic behind their recommendation.’

Sun, who previously worked as a finance professor in the uS, is an active member of the Taiwanese IR community, and often discusses key concerns with her peers. ‘One popular subject among the IR community in Taiwan is how to handle unfriendly sell-side analysts, the ones who in the IRO’s eyes don’t know the company well and put out a lot of rubbish,’ she says. ‘Another topic is shareholder identification. It’s hard to identify who shareholders really are behind their registrar, especially foreign ones.’

If Sun believes the role of an IR manager in Taiwan has become more important over the past decade, her gut feeling is that,

unfortunately, it is not becoming more strategic, except in very rare cases. ‘I was fortunate enough to earn a space on the strategic side of things, but a lot of IROs in Taiwan have yet to be given that kind of opportunity,’ she says. For Sun, this situation has a lot to do with senior management’s way of thinking. ‘Sadly, the majority of companies here still view an IRO as a make-up artist,’ she concludes.



PetroChina, China

Lenovo, China

Pacific Basin Shipping, Hong Kong30

30

32

33

44

Best corporate literature



Lenovo, China

Tencent Holdings, China

PetroChina, China20

24

33

36

42

Best use of technology



PetroChina, China


China Minsheng Banking Corp, China


39

30

41

42

48

54

Best investment community meetings

Taiwan Semiconductor Manufacturing Company Lora Ho

ASUSTeK ComputerDavid Chang

MediaTekDavid Ku

12

12

21

Best investor relations by a CFo – taiwan

Lora Ho CFo, tsMC



Taiwanese components manufacturer delta Electronics, which was short-listed for four awards last year, was nominated for an impressive eight categories this year, gaining top recognition for both its former CEO yancey

Hai (who is now chairman) and its IRO Rodney Liu by winning the awards for best investor relations by a CEO and best investor relations officer.

Liu works as the sole member of delta’s IR department, a situation he describes as ‘a one-man team, but not a one-man show. I get constant support from my colleagues

Sweeping the short lists

3 Delta ElectronicsAWARD WiNNER

2011 ranking 5

ir awards

Best investor relations officer – taiwanBest investor relations by a Ceo or president – taiwanshort-listed for grand prix for best overall investor relations – large cap short-listed for best investor relations by a taiwanese companyshort-listed for best corporate governance and disclosureshort-listed for best use of technologyshort-listed for best investment community meetingsshort-listed for best in sector – technologies & telecoms

Listing information Large captaiwan stock exchangeelectronic 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


‘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


Delta ElectronicsRodney Liu

Taiwan Semiconductor Manufacturing CompanyElizabeth Sun

President Chain StoreKatrina Li

ASUSTeK ComputerNick Wu

Wistron CorporationMike Liang

17

17

18

44

68

Best investor relations officer – taiwan

‘Ir is a one-man team, but not a one-man show. I get constant support from my colleagues in every department’



in every department of the company. The finance division provides me with the figures, our PR team handles the announcements and I also work closely with the different business managers.’

At the top end, Hai is also very much involved in rolling out the program, report-edly dedicating 10 percent to 15 percent of his time to IR activities. ‘Our former CEO understands the strategic importance of IR,’ says Liu. ‘He spent most of his career in the financial industry, so he knows the ecosystem of the investment community very well. He maintains a constant and consistent exposure to investors, hosting quarterly analyst meetings, attending investment forums and traveling abroad two or three times a year to meet major existing shareholders and potential investors.’

Liu, meanwhile, is responsible for daily operations and communications in investor relations, responding to inquiries from investors, portfolio managers and analysts. He prepares all the data for the quarterly results meetings, which are chaired by the CEO. He also travels a lot, attending eight to 10 roadshows yearly in the uS, Europe and Japan, and numerous conferences in Taipei, Hong Kong and Singapore – all of which adds up to around 300 meetings a year.

Liu believes credibility and accuracy are key to his good work. ‘The credibility of what 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 interlocutor know.’ He reveals that the one question always asked by investors nowadays relates to the gross margin drivers for the next three to five years. ‘Our investors tend to be long term and they want to know the prospects for the next several years, not just the next quarter,’ he adds.

One challenge Liu has faced recently is due – surprisingly – to the company’s successful development and improved business model. ‘It’s been increasingly

‘I have to have total confidence in what I say, and if I’m not 100 percent sure I will let my interlocutor know’

Delta ElectronicsYancey Hai

ASUSTeK ComputerJerry Shen

Taiwan Semiconductor Manufacturing Company Morris Chang

Wistron CorporationSimon Lin

9

9

9

33

Best investor relations by a Ceo or president – taiwan

difficult to explain the company’s businesses and strategy to investors because delta’s commercial profile is getting more and more complicated,’ he explains. Another challenging task, according to Liu, is giving credible guidance, with markets reacting in a more volatile and unpredictable way.

The company is 74 percent owned by foreign investors, which represents the second-largest foreign ownership in the country after Taiwan Semiconductor Manufacturing Company. Liu believes that’s an advantage for delta. ‘Taiwanese investors see this as a result of good practices,’ he explains. ‘To them it means our IR is managed to a high standard, and we have a good reputation for trying to protect the interests of every stakeholder in the company.’

Good corporate governance has always been regarded as a high priority at delta, and the company was a pioneer in Taiwan in implementing both corporate sustainability reporting and quarterly results announcements. ‘We always try to think long term and to do things consistently so that, aside from macro uncertainties, our investors will feel comfortable holding on to our stock, without worrying too much about unexpected short-term drawbacks,’ Liu says. He points out that when problems do come up, investors are immediately informed: ‘It’s always better just to say the bad news – better earlier than later.’

Both Liu and Hai highlight the importance of getting comments from investors. ‘This is something we truly value. On some occasions I even encourage our major investors to send formal feedback letters to the board members or the chairman,’ says Liu, who describes his strategic responsibilities as ‘providing market intelligence and analysis based on investor feedback in order to supplement the company’s business and

‘taiwanese investors see foreign ownership as a result of good practices. to them, it means our Ir is managed to a high standard’

‘on some occasions I even encourage our major investors to send formal feedback letters to the board members or the chairman’



corporate governance strategies.’ To this end, delta is planning to add another member to the investor relations team, someone who will focus more on analytical work such as peer group analysis and market research, in order to examine how the company can add value to the business.

The IR community in Taiwan has evolved dramatically over the past decade, going from embryonic to dynamic, led by numerous IR hires at large caps. ‘Most large Taiwanese companies now have an IR person, and I see more and more smaller companies hiring IR professionals, or at least considering the option. This was quite rare even a few years ago,’ confirms Liu.

If being an IRO in Taiwan is a higher-profile position than before, it is also a good way to get to know the business units and to eventually move into one. Liu, who studied physics and business before working as a trader and an analyst for the electronics sector, aims in the mid to long term to get more involved in strategic planning or possibly shift toward the business side of things. It’s an ambitious plan, although he says he does not yet see IR as a stepping-stone to the board. ‘We are too far behind the uS for that,’ he concludes.

yancey Hai, chairman and former Ceo, Delta electronics

you moved on last June to be chairman at delta after eight years as chief executive. do you plan to continue being involved in ir activities?

I do. I am off to a roadshow in Montreal next week to meet 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 meetings for investors when they come to taiwan.

do you think you have benefited from almost a decade of talking to investors?

Certainly. nowadays investors are pretty critical and quite straightforward. If they are not satisfied with certain things, they will say so. For example, if they don’t approve of certain new investment plans, they will tell us. I believe this is a good thing. the time I spent talking to investors has also given me the capability to improve my way of communicating. Because I know exactly the meaning of each question, I am able to make my answers as straight as possible, which means there is no gray area.

What was your approach to succession planning in the ceo transition last June?

our new Ceo has been with the company for 25 years, so he knows the business well. He used to be president of our China operations and before that worked in thailand. He recently started getting involved in Ir activities, showing his face alongside mine at quarterly results announcements and meeting some of our main investors.

Has the downturn in the chinese economy affected your business?

yes. In the past few months, we’ve felt the slowdown in the Chinese economy, especially on the export front. I believe things are now getting better. the Purchasing Managers’ Index, which we monitor, seems to have improved a little bit recently. China is now a major economy and people think it’s the end of the world because its GDP growth rate is down to 7.5 percent. But we should keep in mind that $7 tn of annual GDP growth is still substantial!

you were singled out as ‘Asia innovator of the year’ by cnBc in 2010. What are the reasons behind your company’s shift in business model from component provider to system solutions provider?

Delta has been an electronic components manufacturer for almost 40 years now. When you are solely a components provider, your added value is pretty limited so in 2009 we decided to develop a new and more profitable business model that allows us to provide more added-value solutions for our customers.

‘

‘Head of Ir rodney Liu is very diligent and has a great attitude’ – sell side, taiwan

‘rodney Liu is an excellent spokesperson with deep knowledge of the company’ – buy side, Hong Kong

‘rodney Liu is very helpful’ – sell side, taiwan

‘Ir at Delta truly understands the corporate’s operations and shares the information in time and fairly with investors’ – portfolio manager, Hong Kong

‘Delta is a complex company made up of several large divisions. the meetings and releases help us to understand how everything relates and give a sense of internal cohesion’ – sell side, taiwan


Liu does not see Ir as a stepping-stone to the board



As head of IR and senior assistant secretary to the board at Petro-China, Mao zefeng sets a high bar for his department. ‘Our IR team

makes continuous progress in its work in order to provide ever-improving professional services to investors,’ he says. ‘Our goal is to achieve a 100 percent response rate to investors’ visits and queries.’

It’s unsurprising that at one of the

4 PetroChinaAWARD WiNNER | BEsT iN sECTOR (see p42)

2011 ranking n/A

ir awards

Best in sector – energyshort-listed for grand prix for best overall investor relations – large cap short-listed for best investor relations by a mainland Chinese companyshort-listed for best investor relations officer – mainland Chinashort-listed for best corporate governance and disclosureshort-listed for best investment community meetingsshort-listed for best corporate literatureshort-listed for best investor relations during a corporate transaction

Listing information Large capHong Kong stock exchangeenergy

ceo Mr ZHoU Jiping

cFo Mr ZHoU Mingchun

Head of ir Mr MAo Zefeng

ir teamMr WeI Fang, Ms WAnG Ling, Mr LIU Zhaohui, Mr ZHAnG Lei, Ms ZHU tongnan, 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


‘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 PetroChina, China

Sinopec, China

China Shenhua Energy, China

China National Offshore Oil Corporation, China

China Oilfield Services, China

China Resources Power, Hong Kong

99

77

110

131

142

368

Best in sector – energy



recalls. ‘I attended 18 more meetings in China and overseas in 2012 than last year.’

These interactions not only improve relationships with investors and analysts, but also help the energy giant formulate its plans for the future. ‘After each results roadshow, major capital market meeting and investor meeting, our team prepares reports on feedback and suggestions from investors for the management’s reference,’ explains Mao. ‘This provides fresh food for thought for the management as it develops future strategies for PetroChina.’

The company has been actively exploiting technology for its IR outreach, using teleconferences, webcasts and even the latest social media networks. ‘We strive to use more technologies to enhance our IR work, such as with the future development of an IR app,’ explains Mao.

The firm’s IR website includes an investor FAQ page, where investors and analysts can have their queries answered online. Visitors to the site can also read more than 60 questions posed by their peers since the start of 2012. Mao says this allows the IR team to interact with investors more frequently; and he reports that it’s a development that has been well received.

‘Our chairman answers questions from investors in person, our president and chief financial officer attend visits by investors, and members of our senior management are proactive in initiating investor relations activities,’ Mao adds. ‘The company places very high value on the interest of investors and shareholders.’

world’s largest energy firms, Mao’s IR team is very busy. But it’s not just the IR department that has contributed to PetroChina’s sector award for energy firms and helped the company make its way onto seven other short lists, including best investor relations by a Chinese company, best IRO and best corporate governance. ‘Our chairman, president, CFO, secretary to the board of directors and other members of the company’s management team spend a considerable amount of their time every year participating in IR work,’ explains Mao.

As well as being listed on the Shanghai Stock Exchange, PetroChina has H-shares listed in Hong Kong and an AdR in New york, which Mao says has helped attract new investors and strengthen existing investor relations practice through greater transparency. ‘It is noteworthy that with our adherence to the regulatory criteria of the Hong Kong Stock Exchange and the NySE, the corporate governance of the company has become more stringent, and the company is now more attractive to foreign investors.’

The proportion of foreign-held H-shares, however, is only 12 percent, as PetroChina’s parent company, China National Petroleum Corporation, has an 86 percent stake in the company through domestic A-shares. If foreign ownership is relatively low, this does not mean international investors constitute a silent minority. ‘We believe foreign investors have strong financial positions and pay more attention to our company’s fundamental performance,’ stresses Mao. ‘Therefore, they are a very active group among PetroChina’s investors.’

Although PetroChina is a state-controlled company, it is tight government regulation on fuel prices that has caused a slowdown in profits. unsurprisingly, Mao says this is one of the big talking points with investors, among other topics such as reforms in the pricing mechanism of refined oil and natural gas in China, the company’s oil and gas production figures, overseas business development, capital expenditures and dividend policies. He also lists ‘government policies for the industry’ as one of the investment community’s biggest concerns when it comes to PetroChina’s IR.

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 in China and abroad, a total of 360 IR-related meetings, two results roadshows and three reverse roadshows [in 2012],’ he

Mao Zefeng, head of investor relations, PetroChina



5 China Resources EnterpriseAWARD WiNNER | BEsT iN COUNTRy (see 90) | BEsT iN sECTOR (see p42)

2011 ranking =25

ir awards

Best investor relations by a Hong Kong companyBest investor relations officer – Hong KongBest in sector – consumer goods & servicesshort-listed for best investor relations by a Ceo or president – Hong Kongshort-listed for best Ir by a CFo – Hong Kongshort-listed for best corporate literatureshort-listed for best investment community meetingsshort-listed for best corporate governance and disclosure

Listing information Large capHong Kong stock exchangeConsumer

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


‘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 resourcesinterview with Vincent tse, head of ir, china resources enterprise

in your view, what specific reasons may have contributed to your company winning and being short-listed for so many awards this year? What – if anything – have you been doing differently?We’ve been actively participating in investor conferences, particularly in Hong Kong and China. This allows us to maximize client exposure within a minimal time. We also constantly remind investors of China Resources Enterprise’s (CRE) distinctive approach to investor relations.

How is your team set up?IR has an intricate relationship with PR and the department is responsible for both PR and IR. There are five people in the team, and we have no plans to expand at the moment.

How many meetings and roadshows did you attend this year?We’ve attended around 500 meetings, 20 investor conferences and three roadshows, with a stable amount of traveling.

What is the most popular question you get asked by investors and/or analysts?Investors and analysts most commonly want to know when the inflexion point will happen.

What, in your opinion, does the investment community care



most about when it comes to investor relations?It cares most about us communicating precisely and concisely within a short period of time.

in terms of technology, which of these do you spend more time on: video conferencing, website, webcasts, iR apps or social media? And which of them do you plan to spend more time and resources on?The technology we spend most time on is video conferencing. No extra effort will be spent on other types of technology next year. We prefer traditional face-to-face meetings, but we are all equipped with BlackBerrys, smartphones and tablets in order to provide faster responses.

Do you believe the role of an iR manager is becoming more senior and/or strategic in Hong Kong?I believe it is, although this is happening slowly.

How would you describe your strategic responsibilities? Where would you like to develop your role in the future?My strategic responsibilities are to channel outsiders’ voices inside, to influence corporate strategy by balancing interests 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

China Resources Enterprise

Pacific Basin Shipping

Link REIT

Bank of China (Hong Kong)

Sa Sa International

China Overseas Land & Investment

Hang Lung Properties

Belle International

Orient Overseas (International)

131

109

104

102

102

143

157

285

362

Best investor relations by a Hong Kong company

China Resources EnterpriseVincent Tse

Pacific Basin ShippingEmily Lau

Orient Overseas (International)Stanley Shen

Galaxy EntertainmentPeter Caveny

Link REITHubert Chak

Sa Sa InternationalTiffany Cheung

18

18

20

21

33

69

Best investor relations officer – Hong Kong


Golden Eagle Retail, China

Tingyi, China

Anta Sports, China

Sa Sa International, Hong Kong

Belle International, Hong Kong

President Chain Store, Taiwan

131

102

99

133

171

196

362

Best in sector – consumer goods & services

What is the biggest investor relations challenge you have faced in the current economic environment?Being unable to predict when the economic recovery will come.

