Part 2: Study among ASEAN stock exchanges!
V. Conclusion and limitations!
5.3 Recommendations!
The recommendations for future study on this topic can be improving stock selection criteria to be more detail. For example, using more financial ratios includes but not limited to ratios from balance sheets such as debt to asset ratio, quick ratio, liquidity ratio, etc. However, these ratios should be related to the objective of study. Considering not only ratios from income statement, but also ratios from balance sheet would add to the quality of the study companies.
Moreover, future study may include longer time period to see the long term trend and also increase the accuracy. !
!
Reference
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Appendix
• Thailand (SET)
Value Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
LEE FEED MILL BOUTIQUE NEW CITY MINING SVS.
UNIQUE MINING SVS.
DIAMOND
LOXLEY LEE FEED MILL THANULUX
KANG YONG
KARMARTS TEXTILE PRESTIGE
PRESTIGE DIAMOND BLDG.PRODUC
TS
TEXTILE
PRESTIGE DIAMOND BLDG.PRODUC
INOUE RUBBER SINGLE PNT.PARTS
(THAI.)
SYN MUN KONG
MURAMOTO ELECTRON FB
SYN MUN
INOUE RUBBER MINOR FB INOUE RUBBER ITF FINANCE &
SECS.
THAI PLASTIC CHM
HOLDING SRI TRANG AGRO-INDUSTRY
LIGHTING &
EQUIPMENT PATKOL INOUE RUBBER SIAM FOOD
PRDS. TEXTILE
INOUE RUBBER SIAM FOOD PRDS.
PRESIDENT RICE PRDS.
LAGUNA RST.
& HOTEL
GLOBLEX
HOLDING PRUKSA REAL
ESTATE GLOBLEX
HOLDING S PACK &
PRDS. PRESIDENT
RICE PRDS. THAI PLASTIC
CHM LANNA
MINOR MANDARIN
HOTEL
MANDARIN HOTEL
PRESIDENT RICE PRDS.
SUPALAI SIAM FOOD PRDS.
ASIA SERMKIJ LEASING
LAGUNA RST.
& HOTEL
LAGUNA RST.
& HOTEL
THORESEN THAI AG.
BERLI JUCKER UNIQUE MINING SVS.
MANDARIN
DEVELOPMENT LAGUNA RST.
& HOTEL THAI RUNG
UNION CAR THAIVIVAT
INSURANCE PRESIDENT
RICE PRDS. PRAKIT
HOLDINGS MFC ASSET
MANAGEMENT INOUE RUBBER S & P SYNDICATE PEOPLE'S
GARMENT LALIN
PROPERTY SIAM FOOD
PRDS. PEOPLE'S
GARMENT LOXLEY S & P
SYNDICATE MANDARIN
HOTEL BERLI JUCKER SIAM CITY
BANK FURUKAWA
METAL(THAIL
PTT CHEMICAL PUBLIC
MANDARIN HOTEL
PATKOL PEOPLE'S GARMENT
BERLI JUCKER S & J INTL.ENTERPRI
SES
MINOR SAHA-UNION
MAJOR
MINOR SAHA-UNION CENTRAL
PLAZA HOTEL LALIN
PROPERTY
PEOPLE'S GARMENT
AIRPORTS OF THAILAND
THAI RAYON
THAI RUNG UNION CAR
CPL GROUP PEOPLE'S GARMENT
SUPALAI LALIN
PROPERTY
PTT AROMATICS &
REFN. DEV.& MAN.
EASTERN WATER RESOURCES DEV.& MAN.
DHIPAYA
BERLI JUCKER BANGKOK CHAIN HOSP.
SINGLE PNT.PARTS
(THAI.)
THAI REINSURANCE
BERLI JUCKER LOXLEY LANNA
RESOURCES
SEAMICO SECURITIES
THAIVIVAT INSURANCE
ASIA SERMKIJ LEASING
S & P SYNDICATE
BERLI JUCKER THAI WACOAL THAI RUNG UNION CAR
UNIQUE MINING SVS.
PRANDA DEV.& MAN.
SRI AYUDHYA CAPITAL
UNITED FLOUR MILL
OCEAN GLASS DUSIT THANI
UNIQUE
MINING SVS. SC ASSET MANDARIN
HOTEL BANGKOK
CHAIN HOSP. BERLI JUCKER UNITED FLOUR
MILL RATCHABURI
ELTY. SRI TRANG
ASIASOFT THAI
PRESIDENT FOODS
S & P SYNDICATE
CITY STEEL PTT CHEMICAL PUBLIC
OCEAN GLASS HOME PRODUCT
CENTER
SUPALAI LAGUNA RST.
& HOTEL
NATURAL PARK
CHRISTIANI
NIELSEN BANGCHAK
PETROLEUM THAI RUNG
UNION CAR LIGHTING &
EQUIPMENT THAI WACOAL PRANDA
JEWELRY OCEAN GLASS THAI WACOAL THAI WACOAL THAI STANLEY ELEC.
ALUCON KIANG HUAT
SEA GULL PRUKSA REAL
ESTATE OCC CMO BIG C
SUPERCENTER UNITED FLOUR
MILL UNITED FLOUR
MILL MODERNFORM
GROUP S & J INTL.ENTERPRI
SES
GFPT MANDARIN
HOTEL
ALUCON DRACO PCB THAI STANLEY ELEC.
THAI WACOAL THAI WACOAL SIAM COML.SAMAG
GI
UNITED FLOUR MILL
UNITED FLOUR MILL
OCEAN GLASS PRASIT PATANA
DHIPAYA INSURANCE
Growth Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
POST
PUBLISHING CROWN SEAL THAI-GERMAN
CMIC. BEC WORLD ASIA PLUS
SECS. CITY SPORTS COUNTRY
GROUP SECS. ELECTRONICS
INDUSTRY ERAWAN
GROUP THAILAND CARPET MNFG.
THAILAND
CASTLE PEAK HOLDINGS
SP SUZUKI AEON THANA SINSAP
THAICOM THANACHART BANK
BEC WORLD KGI SECURITIES ITALIAN-THAI
DEV.
