名称UBS Investment Research
Q-Series®: Corporate Governance in Asia
Global Equity Research
Asia Pacific Ex. JP
Equity Strategy
Q-Series
15 July 2009
目录
本帖隐藏的内容
UBS Asia Research Team 3Executive summary
4
Governance stock picks
9
In the Asian context 13
Partnership with GMI
16
— Framework of
GMI’s analysis
.............................................................................16
—
Rollout of GMI ratings across Asia
.....................................................................18
Back-testing
the impact on stock performance & alpha 21
— Analysis supportive for
investment periods beyond one year..............................21
—
Methodology
......................................................................................................21
—
Performance
analysis.........................................................................................22
—
Portfolio characteristics
......................................................................................24
Case
Studies 27
— Case study 1: Bakrie
Brothers............................................................................28
—
Case Study 2: SK
Group....................................................................................33
Countries
41
— China
.................................................................................................................42
—
Hong
Kong.........................................................................................................50
—
India...................................................................................................................56
—
Indonesia
...........................................................................................................64
—
Korea
.................................................................................................................68
—
Malaysia.............................................................................................................76
—
Philippines
.........................................................................................................80
—
Singapore
..........................................................................................................84
—
Taiwan
...............................................................................................................90
—
Thailand.............................................................................................................96
Companies—Improving
101
Companies—Best Practice 123[hide]Contents page
UBS Asia Research
Team
3
Executive summary 4
Governance stock picks 9
In the Asian
context
13
Partnership with GMI 16
— Framework of GMI’s analysis
.............................................................................16
—
Rollout of GMI ratings across Asia
.....................................................................18
Back-testing
the impact on stock performance & alpha 21
— Analysis supportive for
investment periods beyond one year..............................21
—
Methodology
......................................................................................................21
—
Performance
analysis.........................................................................................22
—
Portfolio characteristics
......................................................................................24
Case
Studies 27
— Case study 1: Bakrie
Brothers............................................................................28
—
Case Study 2: SK
Group....................................................................................33
Countries
41
— China
.................................................................................................................42
—
Hong
Kong.........................................................................................................50
—
India...................................................................................................................56
—
Indonesia
...........................................................................................................64
—
Korea
.................................................................................................................68
—
Malaysia.............................................................................................................76
—
Philippines
.........................................................................................................80
—
Singapore
..........................................................................................................84
—
Taiwan
...............................................................................................................90
—
Thailand.............................................................................................................96
Companies—Improving
101
Companies—Best Practice 123



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