How did you get into investor relations?I did a primary degree in electronic engineering, then two master’s degrees in marketing and finance. I worked as a salesman, as an auditor and as an equity research analyst in my early career, gaining exposure to corporate finance, equity research and corporate management. I left stockbroking 10 years ago to join CRE, and have been a member of the management team here ever since.

president and best iR by a CFO, respec-tively. What makes the iR approach taken by CRE’s senior management special?Our CEO has now become our chairman. We emphasize team work, being forward-looking and paying attention to details.

What do you believe is the attraction of CRE to investors?We conduct quarterly reporting. The invest-ment community has given us recognition for our commitment to good standards of corporate governance. We have a long list-ing history and have weathered numerous financial crises without a scratch. We have also been able to finance our development through our strong cash flow.



6 LenovoAWARD WiNNER

2011 ranking 30

ir awards

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 companyshort-listed for best investor relations officer – mainland Chinashort-listed for best Ir by a CFo – mainland Chinashort-listed for best corporate literatureshort-listed for best use of technologyshort-listed for best corporate governance and disclosureshort-listed for best in sector – technologies & telecoms

Listing information Mid/small capHong Kong stock exchangeComputers

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


‘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

Consistency and proactivity are the mottos of IRO Gary Ng’s team at Lenovo, which wins this year’s grand prix for best overall investor

relations in the mid and small-cap category, as well as best IR during a corporate transaction for the second year in a row.

The tech and IT sectors have been volatile, an issue Ng addresses by doing ‘a bit more of everything’ in order to raise the company’s visibility. ‘In times of uncertainty investors will want to see more involvement

Sustaining the tech momentumof company management and will assess how you react during a downturn in the market,’ he explains, adding that his team has also been focusing more on educating its stakeholders, organizing roundtables for small groups of sell-side analysts – an educational process that actually goes both ways. Indeed, Lenovo’s IR team has created a formal channel for getting feedback on its business directly from investors and analysts.

‘We invited a few of our key investors and sell-side analysts to join our leadership workshop within the company, so they can share market and product trends with us,’ Ng explains. ‘They have been in the industry for a long time, so talking to them helps us greatly to broaden our scope.’ This knowledge sharing



he explains. ‘This way we could convert our shareholders into customers.’

Ng points out that the current economic climate has led investors and analysts, who are usually keen to discuss technology trends – current popular questions concern the new OS Win 8, cloud computing and mobile convergence – to inquire more pressingly about Lenovo’s profitability.

‘It’s a tough time, so the questions we are always asked are, Where is the growth? and How much has your margin improved?’ he explains.

Lenovo’s stock price has recovered from its

2009 plunge and has been enjoying good health this past year. Ng believes the reasons behind this are that his company has demonstrated to shareholders its capacity to deliver even in a tough market environment, while communicating consistently with the markets. ‘Execution, capability and credibility drive the attraction of investors to Lenovo,’ he concludes.

has allowed Ng’s team to position itself as a partner and adviser to senior management members, for both business and capital markets issues.

The Hong Kong-based team comprises six members, and there is a plan to add one more based in Germany as a result of the company’s acquisition of Frankfurt-listed Medion last year. With around 300 one-on-one meetings, 12 global conferences and two non-deal roadshows a year on average, Ng is constantly on the move, also traveling to the company’s hub in North Carolina.

‘We regularly travel to the uS to meet tech investors in New york and San Francisco, as well as London, China and Singapore,’ he says. He is also investigating other shareholder niches such as Scandinavian countries, where there are a lot of sustainability funds. ‘Lenovo is part of the Hang Seng Sustainability Index, so this is an issue we are pushing forward,’ he adds.

The team uses traditional IR technology – webcasts for results announcements and video conferences for cross-border communication – and Ng laughs when asked whether being in the technology sector adds any pressure to adopt the latest technology trends for IR: ‘Being a tech company doesn’t neces-sarily mean we’re high tech!’

Nevertheless, the company has been seriously pushing social 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. ‘We are not yet there on the IR app, but we are definitely keen to learn how to make more of it,’ Ng says.

This technology deployment aims to optimally convey the IR message to Lenovo’s shareholder base, which is broad, both in 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 large proportion of its shareholder base – more than 50 percent – as foreign institutional investors, which provide a more stable and long-term investor base. Another advantage brought by foreign ownership is that these international investors bring along some of their best practices into a country that is trying to build its own practices to a high standard.

‘There is still a gap between western and Chinese practices, but I believe companies here are trying to become equipped with the relevant skill set, or at least the right mind-set,’ says Ng.

Lenovo listed its shares in Hong Kong in the mid-1990s, back before the Shanghai Stock Exchange even existed. The company was attracted by the Hong Kong capital market because of its liquidity and efficiency in providing funding capacity for future expansion. Ng reveals that the company, which operates in 160 countries, might consider a secondary listing in the near future, in a move that could help to build its brand in a local market.

‘We are open to new areas where we could benefit from existing investor pools, not just in terms of market efficiency, but also in boosting our business by raising our brand awareness,’

the Ir team has been focusing more on educating stakeholders, organizing roundtables for small groups of sell-side analysts

Lenovo, China

Pacific Basin Shipping, Hong Kong

Agile Property, China

Golden Eagle Retail, China


Link REIT, Hong Kong

Anta Sports, China

Sa Sa International, Hong Kong

Digital China, China

Orient Overseas (International), Hong Kong

188

157

133

131

105

102

196

198

285

304

Grand prix for best overall investor relations – mid or small cap

Lenovo, China

PetroChina, China21

24

Best investor relations during a corporate transaction



7 Pacific Basin shippingAWARD WiNNER | BEsT iN sECTOR (see p42)

2011 ranking 32

ir awards

Best investor relations by a Ceo or president – Hong KongBest investor relations by a CFo – Hong KongBest corporate governance and disclosureBest in sector – industrials, logistics & transportshort-listed for grand prix for best overall investor relations – mid or small cap short-listed for best investor relations by a Hong Kong companyshort-listed for best investor relations officer – Hong Kongshort-listed for best corporate literature

Listing information Mid/small capHong Kong stock exchangetransport

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


‘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

Hong Kong-based Pacific Basin Shipping’s IR ranking has risen sharply from 32nd in 2011 to seventh in 2012. Its IR team

scooped four awards for best IR by a CEO or president, best IR by a CFO, best corporate governance and disclosure, and best in sector – industrials, logistics & transport. This is a performance all the more impressive when you realize that shipping, which is a cyclical industry, has been in the doldrums since the global financial crisis.

‘We haven’t been doing anything differently; we just ensure we keep up the same level of engagement so we don’t get threatened by the fact that the markets are quite tough,’ explains Andrew Broomhead, the company’s CFO.

Turning the tide

‘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’



‘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.

Pacific Basin has been regularly accessing the capital markets via share placements and issuance of convertible bonds. This has led Broomhead to notice that when a company raises finance, investors will immediately start asking, ‘What do you need money for?’, or ‘Why do you need more money?’ ‘What you learn over the years is that, when you do something, you had better be able to explain it to investors afterwards,’ he says.’ This helps frame the discussion internally about why we are choosing a certain course of action at a specific time.’

If meeting with investors has had an indirect impact on the way the company shapes its strategy, Broomhead also believes a company needs to reflect and communicate on topics investors don’t ask about. ‘Thanks to our strong balance sheet, we seldom get asked whether we have enough cash,’ he says. ‘But I believe a lot of eastern companies are bring asked this question by concerned investors.’

The IR team recognizes the value of explaining objectively to investors what’s going on in the market. ‘We’ve had a lot of feedback that people want to hear not only the good news but also the bad news – investors appreciate the objectivity we put into our commentary,’ Broomhead points out.

Timing and objectivity have both been of general concern to the Hong Kong IR community. ‘The Hong Kong Stock Exchange has recently taken the view that companies need to get out the bad news early, not just wait for the interim or annual results. It’s about getting the news out to the market on a timely basis,’ explains Broomhead.

The company’s shareholder base is global and relatively stable, with 60 percent held by institutional investors split approximately equally between Asia, Europe and North America. A Canadian shipping company has a 13 percent stake and the balance is held by retail investors, with a heavier weighting toward Hong Kong. The company has a free float of 98 percent

‘What you learn over the years is that, when you do something, you had better be able to explain it to investors afterwards’ Pacific Basin Shipping

Andrew Broomhead

China Resources EnterpriseFrank Lai

Lifestyle InternationalTerry Poon Fuk-chuen

Orient Overseas (International)Ken Cambie

18

21

24

51

Best investor relations by a CFo – Hong Kong

Andrew Broomhead CFo, Pacific Basin shipping

– which is an unusually high proportion for a Hong Kong-listed company.

Twenty years ago, the local stock exchange was dominated by firms owned by old Hong Kong families who relinquished only a small percentage of shares as free float. The listings landscape changed dramatically with the arrival of mainland Chinese companies seeking to use Hong Kong as a stepping stone, as well as smaller companies listing the majority of their shares. ‘In the last few years, we’ve seen Chinese companies embrace require-ments and regulations sometimes more quickly than some of the longer-standing Hong Kong companies, for the simple reason that certain of the mainland Chinese regulations have been more forward-look-ing: quarterly reporting is one example of that,’ confirms Broomhead. ‘Chinese companies are very much on top of keeping up with what they are supposed to be doing.’

For Broomhead, however, when it comes to IR, what is more important than what a company does is how it does it and the



Pacific Basin ShippingKlaus Nyborg*

AIA GroupMark Tucker

China Resources EnterpriseLong Chen

Link ReitGeorge HongChoy

18

18

18

24

*Left Pacific Basin in March 2012

Best investor relations by a Ceo or president – Hong Kong


PetroChina, China



Lenovo, China27

27

30

32

36

Best corporate governance and disclosure

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 communica-tion 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 its peer group. ‘The presence of the CFO on the board highlights the board’s commitment to the increasingly important role of good corporate governance,’ he points out. ‘The impact on investor relations is that investors know governance issues will be voiced in board discussions.’

Whether a CFO sits on the board or not, investors place considerable value on being able to meet him or her regularly; 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 to play,’ Broomhead adds.

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. It’s more than just presenting; interacting with the audience is important. ‘you do feel a bit like an actor on a stage, because you’re giving a performance,’ Broomhead observes. ‘you must let the investors and the audience, in effect, be the directors of that play and performance, and your job is to ensure the key messages get out there.’ Broomhead’s past experience in corporate finance 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 ended up watching our own performance on video playback,’

Emily Lau, head of Ir, Pacific Basin shipping


Orient Overseas (International), Hong Kong

Sany Heavy Industry, China54

102

285

Best in sector – industrials, logistics & transport

‘the presence of the CFo on the board highlights the board’s commitment to the increasingly important role of good corporate governance’

credibility of what it is doing. ‘This is where IR plays a critical role in any company,’ he says. ‘Why do investors meet companies anyway, when they can just read most of the information online? They want to be able to look the CEO in the eye and ask him or her, What is your strategy? And they want to see he or she believes it and is genuine about it. That’s why it’s always important that the CEO has some participation in IR activities.’

If Pacific Basin’s CEO regularly speaks with investors, this doesn’t mean he will



cally embracing the latest social media networks, although this initiative is still at an exploratory phase.

‘We have a Facebook page, a LinkedIn page and a Twitter account, all of which we believe can reach different audiences,’ explains Lau. ‘For example, we have a lot of crew members whose families enjoy following our fleet’s movements on Facebook. Professionals and job seekers can browse our detailed LinkedIn profile, too, and develop their own network.’

8 China Minsheng Banking Corp BEsT iN sECTOR (see p42)

2011 ranking n/A

ir awardsBest in sector – banks & financial servicesshort-listed for best investor relations by a mainland Chinese companyshort-listed for best investor relations officer – mainland China

Listing information Large capshanghai stock exchangeBanks & 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


‘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 communicat-ing with investors and analysts after interim and annual results season’ – sell side, China

Broomhead recalls. ‘There’s nothing more powerful than watching how badly you’ve done! It pinpoints the areas where you need to make progress.’ The exercise proved helpful when Broomhead had to step up during the recent CEO transition and handle the post-results television interviews, traditionally conducted by the CEO.

There are many other occasions for both Broomhead and Lau to be broadcast. The company is a keen user of technology when it comes to IR. There is, of course, the indispensable IR website that, as Lau points out, has won multiple awards, as well as the conference calls and webcasts for announcing annual and interim results. But Pacific Basin is also enthusiasti-



China Merchants Bank has been a regular in the IR Magazine Greater China Top 30 since its inauguration. This year the company is short-

listed for best in sector – banks & financial services, and is ranked ninth in the Greater China Top 30.

The company’s senior investor relations manager, Linda diao, attributes this enviable position to continuous hard work on every aspect of the firm’s IR function. ‘We have been trying very hard to improve our investor relations, basing our work on feedback from our investors and analysts in the market,’ she says. ‘In several areas I believe China Merchants Bank is now the leader.’

The difference between China Merchants and the other big Chinese banks is that the company’s largest shareholders are state-owned enterprises, which are corporate legal entities, so the bank is not directly controlled by the government. As a result, diao says, state ownership has no impact on the bank’s IR strategy. ‘The state, as an investor, is treated exactly the same

as institutional investors,’ she explains. ‘They are all our share-holders; they are not involved in the daily management of the bank.’

diao went straight into banking after a degree in English and finance, starting out as a graduate at another bank. Later she joined China Merchants to work in the

international settlements and clearance department, and subsequently in the financial institutions business department. In 2007 she was promoted to set up from scratch the company’s first investor relations department.

She knows the bank well, which she believes is one reason

9 China Merchants Bank2011 ranking 11

ir awards short-listed for best in sector – banks & financial services

Listing information Large capshanghai stock exchangeBanks & 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


‘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

‘state ownership does not affect our Ir strategy. the state, as an investor, is treated the same as institutional investors’



the company’s value. ‘How China Merchants can sustain its development is very impor-tant,’ diao says. ‘But it’s also important for us to tell investors how we are going to achieve that.’

IR at at the banks is also about getting feedback from investors and analysts, which can both enhance the business and

contribute to the team’s strategic impor-tance. In some cases, such feedback has even led to highly useful changes.

‘One shareholder asked for the break-down of income from our credit card division,’ diao recalls. ‘He then pointed out that our low annual and merchant fees were the reasons our credit card division was not making much profit. He further suggested we offer a greater number of products to 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 the division’s total revenue.

diao also points out that banks can learn from their competitors as well as

their investors. China Minsheng Bank, which was also short-listed for (and won) the IR Magazine Award for best in sector – banks & financial services this year, ‘has done something noteworthy in terms of investor relations,’ she says. Talking about a recent incident where China Minsheng shares were sold short, diao commends the company’s IR team members, who ‘immedi-ately held a teleconference explaining the bank’s performance, to help stabilize investor sentiment.’

‘They reacted very quickly to the market. I believe this kind of practice is worth learning,’ concludes diao.

China Merchants chose her to handle investor inquiries. Recently, investors have been asking predominantly about China Merchant’s impending rights issue plan – the company will be offering existing shareholders 2.2 shares for every 10 shares they own – and the forecasts for its net interest margin. They also want to know what measures the bank is taking to meet the challenges presented by both this year’s rate cuts – the first since 2008 – and interest rate liberalization.

Indeed, as interest rate cuts negatively affect net interest margins, they are simply ‘not beneficial for the bank,’ diao says.

The upcoming liberalization of China’s interest rates poses a further issue, diao says: ‘It will squeeze the bank’s net interest margin, its main source of income.’ China Merchants, just like other banks, will have to make structural changes in order to adapt. ‘In the past, China was in a very good economic development phase, but now our country’s development is under a lot of pressure,’ adds diao, who cites a strained world economy as an additional concern.