CH KARNCHANG
CROWN SEAL AMANAH LEASING
GMM GRAMMY BUMRUNGRAD HOSP.
THAI PACK.&
PRINT.
SP SUZUKI BUMRUNGRAD HOSP.
TIPCO ASPHALT
COMPASS EAST IND.
SINO-THAI ENGR.CON.
BANGCHAK PETROLEUM
NATION MULTIMEDIA
CP ALL TRUE
CORPORATION
PAKFOOD INDARA INSURANCE
SIAM AGRO INDUSTRIES PINEAPPLE AND OTHERS
SP SUZUKI ELECTRONICS INDUSTRY
AYUDHYA AUTO LEASE
CITY SPORTS ADVANCED INFO SER.
CASTLE PEAK
HOLDINGS CP ALL ERAWAN
PUBLISHING SAWANG
EXPORT SIAM AGRO
CASTLE PEAK HOLDINGS ESTATE DEV.
LAND AND HOUSES CENTRAL
PATTANA
NAWARAT PATANAKARN
SIAM AGRO INDUSTRIES PINEAPPLE AND OTHERS
CH KARNCHANG
ELECTRONICS CORPORATION
NIPPON PACK INDARA INSURANCE
BANGKOK INVESTING
CROWN SEAL ITALIAN-THAI DEV.
SP SUZUKI KASIKORNBAN K
PATANAKARN INTER FAEAST
ENGR. SAWANG INVESTING
SIAM SPORTS
SYNDICATE ITV SAMART SUB SRI THAI AYUDHYA
AUTO LEASE
INTER FAREAST
ENGR.
CITY SPORTS ELECTRONICS INDUSTRY
LIVE THAI CENTRAL CHM.
THAI CENTRAL CHM.
SIAM SPORTS SYNDICATE
SCB LIFE ASSURANCE
CROWN SEAL CASTLE PEAK INDUSTRIES
BANGKOK FIRST INVESTING
SIAM SPORTS SYNDICATE
INTERNATION AL RESEARCH
SINO-THAI ENGR.CON.
VAROPAKORN TIPCO ASPHALT
ASIA JOINT PANORAMA FB. - PER
ASIA JOINT PANORAMA FB. - PER
BANGKOK FIRST INVESTING
TATA STEEL (THAILAND)
SCB LIFE ASSURANCE
SMC POWER
SAWANG EXPORT
INDARA INSURANCE
TIPCO ASPHALT
THAI CENTRAL CHM.
THAI CENTRAL CHM.
SIAM SPORTS SYNDICATE
VAROPAKORN VAROPAKORN
RAIMON LAND PAKFOOD POST
PUBLISHING SIAM SPORTS
SYNDICATE VAROPAKORN VAROPAKORN PAKFOOD THAI CENTRAL
CHM. THAI CENTRAL
CHM. PAKFOOD INDARA
INSURANCE SAWANG
EXPORT BANGKOK FIRST INVESTING
VAROPAKORN THAI FACTORY
DEV. WYNCOAST INDUSTRIAL PARK
ASIA JOINT
PANORAMA NATURAL
PARK TATA STEEL
(THAILAND) THAI CENTRAL CHM.
BANGKOK FIRST INVESTING
BANGKOK FIRST INVESTING
THAI CENTRAL CHM.
THAI FACTORY DEV.
MALEE SAMPRAN
MALEE SAMPRAN
THAI FACTORY DEV.
CAPITAL ENGR.NETWOR
K
PAKFOOD SP SUZUKI
THAI CENTRAL
CHM. THAI CENTRAL
CHM. SIAM SPORTS
SYNDICATE ASIA JOINT
PANORAMA WYNCOAST INDUSTRIAL PARK
THAI FACTORY
DEV. SC ASSET BANGKOK
FIRST INVESTING
BANGKOK FIRST INVESTING
TATA STEEL (THAILAND)
SIAM SPORTS SYNDICATE
SIAM SPORTS SYNDICATE
ASIA JOINT PANORAMA
WYNCOAST INDUSTRIAL PARK
EVERLAND FB.
- PER
SC ASSET JUTHA MARITIME
IRPC SIAM SPORTS SYNDICATE
CROWN SEAL
VAROPAKORN VAROPAKORN VAROPAKORN EVERLAND PAE (THAILAND)
JUTHA MARITIME
GRAND CANAL LAND
GRAND CANAL LAND
AJ PLAST UNIVERSAL FOOD NUSASIRI NUSASIRI WYNCOAST
INDUSTRIAL PARK
GRAND CANAL LAND
SIAM STEEL INTL.
EVERLAND FB.
- PER
GENERAL ENGINEERING
GENERAL ENGINEERING
HEMARAJ
ASIA JOINT
PANORAMA GRAND CANAL
LAND SYNTEC
CONSTRUCTIO N
GRAND CANAL
LAND GRAND CANAL
LAND NAWARAT
PATANAKARN JUTHA
MARITIME THAI FACTORY
DEV. BANGKOK
FIRST INVESTING SIAM STEEL
INTL.
WYNCOAST INDUSTRIAL PARK
SIAM STEEL INTL.
SIAM STEEL INTL.
SYNTEC CONSTRUCTIO
N
SIAM STEEL INTL.
SIAM STEEL INTL.
SIAM STEEL INTL.
