Carl Chen & Tom Lu, Temple Honor Asia (Taiwan) are giving a presentation titled “The World According to GARP Taiwan: Growth at a Reasonable Price”. The analysts are the next speakers at the 9th Annual Value Investing Congress.
Carl Chen is a Co-Founder and Managing Member of Temple Honor, LLC based in Taipei, Taiwan, a value oriented firm with headquarters in China. Since 2007, Mr. Chen has co-managed the Temple Honor Asia Fund L.P. The fund uses a value oriented strategy investing in public companies throughout Asia. Chen also advises pre-IPO technology companies in Taiwan and resource based investors and producers with his global macro outlook.
Tom Lu has been a Managing Partner at Temple Honor, LLC. Previously, Lu spent 14 years at Uni-President Asset Management Corp. (UPAMC) a Taiwan based investment manager with more than $2 billion AUM. Lu served as a Director of Research at UPAMC before being promoted to CIO where he was responsible for a wide array of investment strategies, sectors and exposure; researching companies across asia.
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Carl Chen & Tom Lu live coverage
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Overlooked Opportunity: Taiwan Stock Index
2 Ideas (1 risky, 1 safe)
Smart phone market set to double by 2015 (43% CAGR from 2012-2015)
China Wireless Technologies Ltd (2369 HK) –2nd largest vendor by sales of its own brand (Coolpad)
Number portability is not yet possible in China, and cool pads have both inputs so they work with all phones
1/3rd cash on balance (net cash of 0.96 HK$ per share)
1H 2013 sales up 55% yoy –70% of sales are direct to consumer—CEO wants to be “Steve Jobs”
Valuation: HK$565 (78% upside from current price)
Apple ecosystem has not caught on in China –actually thinks Apple continues to lose share in China as they have priced themselves out of the market. iTunes not entrenched in China and macbooks are too expensive
(11:53am EST) Next Idea
MediaTek (MTK) –fabless IC design house that specializes in system on chip (SOC) solutions for the mobile device industry
majority of revenue comes from handsets –growing market share
clients include sony, lg, panasonic, alcatel, and huawei
dominates china’s 2G/3G market
solid balance sheet and solid management and a lot of cash
Unit shipments on target 104% yoy gain —EPS and Sales growth is trouncing the competition over Spreadtrum and Qualcomm, etc
Target Price: 23-28% upside to current shares