The company is listed both in Shanghai and Hong Kong, a situation that has proved beneficial overall for the bank, which

is keen to learn about best IR practices from both regions. ‘Having a dual listing means China Merchants has to meet different regulatory requirements and adapt to different invest-ment cultures,’ explains diao. ‘This actually poses a great challenge for us and helps us to improve.’

diao commands a team of two IROs, having hired her second – a fluent English speaker who has worked at the bank for many years – only this year. ‘The number of people in IR is not very big, but our effort is very obvious and the progress we have made very distinguished,’ she points out. The team has been traveling frequently on roadshows and conferences, and has adopted efficient IR technology such as webcasts and video conferencing to communicate with investors, alongside formal press releases for the announcements of annual results.

diao believes investor relations will play an increasingly important role in China, especially with the Chinese economy under pressure. An IR team must explain a company’s ability to perform in the current economic environment, and plays a key role in allowing the investment community to accurately assess

Interest rate liberalization will squeeze banks’ net interest margins. China Merchants will need to make structural changes in order to adapt

‘Having a dual listing means China Merchants has to meet different regulatory requirements and adapt to different investment cultures’

Investor relations at China Mer-chants is also about getting feed-back from investors and analysts, which can enhance the business

Banks can learn from competitors as well as investors



interview with domingo chen, deputy head of capital markets and corporate affairs, Agile Property

in your view, what specific reasons may have contributed to your company winning an award this year? What have you been doing differently?We’ve been truly devoted to discussing and sharing ideas with the investment community in a frank and open manner. We are also proactive in gathering constructive views to optimize investor relations with regards to best practice and understanding market concerns.

10 Agile PropertyBEsT iN sECTOR (see p42)

2011 ranking 7

ir awardsBest in sector – real estateshort-listed for grand prix for best overall investor relations – mid or small cap

Listing information Mid/small capHong Kong stock exchangereal estate

ceo Mr CHen Zhuolin

cFo Mr CHUI yongnian

Head of ir Jacky CHAn

ir teamMr Domingo CHen, Ms Maggie MUI, Ms vivian Lee, Mr Damon ZHU, Ms rachel WAnG, Ms Cherry LIn

team size seven


+86 20 8883 9590 +852 2847 3383


‘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 AgileHow is your investor relations team set up? Are you looking to expand it?Our investor relations team is an independent functional unit within the capital markets and corporate affairs department of Agile. We may expand our team size according to the development of our company.

How many meetings and roadshows did you attend this year? Generally have you done more traveling?We have established contact with more than 2,500 local and international institutional investors this past year, meeting with more than 700 investment and financial institutions. We’ve conducted 61 company visits, 127 site visits, 43 roadshows and conferences and 56 conference calls. In most categories we have increased the number of meetings year on year.



Agile is listed on the Hong Kong stock Exchange. What is the advantage of being listed in Hong Kong compared with being listed in shanghai or elsewhere in mainland China? Do you plan to have a dual listing at some point in the future? And what do you believe is the attraction of Agile to investors?The advantage of being listed in Hong Kong is its stronger legal and financial system. yes, a dual listing is also possible given that our business is still heavily based in China, so we remain open to this. I believe the attraction of Agile is its strong market presence and strong management team.

What is the big talking point in the Chinese iR community right now?The biggest topic is the upcoming social and economic reforms that will occur after the transition in the government.

Do you feel the importance of the role of an iR manager is becoming more strategic in China?yes, I do believe the role is becoming more strategic in China, as those in it need to address volatile markets and evolving regulatory policies.

How would you describe your strategic responsibilities? Where would you like to develop your role in the future?As Agile continues to face policy risks and tough competition, the IR manager needs to develop a more in-depth understanding of both the microeconomic issues – our company’s operational and financial man-agement – and the macroeconomic ones, by which I mean our country’s regulatory policies. My role in the future will focus on increasing investor interest, both foreign and domestic, in our company.

How did you get into iR?I’ve been in the financial and banking fields for a long time. It’s fate – and friends’ support – that brought me into IR.

What is the most popular question you get asked by investors and/or analysts?Investors mostly ask about our company’s sales performance and the macroeconomic situation in China.

Has there ever been an occasion when a meeting with investors and/or analysts has influenced or helped shape your business strategy?yes. This two-way communication allows for a lot of valuable insight and feedback that can help shape our business strategy and corporate tactics.

What do you think the investment community cares most about when it comes to iR?That the information we relay to them is timely, true and faithful.

in terms of technology, which of these do you spend more time on: video conferencing, website, webcasts, iR apps or social media? On which do you plan to spend more time/resources in the future?The technologies we use most often are video conferencing and our website because they are quick [to work on] and cost-effective. We also conduct live webcasting twice a year during results announcements with online Q&A sessions, so that over-seas investors can have a timely and enhanced understanding of our company’s performance.

Could you detail your investor base? Have you benefited from having foreign investors?The Chen family holds a majority stake with approximately 64 percent, and our second-largest shareholder is JPMorgan with approximately 5 percent. Agile is well received by various international institutional investors, mainly from Hong Kong, the uS, the uK, Singapore, Canada, mainland China, South Korea and the rest of Europe.


Link REIT, Hong Kong

China Overseas Land & Investment, Hong Kong

Hang Lung Properties, Hong Kong

China Vanke, China

Shimao Property, China

81

80

104

109

157

198

Best in sector – real estate


BEsT iN sECTOR: GREATER CHiNA

ENERGy

1 PETROCHiNA CHiNA 368

2 sinopec China 142

3 China shenhua energy China 131

4 China national offshore oil Corporation China 110

5 China oilfield services China 99

CONsUMER GOODs & sERviCEs

1 CHiNA REsOURCEs ENTERPRisE HONG KONG 362

2 Golden eagle retail China 196

3 tingyi China 171

4 Anta sports China 133

5 sa sa International Hong Kong 131

6 Belle International Hong Kong 102

7 President Chain store taiwan 99

BANKs & FiNANCiAL sERviCEs

1 CHiNA MiNsHENG BANKiNG CORP CHiNA 251

2 China Merchants Bank China 215

3 Ping An Insurance China 162

4 Bank of China (Hong Kong) Hong Kong 143

5 CItIC securities China 128

TECHNOLOGiEs & TELECOMs

1 CHiNA TELECOM CHiNA 479

2 taiwan semiconductor Manufacturing Company taiwan 397

3 Delta electronics taiwan 392

4 Lenovo China 304

5 AAC technologies China 188

6 Mediatek taiwan 141

7 tencent Holdings China 114

8 Wistron Corporation taiwan 110

9 Digital China China 105

REAL EsTATE

1 AGiLE PROPERTy CHiNA 198

2 Link reIt Hong Kong 157

3 China overseas Land & Investment Hong Kong 109

4 Hang Lung Properties Hong Kong 104

5 China vanke China 81

6 shimao Property China 80

iNDUsTRiALs, LOGisTiCs & TRANsPORT

1 PACiFiC BAsiN sHiPPiNG HONG KONG 285

2 orient overseas (International) Hong Kong 102

3 sany Heavy Industry China 54

GreAter cHinA

Fubon Financial, taiwan

Anta sports Products, China

Fosun International, China


tsMC, taiwan

Cosco Pacific, Hong Kong

Sector WinnerS 2011

sECTOR WiNNERs 2011


GREATER CHiNA TOP 30BEsT iN sECTOR: sOUTH EAsT AsiA

BANKs & FiNANCiAL sERviCEs

1 DBs GROUP siNGAPORE 290

2 CIMB Group Malaysia 210

3 Public Bank Malaysia 124

4 Kasikornbank thailand 108

5 UoB singapore 99

6 oCBC Bank singapore 70

7 singapore exchange singapore 64

8 AmBank Group Malaysia 62

CONsUMER GOODs & sERviCEs (iNCLUDiNG RETAiL)

1 MiNOR iNTERNATiONAL THAiLAND 61

2 super Group singapore 51

3 Universal robina Corporation Philippines 39

4 CP ALL thailand 37

5 CP Foods thailand 36

DivERsiFiED iNDUsTRiALs (iNCLUDiNG ENERGy & AGRiCULTURE)

1 KEPPEL CORPORATiON siNGAPORE 113

2 sembcorp Marine singapore 91

3 olam International singapore 84

4 noble Group singapore 68

5 sembCorp Industries singapore 60

6 AboitizPower Philippines 55

7 First resources singapore 46

8 Ptt exploration and Production thailand 41

REAL EsTATE

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

3 PLDt Philippines 70

4 venture Corporation singapore 63

5 Advanced Info service thailand 47

6 singapore technologies engineering

singapore 46

7 Media Prima Malaysia 42

TRANsPORT

1 siNGAPORE AiRLiNEs siNGAPORE 100

2 neptune orient Lines singapore 84

3 ComfortDelgro Corporation singapore 43

4 Precious shipping thailand 39

SoutH eASt ASiA

DBs Group, singapore

Keppel Corporation, singapore

CapitaLand, singapore

singtel, singapore

neptune orient Lines, singapore

Sector WinnerS 2011

sECTOR WiNNERs 2011



11 Golden Eagle Retail2011 ranking =60

ir awardsshort-listed for grand prix for best overall investor relations – mid or small cap short-listed for best investor relations by a CFo – mainland Chinashort-listed for best in sector – consumer goods & services

Listing information Mid/small capHong Kong stock exchangeConsumer

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


‘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 Technologies2011 ranking =85

Listing information Mid/small capHong Kong stock exchangetechnologies & 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


‘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



14 Ping An insurance2011 ranking 15

ir awardsshort-listed for best investor relations by a Ceo or president – mainland Chinashort-listed for best in sector – banks & financial services

Listing information Large capHong Kong stock exchangeInsurance

ceo Mr MA Mingzhe

cFo Mr yAo Bo (Jason)

Head of ir Mr JIn shaoliang

ir teamMr ZHAnG Xuewu (stone), Mr yAnG Xu (Carlos), Mr LeI yiming (raymond), Ms LIn yan (Miranda), 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

13 Tingyi2011 ranking =79

ir awards short-listed for best in sector – consumer goods & services

Listing information Large capHong Kong stock exchangeConsumer

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


‘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



16 Bank of China (Hong Kong)2011 ranking =20

ir awardsshort-listed for best investor relations by a Hong Kong companyshort-listed for best in sector – banks & financial services

Listing information Large capHong Kong stock exchangeBanks

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


‘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


15 Link REiT2011 ranking =49

ir awardsshort-listed for best investor relations by a Hong Kong companyshort-listed for best investor relations by a Ceo or president – Hong Kongshort-listed for best in sector – real estate

Listing information Mid/small capHong Kong stock exchangereal 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


‘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




17 sinopec2011 ranking n/A

ir awardsshort-listed for best investor relations by a Ceo or president – mainland Chinashort-listed for best in sector – 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


+86 10 5996 9566 +86 10 5996 0028


‘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


18 MediaTek2011 ranking n/A

ir awardsshort-listed for best investor relations by a taiwanese companyshort-listed for best investor relations by a CFo – taiwan

Listing information Large captaiwan 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


‘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




=20 China shenhua Energy2011 ranking 6

ir awards short-listed for best in sector – 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

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


‘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

19 Anta sports2011 ranking 3

ir awards short-listed for best in sector – consumer goods & services

Listing information Mid/small capHong Kong stock exchangeretail

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


‘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 sa sa international2011 ranking =43

Listing information Mid/small capHong Kong stock exchangeConsumer 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


‘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 securities2011 ranking n/A

Listing information Large capshanghai stock exchangeBanks & 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


‘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




=24 China National Offshore Oil Corporation

2011 ranking n/A

ir awards short-listed for best in sector – 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


+86 10 8452 2973 +852 2212 2502


‘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

23 Tencent Holdings2011 ranking =35

ir awards short-listed for best use of technology

Listing information Large capHong Kong stock exchangetechnology

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


‘Corporate access is really good at tencent’ – sell side, Hong Kong


GREATER CHiNA TOP 30GREATER CHiNA TOP 30

=24 Wistron Corporation2011 ranking =87

ir awardsshort-listed for best investor relations by a taiwanese companyshort-listed for best investor relations by a Ceo or president – taiwan

Listing information Large captaiwan stock exchangetechnology

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


‘Wistron consistently provides timely updates. the Iro deserves a special mention for his responsiveness and knowledge’ – sell side, taiwan

26 China Overseas Land & investment2011 ranking 37

ir awards short-listed for best in sector – real estate

Listing information Large capHong Kong stock exchangereal 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 relations at China overseas Land & Investment is generally good and management is available at meetings’ – sell side, Hong Kong


GREATER CHiNA TOP 30GREATER CHiNA TOP 30

27 Digital China2011 ranking n/A

Listing information

Large capHong Kong stock exchangetechnology

ceo Mr LIn yang

cFoMr WAnG Xinhui (vice president, head of treasury department and president of finance strategic business unit)

Head of ir Ms Wycee LIU (assistant president)

ir team Ms Judie ZHU, Ms Lily LAI

team size three

contact information

www.digitalchina.com [email protected] [email protected] +852 3416 8089


‘Corporate access at Digital China is good’ – sell side, Hong Kong

‘Good transparency at Digital China’ – buy side, Hong Kong

28 Hang Lung Properties

2011 ranking 10

ir awardsshort-listed for best in sector – real estate

Listing information

Large capHong Kong stock exchangereal estate

ceo Mr Philip CHen

cFo Mr Ho Hau Cheong

Head of ir Mr KWAn Chuk Fai (CF)

ir team

Ms Cathy LeUnG Ms emma CHoW Ms veronica CHonG Ms Joanne CHonG Ms tracy tsUI

team size six

contact information

www.hanglung.com [email protected] +852 2879 0280

15 O Link REiT (page 46)‘IR at Link always gives accurate guidance and is

responsive to investor inquiries’ – buy side, Hong Kong

16 O Bank of China (Hong Kong) (page 46)‘Bank of China has great disclosure and proactive

communications’ – sell side, Hong Kong

17 + sinopec (page 47)‘Evan Jia and Baomin zheng are always

exceptionally responsive and helpful. Excellent feedback from investors as well’ – sell side, Hong Kong

‘Sinopec is transparent and timely with company information’ – buy side, Hong Kong

‘Sinopec is the most efficient at disclosing information’ – sell side, Hong Kong

Further investor/analyst feedback

18 + MediaTek (page 47)‘I would prefer more detail in MediaTek’s reporting’

– sell side, Taiwan‘Both the CEO and the head of IR at MediaTek are

articulate about company strategy and can explain the potential pitfalls and advantages of each policy going forward’ – sell side, Taiwan

‘MediaTek has a good-sized IR team and thorough disclosure’ – sell side, Taiwan

22 + CiTiC securities (page 49)‘Maria Xia has done a great job’ – sell side, Hong

Kong‘Maria Xia is always willing to take the extra step

to meet investors’ needs. She is very well organized, knowledgeable, responsible and resourceful. Her strong financial background brings investors extra value, and her competent knowledge of the company helps investors on a timely basis’ – sell side, Hong Kong



=29 Belle international2011 ranking =25

Listing information Large capHong Kong stock exchangeretail

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


‘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

ir awardsshort-listed for best investor relations officer – Hong Kongshort-listed for best investor relations by a CFo – Hong Kongshort-listed for best in sector – industrials, logistics & transport

Listing information Mid/small capHong Kong stock exchangetransportation

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


‘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

TOP 25

SOUTH EAST

2012

/ 13

ASIA

Ran

k Company (large caps in bold) C

ount

ry

Iro

Ceo

CFo

Cor

p lit

erat

ure

tech

nolo

gy

Mee

tings

Cor

p go

v

Bes

t in

coun

try

Gra

nd p

rix

tota

l poi

nts

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

SingTel has done it again: the Singapore-based telecommunications giant, which achieved the top ranking for South East Asia in 2011, has maintained its pole position this year and increases the number of awards

it wins from four to five.Investors and analysts are unanimous in their praise for the

IR team at SingTel. Last March the company rearranged its organizational structure by customer segments instead of geographical ones, a strategy aiming to ‘better capture emerging opportunities in the multimedia and digital information-commu-nications space’. On that occasion, the IR team organized special meetings in order to explain the initiative to investors.

‘Our senior management hosted media and investor briefings to help people understand our new expansion strategy,’ explains vice president Sin yang Fong, who recently saw corporate communications added to her corporate responsibilities.

1 singTelAWARD WiNNER | BEsT iN sECTOR (see p43)

2011 ranking 1

ir awards

Grand prix for best overall investor relations – large capBest corporate literatureBest use of technologyBest corporate governance and disclosureBest in sector – technologies & telecomsshort-listed for best investment community meetingsshort-listed for best investor relations officer

Listing information Large capsingapore exchangetelecom services

ceo Ms CHUA sock Koong

cFo Ms Jeann LoW

Head of ir Ms sIn yang Fong

ir teamsingapore: Mr Jason LIM, Ms Angela tay Hui yoon, Ms tonG sok Khan Australia: Mr stuart sALIer, Ms Aline van Deventer, Ms riana ALen

team size seven

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


‘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


Sing when you’re winning SingTel, Singapore

DBS Group, Singapore

CapitaLand, Singapore

StarHub, Singapore

CIMB Group, Malaysia

Public Bank, Malaysia

Keppel Corporation, Singapore

Kasikornbank, Thailand

Singapore Airlines, Singapore

210

124

113

108

100

214

227

290

311

Grand prix for best overall investor relations – large cap



the IR team, met with more than 300 investors during 2012, both locally and internationally,’ Sin notes.