CHRISTIANI NIELSEN
ASIA JOINT PANORAMA
Value Investing Stock Returns
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
1200.00% 600.00% 1000.00% 2700.00% 1766.67% 0.00% 57.38% 81.97% 61.48% 40.98%
40.98% 61.48% 28.69% 9.02% 9.02% 166.67% 111.11% 77.78% 1294.44% 227.78%
42.22% 1948.02% 130.77% 19.23% 33.33% 800.00% 46.15% 9.09% 175.00% 77.78%
27.14% 361.94% 33.33% 6.52% 10.87% 16.30% 0.00% 17.39% 17.39% 14.95%
8.70% 40.00% 5.43% 27.78% 26.16% 22.42% 18.48% 17.94% 43.18% 27.27%
67.26% 7.61% 33.63% 21.30% 21.52% 12.41% 20.18% 189.10% 16.44% 252.99%
10.76% 59.79% 83.73% 20.18% 983.94% 13.00% 24.27% 353.19% 0.00% -6.86%
12.00% 40.48% 18.83% 21.89% 1010.53% 15.31% 2.82% 5.10% 53.77% 17.86%
7.41% 22.42% 21.89% 0.00% 11.30% 3.99% 10.20% 15.25% 16.07% 15.22%
13.68% 11.11% 8.33% 35.71% 9.66% 14.18% 15.25% 2.68% 11.43% 12.81%
2.00% 317.02% 0.00% 27.69% 16.42% 1.07% 8.93% 10.82% 21.28% 10.00%
14.29% 0.00% 143.85% 316.89% 1.00% 23.08% 2.92% 6.56% 6.89% 11.43%
367.14% 0.00% 33.90% 0.00% 0.00% 3.98% 13.18% 21.82% 17.14% 60.87%
0.00% 35.71% 70.88% 10.34% 30.77% 12.46% 176.47% 20.00% 5.00% 13.11%
441.82% 0.00% 7.86% 0.00% 15.20% 93.47% 7.58% 283.33% 14.35% 17.14%
8.20% 20.22% 14.29% 7.38% 0.00% 19.05% 11.48% 13.79% 698.33% 7.35%
17.69% 14.77% 188.44% 0.00% 0.00% 12.30% 12.07% 13.18% 12.41% 9.81%
0.00% 26.15% 30.77% 37.25% 24.62% 0.00% 3.64% 15.33% 46.89% 88.89%
20.22% 8.20% 31.57% 2.56% 149.93% 0.00% 20.00% 17.14% 9.48% 115.00%
9.09% 129.69% 8.20% 20.48% 4.59% 359.00% 11.84% 50.00% 164.25% 16.67%
10.67% 17.14% 14.61% -75.07% 14.29% -8.70% 72.22% 32.29% 98.46% 41.50%
0.00% 517.24% 121.08% 6.55% 23.65% 10.34% 0.00% 40.33% 871.13% 4.80%
19.18% 340.48% 11.38% 11.11% 0.00% 11.54% 11.21% 18.18% 7.62% 54.58%
81.82% 9.09% 5.88% 0.00% 11.34% 17.60% 11.67% 11.21% 10.26% 73.40%
1.33% 14.74% 0.00% 10.27% 12.41% 0.00% 126.39% 16.38% 17.65% 45.05%
129.59% 11.79% 23.81% 6.03% 33.33% 7.74% 296.30% 6.62% 179.55% -0.20%
9.38% 30.33% 0.00% 7.61% 9.63% 24.14% 10.19% 8.15% 8.15% 209.87%
13.50% 164.70% 11.70% 7.35% 2.17% 172.33% 0.00% 0.00% 260.00% 13.36%
7.76% 3.28% 8.35% 4.00% 158.66% 11.11% 8.15% 13.89% 3.97% 94.31%
15.56% 43.69% 15.63% 9.40% 0.00% 12.50% 13.89% 9.95% 0.00% 11.54%
Growth Investing Stock Returns
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
2.25% 1.56% 0.00% -29.73% -38.03% 1.10% -67.18% 0.00% 3.48% 23.08%
0.00% 84.52% 4.07% -18.77% -69.43% -65.40% -24.29% 0.00% 20.64% -69.38%
33.64% 60.69% 0.00% 0.00% 0.36% -13.45% -48.33% -50.18% 25.49% -71.55%
47.06% 2.04% 1.30% 0.00% -44.56% 15.97% -33.40% 1.44% 1.47% 6.51%
3.96% 0.00% 4.76% -74.49% 1.10% 1.11% 1.11% 6.98% 61.87% 2.67%
-5.71% 7.93% 0.00% -20.41% 1.75% -68.50% 2.41% 1.07% 0.00% 1.00%
0.00% 0.00% 0.00% 0.90% 11.26% -69.33% 1.43% 2.78% -22.84% 4.29%
5.67% 11.15% 0.00% 0.48% -15.73% 2.52% -66.67% 0.39% -64.25% -33.33%
54.15% 105.48% 1.25% 0.00% 0.00% 0.00% 0.85% 0.00% 1.00% 4.09%
-15.95% 32.34% -72.07% 1.27% 10.68% -68.07% 1.64% 0.00% 0.78% 1.47%
0.00% 61.33% 0.00% 0.00% 0.00% -81.45% 0.60% 0.00% 2.49% 0.67%
0.00% 0.00% 0.00% 1.14% 0.00% 0.00% 0.00% 0.00% 0.00% -19.70%
2.74% 0.00% 0.95% -47.83% 0.44% 0.85% 0.00% 0.44% 20.27% 14.29%
1.76% 0.00% 0.00% -52.83% 1.69% 0.00% 0.00% 0.00% 0.00% 0.00%
-26.22% 0.00% 0.00% -54.94% 0.37% 0.32% 0.00% -12.12% 0.88% 22.76%
0.70% 0.00% 1.87% 0.00% 1.91% 0.00% 16.02% 0.00% 0.00% -19.16%
0.00% 2.62% 0.56% 1.31% 0.84% 2.00% 0.00% -15.91% 1.99% 0.00%
4.67% 0.90% 0.00% 0.00% 1.26% 1.08% 0.87% 0.00% 0.00% 0.00%
0.00% 0.00% -79.41% 0.42% 0.87% 2.60% -19.98% 73.76% 19.86% 1.35%
0.21% 0.42% 2.50% 0.00% 0.00% 0.00% 0.32% 0.00% 0.00% 0.00%
0.56% 0.00% 0.00% 0.72% -85.05% 0.00% 0.90% 2.09% 0.75% 0.15%
91.11% 0.00% 0.00% 0.87% 0.16% 0.20% 1.56% 0.72% 0.72% 0.94%
0.00% 0.00% 0.42% 0.00% 0.30% 0.00% 0.00% 0.00% 0.00% 0.54%
0.84% 0.42% 1.62% -94.87% 0.00% 0.00% 0.30% 0.00% 0.00% 0.88%
1.80% 3.24% 0.96% 0.00% 0.00% 0.45% 0.16% 0.32% 0.32% 0.00%
1.04% 1.39% 0.00% 0.00% 0.00% -96.50% 0.00% 0.00% 0.09% 0.00%
0.25% 0.12% 0.22% 0.00% 0.00% 0.73% 0.00% 0.00% -88.30% 0.00%
0.00% 0.00% 0.00% 0.17% 0.05% 0.00% -93.96% 0.00% -86.41% 0.00%
0.00% 0.00% 0.07% -99.47% 0.14% 0.14% -95.78% 0.00% 0.00% 0.32%
0.08% 0.00% 0.02% 0.09% 0.00% 0.19% 0.00% 0.00% 0.00% 0.00%
SET’s returns among portfolios
Value Portfolio Return Growth Portfolio Return Market Return
2003 52.64% -4.27% -0.52%
Compound Average Return 86.34% -4.82% 11.78%
• Malaysia (KLCI)
Value Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
PUBLIC PACKAGES
HDG.
