Embracing Growth in Asia: Matthews Pacific Tiger - Citywire€¦ · Embracing Growth in Asia:...

Embracing Growth in Asia: Matthews Pacific Tiger Sharat Shroff, CFA May 2014

The subject matter contained herein has been derived from several sources believed to be reliable and accurate at the time of compilation. Matthews International Capital Management, LLC does not accept any liability for losses either direct or consequential caused by the use of this information. Please see important disclosures at the end of this presentation.

Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction. ©2014 Matthews International Capital Management, LLC GL.PT064

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Do not give, show or quote to any other person. This document is not for public distribution and is for institutional/professional use only and has not been registered with, or approved by, any regulatory authority in any jurisdiction.© 2014 Matthews International Capital Management, LLC G.PT064

Matthews Overview

About Matthews

Largest dedicated Asia investment specialist in the United States

Investing in Asia since 1991 through a variety of market environments

Independent, privately owned firm with significant employee ownership

Range of Asia investment strategies across the risk-reward spectrum

Offering a unique investment perspective from a strategic location in San Francisco

KEY FACTS As of March 31, 2014

Total assets under management $24.9 billion

Regional strategies $22.5 billion

Single-country strategies $2.4 billion

Investment team members* 37

*As of May 1, 2014

Matthews International Capital Management, Inc. (“Matthews”) is the advisor to the Matthews Asia Funds

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1991 G. Paul Matthews founds Matthews International Capital Management

1994 Matthews Asia introduces Asia ex-Japan and Asian Growth & Income

1998 China inception

1998 Japan inception

2003 Asia Growth

inception 2008 Asia Small Companies

inception

2010 Matthews Asia introduces

off-shore funds for non-U.S. investors

2005 India inception

2006 Asia Dividend

inception

1999 Asia Science and Technology inception

1995 Korea inception

1992 Firm launches an investment vehicle for the Asia ex-Japan region

2009 China Dividend

inception 2011

China Small Companies inception

2011 Asia Strategic Income

inception

Matthews History Matthews has chosen to launch new strategies when there are compelling investment opportunities

1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2013 Asia Focus and Emerging Asia

inception

4


Investment Philosophy and Approach The foundation of Matthews’ investment philosophy is our belief in the long-term economic growth and development of the countries in Asia

Active management We believe many of the region’s widely used indices are backward looking and are not representative of the industries and companies that will be successful in the future. With respect to the region’s debt indices, we believe they are representative of the most indebted countries as opposed to the most creditworthy.

Long-term focus on Asia We believe a long-term approach is the most effective way to capitalize on Asia’s evolution. Matthews has been investing in Asia since 1991 and we draw on our experience to identify investment opportunities that stand to benefit from the growth and development of markets throughout the region.

Bottom-up research We employ a fundamental, bottom-up investment process. For equities, we seek to identify companies with sustainable long-term growth prospects, strong business models, quality management teams and reasonable valuations. For debt securities, we look for issuers that demonstrate strength in credit, currencies and interest rates. This research process involves more than 2,500 company visits each year.

Defining Asia’s investment strategies We strive to provide investors a range of Asia strategies across the risk-reward spectrum and launch new strategies when there are compelling investment opportunities in the region.

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Chief Investment Officer Provides investment oversight of the firm’s entire managed portfolios and sets the research agenda for the investment team

Investment Strategist Helps formulate long-term views of Asia’s developments while also complementing the investment team with in-depth analysis on Asia; communicates to clients and media the firm’s perspectives and insights

Lead Manager Has overall responsibility for portfolio, including research responsibilities and final buy/sell decisions; responsible for day-to-day investment decisions

Co-Manager Acts as backup to Lead Manager; has trading rights and management of cash flow within the strategy’s parameters set by the Lead Manager; also has research responsibilities

Analyst Acts as a generalist, handling research for the strategy; may also have region or sector specialties

Deep expertise in Asian markets Diverse backgrounds, common philosophy Investment team organized by strategies

Our Investment Team

Chief Investment Officer Robert J. Horrocks, PhD

Portfolio Managers Kenichi Amaki Sunil Asnani Winnie Chwang Richard H. Gao Michael B. Han, CFA Robert Harvey, CFA Robert J. Horrocks, PhD Gerald M. Hwang, CFA Taizo Ishida Teresa Kong, CFA Kenneth Lowe, CFA J. Michael Oh, CFA Satya Patel Sharat Shroff, CFA Lydia So, CFA In-Bok Song Vivek Tanneeru Henry Zhang, CFA Sherwood Zhang, CFA Yu Zhang, CFA Beini Zhou, CFA

Investment Strategist Andy Rothman

Analysts Siddharth Bhargava Hayley Chan Raymond Z. Deng Colin Dishington, CA Rahul Gupta Tiffany Hsiao, CFA Tarik Jaleel, CFA Soo Chang Lee, CFA Sudarshan N. Murthy, CFA Satya Patel Jerry C. Shih, CFA Kara Yoon Hardy Zhu

As of May 1, 2014

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FUND FACTS

Inception Date Fund April 30, 2010 Strategy September 12, 1994

Cap Range All Cap

Number of Holdings 60 to 75

Turnover Range 20% to 50%

Benchmark MSCI All Country Asia ex Japan Index

Assets (as of March 31, 2014) Fund $218.0 million Strategy $7.2 billion

Investment Objective Long-term capital appreciation in Asia ex-Japan

Strategy Seeks to invest at least 80% of its total net assets in the common and preferred stocks of companies located in Asia excluding Japan that are capable of sustainable growth based on the fundamental characteristics of those companies.