With a total headcount of seven, SingTel’s IR team is based in

Singapore and Sydney, reflecting the company’s dual listing. ‘Our listing on the Australian Stock Exchange (ASX) and Singapore Exchange (SGX) means we have to adopt the more stringent standard across both exchanges,’ highlights Sin. ‘After 11 years on the ASX, we have been able to assimilate most ASX requirements into our own practices.’

SingTel’s free float is held 25 percent by retail shareholders, 75 percent by institutions, of which just 15 percent are domestic. Singapore’s sovereign wealth fund Temasek owns a majority stake in the company, but is reportedly treated like any other institutional investor.

With team members in different locations and an interna-tional shareholder base, the IR department relies heavily on technology for its daily operations. The corporate website is ‘a one-stop shop’ for investor information, on which are posted the quarterly results materials: news releases, investor presentation slides with their audio commentary, analyst conference calls and their transcripts, and a historical financial summary that is downloadable in an Excel format. Email alerts are also sent out to investors, although the company has not yet considered using social media for IR communications.

A big point of focus this year has been the annual report, 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 and the chairman,’ says Sin. ‘For example, we have included a section of Q&As with our group CEO, where she discusses in depth the group’s key strategic issues.’

SingTel, which posted S$3.9 bn ($3.18 bn) in net profits this past year, has a track record of strong cash distribution and steady increases in payouts to shareholders. dividends for 2012 amounted to 15.8 cents, which represents a 62 percent payout

‘SingTel continually strives toward higher standards of disclosure and corporate transparency.’ Sin adds that her team’s success relies on the constant balancing of the company’s businesses’ commercial sensitivities against their investors’ growing demand for transparency and governance.

Another contributing factor to the IR program’s success is that senior manage-ment is very much committed to engaging with investors, frequently participating in one-on-one meetings, conferences and roadshows, and holding conference calls and webcasts. ‘Our group CEO and the CEOs of our three key business units meet regularly with investors, attending events on a rotational basis,’ explains Sin.

In addition to attending major regional conferences in Singapore and Hong Kong, SingTel’s management also traveled extensively during 2012, with two visits to the uS and two to Europe. The firm also organizes a Regional Mobile Investor day, an ‘annual full-day investor event that brings SingTel’s senior management and its associates – including unlisted entities – together in one place to meet investors’.

‘Our senior management, together with

SingTel, Singapore


Keppel Land, Singapore


StarHub, Singapore17

17

18

33

48

Best corporate literature

SingTel, Singapore




CapitaMall Trust, Singapore

Noble Group, Singapore

Olam International, Singapore

17

15

15

21

27

36

48

Best use of technology

‘our listing on the AsX and sGX means that we have to adopt the more stringent standard across both exchanges’

‘We have included a section of Q&As with our group Ceo, where she discusses in depth the group’s key strategic issues’

‘Many investors are keen to learn more about our dividend policy and the outlook for the future’



guidance from advisory bodies. ‘Not only do we talk with investors that have concerns about our governance, but we also engage extensively with voting advisory services firms, such as ISS, to understand their guidelines and best practices,’ notes Sin, adding that, for specific topics, a relevant specialist will be called in: ‘If the issue brought up is about management remu-neration, an appropriate representative from HR will join IR as we take our stakeholders through the explanation.’

In SingTel’s search for continuous improvement – not to say perfection – even competitors have their part to play. ‘We maintain a professional relationship with our competitors’ IR departments,’ reports Sin. ‘We often exchange emails to benchmark our disclosures.’

ratio of net profits. This high level is reflected in the topics that are most often brought up by investors when they meet with Sin. ‘Many investors are keen to learn more about our dividend policy and the outlook for the future,’ she confirms.

The team takes investor satisfaction very seriously, as that type of feedback helps SingTel fine-tune the investor relations message and better develop content to address investor concerns. To achieve this, Sin’s team has put in place a formal procedure for monitoring progress.

‘In addition to the regular face–to-face meetings, SingTel commissions an annual investor perception study, conducted by an independent consultant, in order to gather feedback from institutional investors and financial analysts,’ explains Sin. ‘In these studies, we also ask investors to benchmark us against our peer group and tell us what they would like the company and the IR department to do more or less of. The feedback is then reported to the board, which will take it into account when planning future strategy and operations.’

The market information collected from discussions with investors is also greatly valued, says Sin. ‘We benefit from having global telecommunications investors and analysts who share their specialized knowledge and global views of the market with us,’ says Sin.

Investors are not the only ones being asked for feedback. SingTel is always keen to improve its practices by seeking

SingTel, Singapore


StarHub, Singapore



OCBC Bank, Singapore

15

15

18

20

26

54

Best corporate governance and disclosure

SingTel, Singapore

StarHub, Singapore

PLDT, Philippines

Venture Corporation, Singapore

Advanced Info Service, Thailand

Singapore Technologies Engineering, Singapore

Media Prima, Malaysia

63

47

46

42

70

214

311

Best in sector – technologies & telecoms

‘singtel commissions an annual investor perception study in order to gather feedback from institutional investors and financial analysts’

‘We engage extensively with voting advisory firms to understand their guidelines and best practices’

‘

‘singtel provides results in a special form 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 the same’ – sell side, singapore

‘singapore telecom provides excellent regional conferences’ – sell side, singapore

‘I have voted for singapore telecom as it is one of the few companies that does not provide scripted information that’s of little use to me or, I imagine, other investors’ – buy side, singapore

‘singapore telecom’s Iro is very knowledge-able and willing to share information with the investment community. I wish other companies would do the same’ – buy side, singapore

‘singtel is forthcoming with disclosure’ – buy side, singapore




Hong Kong in 1999 and Taiwan’s Bowa Bank in 2008. It is also one of the nine foreign banking groups that were approved for local incorporation in China. dBS’ most recent acquisition was Indonesian bank danamon in April this year.

during that process the company’s IR department, which wins best IR during a corporate transaction this year, had a critical role to play. ‘It is important for IR to understand the rationale, synergies and financial effects of the transaction so they can be explained to the market,’ says senior vice president

Singaporean banking group dBS, created as the development Bank of Singapore in 1968, is the largest bank in South East Asia by assets

and has a strong ambition to become a leader in Asia. unsurprisingly, the company has been in an acquisitive mood these past 15 years, buying up Singapore’s Post Office Savings Bank in 1998, Kwong On Bank in

2 DBs GroupAWARD WiNNER | BEsT iN sECTOR (see p43)

2011 ranking 3

ir awards

Best investor relations by a Ceo or presidentBest investor relations during a corporate transactionBest in sector – banks & financial servicesshort-listed for grand prix for best overall investor relations – large cap short-listed for best corporate literatureshort-listed for best investment community meetingsshort-listed for best use of technology

Listing information Large capsingapore exchangeBanks & 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


‘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


Interesting developments



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 managed while ensuring fair disclosure,’ highlights Sia.

This year, there was an addition to the habitual speakers at investor meetings, which often involve chief executive Piyush Gupta, as key business heads were introduced, an initiative aimed at ‘giving the investment community a better feel for the quality of our management team’ while letting investors gain comfort about the execution of the strategy. Gupta, who wins the award for best IR by a CEO or president for the second year in a row, is described by Sia as ‘candid’ in his dialogue with the investment community.

‘Investors see him as a strong leader with a firm grasp of operational details who is able to execute a well-defined strategy with the support of a seasoned senior management team,’ Sia adds. ‘They also appreciate that he is an excellent communicator who can articulate the bank’s progress and challenges in a manner that is both forthright and accessible to them. Both our senior management and our CEO believe in providing detailed disclosure to give investors and analysts a better understanding of and reassurance about what we are doing.’

For that purpose, his team attended two international roadshows and several investor conferences in Singapore, conducting a total of 250 investor meetings this year. Sia also relies greatly on phone calls and emails to interact with investors, and uses webcasts for announcements of quarterly results.

Sia, who worked as a sell-side analyst before joining dBS, also highlights the importance of sell-side reports in assessing the market temperature on the company. ‘We use these reports to benchmark ourselves against peers and ascertain the validity of such views,’ he explains. One example was the market’s concern about the volatility of dBS’ trading income. ‘We have since then focused our treasury expertise on structuring products for customers,’ Sia adds. Other feedback that led to concrete action concerned liquidity management and the bank’s strategy in Hong Kong.

Local investors represent 42 percent of dBS’ shareholders, including the 30 percent stake of sovereign wealth fund Temasek. The rest are institutional investors from – in decreasing order – North America, the uK, other Asian countries and continental Europe. Sia says the main challenge in his job is keeping abreast of regulatory changes. This may be the reason why, although foreign investors represent a sizable proportion of shareholders, dBS does not plan a secondary listing to complement its home listing on Singapore Exchange.


CIMB Group, Malaysia24

27

Best investor relations during a corporate transaction


CIMB Group, Malaysia


Kasikornbank, Thailand

UOB, Singapore

OCBC Bank, Singapore

Singapore Exchange, Singapore

AmBank Group, Malaysia

108

99

70

64

62

124

210

290

Best in sector – banks & financial services

DBS GroupPiyush Gupta, Singapore

CIMB GroupNazir Razak, Malaysia

Olam InternationalSunny Verghese, Singapore

StarHubNeil Montefiore, Singapore

Frasers Centrepoint TrustChew Tuan Chiong, Singapore

Keppel CorporationChiau Beng Choo, Singapore

PLDTNapoleon Nazareno, Philippines

SingTelChua Sock Koong, Singapore

12

12

12

12

15

18

36

74

Best investor relations by a Ceo or president

Piyush Gupta, Ceo, DBs Group



this year, while his CFO Arthur Lang scoops the prize for best IR by a CFO. CapitaLand also achieves the high ranking of number three on the top 10 list for South East Asia.

‘I really enjoy my work,’ explains Woo, who was an institu-tional broker for 19 years, including a four-year stint in the City of London. ‘I’m quite fortunate, as our senior management embraced the strategic value of IR from the outset.’ Woo attends all board meetings, not only at CapitaLand but also at all the 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 real estate space, is a very large, even ‘widespread’ group, and last year started to refocus its activities on its three core markets: Singapore, China and Australia.

‘Singapore is our home turf and we’ve been in China since

Harold Woo, CapitaLand’s senior vice president of nine years, is one of the most enthusiastic IROs around, a quality that apparently pays off.

Not only has he won the best investor relations officer award twice, in 2009 and 2011, but he has also led his company to win awards for best in sector – real estate and best investment community meetings

3 CapitaLandAWARD WiNNER | BEsT iN sECTOR (see p43)

2011 ranking 2

ir awards

Best investor relations by a CFoBest investment community meetingsBest in sector – real estateshort-listed for grand prix for best overall investor relations – large cap short-listed for best investor relations officershort-listed for best corporate literatureshort-listed for best use of technologyshort-listed for best corporate governance and disclosure

Listing information Large capsingapore exchangereal 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


+65 6823 3210


‘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


Capital commitment to IR

‘senior management at Capita- Land embraced the strategic value of Ir from the outset’



What makes the ir approach taken by capitaLand’s senior management special?

I believe the reason our Ir is successful is because, unlike some companies, we do not treat Ir as a ‘necessary inconvenience’, if you will. Ir at CapitaLand is very much regarded as an inherent part of the business, to communicate with our investors and stakeholders so they continue to support us. When we deliver a message, it’s not just from a prepared script. We want to make sure we truly understand the drivers of the business, the issues faced by the business, and we do this by actually getting involved in the strategic decisions for the group. our senior vice president of Ir, Harold Woo, sits in on board meetings and on some very important strategy meetings. that way, when we speak to investors, they know we understand where the group is heading. Business unit heads are also encouraged to be involved in Ir. there’s a lot of interplay here, so when we talk to investors it comes across as very credible and effective.

How do you divide the ir tasks between the ceo and cFo?

the Ceo is involved in Ir and is engaging, especially with investors and other stakeholders. He focuses primarily on communicating the group’s broad strategy, some of its key achievements and where he thinks it is heading. I will come up with the numbers and the details of how the group is going to execute this strategy. In his absence, I will step up to speak with investors. this is how we complement each other.

Ahead of your recent change of ceo, was succession planning a big talking point with investors?

the announcement came out recently, but the actual change happened on January 1, 2013. I believe the one thing investors hate most is surprises, particularly nasty ones. so when the board started its search for a new Ceo candidate sometime in June 2011, we had the senior management communicate this directly to the market, one year before the actual transition: we wanted to make sure investors heard it from us before they heard it from the rumor mill. Investors really appreciate the very advanced heads-up.

then an official search started for the next candidate, and just recently the company announced the appointment of our new chief executive, who is actually our current chief operations officer so he is already familiar with our investors. the overriding impression from this whole experience in terms of succession planning is that we seek to maximize communication channels with our investors.

How have you developed your own approach to investor relations? did you get any specific training?

My trainer was Harold Woo! I didn’t get any formal training. When I took this position, I knew Ir was definitely part of the job. In my previous job as an investment banker, I had the opportu-nity to follow the senior managements of very large singaporean companies on roadshows, where I could see Ceos and CFos in

Arthur Lang, CFo, CapitaLand

action, communicating with investors. on those occasions, I did glean some knowledge from them about how Ir is done.

Ultimately, I believe investors appreciate the very straightforward principles we follow. First, we tell it as it is: if it’s good news, we tell them good news, and if it’s bad news, we tell them bad news. I think there’s no point in sugarcoating the bad news because in the long term it can damage the company’s credibility. secondly, we keep the message simple. nowadays investors are impatient: they’ve got so many things happening and markets are highly volatile, so we’ve got to make sure the message is very clear, crisp and straight to the point. thirdly, we give clear visibility to investors –again, no nasty surprises. Following these three principles in our communication style has allowed us to build trust with investors.

if your ir team could ask you for one of the following, which do you think it would be: larger ir budget, bigger ir team, or greater access to you and the ceo?

Can I say all of the above? If I have to choose only one, I would say greater access to the Ceo and me, particularly to the Ceo, but to senior management as a whole. Harold and the Ir team can well manage a certain amount of tasks when it comes to Ir, but there’s nothing like involving senior management in meeting investors, to get them to look investors in the eye and basically give them direction on the strategy of the business. this is very important and much appreciated by investors.

CapitaLandArthur Lang, Singapore

UOBLee Wai Fai, Singapore

Keppel CorporationLoh Chin Hua, Singapore

Sembcorp MarineTan Cheng Tat, Singapore

Public BankYik Sook Ling, Malaysia

AmBank GroupMandy Simpson, Malaysia

Fraser and NeaveJoseph Tan Eng Guan, Malaysia

14

12

12

18

20

21

27

Best investor relations by a CFo



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.’

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 percent of the company, a large stake that, according to Woo,

doesn’t reflect on CapitaLand’s investor relations strategy. ‘Temasek has been with us since the inception of the company,’ he points out. ‘It used to own a 60 percent stake, which it reduced to 40 percent in 2005.’

Foreign institutional investors hold two thirds of the remain-ing shares. ‘We rely on the whole market for our shareholder base because Singapore is a small country,’ explains Woo. ‘Foreign investors are definitely a class of investors we target and rely upon.’ One of the benefits of having international investors, he finds, is that they are usually keen to give feedback, 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 state, with global asset management firms gradually setting up operations there.

In order to converse with investors, Woo and chief financial officer Arthur Lang travel regularly, flying three or four times a year to Hong Kong, and taking two long-haul trips, usually to New york, Boston and London. ‘This past year we attended 450


SingTel, Singapore

StarHub, Singapore


Singapore Airlines, Singapore

Sembcorp Marine, Singapore


20

18

17

33

41

41

47

Best investment community meetings

Capitaland, Singapore

CapitaMall Trust, Singapore

CapitaMalls Asia, Singapore

Frasers Centrepoint Trust, Singapore


Ascendas REIT, Singapore

MapleTree Industrial Trust, Singapore

66

66

50

42

72

85

227

Best in sector – real estate

‘We rely on the whole market for our shareholder base because singapore is a small country. Foreign investors are definitely a class of investors we target and rely upon’

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

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

Harold Woo Head of Ir, CapitaLand



meetings, held 55 teleconferences and conducted 19 non-deal roadshows, including some in Singapore,’ details Woo, adding that managing relationships with bond holders is also an integral part of the IR program.