BINA DARULAMAN
CHUAN HUAT RESOURCES
ASIA BRANDS PW
DARULAMAN HEVEABOARD METECH
GROUP UMS
HOLDINGS EUROPLUS
BHD MEGAN MEDIA
HOLDINGS JERASIA
CAPITAL JOHOR LAND EUROPLUS
BHD HIGHLANDS &
LOWLANDS CREST
BUILDER HDG. ASTINO EKSONS CHUAN HUAT
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HUA YANG CRESCENDO PPB GROUP
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YA HORNG DARULAMAN
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PETALING GARDEN
TOMEI CONS.BERHAD
ORNAPAPER BERHAD
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PARAMOUNT ESTHETICS INTL.GROUP
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HOLDINGS
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CHEETAH
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BUILDER HDG. LTKM AJIYA CENTURY
BOND FORMOSA
PROSONIC SELANGOR
PROPERTIES EASTERN
PACIFIC INDL. DATAPREP HOLDINGS CHUAN HUAT
RESOURCES UPA ASIA BRANDS CENTURY
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HOLDINGS UDA
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DIVERSIFIED CENTURY
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FIMA YA HORNG
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HDG. (M) YOKOHAMA
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KULIM
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Growth Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 PLANTATION
BURSA MALAYSIA
SALCON JAKS
RESOURCES
TOP GLOVE CCM
PETROLEUM IDAMAN
UNGGUL TRANSMILE
GROUP ASIA FILE NWP
HOLDINGS ETI TECH VITROX RELIANCE
PACIFIC MUHIBBAH ENGINEERING
(M)
ALLIANCE
FINANCIAL GP. STARHILL
REIT.UNITS MERCURY
INDUSTRIES SALCON ENG KAH SAAG
CONSOLIDATE D (M) DUTCH LADY
MILK INDUSTRIES
ECM LIBRA MALAYAN BANKING
ROAD BUILDER HDG. INDUSTRIES
CARLSBERG
GOLDEN PLUS HOLDINGS
INTEGRATED
SUNWAY HOLDINGS
AUTOV D & O GREEN TECHS.
BIG INDUSTRIES
KLUANG PLANTATIONS
DIGI.COM NICHE RESOURCES
DIALOG GROUP
DUTCH LADY MILK
GREEN PACKET
QSR BRANDS BHD INDUSTRIAL KSK GROUP ETI TECH CONSOLIDATE PLANTATIONS
TRANSMILE ENGINEERING
MARCO
HOLDINGS TRANSMILE
GROUP RGB
INDUSTRIES
ADVENTA MALAYSIA AICA
GENTING PLANTATIONS
ASTRO ALL TECHNOLOGY PROGRESSIVE TECHNOLOGY
PLS PLANTATIONS
JOBSTREET KENCANA PETROLEUM
JOBSTREET ETI TECH LIMAHSOON MEDIA PRIMA VTI VINTAGE AKN TECHNOLOGY
HARVEST
DEVELOPMENT COASTAL
CONTRACTS TOP GLOVE PERDANA
PETROLEUM AWC GLOBETRONIC
S TECHNOLOGY
TSR CAP. RECLAMATION
DIALOG RESOURCES
ZECON RIVERVIEW
DEVELOPMENT
KENCANA PETROLEUM
MALAYSIAN
DEVELOPMENT RAPID
SYNERGY IOI MY EG
THREE-A RES. SUPPORTIVE
INTL.HDG. TMC LIFE
SCIENCES TH HEAVY
ENGINEERING PLS
PLANTATIONS ASTRO ALL ASIA PLANTATIONS
MENTAKAB DEVELOPMENT
GRAND HOOVER
TEO GUAN LEE
YTL LAND &
DEVELOPMENT
D & O GREEN DEVELOPMENT
KRAMAT TIN DREDGING
Value Investing Stock Returns
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
1.23% 33.69% 153.33% 19.35% 0.84% 59.26% -6.45% 8.93% 87.17% -19.66%
15.91% -3.09% 679.27% -37.91% 6.73% 89.29% 23.19% -14.95% 43.41% -17.28%
8.47% 68.75% 32.26% -2.74% 8.93% -3.08% 14.41% -9.91% 144.00% 8.06%
15.49% 3.51% 71.79% -11.89% 11.96% -19.18% 16.05% 4.72% 72.09% -23.08%
35.20% 50.00% 121.54% -17.29% 1.28% 26.83% -10.19% -11.86% 52.38% 12.31%
-6.14% 24.45% 96.19% -8.82% 554.55% 27.78% 316.13% 4.84% 24.49% -1.23%
-17.09% 61.17% 322.39% -15.38% -22.82% 83.72% -13.39% -2.53% 27.73% -39.77%
27.63% 34.59% 123.53% -16.36% 7.09% 110.00% -15.08% -17.93% 58.68% -24.47%
163.70% 8.93% 17.00% -12.53% -21.74% 25.32% 8.93% -20.67% 107.04% -17.43%
30.85% 66.10% 108.11% -32.00% 73.33% 5.69% 15.63% -6.06% 275.93% -34.00%
8.93% 36.51% 96.07% -28.38% -22.44% 83.33% -8.14% -0.97% 68.75% -34.24%
-0.65% 40.14% 117.18% 13.10% -13.57% 89.98% 5.40% -32.31% 112.35% -47.70%
39.67% 27.39% 161.70% 28.25% -6.67% 0.00% 32.50% 6.15% 69.14% -25.20%
39.22% 36.79% 31.33% 9.24% -31.23% 7.43% -6.90% -19.58% 36.84% 2.11%
