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Ang, Rusmin / Chng, Victor
Value Investing in Growth Companies
How to Spot High Growth Businesses and Generate 40% to 400% Investment Returns

1. Edition June 2013
34.90 Euro
2013. 256 Pages, Hardcover
ISBN 978-1-118-56779-1 - John Wiley & Sons



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Detailed description
How to apply the value investing model to today's high-growth Asian companiesThis revised edition of Value Investing in Growth Companies serves as a step-by-step guide that lets investors combine the value investing and growth investing models to find excellent investment opportunities in emerging Asian companies. Though these two investing styles are very different, the authors' proprietary "jigsaw puzzle" model integrates them into a holistic investing approach that will help readers enjoy the kind of extraordinary results that investors like Warren Buffett or Peter Lynch built their fortunes on. This model focuses on four vital criteria that, when combined, pinpoint excellent companies in which to invest. Those criteria are: simple business models, quality management, healthy financial numbers, and accurate valuation. This book shows investors how to find growth companies in Asia that combine these four criteria for nearly surefire profits.* Offers a sensible and stress-free investing strategy that is ideal for anyone looking for investment opportunities in fast-growing Asian countries* This revised edition includes new case studies focused specifically on Asian companies and their unique characteristics* Perfect for investors who want to focus on high-growth, small-cap companies that offer excellent potential returns

From the contents
Foreword xiPreface xiiiRusmin Ang's Journey xivVictor Chng's Journey xviHow We Met xviiOverview of the Contents xixAcknowledgments xxiChapter 1 The Making of a Value-Growth Investor 1The Common Journey of New Investors 1Short-Term Trading to Long-Term Investing 2Growth Investors 4Value Investors 6Value Investors versus Growth Investors 7Value-Growth Investors 9Warren Buffett's Journey 10Value-Growth Investors 12Definition of Growth Companies 13Common Misconceptions about Growth Companies 14Myth 1: The Higher the Growth Rate, the Better the Company 15Myth 2: Fast Growers Are Companies in Fast-Growing Industries 16Myth 3: You Cannot Buy Growth Companies at Bargain Prices 16Myth 4: Fast Growers Are Companies That Have Small Market Capitalization 17Myth 5: Small and Fast-Growing Companies Are Not Covered by Analysts and Institutions 18Myth 6: Growth Companies Pay Very Little Dividend 18Why Value-Growth Investing? 19Capital Appreciation or Intrinsic Value Appreciation 20Dividend Growth and Passive Incomes 23Summary 26Chapter 2 The Secrets of Successful Value-Growth Investors 29Healthy Thoughts Lead to Sustainable Results 29Mindset 1: Understand the Power of Compound Interest 29Mindset 2: Start Young! 33Mindset 3: Be a Long-Term Investor! 35Mindset 4: Never Leverage to Invest in the Long Run! 36Mindset 5: Exercise Independent Thinking 38Mindset 6: Be Emotionally Stable 39Mindset 7: Think Contrarian When Investing 41Mindset 8: Understand Mr. Market (Effi cient Market Theory versus Mr. Market) 43Summary 46Chapter 3 The Jigzaw Puzzle--Four Pieces to Value-Growth Investing 47The Jigsaw Puzzle Model 47The Art and Science of Investing 49Looking for the Right Information 53Information Released by the Company 53Information from Outsiders 57Summary 58Chapter 4 Business--The First Piece of the Puzzle 61Understand a Company's Business Model 61Simple Business 63Circle of Competence 65Going Beyond the Limit 67Competitive Advantage 70Knowing the Competitors 73Think Like a Customer through the Scuttle-Butting Process 74Finding Future Growth Drivers 76Understanding Risks--What Can Go Wrong? 78Summary 79Chapter 5 Management--The Second Piece of the Puzzle 81Management Forms the Cornerstone of a Business 81Criterion 1: Trustworthiness 83Criterion 2: Candid in Reporting 86Criterion 3: Aligned with Shareholders' Interests 88Criterion 4: Track Record/Experience 90Criterion 5: Visionary Managers 92Summary 96Chapter 6 Numbers--The Third Piece of the Puzzle 97Numbers Do Not Lie 97Numbers to Look at When Reading the Income Statement 98Revenue 98Cost of Goods Sold 100Gross Profit 100Expenses 102Net Profit 103Earnings per Share (EPS) 106Numbers to Look at When Reading the Balance Sheet 109Noncurrent Assets 110Current Assets 112Noncurrent Liabilities 114Current Liabilities 115Shareholders' Equity 116Current Ratio 117Return on Equity 118Debt-to-Equity Ratio 120Numbers to Look at When Reading the Cash-Flow Statement 122Cash Flow from Operations 123Cash Flow from Investment 124Cash Flow from Finance 127Summary 129Chapter 7 Valuation--The Fourth Piece of the Puzzle 131The Valuation of a Stock 131Price-to-Earnings Ratio 133Types of PE Ratio 136Price-to-Earnings-to-Growth Ratio 137Discounted Earnings Model 141Intrinsic Value 141Margin of Safety 148Undervalued 149Fair Value 149Overvalued 150Summary 154Chapter 8 Screening--Buy--Monitor--Sell 155Screening (Using Numbers against Competitors) 155Stage 1: Consistency in Key Performance Indicators 156Stage 2: Comparing the Compound Annual Growth Rate 157Stage 3: Finding Consistency or Increases In Margins 158Stage 4: Digging Further into a Company's Debt and Cash Position 159Stage 5: Digging Further into Other Numbers to Confi rm Your Pick 159Conclusion 161Buy, Monitor, and Sell 162Buy, Buy, and Buy 163Monitor, Monitor, and Monitor 166Online Monitoring 169Offl ine Process 170Sell, Sell, and Sell 171Summary 177Chapter 9 Portfolio Management for Growth Companies 179Understanding Your Portfolio 179Types of Diversifi cation 180Personal Diversifi cation 181Company Diversifi cation 182Industry Diversifi cation 183The Sky Is the Limit 184Summary 185Chapter 10 Avoid Common Mistakes 187The Dos and Don'ts of Investing 187Mistake 1: You Think You Are a Long-Term Investor but You Are Really a Speculator 187Mistake 2: Timing the Market 189Mistake 3: Investing in High-Technology and IPO Companies 190Mistake 4: Investing in Companies that Are Not Consistent 192Mistake 5: Buying a Growth Trap (Not Focusing on the Quantitative Side) 194Mistake 6: Buying a Value Trap (Not Focusing on the Qualitative Side) 195Mistake 7: Sell Your Winners; Keep Your Losers 198Mistake 8: Diversification Mistakes 199Summary 200Chapter 11 Case Studies and Conclusion 201Bibliography 205About the Authors 207Index 209

 




 

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