CFO Arthur Lang confirms this approach. ‘There generally seems to be a disproportionate amount of focus and attention on equity investors,’ he says. ‘In this day and age, as capital comes from both equity and debt investors, we make it a point to also target our bond holders, which participate very strongly in all our board issues.’

Woo stresses that IR has suffered from the fallout due to the reduction in investment income. ‘There is quite a high turnover among the sell-side analysts,’ he says. ‘When you have someone coming in all fresh, you need to pick up coverage again. We do a lot of hand holding in order to make sure they get their models working.’ As Woo highlights, however, CapitaLand is fortunate to have the largest market capitalization in real estate in South East Asia. ‘We get coverage from more than 20 brokers, both bulge bracket and local firms, as our free float is big and we are very liquid,’ he explains.

Woo believes the investor relations profession has recently achieved a new standard in Singapore, thanks to the country’s new revised code of corporate governance, which came into effect on November 1, 2012. ‘For the first time, one of the principles specifies that listed companies should have a stated IR policy,’ he explains enthusiastically. ‘This is presently a big talking point in the Singapore IR community.’

Other common discussion topics have been economic uncertainty, the euro crisis and possible recession, and how it will affect Asia. But Woo remains confident about the company’s

‘

‘CapitaLand excels at technology and even provides a CD rom chip for analysts to help with analysis. In terms of disclosure, it is transparent and willing to provide and divulge information. the large Ir team makes a huge effort to be forthcoming and informs you well before an announcement’ – sell side, singapore

‘very professional Ir team. Knows the company well and very adept at handling investors’ – sell side, singapore

‘Most consistent management and Ir team over the past five years. the Ir team provides easy access to the CFo and other senior management’ – sell side, singapore

‘Presentations at CapitaLand are much more colorful than those at Chinese companies’ – sell side, singapore

‘CapitaLand produces regular updates and has good disclosure overall’ – sell side, singapore


prospects, reminding us that despite volatility in the markets, ‘real estate remains a great creator of value, albeit a long-term one. Investors don’t get to see the economic value creation until closer to when the project is completed.’

South East Asia Top 25

1

2

19

3By COUNTRy By sECTOR

4

technology

4

Diversified industrials (including energy & agriculture)

1

energy

5

real estate

1Consumer goods & services

8


2

transport



Jeannie Ong, StarHub’s head of corporate communications and investor relations of 11 years, was short-listed last year for the best

investor relations officer award but this year she has scooped the top IR prize.

When questioned about the reasons for her success, Ong’s answer is exquisite in its modesty. ‘StarHub is where I am in my element,’ she says. ‘All the StarHubbers are the wind beneath my wings.’ She explains that she relies on engineers and production colleagues to keep her updated

Shining example of IR

4 starHubAWARD WiNNER

2011 ranking 7

ir awards

Best investor relations officershort-listed for grand prix for best overall investor relations – large cap short-listed for best investor relations by a Ceo or presidentshort-listed for best corporate literatureshort-listed for best investment community meetingsshort-listed for best corporate governance and disclosureshort-listed for best in sector – technologies & telecoms

Listing information Large capsingapore exchangetelecommunications

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


‘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


‘starHub is where I am in my element. All the starHubbers are the wind beneath my wings’

on technology trends, on members of the finance team to explain complex issues such as merger accounting, on her secretariat to ‘make everything fall into place neatly’, and – last but not least – on her senior management.

‘My board of directors empowers me to do so much more as I strive to be knowledgeable and above board in my work,’ she says. She even has a word for her family, whom she thanks for her ‘good genes and work discipline.’

Ong leads a team of 10 ‘elite mavericks’ at the Singaporean telecommunications challenger that includes three people – an assistant vice president, a secretary and herself – who dedicate themselves to IR full time. ‘We have a relatively flat structure 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 one, involving more than 250 meetings with funds and 20 conferences, both locally and overseas, including trips to Kuala Lumpur, Hong Kong, Tokyo, London, Edinburgh, New york and Boston. Ong’s team also occasionally visits other



StarHub’s senior management regards investor relations as a pivotal role and Ong sits in on all board meetings, which allows her to speak with conviction when discussing the company’s strategy with investors. In her opinion, an IRO’s prime asset is ‘credibility, credibility, credibility’. And she cautions: ‘It is very easy to lose one’s credibility, which is why I always guard it zealously. For me, there is no compromise.’

She feels there is an increasing demand for qualified IR professionals in Singapore, and that the role of an IR manager is becoming more strategic and recognized, although there are only a few heads of IR who actually sit in on company board meetings – a number Ong hopes will increase in the future. ‘Attending board meetings is of paramount importance to the growth of an IRO’s career,’ she says. She believes the critical skills for a head

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

parts of Europe, the western uS and Canada. Bangkok was the newly added destination during 2012.

When meeting with analysts and investors, Ong observes she is often asked the same questions over again and that there are usually annual themes. Two years ago, it was all about the sustainability of StarHub’s dividends. Last year, there were a lot of inquiries about NBN, the new fiber network in Singapore. Currently, she is asked whether StarHub will be acquiring the soccer game broadcast rights in Singapore of Britain’s Barclays Premier League.

This endless repetition doesn’t affect Ong’s sense of humor, however. ‘I often tease investors, telling them we will give a gift to whoever asks us a question that has never been asked before,’ she laughs. ‘To date, that prize has not been claimed!’

‘I often tease investors, telling them we will give a gift to whoever asks us a question that has never been asked before. to date, that prize has not been claimed!’

‘When meeting with investors, we must think, act and speak as if we were the Ceo of the company’

StarHub Jeannie Ong, Singapore

SingTel Sin Yang Fong, Singapore

CapitaLand Harold Woo, Singapore

CIMB GroupSteven Tan, Malaysia

Keppel CorporationChua Ying Ying, Singapore

Sembcorp MarineJudy Han, Singapore

DBS GroupMichael Sia, Singapore

21

21

20

24

27

30

45

Best investor relations officer

Jeannie Ong Head of Ir, starHub



Steven Tan, head of IR at CIMB, is geared up for the company’s reinvention as CIMB 2.0 – set to turn the ASEAN bank into an

Asia-Pacific franchise. ‘We took over a dysfunctional, loss-making bank in 2005 and turned it around: 2.0 is the second version, the refresh of the CIMB business model,’ Tan explains. CIMB has indeed gone from what Tan describes as a ‘dysfunctional’ bank to posting a personal best of MyR3.26 bn ($1.06 bn) profit for the first nine months of 2012. ‘We were a totally different animal prior to 2005,’ he adds.

It has clearly been a busy year for the bank, which acquired a 60 percent stake in the Philippines’ Bank of Commerce in May, a month after buying its Asian investment banking business from Royal Bank of Scotland in a deal reportedly worth

community that it was unhealthy for the industry to be monopolized by a single brand.

As a technology company and with ‘a ready pool of technological gurus’ at hand, StarHub has naturally invested in the latest technology for IR. ‘Because we are StarHub, we felt compelled to be the first to have our annual report app on both the Android and iOS platforms,’ Ong points out. ‘If we don’t walk the talk, who will?’

Social media such as Facebook or Twitter, however, are not part of the plan. ‘Most members of the investment community, especially sell-side analysts who cover our stock, prefer traditional email or a good old phone call over any social media,’ Ong reminds us.

One of the big talking points in the Singaporean IR community right now is the compulsory sustainability reporting Singapore Exchange will soon implement for all listed companies, and this is another area where StarHub plans to stay ahead of the game. Indeed, the company included a fully fledged sustainability report covering 42 Global Reporting Initiative indicators in its annual report for the first time last year.

‘

‘starHub ticks all the Ir boxes: access, delivery, corporate governance and excellent management’ – sell side, singapore

‘excellent post-results meetings with good access to management’ – buy side, singapore

‘the Iro at starHub is aggressive, informa-tive and timely’ – sell side, singapore

‘starHub provides specific detailed answers to questions’ – buy side, singapore


CIMB climbs up

CIMB Group

Public Bank

AmBank Group

Media Prima


Axis REIT

Telecom Malaysia

CIMB Group

Public Bank

AmBank Group

Media Prima


Axis REIT

Telecom Malaysia

27

24

23

42

62

124

210

27

24

23

42

62

124

210

Best Ir by a Malaysian company

MyR849.4 mn ($277.4 mn). In a company statement at the time, CIMB said the deal would see it emerge as ‘the largest investment banking franchise based in Asia-Pacific (ex-Japan).’

Tan explains that now the business of turning the company around is complete, a new strategy is needed. ‘That’s what 2.0 is all about,’ he says. ‘The internal structures will be streamlined and tweaked to allow us to move forward.’ CIMB’s acquisitions

sustainability efforts as significant advan-tages, although she admits competition is fierce both commercially and in terms of IR between StarHub and the local telecom giant SingTel.

‘I liken our relationship to that of david and Goliath,’ Ong says. ‘It is not easy having the company with the largest market capitalization in Singapore as our main rival, but that is where the fun is!’ If Ong works hard at convincing investors that Singaporean companies make worthy investments, she also points out that one of the challenges she has faced these past few years was convincing the investment

‘Because we are starHub, we felt compelled to be the first to have our annual report app on both the Android and ios platforms. If we don’t walk the talk, who will?’



will be integrated into the group as part of the 2.0 plan and the company will move toward a position of greater regional control.

The extent of activity at CIMB means Tan, supported by the CEO and deputy CEO at around 90 percent of meetings, is a busy IRO. But as a regular at the IR Magazine Awards – taking home the award for best IR by a Malaysian company for the third year in a row, as well as climbing to number five in the South East Asia top 10 – CIMB’s hard work is definitely paying off when it comes to investor relations.

That said, while awards are ‘to a certain extent a rough measure of success, clearly there is no hard and fast way of measuring how well I do my job,’ comments Tan. ‘It’s very difficult to come up with IR targets [to measure success] – we’ve struggled with it for the last couple of years. ultimately it has to

5 CiMB GroupAWARD WiNNER | BEsT iN COUNTRy (see 90)

2011 ranking 13

ir awards

Best investor relations by a Malaysian companyshort-listed for grand prix for best overall investor relations – large cap short-listed for best investor relations officershort-listed for best investor relations by a Ceo or presidentshort-listed for best investor relations during a corporate transactionshort-listed for best in sector – banks & financial services

Listing information Mid/small capBursa MalaysiaBanks

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


‘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

do with very subjective measures, such as internal stakeholder satisfaction and external stakeholder satisfaction’, and the feedback the senior management gets from the company’s clients.

despite this, Tan knows that as well as regular access to senior management for investors and analysts, it’s the department’s can-do attitude that makes the bank’s IR stand out. ‘We are very proactive,’ he says. ‘We know our investors well, we know what they want, we know what they need. Our success factor has been making sure they all get what they need – and more.’



investor relations team. They have the ‘necessary knowledge and information about the business of the bank to provide appropriate, comprehensive and timely information to investors and analysts,’ explains the spokesperson.

This means Public Bank’s investors and analysts are happy to deal direct with the IR team – rarely requesting meetings with other senior management, the spokesperson adds. The company aims to ‘accommodate almost all requests for meetings by visiting investors and analysts’, attending eight investor conferences and 94 face-to-face meetings in the first nine months of 2012, and holding 12 teleconferences.

When it comes to guidance, much of it is ‘rather specific’, according to Public Bank’s spokesperson, covering loan, deposit and non-interest growth expectations as well as interest margin and credit cost trends.

Public Bank has received the usual investor and analyst questions surrounding the overall economic situation in Malaysia and the Malaysian banking industry, but attention in the past year has also focused on its interest rate margin and how Public Bank achieves its low-cost income and impaired loan ratios – as well as the upcoming changes to be implemented under Basel III.

Announcing the bank’s quarterly results in October 2012, founder and chairman Tan Sri dato’ Sri dr Teh Hong Piow said:

With a 45-year track record of growth and profit, Public Bank attracts interest from both analysts and prospective

investors. ‘Public Bank has a strong following among research analysts, with 14 local analysts and 16 foreign analysts covering our shares,’ says a spokesperson for the Malaysian bank. ‘As at September 2012, there were 21 buy calls and nine hold calls from the research analysts.’

This year, Public Bank has upped its game to join CIMB as one of just two Malaysian companies in IR Magazine’s South East Asia top 10 rankings. Last year, no Malaysian company held a top spot.

The Kuala Lumpur-based bank says organization is a key element to its IR success, with investor relations conducted in a ‘structured, effective and timely manner.’ Another popular aspect of Public Bank’s investor relations policy is the ‘key senior personnel’ included in the

6 Public Bank2011 ranking n/A

ir awardsshort-listed for best investor relations by a Malaysian companyshort-listed for best corporate governance and disclosureshort-listed for best in sector – banks & financial services

Listing information Large capBursa MalaysiaBanks

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


‘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



year. So despite reports of industry confu-sion surrounding Basel III (see page 6) and a ‘vulnerable’ global economy, Public Bank’s spokesperson says the bank has not encountered any major IR challenges over the year – no doubt contributing to its climb from outside the South East Asia Top 25 last year to settle in sixth place today.

‘The outlook for the Malaysian economy, in which the group largely operates, continues to be stable and supportive of growth despite headwinds from the vulnerable external economic condi-tions, and the rapidly changing regulatory landscape for banks.’

One of the country’s biggest banks, with a focus on retail banking and small-to-medium-sized enterprises, Public Bank posted an MyR2.88 bn ($940.86 mn) profit in the first nine months of 2012 – a 3.8 percent increase on the same period last

7 Keppel CorporationAWARD WiNNER | BEsT iN sECTOR (see p43)

2011 ranking 10

ir awardsBest in sector – diversified industrials (including energy & agriculture)short-listed for best investor relations by a CFoshort-listed for best use of technology

Listing information Large capsingapore exchangeDiversified

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


‘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


Consistency in diversity

‘At Keppel, we are driven by a strong sense of accountability toward investors and stakeholders,’ says Chua ying ying, who heads investor relations at Keppel Corporation, winner of this year’s best in

sector award for diversified industrials in South East Asia.under the leadership of what she calls a ‘capable board

of directors and senior management’, Keppel practices ‘self-regulation and exercises best practices that often go beyond the baseline’, helping set the company’s IR program apart and

securing two short list places as well as the firm’s best in sector award this year. Keppel Land, the corporation’s property arm, also takes home the region’s grand prix for mid and small caps, shared jointly with Frasers Centrepoint Trust.

The Keppel Group is made up of a variety of companies covering everything from the design of offshore oil rigs and integrated



25-strong group corporate communications department, also led by Chua. And because the company covers many different areas, Chua says any newly appointed IROs need ‘good grounding in the group’s multi-businesses’ if they are to succeed in Keppel Corp’s investor relations team. ‘As part of their training and development, we rotate our talents across the department and to our business units in Singapore and overseas,’ she explains. ‘This ensures they are given wide exposure and are well versed in the group’s businesses.’

In 2010 the company gave its IR website a makeover, which Chua says has been ‘well received’. ‘In addition to ensuring key figures and information are prominently presented, we’ve made every effort to ensure the website is updated in a timely manner,’ she says, adding that the website’s functionality is also regularly reviewed to make sure it is up to date with current technology and trends.

According to Chua, ‘the investment community wants to have access to relevant material information as quickly as possible.’ So as well as delivering ‘market-sensitive news’ to Singapore Exchange, where Keppel Corporation is listed, the company offers investors and analysts a live webcast of all quarterly results and presentations. ‘These webcasts allow viewers from around the world to hear presentations by our top management and post questions online in real time,’ explains Chua.

Because of this, Chua says the company’s webcasts will remain a focus of the IR program. ‘We will also continue to enhance the content and functionality of our corporate website,’ she notes, as the IR team studies ‘how best to engage with both existing and potential investors’. She admits that while the IR team has been improving its use of IT, social media are still a relatively new concept for the department, although it does use ‘various forums and chat rooms’ to check for any ‘concerns or issues’ that may arise.