11.41% 21.43% 196.43% -51.28% 0.41% 455.56% 23.33% -26.50% 309.33% -8.43%
59.26% 43.59% 42.35% -3.26% -26.44% 12.16% -38.89% -20.55% 20.62% -19.85%
-36.25% 0.64% 190.91% -26.39% 51.47% 8.93% 5.00% -8.95% 63.75% 0.00%
-47.45% 25.47% 1.02% -5.88% 1.19% 15.65% 37.39% 27.59% 118.00% -22.70%
12.16% 143.25% 72.50% -7.14% 0.95% 77.55% -4.27% 25.00% 38.46% -39.60%
2.91% 35.34% 24.29% 17.83% 36.00% 47.29% 29.47% -13.82% 31.13% -3.75%
-2.04% 15.56% 40.11% -15.94% -39.37% 39.53% 16.72% 41.18% 5.00% -34.91%
0.00% 9.57% 131.09% -11.25% -4.67% 107.14% -6.17% -13.04% 60.64% -18.60%
7.14% 0.00% 81.94% -5.13% 17.09% 72.73% 73.76% -13.48% 31.90% -28.24%
23.02% 45.71% 61.00% 3.45% -2.10% -12.15% 14.09% -19.67% 24.10% -37.23%
-2.88% 78.50% 35.04% 13.86% 12.90% 30.59% -12.61% -11.76% 152.63% 6.68%
-9.35% 24.08% 81.16% -8.33% -10.64% 92.96% -4.24% 19.10% 32.80% -24.50%
-22.47% 4.48% 40.00% 0.00% -18.33% -18.18% -20.25% 11.86% 59.48% -22.06%
-5.80% 42.19% 117.14% -3.47% 7.32% 68.60% 5.07% 42.42% 23.08% 13.80%
-15.15% 38.24% 121.67% -14.02% 107.09% 95.24% -27.55% 7.96% 30.14% -13.73%
14.65% 50.59% 61.76% -2.35% -25.32% 122.58% 35.90% -12.60% 62.82% -26.09%
Growth Investing Stock Returns
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
4.95% 27.10% 146.14% -61.81% -16.64% 152.70% -70.24% 19.89% 83.16% -38.45%
-67.53% 6.62% 27.63% -27.70% -27.22% 49.95% -37.84% 31.19% 104.40% -10.85%
-28.26% 244.44% 7.50% -57.20% 5.00% 13.85% -6.54% -65.09% 134.26% -34.33%
116.34% 126.06% 6.67% -39.13% -69.42% -2.41% -23.21% -66.67% 38.68% -27.38%
-41.43% 70.00% 2.44% -77.19% -33.04% 51.08% -6.84% 1.05% 33.54% -28.97%
52.61% -14.86% 23.37% -7.74% -25.13% 8.93% -68.30% -51.75% 27.14% -14.65%
55.56% -0.55% -35.59% -40.00% -21.35% -28.68% -48.18% 19.17% -12.50% -68.06%
7.47% 6.23% 168.86% -11.32% -49.17% 284.20% 7.53% -33.13% 69.13% -26.82%
-37.76% -16.06% 128.00% -89.87% -22.67% 20.48% -60.18% 48.01% 114.47% -45.10%
-21.83% 15.70% 35.95% -37.87% 45.64% 125.55% 138.20% -16.97% 84.14% 0.08%
-2.15% -27.18% 56.57% -50.00% 23.74% -20.33% 24.53% -47.88% 13.01% -34.80%
-8.76% 4.58% 54.20% -26.48% -65.66% 19.23% 5.47% -42.67% 53.70% -35.37%
54.55% -45.24% 3.68% -37.89% -56.67% -4.70% 106.59% -63.89% 14.23% -40.31%
-2.47% -5.09% 27.42% -29.66% -85.15% -26.19% -23.90% -47.07% -12.50% -46.71%
0.00% -8.36% -2.81% -17.98% -15.41% 0.80% -5.00% -6.98% 11.66% -48.43%
17.30% 7.63% 46.15% -17.76% 32.50% 15.79% 39.36% -2.93% 116.50% -14.38%
-4.03% -31.45% -0.97% -42.01% -25.21% -40.74% -55.41% -56.51% 11.76% -14.54%
-22.00% -17.89% 33.41% -62.08% -21.43% 94.29% 18.30% -66.24% 81.66% -26.50%
12.79% -1.05% -20.75% 11.11% -31.81% 46.88% -1.78% -24.10% 7.03% 2.83%
-23.13% 40.00% 63.16% -36.31% 67.61% -32.04% 21.52% -62.43% 5.52% -63.44%
13.21% 35.40% -37.08% 1.33% 106.70% 2.51% 52.50% -42.42% -32.94% -33.78%
-12.08% 39.77% -24.42% -39.09% -9.26% 46.56% 8.02% -70.18% 69.14% -12.42%
-17.97% 88.89% 0.00% -27.34% -23.91% 93.54% 0.73% -61.65% 37.81% -24.29%
-4.95% -30.03% 55.22% -10.38% -43.44% 4.34% -25.71% 0.33% 85.00% -41.82%
-41.30% 74.04% -13.94% -41.41% 7.86% -5.32% -19.60% 44.25% 58.21% -15.92%
2.36% -22.97% -19.23% -33.55% -54.35% -1.10% -19.23% 7.53% -55.94% 0.93%
-28.22% -38.82% -18.50% -74.31% -10.22% -0.63% -93.18% -15.83% -7.33% -50.78%
-19.85% -13.68% 39.58% -40.00% -14.29% 4.85% -7.84% -27.70% 383.33% -50.00%
-28.96% -63.34% -11.71% -73.08% -53.70% -23.64% -66.87% -1.09% 30.94% -41.73%
-40.88% -70.00% 78.89% -37.58% -60.53% -59.82% -10.56% 2.86% 47.59% -40.38%
KLCI’s returns among portfolios
Value Portfolio Return Growth Portfolio Return Market Return
2003 -18.03% -30.88% -20.38%
Compound Average Return 25.26% -4.00% 7.18%
• Singapore (SGX)
Value Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
GUOCOLAND SINGAPORE SHIPPING
ASIA DEKOR HDG.
SEMBAWANG
CASA
HOLDINGS KSH HOLDINGS CHINA HONGCHENG
HOLDINGS
JURONG
TECHS.INDL. NOEL GIFTS
INTL. TAI SIN
ELECTRIC TAI SIN
ELECTRIC ASPIAL LOW KENG
HUAT (SING.) LEE KIM TAH HDG.
GREAT GROUP HOLDINGS
TECH.HDG. BONVESTS
HOLDINGS KHONG GUAN
LIPPO MALLS INDO.RET. TST.
GP INDUSTRIES PCA TECHNOLOGY
ADAMPAK GUOCOLAND QAF NAM LEE
PRESSED MTL.
INDS. INDUSTRIAL
BEYONICS TECH.
GP INDUSTRIES ASIA ENTS.HOLDING
ADAMPAK BONVESTS HOLDINGS
SECOND CHANCE PROPS.
NAM LEE PRESSED MTL.
INDS.
GP BATTERIES INTL.
LHT HOLDINGS COMBINE WILL INTL.HDG. ENGINEERS
GRAND BANKS YACHTS
COURTS (SINGAPORE) ACTION ASIA SPINDEX
INDUSTRIES
JOYAS
GP BATTERIES INTL.
OCEAN SKY
INTL. COMBINE WILL
INTL.HDG. TIME WATCH
INVESTMENTS FRASERS COMMERCIAL
HOLDINGS PACIFIC ANDES
RSDLP. HUPSTEEL
CHINA PRINT POWER GROUP PROPS.(SING.)
ASTI HOLDINGS
KIAN ANN ENGINEERING
FUXING CHINA GROUP
OSSIA INTL. SINGAPORE REIN. INVESTMENT
BAN LEONG
INDL.HDG. CITYNEON
HOLDINGS SIM LIAN
GROUP SINGAPORE
REIN. WILLAS-ARRAY ELTN.(HDG.)
GRAND BANKS YACHTS
CHINA JISHAN HOLDINGS
FIRST REIT.TRUST
CHEUNG WOH TECHS.
SWING MEDIA TECH.GROUP
AURIC PACIFIC GROUP
CHINA PAPER HDG.
FRENCKEN GROUP
CAMBRIDGE INDL.TRUST
TRANSVIEW
IFS CAPITAL KINGBOARD CPR.FOIL HDG.
HOLDINGS VIBROPOWER UNITED FOOD
HDG. OSSIA INTL. BEYONICS
TECH. LEE KIM TAH
HDG. SAMUDERA
SHIP.LINE JARDINE CYC.& CARR.
LIZHONG WHEEL GROUP
TECKWAH INDUSTRIAL
PACIFIC ANDES RSDLP. (SINGAPORE)
NAM CHEONG
AIMS AMP CAP.INDL.REIT.
TRANSIT-MIXED CONC.
YOMA STRATEGIC
MEMTECH INTL.
IDT HOLDINGS (SING.) INDUSTRIAL
HONG LEONG FINANCE
TAT SENG PACKAGING
GP.
ACTION ASIA NEW TOYO
INTL.HDG. TRANSPAC
INDL.HDG. MEMTECH
INDUSTRIES
GUTHRIE GTS KARIN TECH.HDG.
NIPPECRAFT ASIA ENTS.HOLDING
NOEL GIFTS INTL.
JADASON
ENTERPRISES DYNAMIC
COLOURS LI HENG CHM.FRE.TECH
S.
CHANGTIAN
PLAST.& CHM. MANUFACTURI
NG INTG.TECH. SINGAPORE
SHIPPING LANKOM ELTN.
SUSP - SUSP.19/03/13
TIME WATCH
INVESTMENTS TIONG WOON MCL LAND
CHINA PAPER HDG.
PNE INDUSTRIES
ETIKA INTL.HDG.
FIRST REIT.TRUST
TECKWAH INDUSTRIAL
MANUFACTURI NG INTG.TECH.
TRANSVIEW HOLDINGS
NOEL GIFTS INTL.
LORENZO INTL. KINGSMEN CREATIVES
CHINA HAIDA VICOM UOL GROUP UNITED ENGINEERS LHT HOLDINGS SUNMOON
FOOD
CAPITACOMME RCIAL TRUST
SUPERBOWL HOLDINGS
INTRACO IDT HOLDINGS (SING.)
ENTERPRISES WEIYE
HOLDINGS BAN LEONG
TECHS. CENTURION UNITED FOOD
HDG. TRANSVIEW
HOLDINGS PENGUIN INTERNATION
AL NEW TOYO
INTL.HDG.
LIPPO MALLS INDO.RET. TST.
IFS CAPITAL SINGAPORE PETROLEUM
CO.
MEIBAN GROUP
Growth Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
HYFLUX RAFFLES MEDICAL GP.
CHINA ENERGY LUYE PHARMA GROUP
BANYAN TREE HDG.
BANYAN TREE HDG.
GOODPACK EDMI
SINO-ENVM.TECH.GP .
SINGAPORE TECHS.ENGR.
HONGGUO INTL.HOLDING
S
OSIM INTL. JURONG TECHS.INDL.
CIH IPC INVESTMENTS
OSIM INTL. ZHONGHUI HOLDINGS
ROTARY ENGINEERING
SCINTRONIX JURONG TECHS.INDL.
OCEANUS
HOLDINGS CHINASING INV.HOLDINGS GMG GLOBAL HYFLUX RAFFLES
MEDICAL GP. SINGAPORE
TECHS.ENGR. EZION BENG KUANG
MARINE ENVIROTECH
HYFLUX OSIM INTL. SINGAPORE TECHS.ENGR.