Keeping an eye on any developing issues across Keppel Corp’s industries becomes even more important in today’s uncertain economic environment, where ‘shareholders want 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 Keppel Marine & Offshore and Keppel Land, step up to replace Teo Soon Hoe as Keppel Corporation’s CFO in January 2012. despite serving as chief financial officer for less than a year, Loh was short-listed for the best IR by a CFO award this year. ‘The senior management plays an integral role in Keppel’s investor relations efforts,’ Chua says of Loh’s nomination. As well as traveling on the firm’s annual non-deal roadshows, ‘during their business trips overseas, [senior management members] make their schedules available for meetings with investors,’ she adds.

It is this ‘strong support and emphasis on good communica-tions with the investment community’ that has allowed Keppel Corporation’s senior management – and Loh in particular – to stand out. ‘We made a concerted effort to introduce our newly appointed CFO to our investors and analysts, thereby improving their access to senior management,’ says Chua – clearly a strategy that is paying off.

engineering to telecommunications, transportation and real estate, with opera-tions in more than 30 countries. To avoid having this diversity generate any confusion among investors, Chua says her IR depart-ment is focused on ‘proactive, transparent and engaging relationships with our shareholders and analysts’, essentially ensuring everyone is clear on the story.

Making sure the information coming out of Keppel Corp is timely and accurate is about more than just keeping investors and analysts informed, adds Chua. ‘Maintaining accessible communications channels also helps us to understand the issues that matter most to investors and the public, and address them promptly,’ she explains.

Keppel Corporation is ranked seventh in the South East Asia Top 25 this year, climbing three places from its 2011 ranking. So how has Chua’s five-person IR team succeeded in tightening up the program over the past 12 months?

‘Each year, we make efforts to visit our major global investors across Europe, Hong Kong, Japan and the uS,’ explains Chua. This year, Keppel Corp’s IROs attended close to 200 meetings and went on eight roadshows. ‘We have also been helping analysts and investors better understand our key businesses by organizing visits to our offshore & marine and infrastructure facilities,’ Chua adds. ‘These include visits to our overseas projects and operations such as the Sino-Singapore Tianjin Eco-City in China and our shipyard in Brazil.’

At Keppel, the IR team is part of the


Sembcorp Marine, Singapore

Olam International, Singapore

Noble Group, Singapore

SembCorp Industries, Singapore

AboitizPower, Philippines

First Resources, Singapore

PTT Exploration and Production, Thailand

68

60

55

46

41

84

91

113

Best in sector – diversified industrials (including energy & agriculture)



8 KasikornbankAWARD WiNNER | BEsT iN COUNTRy (see 90)

2011 ranking n/A

ir awards Best investor relations by a thai company

Listing information Large capstock exchange of thailand Banks

ceo Mr Banthoon LAMsAM

cFo Ms Kattiya InDArAvIJAyA

Head of ir Dr Adit LAIXUtHAI

ir teamMs Marisa WAttHAPHAnICH, Ms romchat sonGsIrI, Mr suchart LertWAtAnAKItKUL, Ms saisunee DeJnAntHArAt, Ms Kanthima KAnJAnADeCHA

team size six

contact information [email protected] [email protected] [email protected]

+66 2 470 6900 +66 2 470 6901


‘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 differenceinterview with Adit Laixuthai, PhD, executive vice president and chief iRO, Kasikornbank

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

Kasikornbank

Minor International

Advanced Info Service

PTT

Precious Shipping

CP ALL

Thaioil Group

39

37

37

41

47

61

108

Best Ir by a thai company



What do you think the investment community cares most about when it comes to iR?Our ability to genuinely represent the organization.

Could you detail your investor base? Have you benefited from having foreign investors?Forty-nine percent of our current shareholders are foreign, 51 percent are Thai; around 29 percent of those hold non-voting dRs. yes, we constantly benefit from valuable feedback.

What makes the iR approach taken by Kasikornbank’s senior management special?It’s their pride in the job we do, and the opportunity to be part of the shareholder value creation process.

How would you describe your strategic responsibilities?The importance of IR in an organization is shaped by the commitment of the CEO and the board of directors toward their shareholders. An IRO is not merely a messenger, but a crucial link between the top managers and the true owners of the organization. Expectations must be heard, and the organization must respond to them and convert them into action. The interests of the shareholders and the organization must be aligned.

What is the attraction of Kasikornbank to investors?Strong commitment from the top, a professional management team, a clear and unique strategy, measurable and improving financial outcomes, and high standards of corporate governance.

What is the current big talking point in the Thai iR community?One topic is making IR into a real profession.

What are the three biggest iR challenges you have faced in the current economic environment?Nothing compares with the hardships Kasikornbank endured during the Asian financial crisis.

How did you get into iR? I studied economics in Thailand and the uS, gaining a Phd in health economics from the university of Illinois. After several roles in the research and academic fields, I joined Kasikornbank as a department head for correspondent bank relations and overseas office management. I was asked to be an IRO during the Asian financial crisis in 1998 and went on the road with the CEO to raise capital in 1999.

performance of the IR team. By consistently echoing the CEO’s business philosophy and strategic directions to the investment com-munity, we can strengthen the relationship we have with our shareholders.

How is your team set up?Kasikornbank established the investor relations unit in May 1998, at the height of the Asian crisis, to be the primary point of contact for shareholders. Currently, there are six people in the investor relations team, including myself, and we draw on bank-wide support.

Have you seen a change to your budget this year?No significant change. The IR function has been fully supported.

How many meetings and roadshows did you conduct this year? Generally have you done more traveling?Since the beginning of the year we’ve conducted 307 meetings and attended six roadshows, covering Singapore, Hong Kong, the uK, the uS, the uAE, the Netherlands, Germany, Malaysia, Taiwan and China.

What is the most popular question you get asked by investors and/or analysts?Investors and analysts are keen to know about our operating environment, both economic and political, the company’s competitive landscape, strategy, aspirations and long-term goals, and our expansion plans. Compensation and succession plans are also popular topics.

Has there ever been an occasion when a meeting with an investor and/or analyst has influenced or helped shape the company’s strategy?yes, there have been several instances when valuable advice from investors helped us to gain a leading position in the game – for instance, suggestions on new business op-portunities, 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.



9 singapore AirlinesAWARD WiNNER | BEsT iN sECTOR (see p43)

2011 ranking 21

ir awards Best in sector – transport

Listing information Large capsingapore exchangeAirlines

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


‘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 UOB2011 ranking 6

ir awards short-listed for best investor relations by a CFo

Listing information Large capsingapore exchangeBanks

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


‘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




11 sembcorp Marine2011 ranking 23

ir awardsshort-listed for best investor relations by a CFoshort-listed for best in sector – diversified industrials (including energy & agriculture)

Listing information Large capsingapore exchangeshipbuilding

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


‘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 presen-tations’ – sell side, singapore


12 CapitaMall Trust2011 ranking 5


Listing information Large capsingapore exchangereal 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


‘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



=13 Neptune Orient Lines2011 ranking 18

ir awards short-listed for best in sector – transport

Listing information Large capsingapore exchangetransportation

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


‘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


=13 Olam international2011 ranking =41

ir awardsshort-listed for best investor relations by a Ceo or president short-listed for best in sector – diversified industrials (including energy & agriculture)

Listing information Large capsingapore exchangeAgriculture

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


‘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



15 CapitaMalls Asia2011 ranking =24


Listing information Mid/small capsingapore exchangereal 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


‘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 Bank2011 ranking 4

Listing information Large capsingapore exchangeBanks

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


‘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



=16 PLDTAWARD WiNNER | BEsT iN COUNTRy (see p91)

2011 ranking 12

ir awardsBest investor relations by a Philippine company short-listed for best in sector – technologies & telecoms

Listing information Large capPhilippine stock exchangetelecoms

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


‘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

PLdT’s IR team, led by Melissa Vergel de dios, is a flagship for consistency in best IR practice in the Philippines – indeed, the company has just won its country award for the fourth year in a row. ‘PLdT

continues to give utmost importance to its investors, a priority that is shared throughout the organization, starting from the chairman and continuing down the line,’ says Vergel de dios, explaining that the IR department gets support from the whole company, including the chairman and the president and CEO, who all regularly participate in IR activities.

She leads a team of three within the Philippine telecommuni-cations group, and believes availability and delivering compre-hensive information are key to the success of her IR program. ‘We have always been accessible to our investors, not only when things look good, but also – more importantly – when there are issues facing the business,’ she says. ‘Our level of disclosure in our management discussion & analysis is quite extensive.’

PLdT last year acquired digitel, the third player in the Philippine telecoms market. As a result, investors and analysts have lately been asking the IR team mostly about ‘the competi-

PLDT

AboitizPower

Universal Robina Corporation

Alliance Global24

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Best Ir by a Philippine company

tive outlook for the business going forward, and how the synergies from the acquisition are expected to affect the business.’

The team travels regularly to attend conferences and roadshows, usually flying to London, New york, Singapore and Hong Kong each year, with Toronto and Kuala Lumpur newly added destinations for 2012. ‘We also saw a noticeable rise in the



company’s underlying fundamentals in order to make PdLT an attractive investment choice. ‘Another issue the company faces is the rules on foreign ownership that apply in the Philippines to certain regulated businesses such as ours,’ she explains.

The Philippine financial regulator is currently gathering comments from the stock exchange, listed companies and various business groups on draft guidelines it has issued following a recent Supreme Court ruling on the definition of capital. The regulatory body is due to publish a final set of instructions, which will have a direct impact on foreign investments in the country. ‘We need to keep investors updated on these developments so they can make a proper assessment of their options,’ Vergel de dios adds.

When asked whether she believes the role of an IR manager is becoming a more strategic one in the Philippines, Vergel 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. This enables the IR professional to appreciate the big picture, situate the company’s current operations, and understand its future directions. All these elements are essential to good communications with investors.’

Vergel de dios, who studied economics, marketing and management, spent her early career in finance and corporate planning roles at Philippine blue chips. She joined PLdT in 2001, taking on IR six years later – a role she says she greatly enjoys. ‘Because the PLdT group is currently evolving from a traditional telecom company into a multi-media business, it is quite exciting for me to track our firm’s journey on this path and share its progress with our investors,’ she concludes.

number of investors visiting the Philippines,’ notes Vergel de dios.

The company has been listed on the Philippine Stock Exchange since 1953, and 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 corporate governance standards. ‘As part of our NySE listing, PLdT is subject to SOX, which ensures a high level of corporate governance within the organization,’ Vergel de dios notes, adding that investors are also

attracted by the company’s high dividend yield, its leadership position in the market, its ‘unparalleled network advantage’, and the potential upside of share price increase ‘following the return to a two-player market in the cellular business.’

PLdT’s investor base is a mix of Philip-pine and foreign investors, with Hong Kong-based holding company First Pacific

and Japanese telecom giant NTT two of the firm’s strategic shareholders. Each of these, stresses Vergel de dios, has provided valuable input to the business. ‘Much of the feedback gathered from conversations with investors and analysts has been helpful in fine-tuning some of our strategies,’ she confirms. The company is actively seeking to broaden its shareholder base by ‘tapping the local retail investor pool as well as new markets abroad.’

Targeting new foreign investors is not an easy task. With a global investor sentiment that is cautious, Vergel de dios is finding it increasingly challenging to highlight the

‘We have always been accessible to our investors, not only when things look good, but also – more importantly – when there are issues facing the business’

‘We saw a noticeable rise in the number of investors visiting the Philippines in 2012’

‘As part of our nyse listing, PLDt is subject to soX, which ensures a high level of corporate governance within the organization’

‘one issue the company faces is the rules on foreign ownership that apply in the Philippines to certain regulated businesses such as ours’

For investor relations to be effective, in the Philippines or elewhere, an Iro needs to be fairly senior and have access to the strategic thinking within the company



18 Noble Group2011 ranking 20

Listing information Large capsingapore exchangeAgriculture, 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


‘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

SGX Catalist is Singapore Stock Exchange’s secondary, 139-company strong, sponsor-supervised market. The award for best IR for a Catalist-listed company focuses 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, with external advisory assistance provided by Citigate dewe Rogerson and i.MAGE.

Francis Lau (left), CFo of Megachem and Lawrence Wong, executive vice president of singapore exchange



=19 Frasers Centrepoint TrustAWARD WiNNER

2011 ranking n/A

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


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


‘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

As head of investor relations at the high-performing real estate investment trust Frasers Centrepoint Trust (FCT), Chen

Fung Leng not only has a good story to sell to investors, but is also doing a great job of communicating it: FCT wins this year’s grand prix for best overall investor relations at a mid or small-cap firm. FCT’s parent company, Fraser and Neave, ranked 17th in last year’s South East Asia Top 25, but this year FCT itself rises to 15th place.

‘We believe in an open and transparent IR approach, and we are always committed to delivering what we promise to our shareholders,’ says Chen. ‘We have adopted a very open and flexible communications approach with our investors, as well as stepping up our efforts in providing better and more timely information about our business and our views about the sector we operate in. I believe our investors appreciate that a great deal.’

FCT deals in income-producing proper-

ties, primarily in the retail sector. Its portfolio currently comprises five suburban malls in Singapore – valued at S$1.7 bn ($1.38 bn). The majority of the company’s investors are located in Singapore and Hong Kong, says Chen, with the rest coming from the uK, Europe and Japan.

With support from trust management and colleagues in the





Minor International, Thailand


Super Group, Singapore


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asset management, investment and finance teams, FCT’s IR department met with more than 280 investors in 2012 – or around 5 percent more than in 2011, says Chen. It also put on six roadshows covering Japan and Hong Kong and finished with Europe at the end of November. Chen says this isn’t sufficient, however: ‘We would like to see a greater geographical diversification of our investor base, so we have plans to step up our IR outreach to foreign investors.’

The company has no plans for a dual listing, however, and Chen maintains that the company will remain listed only on 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, it does offer reliable, steady growth: total net asset value had 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 steadily at a compound annual growth rate of 8.8 percent since 2007. Because of this, Chen says the company appeals to the kind of investors who are looking for ‘stocks that provide attrac-tive returns, stable yield and yet have good growth prospects.’

The firm’s growth stability is at the center of investors’ concerns and questions. ‘FCT’s business is focused on Singapore’s suburban retail sector,’ Chen explains. ‘This is one of the sectors that has proved most resilient through the economic cycles, and investors are always very intrigued about 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.’

Even with the company’s financial hardiness, however, Chen says ‘managing investors’ expectations about the company’s growth and earnings prospects’ remains one of his biggest challenges in the current economic climate. ‘Often, investors’ perception of the company is shaped not only by FCT’s actual operational and financial performance and business fundamen-tals, but is also influenced by how such information is delivered to them – and this is where the IR person plays an important role,’ he maintains.

Another topical issue is social media. While FCT’s investor

‘We believe in an open and transparent approach to investor relations’

‘We have plans to step up our Ir outreach to foreign investors’

‘Investors are always very intrigued about how our malls have been able to maintain positive rental growth despite the global financial crisis’

relations department – like many others – isn’t focusing on Facebook, Twitter and the like, Chen says social media are one of the big talking points among members of the Singapore IR community.

But the use of social media ‘as a platform for disseminating information 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 bang for your buck’ for the IR program during difficult economic times, even if the company continues to perform well – and there has been little change to his department’s budget.

Chen comes from an engineering background, having spent the early stages of his career in the semiconductor industry, moving from research and development into manufacturing and marketing and later to investor relations. He held IR positions in the semiconductor and shipping finance industries before joining FCT as head of IR in June 2011.

It’s not just at FCT that investor relations is playing a more important role, however: IR is becoming increasingly strategic across Singapore, Chen points out.

‘A successful IR person must not only understand the business of his or her organization well, but must also be cognizant of the needs of the investment community and be able to communicate this to man-agement, so that he or she can play his or her role effectively,’ he concludes. ‘This is a journey of continuous improvement for the investor relations professional.’

‘Investors’ perception of the com-pany is shaped not only by FCt’s actual operational and financial performance and business funda-mentals, but also by how such information is delivered’

‘this is a journey of continuous improvement for the investor relations professional’



All change at Keppel

As Keppel Land prepared for a management reshuffle at the start of 2013, its IR team could add the grand prix for mid to small caps

(shared with Frasers Centrepoint Trust) to its achievements for 2012.

The new appointments, which came into effect on January 1, 2013, see CFO Lim Kei Hin taking on the investor relations department as well as finance and IT. In the company’s home country, its operations – both residential and commercial – are being consolidated into a single unit and headed up by Tan Swee yiow as company president for Singapore.