OLAM INTERNATION
AL
SEE HUP SENG BRC ASIA CHINA ANIMAL HEALTHCARE
SYNEAR FOOD HDG.
ENVIROTECH GIANT WIRELESS
TECH.
DARCO WATER
TECHS. BOUSTEAD
SINGAPORE FRONTLINE TECHS.
GOODPACK STRATECH SYSTEMS TECHNOLOGY
MIRACH
AGRICEUTICAL
RAFFLES EDUCATION
ASIA PACIFIC BREWS.
CHINA DAIRY GP.
A-SONIC AEROSPACE
COSCO (SING.) LANTROVISION (S) TECHNOLOGY
LH GROUP RIVERSTONE HOLDINGS
COSCO (SING.) CSC HOLDINGS SINGAPORE TECHS.ENGR.
TREK 2000 INTL.
UMS HOLDINGS
MIYOSHI PRECISION
BEYONICS TECH.
SP SEROJA
INVESTMENTS
YING LI PROPERTIES
HI-P
CHUAN SOON HUAT INDL.GP. TECHS.ENGR.
BBR HOLDINGS (S)
GENTING SINGAPORE
YONGNAM TECHS.ENGR.
GOODPACK
SILVERLAKE AXIS
OSIM INTL. RSH FIRST
RESOURCES
COSCO (SING.) BBR HOLDINGS (S)
SINGAPORE TECHS.ENGR.
MFS TECHNOLOGY
GENTING SINGAPORE
BRIT.&
HOLDINGS RAFFLES
EDUCATION INTERRA RES. GOODPACK RSH INFORMATICS RESOURCES
OLAM INTERNATION
AL
GOODPACK PERMASTEELIS A PAC.HLDG.
INGRAM MICRO ASIA
LTD. EDUCATION
GLOBAL YELLOW PAGES
RAFFLES EDUCATION
GREAT RESOURCES
CHINA ENERGY MIDAS HDG. BEAUTY CHINA INVESTMENTS
Q&M DENTAL GP.(SING.)
MEMSTAR TECHNOLOGY
BRIT.&
FJ BENJAMIN HOLDINGS
LIAN BENG GROUP
Q&M DENTAL GP.(SING.)
HEALTH MAN.INTL.
LUYE PHARMA GROUP TECHNOLOGY
SEMBCORP LOGISTICS
STX OSV
HOLDINGS GMG GLOBAL LH GROUP KEPPEL TELECOM.&
TRSP.
YONGNAM
HOLDINGS JIT HOLDINGS BBR HOLDINGS
(S) XPRESS EDUCATION
ENVIRO-HUB
CENTRALAND JIUTIAN CHEMICAL GP. SINGAPORE
TRANSMARCO JIT HOLDINGS
AMTEK
ENGINEERING SILVERLAKE
AXIS STRATECH
SYSTEMS SAKARI
RESOURCES BAKER
TECHNOLOGY HLH GROUP AQUA-TERRA
SUPPLY BREADTALK
GROUP VENTURE
CORP. GENTING SINGAPORE RH PETROGAS BRIT.&
MYN.TRUSTEE S
BBR HOLDINGS
(S) OLAM
ENTERPRISES BRIT.&
MYN.TRUSTEE S
VENTURE CORP.
INFORMATICS EDUCATION
CENTRALAND FALCON ENERGY
SINGAPORE ADDVALUE
TECHS. RSH BBR HOLDINGS RESOURCES
YEO HIAP
RESOURCES PACIFIC
CEN.REGL.DEV
TECHNICS OIL
& GAS YEO HIAP
SENG INTERRA RES. DARCO WATER
TECHS. MANHATTAN RESOURCES
Value Investing Stock Returns
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
18.18% 18.18% 1557.14% -23.53% 48.10% -2.63% 57.50% 7.60% 200.00% -23.00%
-18.82% 31.82% 18.18% -83.33% -25.71% -1.43% 31.69% 14.39% 104.11% 12.82%
23.08% 71.43% 7.25% -57.58% -40.82% 111.63% 157.14% -16.67% 50.00% 5.00%
17.27% 0.82% 75.00% -89.66% 2.56% 356.14% 45.88% -17.24% 88.89% 3.70%
-12.73% 0.00% 8.57% -42.18% 25.00% 55.17% 41.18% 8.89% 46.67% -57.14%
56.67% 29.19% 87.94% -65.33% 46.20% 139.29% 95.66% -2.48% 217.54% -21.05%
12.50% -6.25% 110.50% -32.53% -29.73% 257.14% 110.09% 5.41% 240.74% 34.09%
-34.84% 189.80% 433.33% -37.50% -16.35% 50.00% 25.00% 29.31% 157.14% -12.65%
3.08% 39.29% 55.56% -62.50% -3.16% 104.48% 55.48% 12.96% 24.00% -6.12%
-22.06% 7.14% 117.65% -52.00% 145.28% -29.46% 51.52% 6.29% 29.23% -15.25%
-3.89% 5.36% 70.59% -27.78% -1.90% -7.50% 65.52% 11.49% 312.65% 15.66%
22.40% 82.86% 300.00% -74.58% 18.60% 68.75% 147.62% -10.00% 92.05% -22.50%
50.00% 3.33% 28.57% -5.88% -26.27% 110.26% 6.06% -13.64% 92.62% 0.94%
-24.24% 27.78% 126.67% -50.00% 19.86% -9.68% 25.42% 7.77% 107.69% -29.17%
-15.38% -24.32% 150.00% -40.00% 6.84% 187.80% 30.61% 10.78% 84.67% -17.30%
-1.11% 25.80% 262.50% -23.86% 20.00% 71.43% 4.59% -47.37% 66.10% 7.17%
-58.11% 18.75% 86.96% -71.66% -12.20% 38.80% 35.19% 10.87% 333.33% -15.79%
-33.33% -16.37% 63.64% -47.94% 58.65% 12.69% -17.24% 11.63% 27.90% -17.91%
-5.49% 3.85% 77.78% -16.67% -18.42% 42.42% 27.27% 11.54% 119.86% -13.45%
-50.00% 4.41% 185.16% -45.76% 12.50% 21.83% 108.33% 21.95% 33.33% -64.31%
20.00% 40.00% 0.00% -52.94% -16.98% 68.61% 15.94% -15.00% 47.22% 15.56%
7.50% -5.00% 83.20% -65.52% -21.74% 32.58% 45.83% -19.35% 84.62% 68.38%
-29.41% 30.00% 150.00% -60.00% 19.74% 104.17% 29.96% -9.86% 144.07% -35.34%
-40.00% -20.00% 121.05% -52.85% 25.93% 40.54% -14.94% 32.99% 90.91% 2.74%
-17.89% -7.69% 42.86% -20.45% -34.09% -7.14% -51.28% -50.00% 377.38% 7.77%
-70.73% 21.43% 402.99% -8.84% -13.46% 21.05% -4.00% -7.14% 41.18% 35.71%
0.92% 56.00% 85.71% -12.50% 26.51% 233.63% 40.63% 6.19% 15.12% 5.69%
100.00% 0.00% 92.19% -60.38% -10.28% -37.50% 175.00% 0.88% 57.89% -21.74%
61.58% 8.51% 109.38% -40.00% -19.06% 2.17% -17.39% -42.86% 14.81% -40.34%
24.00% 23.02% 56.67% -58.42% -2.27% 121.20% 45.45% 24.37% 215.96% -20.00%
Growth Investing Stock Returns
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
-29.36% 0.61% 26.47% -25.68% -32.39% -53.74% 109.52% -18.83% 109.09% -27.77%
-29.73% -30.49% 83.33% -87.31% -3.61% 80.82% 107.12% 10.66% 12.67% -64.69%
-48.00% -29.60% 255.81% -25.27% -34.38% -44.29% 9.38% -33.62% 40.91% 22.22%
-66.25% -14.37% 42.28% -54.23% 10.77% 71.77% -5.48% -40.90% 126.43% -71.56%
-28.57% 32.54% 91.11% -23.46% 9.59% -3.17% 46.67% -30.61% 169.90% -19.85%
-29.09% 18.67% 76.96% -48.53% -56.11% 62.42% 18.75% 123.67% 121.60% -25.12%
-16.41% -6.78% 50.00% -38.89% -64.95% 50.43% -11.11% -34.25% 66.32% -60.94%
-51.31% -29.46% 50.00% -71.48% -46.42% -42.11% -25.00% -40.74% 80.35% -65.38%
-10.26% -4.02% 25.61% -82.68% -66.83% -37.88% 134.48% -21.37% -1.53% -13.64%
0.00% 31.64% 50.72% -43.61% -63.36% -29.80% -10.29% 87.23% -10.64% -67.93%
6.33% -34.85% -17.14% -57.61% -23.14% 22.31% 142.66% -84.03% 12.73% -19.33%
38.18% -68.75% 45.05% -62.58% -18.75% 10.30% 20.00% -65.22% 78.89% -40.74%
-56.36% -25.00% 96.61% -58.82% -45.67% 23.08% -24.14% -38.58% 0.00% 0.00%
-19.87% -34.10% 32.68% -20.00% -33.61% 842.86% 280.10% -21.64% 29.68% -14.23%
12.70% -28.89% -32.58% -56.63% 4.79% 300.00% 36.89% -20.28% 68.29% -33.58%
8.96% -50.00% 64.26% -46.25% -0.32% -40.98% 50.00% 10.17% -5.55% -30.00%
-45.54% -44.34% 63.64% -32.22% -23.67% 0.00% 121.69% 43.54% 8.33% 0.00%
3.00% -22.45% 53.74% -54.10% -45.38% 109.71% -4.52% 23.50% 30.54% -42.65%
-17.61% 70.37% 94.12% -67.27% -61.15% 91.35% 7.78% -51.75% 89.47% -18.10%
-28.81% -7.84% 100.00% -81.98% -70.15% 141.82% 436.36% 6.57% -22.75% -13.89%
13.64% -14.54% 63.64% -78.57% -31.58% 9.33% -19.28% -66.67% 259.92% -15.09%
54.96% 61.45% 36.36% -79.25% -36.36% 0.32% 60.00% -31.25% -51.06% -63.74%
1.87% 103.64% -32.23% -38.86% -40.91% -14.29% 59.06% -24.03% 80.65% -41.70%
-17.04% 40.50% -34.78% -29.79% -70.16% 60.00% -10.00% -5.07% 108.33% 0.32%
-35.71% -13.53% 33.33% -61.59% 18.37% 170.83% 133.33% -20.33% 41.27% -31.09%
-43.02% 23.78% 0.00% -37.49% 2.51% 114.17% 60.22% -41.86% 1.45% -17.69%
-26.67% -35.63% 42.42% -48.00% 15.46% -85.64% -11.52% -60.00% -2.62% -32.94%
-17.77% -50.00% -36.36% -40.00% -53.13% -14.97% -55.71% -48.77% 6.21% 36.22%
-45.80% -3.08% 10.00% -27.35% -19.76% -44.07% 7.66% -60.37% 36.84% -40.48%
-18.30% -31.65% 55.26% -45.00% -64.55% 25.78% -9.82% -73.04% -6.90% -90.90%
SGX’s returns among portfolios
Value Portfolio Return Growth Portfolio Return Market Return
2003 -7.26% -30.14% -27.88%
Compound Average Return 24.89% -2.59% 5.66%
• Philippines (PSE)
Value Investing Stock Lists
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
SM INVESTMENTS
SM INVESTMENTS
GMA HOLDINGS PDR
SM INVESTMENTS
SM INVESTMENTS
SHANG PROPERTIES
FIL-ESTATE STI
PRIME ORION PHILPS. PROPERTIES
A SORIANO UNVL.RIGHTFI ELD PR.HDG.
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KEPPEL
SAN MIGUEL PURE FOODS
SAN MIGUEL PURE FOODS
MEGAWORLD LIBERTY FLOUR MILLS PROPERTIES
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PHILODRILL
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