The property arm of Keppel Corporation says a further five senior appointments will be made at the start of the new year, including a new regional company president covering India, the Middle East, Thailand, Myanmar, Malaysia and Sri Lanka and a new company president for Indonesia –

which is one of Keppel Land’s growth markets. Half of Keppel Land’s assets are in Singapore, with 35 percent in China, 7 percent in Vietnam, 4 percent in Indonesia, 1 percent in India, and 3 percent elsewhere.









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=19 Keppel LandAWARD WiNNER

2011 ranking 8

ir awardsGrand prix for best overall investor relations – mid or small cap (jointly)short-listed for best corporate literature


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


‘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



Mark Awards bestowed by the Building and Construction Authority of Singapore. The company is also included in the dow Jones Asia-Pacific Sustainability Index and dow Jones World Sustainability Index 2012/2013.

‘This means Keppel Land now ranks among the top 154 sustainable companies in the Asia-Pacific region and is also among the top 340 sustainable companies globally,’ the company notes in a previous press release in 2012.

Keppel’s parent firm, Keppel Corpora-tion, which also has interests in the infrastructure, offshore & marine and investment sectors, ranks seventh in the South East Asia Top 25 this year and takes home the award for best in sector for diversified industrials (see page 69).

The company, which posted a $319 mn profit in the first nine months of 2012 – a 48 percent increase year on year– also reveals that two of its senior management members will be stepping down. Augustine Tan, current president of the firm’s Singapore residential arm and head of regional investments, will leave the company at the end of March 2013 ‘to pursue his personal interests’. Tan began his career at Keppel Land in 1991. Meanwhile, Christopher Ho, general manager of property management, was set to leave Keppel Land at the end of 2012.

‘We recognize that people are our greatest assets, and we are committed to strengthening our core competencies by putting in place a robust leadership team that will steer Keppel to the next level,’ highlights Ang Wee Gee, the new CEO of Keppel Land and executive vice chairman of Keppel Land China, in a company press release announcing the new appointments.

Keppel Land has won a series of awards over the year, including trophies from the Euromoney Real Estate Awards and the Global Real Estate Sustainability Benchmark and Green

21 singapore Exchange2011 ranking 9

ir awards short-listed for best in sector – transport

Listing information Large capsingapore exchangeFinancial

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


‘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



22 venture Corporation2011 ranking =28

ir awards short-listed for grand prix for best overall investor relations – mid or small cap

Listing information Mid/small capsingapore exchangetechnology

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


+65 6484 8212 +65 6484 8136


‘venture Corporation is consistent, transparent and provides reliable detail’ – sell side, singapore

23 AmBank Group2011 ranking =44

ir awardshort-listed for grand prix for best overall investor relations – mid or small capshort-listed for best investor relations by a Malaysian company

Listing information Mid/small capBursa MalaysiaBanks & 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


‘AmBank has detailed disclosure’ – sell side, singapore

‘the Ceo is very accessible and presents a credible strategy for AmBank’ – sell side, singapore



24 Minor internationalAWARD WiNNER | BEsT iN sECTOR (see p43)

2011 ranking n/A

ir awardsBest in sector – consumer goods & services (including retail)short-listed for grand prix for best overall investor relations – mid or small cap short-listed for best investor relations by a thai company

Listing information Mid/small capstock 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


+66 2 365 7635/7


‘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

Proactivity is key to the rise of IR at Minor International, which enters this year’s Asia Top 50 at number 24, snatching the award for best in sector – consumer goods and services (including retail). ‘We have been

focusing a lot more on the disclosure of information, and on making sure the information we have been giving out is consistent, transparent and gets through to the right target,’ explains Jutatip Adulbhan, IR director at the Thai firm.

The company – which owns everything from luxury hotels in the Maldives to Thailand’s largest premium ice cream brand – has been steadily increasing its IR activities with more meetings, conferences and site visits. ‘The other thing we worked on a lot this year is accessibility,’ Adulbhan adds. ‘We make sure all institutional and retail investors get answers from us. We try to respond 100 percent of the time.’ She finds the questions asked

No minor achievement

‘We make sure all institutional and retail investors get answers from us. We try to respond 100 per-cent of the time’



Universal Robina Corporation, Philippines

CP ALL, Thailand

CP Foods, Thailand

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Best in sector – consumer goods & services (including retail)

are typically about the company’s prospects, risk profile, capital efficiency and balance sheet strength, as well as industry trends and Thailand’s economy.

But Adulbhan, who began her career as a financial adviser in Bangkok, stresses that communications between the company and investors flow both ways. As well as guaran-teeing her investors are informed on all aspects of the company’s financials and prospects, her team members make sure they learn from them, too, helping the



and remains unconvinced when it comes to engaging with Facebook or Twitter, so this is not something the company plans to expand into.

The struggling global economy might not have affected Adulbhan’s budget but it did make it more difficult to attract investment, with funds seeking the best returns spoiled for investment options. ‘We’re now not only competing with 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 investment community. We need to reach out to it – not just wait for it to come to us.’

She points out that having non-domestic value investors has brought the substantial benefit of containing the volatility of the company’s share price. ‘We are keen to reach out to institutional investors, especially the foreign ones, which are in it for the longer term,’ she highlights.

To this end the IR team – made up of Adulbhan and one IR manager under the vice president of strategic planning – managed 17 overseas roadshows and non-deal roadshows this year, with another six or seven in Thailand, as well as company visits and conferences, meeting an average of 300 funds. Senior management is frequently involved in these meetings, with both 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: William Heinecke, the company’s founder, is still the CEO today and has 34 years’ experience in the business,’ Adulbhan points out. Investors are also drawn by the fact that Minor International is a financially disciplined company with a clearly laid-out growth plan: the target is a yearly net profit increase of around 15 percent-20 percent, with an efficient use of capital.

Winning awards for Minor International isn’t quite enough for Adulbhan, who, as a member of professional body the Thai Investor Relations Club, wants to promote her view of investor relations as a strategic role across all Thai companies, especially those outside the top listed firms, which she says still need development. ‘We feel IR professionals play a big part in developing the country’s capital market,’ she concludes, adding that when it comes to IR every investor wants consistency, accuracy, reliability, timelessness and accessibility – and she is determined to offer them all.

company shape its strategy for the future. ‘We are part of the strategic planning unit,’ explains Adulbhan. ‘We don’t only go out and speak about our strategy; we also try to get feedback on what is going on in the industry. We’ve been getting lots of updates about competitors, business trends and business opportunities.’

unlike many IR departments that faced budget cuts this year, the IR team at Minor International saw a slight increase in its allowance. It may have missed the cuts, but Adulbhan’s team has made sure it continues to make the most of its money. ‘We started doing roadshows last year and this year we’ve continued building that momentum,’ she explains. ‘Instead of increasing the number of roadshows, we’ve been trying to use the budget we have more efficiently, by doing things such as targeting conferences that will be more useful to us.’

In terms of destinations, the team generally travels to Hong Kong and Singapore once a quarter; to the uS, Europe and Japan twice a year; and has explored new financial markets, including Malaysia, China, Taiwan, Australia and various countries in the Middle East.

Other areas of emphasis this year include the website and webcasts, which Adulbhan feels are the most efficient way to communicate with investors and get the company’s message out without hiking up costs. ‘Webcasts are so useful, because they’re on the website and easy for people to rerun,’ she points out. Like many in IR, however, she isn’t a social media enthusiast

‘the Ir team is part of the strate-gic planning unit. We don’t only go out and speak about our strategy; we also try to get feedback on what’s going on in the industry’

‘Instead of increasing the number of roadshows we go on, we’ve been trying to use the budget we have more efficiently’

‘one of our major assets is our management strength: the founder, William Heinecke, is still the Ceo today’

‘We feel Ir professionals play a big part in developing the country’s capital market’



25 sembCorp industries2011 ranking =54

Listing information Large capsingapore exchangeenergy

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


‘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

2 O DBs Group (page 58)‘Piyush Gupta, the CEO of dBS, grants us extensive access,

is always approachable and happy to talk through issues and challenges. We like companies that are risk-aware and realistic in approach. dBS is a fine example of this’ – buy side, Singapore

‘It is worth the wait to meet the CEO of dBS as he is so articulate and knowledgeable’ – sell side, Singapore

‘Head of IR Michael Sia has been the personification of grace under pressure during the danamon saga. He is also very responsive. dBS’ public disclosures make it the most transparent of the Singaporean banks, in my opinion. But it could bulk up the depth of the IR team as there is serious key man risk here’ – sell side, Singapore

‘Reliable detailed information is a constant with dBS and future projections are well communicated’ – sell side, Singapore

7 O Keppel Corporation (page 69)‘Consistency in messages and clear guidance at Keppel

Corp’ – sell side, Singapore

Further investor/analyst feedback10 T UOB (page 73)

‘Among the Singapore banks, uOB goes the extra mile in providing depth on the IR team and also giving us access to senior management. Stephen Lin and Kelly Kang are very responsive and overall do a great job’ – sell side, Singapore

11 O sembcorp Marine (page 74)‘Sembcorp Marine is transparent

throughout’ – buy side, Singapore‘Sembcorp Marine provides detailed

information and is easy to contact’ – sell side, Singapore

=13 O Neptune Orient Lines (page 75)

‘Neptune gives good accessibility and is responsive to requests’ – sell side, Singapore


AWARD WiNNER OUTsiDE OF TOP 25

39 XL AxiataAWARD WiNNER | BEsT iN COUNTRy (see p91)

2011 ranking n/A

ir awards Best investor relations by an Indonesian company

Listing information Large capIndonesia 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

in your view, what specific reasons may have contributed to your company winning an award this year? What have you been doing differently?At XL Axiata, we have always approached our IR initiatives from the view of continuous improvement. We always listen to our customers and seek feedback on how we can progress. As such we have kept an active engagement with investors as well as a high level of transparency in disclosure.

How is your team set up?The team is made up of two people but has a close working relationship with the CFO, COO and CEO.

Has your iR budget changed this year?In terms of budget, overall we typically focus on efficiency and effective spending. As such we look at ways to improve our effectiveness without sacrificing IR engagements. There is a strong commitment from the XL Axiata management to ensure a high level of IR engagement with analysts and investors.

How many meetings and roadshows did you conduct during 2012?

Interview with Feiruz Ikhwan, head of IR, XL AxiataWe have engaged with more than 350 investors and analysts so far this year. This is done through a combination of roadshows and conferences in the uS, the uK, continental Europe, Hong Kong, Singapore, Malaysia and Indonesia.

What is the most popular question you get asked by investors and/or analysts?Investors and analysts typically ask about the sense of competi-tion in the market, the industry landscape and the company’s growth prospects, our company’s strategy and guidance for investment and growth.

Has there ever been an occasion when a meeting with investors and/or analysts has influenced or helped shape your company’s strategy?As mentioned above, capital market feedback and feedback from investors and analysts are seen as one of the strategic inputs for us in planning ahead. We value not only feedback on our per-formance but also about our competitors, as well as industry, technology and regulatory trends in the region and worldwide.

What do you think the investment community cares most about when it comes to iR?Transparency, consistency of disclosure, responsiveness and ability to communicate the company’s strategy and actions.

in terms of technology, which of these do you spend the greatest amount of time on: video conferencing, iR website,


AWARD WiNNER OUTsiDE OF TOP 25

What is the big talking point in the indonesian iR community right now?I believe it is an interesting time where we see potential for the future of the IR profession, with Indonesia having one of the fastest-growing middle-income classes anywhere in the world. This augurs well for various commercial sectors and in particu-lar for us in the telecoms industry.

What is the biggest iR challenge you face in the current economic environment?Typically, in times of uncertainty, the sense is that investors are increasingly more short term in nature while, as a business, we are driven to create value over the long term.

How did you get into iR?I hold a BSc in accounting and finance from the London School of Economics and a qualification from the Chartered Institute of Management Accountants in the uK. I spent more than 10 years in the telecommunica-tions industry in various roles, including IR.

I got into investor relations by chance at the request of the CEO when an opening arose at one of the companies I previously worked for. My position in IR at XL Axiata recently expanded into other roles within finance and the company’s project teams. delivering the role wouldn’t be possible without the support of my fellow colleagues at XL Axiata, the management and – last but certainly not least – my lovely wife and three amazing daughters.

webcasts, investor relations app or social media?The website is our main medium for providing information to all existing and potential investors. All IR materials and information related to IR activities are posted on our website. Communica-tions are typically made via emails or conference calls. In the future, for effectiveness and efficiency we may look more into video conferencing and social media.

Could you detail your investor base?Around 98 percent of our investors are foreign, coming from countries such as the uS, the uK, Hong Kong and Singapore.

Do you plan to have a dual listing in the future? What do you believe is the attraction of XL Axiata to investors?Currently we don’t have any plans for a dual listing but there is always a possibility that we might do so in the future. Our main attraction for investors is our good track record in executing our strategy effectively and our ability to pursue opportunities while continuously focusing on creating value for the company.

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.

XL Axiata

Garuda Indonesia

Astra International

BW Plantation

Mitra Adiperkasa

Adaro Energy

Bank Mandiri

29

25

24

29

33

36

37

Best investor relations by an Indonesian company

sOUTH EAsT AsiA TOP 25BEsT iN COUNTRy

IR MAGAzINE INVESTOR PERCEPTION STudy – ASIA 2012/201390

GREATER CHiNA

sOUTH EAsT AsiA

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

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

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

CHiNA

1 China Telecom 479

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

sOUTH EAsT AsiA TOP 25BEsT iN COUNTRy


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

PHiLiPPiNEs

1 PLDT 70

2 AboitizPower 55

3 Universal robina Corporation 39

4 Alliance Global 24

TAiWAN

1 Taiwan semiconductor Manufacturing Company 397

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


REsEARCH PROCEss

Methodology

Every award and ranking in the IR Magazine Investor Perception Study – Asia 2012/2013 is based solely on a survey of 434 members of the investment community. All the respondents to the survey are based in Asia.

In the first stage of the research, IR Insight, the research arm of IR Magazine, sent an email to a contact list of portfolio managers, buy-side analysts and sell-side analysts in Asia, inviting them to take part in an electronic survey programmed by market research firm Fox Insight. A total of 223 respondents in Asia completed the survey electronically. Mary Maude Research then interviewed a further 211 respondents by telephone. On average, interviews took 10-15 minutes.

Points, rankings and awards

PoIntsEach respondent is asked to make three nominations per category: first, second and third. A first choice nomination earns six points, a second choice earns three and a third choice earns two. The total number 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 system is also used for most of IR Magazine’s other perception studies around the world.

rAnKInGsThe points allow us to rank all companies in the investor perception study. The company with the most points is ranked in first place; as companies’ points decrease, so do their rankings. This year the lowest number of points a ranked company can have is 20.

AWArDsThere are a total of 45 awards in this report. Awards are given for each category of IR asked about within the survey. The company or individual with the most points in each category is the winner of that award. The awards are separated into two regions: there are 25 awards in Greater China (covering mainland China, Hong Kong and Taiwan) and 20 awards in South East Asia (covering Singapore, Malaysia, Thailand, Indonesia and the Philippines).

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).

The sectors used in each region are as follows:

AWARDs By sECTOR

GREATER CHiNA


Consumer goods & services

energy

Industrials, logistics & transport

real estate

technologies & telecoms

sOUTH EAsT AsiA


Consumer goods & services (including retail)

Diversified industrials (including energy & agriculture)

real estate

technologies & telecoms

transport

The grand prix for best overall investor relations in each region has separate short lists for both large-cap and mid or small-cap companies. The following indices were used to determine which companies are classified as large cap:

FTsE China A50 indexTsEC Taiwan 50 indexHang seng Composite Large Cap indexstraits Times indexFTsE/AsEAN 40 index

In the vast majority of cases, a company’s country of origin is determined by the location of its headquar-ters (ie, a company headquartered in Beijing but listed in Hong Kong is counted as mainland Chinese). Extra factors are taken into account only for mainland Chinese companies that are listed in Hong Kong that have headquarters there as well. The location of the company’s principal business operations and its reporting currency are also considered pertinent here.


REsPONDENTs

Respondents by location

23683

COUNTRY

Respondents coveringaward-winningcompanies

434 respondents participated in this survey

Greater ChinaSouth East Asia

8743

202149

Respondents basedRespondents covering

4220

469

10490

5416

5824

REsPONDENTs By sECTOR

All or most sectors 97

Basic materials (including chemicals) 40

Business services (including transport & logistics)

32

Consumer goods & services (including travel & leisure)

82

energy & utilities 51

Financial services 80

Industrials (including construction) 35

Pharmaceuticals, biotech & healthcare 10

real estate 66

technologies (including telecoms) 65

REsPONDENTs By iNvEsTMENT ROLE

26%

59%

8%7%

Buy-side analyst

Sell-side analyst

Portfolio manager

Other


sURvEy

IR in Asia

Q1 In terms of technology, where would you like IROs to focus their resources? Please think

in terms of websites, apps, twitter, webcasts, video conferences and interactive annual reports.

Q1a How often do you watch company webcasts?

Q1b In the past 12 months, how many video conferences have you done with senior

management of the companies you are involved with?

Q1cdo you follow any IROs on Twitter or Weibo? Is this useful?

Q2 What proportion of your work time is at the desk and how much out of the office?

Q3 Are IROs providing you with the information you need? If not: what is there too little of?

Too much of?

Q3a do you have to go elsewhere to get company information that should be

provided by an IRO?

Q3bOn balance, do you think IROs are: Helpful? unnecessary? In the way?

Q3a What, if any, excuses do IROs give for not providing information, and what’s

the best excuse you’ve ever heard?

The awards

Q1 Best CorPorAte LIterAtUre Which company produces the best corporate

literature? (annual reports, quarterlies, fact books)

Q2 Best Use oF teCHnoLoGy Which company best uses technology for

IR purposes? (websites, apps, Twitter, webcasts, video conferences, interactive annual reports)

Q3 Best InvestMent CoMMUnIty MeetInGs Which company holds the best investment

community meetings? (results meetings, investor and analyst briefings, one-on-one meetings)

Q4 Best CorPorAte GovernAnCe & DIsCLosUre

Which company has the best corporate governance? (accountability to shareholders through strong board composition and consistent disclosure policy)

Q5 Best Ir DUrInG A CorPorAte trAnsACtIon

Over the past year, which company has made the best use of its IR during a takeover/merger/divestment/rights issue or other corporate transaction?

Q6 Best Ir By A CFo (nominations for the major countries they are involved in)

Which CFO at a large-cap company is most highly respected by the investment community? Please think in terms of financial integrity, financial/ accounting/regulatory knowledge, communications skills, and so on.

Q7 Best Ir By A Ceo (nominations for the major countries they are involved in)

In your opinion, which large-cap company’s CEO does the best job of communicating with the investment community?

Q8 Best Investor reLAtIons ProFessIonAL Which IRO of a large-cap company does

the best job of communicating with the investment community? Please take into account knowledge of the company’s business and sector, level of financial knowledge, accessibility and general efficiency, ability to talk on behalf of the company and general communications/interpersonal skills.

Q9 GrAnD PrIX For Best overALL Ir Based on your ideas of what constitutes an

effective investor relations program, and thinking of all the companies you have been involved with in the past year, which (i) large-cap company and (ii) small/mid-cap company has the best overall IR?

Q10 Best Ir By An sGX CAtALIst CoMPAny Which company with a Catalist listing on

Singapore Exchange has the best IR?

Q11Best Ir In CoUntry Which company has the best IR in……?

(nominations for all the countries they are involved in)


RANKED COMPANiEs’ POiNTs BREAKDOWN

ran

k Company (large caps in bold) Country Ir

o

Ceo

CFo

Cor

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rix

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nts

1 China Telecom China 73 63 45 20 18 23 24 144 69 479

2Taiwan semiconductor Manufacturing Company

taiwan 44 9 21 44 42 54 24 91 68 397

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

26China 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

=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

Greater china


RANKED COMPANiEs’ POiNTs BREAKDOWNr

ank Company

(large caps in bold) Country Iro

Ceo

CFo

Cor

p lit

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ure

Use

of t

echn

olog

y

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Cor

p go

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ance

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rix

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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

Greater china



ran

k Company (large caps in bold) Country Ir

o

Ceo

CFo

Cor

p lit

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ure

Use

of t

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Cor

p go

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ance

Bes

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=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

=99China state Construction Engineering Corporation

China 6 0 0 6 0 0 0 11 6 29

=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

Greater china



ank Company


Ceo

CFo

Cor

p lit

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ure

Use

of t

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y

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Cor

p go

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Bes

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nd p

rix

tota

l poi

nts

=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

Greater china



South east Asiar

ank Company


Ceo

CFo

Cor

p lit

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Use

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Cor

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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

=30singapore Technologies Engineering

singapore 9 0 0 6 12 6 0 5 8 46

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



ank Company


Ceo

CFo

Cor

p lit

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Cor

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=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

South east Asia


iNDEX

Central China Real Estate .................................................... 96

Cheung Kong ........................................................................ 96

China Construction Bank ..................................................... 98

China Cosco Holdings .......................................................... 97

China Everbright ................................................................... 97

China Life Insurance ............................................................ 98

China Medical System Holdings .......................................... 98

China Merchants Bank ............................. 4, 15, 18, 20, 38-39, ...........................................................................42, 90, 95, 97

China Minsheng Banking Corp ............................4, 14, 15, 18, .............................................................. 20, 24, 37, 42, 90, 95

China Mobile ....................................................................20, 96

China National Offshore Oil Corporation.............4, 15, 18, 28, ................................................................................42, 50, 95

China Oilfield Services .............................. 5, 14, 20, 28, 42, 95

China Overseas Land & Investment ....................4, 15, 18, 31, ....................................................................41, 42, 51, 90, 95

China Resources Cement .................................................... 97

China Resources Enterprise .................... 4, 14, 15, 18, 20, 24, ........................................................ 30-31, 35, 36, 42, 90, 95

China Resources Land ......................................................... 96

China Resources Power ..................................................28, 96

China Shenhua Energy ........................ 4, 15, 18, 28, 42, 48, 95

China State Construction Engineering Corporation .......... 97

China Steel ........................................................................... 98

China Telecom ......................2, 4, 14, 15, 18, 19-21, 42, 90, 95

China unicom ....................................................................... 20

China Vanke ...............................................................41, 42, 96

CIMB Group .............................................. 2, 4, 6, 7, 16, 17, 43, ...................................................54, 55, 59, 65, 66-67, 90, 99

CITIC Securities ......................................... 4, 18, 42, 49, 52, 95

CLP Holdings ........................................................................ 96

Comfortdelgro Corporation ......................................17, 43, 99

Compal Electronics .............................................................. 98

Cosco Pacific ........................................................................ 42

Country Garden .................................................................... 97

CP ALL ......................................................... 43, 71, 85, 90, 100

CP Foods ..................................................................43, 85, 100

Ctrip.com International ........................................................ 97

51 Job .................................................................................... 98

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

AboitizPower .................................17, 43, 70, 77, 80, 82, 91, 99

Acer ....................................................................................... 98

Adaro Energy ...........................................................89, 91, 100

Advanced Info Service ............................. 17, 43, 57, 71, 90, 99

Agile Property ........................................... 4, 14, 15, 18, 20, 33, .................................................................... 40-41, 42, 90, 95

AIA Group ...................................................................14, 36, 96

Air China ............................................................................... 98

Ajisen China Holdings .......................................................... 97

Alliance Global ................................................... 17, 77, 91, 100

AmBank Group ....................................... 2, 6, 7, 16, 43, 54, 59, .............................................................. 61, 80, 82, 84, 90, 99

Anhui Water Resources ........................................................ 98

Anta Sports .................................2, 4, 15, 18, 31, 33, 42, 48, 95

Ascendas REIT ............................................... 43, 62, 80, 82, 99

ASM Pacific Technology ....................................................... 96

Astra International ........................................ 2, 16, 89, 91, 100

ASuSTeK Computer .............................................5, 14, 15, 23, .................................................................... 24, 25, 26, 91, 95

Au Optronics ..........................................................5, 23, 91, 96

Axis REIT ....................................................................6, 90, 100

Baidu ..................................................................................... 96

Bank Mandiri ...........................................................89, 91, 100

Bank of China (Hong Kong) ..................................4, 14, 15, 18, ........................................................ 20, 31, 42, 46, 52, 90, 95

Baosteel ................................................................................ 96

Belle International ............................... 4, 18, 31, 42, 53, 90, 95

Biostime International ......................................................... 98

Bumrungrad Hospital Public Company..............................100

BW Plantation ..........................................................89, 91, 100

C&G Environmental Protection Holdings. ........................... 97

CapitaLand .................................2, 4, 16, 17, 43, 54, 55, 56, 57, ..........................................................................60-63, 65, 99

CapitaMall Trust ............................ 5, 17, 43, 54, 56, 62, 74, 99

CapitaMalls Asia ...................................... 17, 43, 54, 62, 76, 99

Catcher Technology .............................................................. 98

CB Industrial Product ................................................6, 90, 100

numbers in bold indicate the page(s) where a company’s profile can be found


iNDEX

dah Chong Hong .................................................................. 96

dBS Group ..................... 2, 4, 16, 17, 43, 54, 55, 56, 57, 58-59, ..........................................................................62, 65, 87, 99

delta Electronics .................2, 4, 14, 15, 18, 20, 23, 24, 25-27, ..........................................................................36, 42, 91, 95

digital China ........................................ 4, 18, 20, 33, 42, 52, 95

dongfeng Motor Corporation ............................................... 98

Epistar Corporation .............................................................. 97

Evergrande Real Estate Group ............................................. 96

Far Eastern New Century ..................................................... 98

Far EasTone .......................................................................... 97

First Pacific ........................................................................... 97

First Resources .........................................................43, 69, 99

Fosun International .............................................................. 42

Franshion Properties ........................................................... 96

Fraser and Neave ..........................................................61, 100

Frasers Centrepoint Trust ............................ 16, 43, 54, 59, 62, ..........................................................................80-81, 82, 99

Fubon Financial ...............................................................42, 97

FuFeng Group ....................................................................... 96

Galaxy Entertainment ................................................14, 31, 96

Garuda Indonesia .............................................. 16, 89, 91, 100

GCL-Poly Energy Holdings ................................................... 97

Geely Automobile .................................................................. 98

Genting Group ......................................................................100

Global Logistics Properties .................................................100

Golden Agri-Resources .......................................................100

Golden Eagle Retail ......4, 14, 15, 18, 20, 31, 33, 42, 44, 90, 95

Gome Electrical Appliances ................................................. 97

Gourmet Master ................................................................... 98

Greentown China Holdings .................................................. 97

Hang Lung Properties ..............4, 15, 18, 31, 41, 42, 52, 90, 95

Hilong Group ......................................................................... 98

Hong Kong Parkview Group ................................................. 98

HTC Corporation ................................................ 2, 5, 23, 91, 96

Huaneng Power International .............................................. 98

Industrial Commercial Bank of China ..............................5, 95

InTime department Stores .................................................. 96

Jin Fu New Materials ........................................................... 97

K-REIT Asia ..........................................................................100

Kasikornbank......................4, 17, 43, 54, 55, 59, 71-72, 90, 99

Keppel Corporation .......................4, 16, 17, 43, 54, 55, 56, 59, ........................................................ 61, 62, 65, 69-70, 87, 99

Keppel Land ..................................16, 43, 54, 62, 80, 82-83, 99

Kerry Properties ................................................................... 96

Kinsus Interconnect Technology .......................................... 98

KWG Property Holdings ........................................................ 98

Lenovo ..................... 4, 14, 15, 18, 20, 24, 32-33, 36, 42, 90, 95

Li Ning ................................................................................... 97

Lifestyle International .........................................15, 35, 90, 96

Link REIT................. 4, 14, 15, 18, 31, 33, 36, 41, 42, 46, 52, 95

Longfor Properties ............................................................... 96

MapleTree Industrial Trust ................................................... 62

Mapletree Investments............................................43, 99, 100

Media Prima .............................................. 6, 16, 43, 57, 91, 99

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

Megachem ............................................................................ 79

Melco Crown Entertainment ................................................ 97

Melco International development ........................................ 97

Merida Industry .................................................................... 97

MGM China Holdings ............................................................ 97

Minor International................................... 2, 16, 17, 43, 54, 71, .............................................................. 80, 82, 85-86, 90, 99

Mitra Adiperkasa .....................................................89, 91, 100

MTR Corporation .................................................................. 97

Neptune Orient Lines .......................... 5, 17, 43, 54, 75, 87, 99

Netdragon ............................................................................ 98

Noble Corp ............................................................................ 97

Noble Group ............................................. 43, 54, 56, 70, 79, 99

OCBC Bank .............................................. 43, 54, 57, 59, 76, 99

Olam International .............5, 16, 17, 43, 54, 56, 59, 70, 75, 99

Orient Overseas (International) ............................4, 14, 15, 18, .................................................. 31, 33, 35, 36, 42, 53, 90, 95

Pacific Basin Shipping .................................... 4, 14, 15, 18, 24, ........................................................ 31, 33, 34-37, 42, 90, 95

PetroChina .....................................4, 14, 15, 18, 20, 24, 28-29, .................................................................... 33, 36, 42, 90, 95


iNDEX

Starhill Global REIT .............................................................100

StarHub ............. 4, 16, 17, 43, 54, 55, 56, 57, 59, 62, 64-66, 99

Sun Hung Kai Properties...................................................... 96

Sunac China .......................................................................... 98

Sunny Optical Technology .................................................... 96

Super Group ............................................. 17, 43, 80, 82, 85, 99

Suzhou Anjie Technology ...................................................... 97

Swire Properties ................................................................... 97

Taiwan Cement ..................................................................... 96

Taiwan Semiconductor Manufacturing Company ....................................................... 2, 4, 14, 15, 18, ...................................................20, 22-24, 25, 26, 42, 91, 95

Tasly Pharmaceuticals ......................................................... 98

Telecom Malaysia ......................................................6, 90, 100

Tencent Holdings ........................... 4, 15, 18, 20, 24, 42, 50, 95

Thai Oil Group ..........................................................71, 90, 100

Thai union Frozen Products ................................................100

The Wharf (Holdings) ........................................................... 97

Tingyi .............................................. 4, 15, 18, 20, 42, 45, 90, 95

TPK Holding .......................................................................... 98

Trinity Industrial Group ........................................................ 97

uni-President Enterprises ................................................... 96

united Tractors ....................................................................100

universal Robina Corporation ............... 17, 43, 77, 85, 91, 100

uOB ................................................ 5, 16, 43, 54, 61, 73, 87, 99

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

Vinda International ..........................................................20, 96

Weigao Group ........................................................................ 97

Wing Hang Bank ................................................................... 97

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

Wumart ................................................................................. 98

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

XL Axiata ...................................................... 16, 88-89, 91, 100

Xtep ....................................................................................... 97

yip’s Chemical Holdings ....................................................... 97

zhaojin Mining ...................................................................... 98

zhongsheng Group Holdings ............................................... 97

Ping An Insurance ....................4, 14, 15, 18, 20, 42, 45, 90, 95

PLdT ...................................2, 17, 43, 54, 57, 59, 77-78, 91, 99

Poly (Hong Kong) Investments ............................................. 98

Precious Shipping ................................................43, 71, 90, 10

President Chain Store ....................5, 14, 23, 25, 31, 42, 91, 95

PTT .......................................................................17, 71, 90, 99

PTT Exploration and Production .............................43, 70, 100

Public Bank............................................... 2, 4, 6, 7, 16, 17, 43, .............................................54, 55, 57, 59, 61, 68-69, 90, 99

Qingdao Haier ....................................................................... 96

Richtek Technology Corporation .......................................... 98

Robinson department Store ...............................................100

Sa Sa International ........................ 4, 18, 31, 33, 42, 49, 90, 95

Sakari Resources ................................................................100

Sands China .......................................................................... 96

Sany Heavy Industry ............................................15, 36, 42, 96

SembCorp Industries ..........................................54, 70, 87, 99

Sembcorp Marine ..........................5, 16, 17, 43, 54, 61, 62, 65, ..........................................................................70, 74, 87, 99

Shimao Property ........................................................41, 42, 96

Shui On Land ........................................................................ 96

Siam Cement .......................................................................100

Siam Commercial Bank ......................................................100

Singapore Airlines ......................... 4, 17, 43, 54, 55, 62, 73, 99

Singapore Exchange ..................................................54, 83, 99

Singapore Technologies Engineering .......................43, 57, 99

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

Sino Land .............................................................................. 96

Sino-Ocean Land .................................................................. 97

Sinopac Holdings .................................................................. 98

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

SinoPharm ............................................................................ 98

SJM Holdings ........................................................................ 96

Sky Worth digital .................................................................. 96

SM Investments ...................................................................100

SmarTone Telecommunications .......................................... 98

SOHO China .......................................................................... 98

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