Fund Profile | Pacific Tiger

Ratings

Portfolio Manager changes effective as of May 1, 2014 Fund ratings represent an opinion only and are not a recommendation to buy or sell any fund.

SHARAT SHROFF, CFA RICHARD GAO

Lead Manager Co-Managers

IN-BOK SONG

http://global.matthewsasia.com/resources/docs/global.matthewsasia.com/reports/Morningstar_Pacific_Tiger_Rating_Report.pdf

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Equity Selection Framework

GOOD BUSINESS (GB) • Industry structure

conducive to sustained profitability

• Secular growth • Recurring demand • Barriers to entry • Self-financing

APPROPRIATE VALUATION (AV) • Sanity check • Less about market timing • Try not to overpay

GOOD MANAGEMENT (GM) • Transparency, integrity,

professionalism • Alignment with minority

shareholders • Execution track record • Deployment of capital

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Higher ROIC Provides Greater Sustainability to Operations… 85% of 1st quartile companies in Asia ex Japan in 2001 remained in top two quartiles in 2013

Asia ex Japan universe as defined by FactSet, Review of 3-year rolling median ROIC companies for the periods 2001–2003, and 2011–2013.

ROIC = Return on Invested Capital Sources: FactSet, MICM; Data as of May 2014

Based on Median ROIC for Asian Companies, 2013

0%

10%

20%

30%

40%

50%

60%

70%

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

Persistence in Underlying Operation of Companies in Asia ex Japan

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… And Also Enables Higher Long-Term Growth

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

10 Year CAGR in Sales

ROIC Quartile 2001–2003

Asia ex Japan universe as defined by FactSet, Review of 3-year rolling median ROIC first quartile companies in 2001–2003, and their 10-year CAGR in sales.

ROIC = Return on Invested Capital; CAGR = Compound Annual Growth Rate Sources: FactSet, MICM; Data as of May 2014

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Matthews Pacific Tiger Fund versus Benchmark Focus on businesses capable of sustainable growth

Sources: FactSet, MSCI, MICM; Data as of December 31, 2013

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

MSCI AC Asia ex Japan Benchmark Companies Matthews Pacific Tiger Fund

Commodities

Manufacturing

Finance

Consumer

Healthcare

Services

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“Walk the Path of Quality and Efficiency”

Factory in Dongguan, China

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Case Study | Taiwanese Electronic Solution Provider

COMPANY SALES GROWTH

IDEA GENERATION

— Research trip to Taiwan, conversations with peers and competitors, and other parts of the ecosystem

MILESTONES

— R&D efficiency compared to some of their peers

DRIVING EFFICIENCY AND PRODUCTIVITY GAINS FOR THEIR CLIENTS

— Essential but not expensive

— Slow and measured gains within the Industrial Automation sector

— Recently, company further enhanced its offering into datacenter and cloud computing area

0%

5%

10%

15%

20%

25%

0%

1%

2%

3%

4%

5%

6%

7%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

R&D/Sales ROIC

Source: Company data

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Asian Health Care Companies have Grown … Capital markets are still dominated by pharmaceutical oriented business models

Source: Thomson One Reuters, as of November 2013

JAPAN PHARMACEUTICALS CHINA PHARMACEUTICALS

INDIA PHARMACEUTICALS KOREA

PHARMACEUTICALS

AUSTRALIA BIOTECH JAPAN

HEALTH CARE DISTRIBUTORS

KOREA BIOTECH

TAIWAN BIOTECH

TAIWAN PHARMA

AUST

RALI

A HE

ALTH

CA

RE E

QU

IPM

ENT

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… But They are Still Small When Compared to Global Peers

Source: Thomson One Reuters , as of November 2013

JAPAN PHARMACEUTICALS CHINA PHARMACEUTICALS

INDIA PHARMACEUTICALS KOREA

PHARMACEUTICALS

AUSTRALIA BIOTECH JAPAN

HEALTH CARE DISTRIBUTORS

KOREA BIOTECH

TAIWAN BIOTECH

TAIWAN PHARMA

AUST

RALI

A HE

ALTH

CA

RE E

QU

IPM

ENT

Top Three Companies in the U.S.

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Case Study | Korean Pharmaceutical Company Milestones as a key indicator

Sources: MICM, Factset Research Systems

MILESTONE ACHIEVED

2010: Entered into a major distribution contract

2011: Passed "Product Qualification" from World Health Organization (WHO)

MILESTONE TO BE MET

Leverage its China subsidiary

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

$0

$100

$200

$300

$400

$500

$600

$700

$800

2005 2006 2007 2008 2009 2010 2011

R&D

Expe

nse

as a

% o

f Rev

enue

Reve

nue

(US$

M)

Revenue (LHS) R&D Expense % of Revenue (RHS)

R&D AS A PERCENT OF REVENUE

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Consumption is Changing Choices for consumers are starting to increase

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Case Study | Asian Services Company

Sources: MICM, FactSet Research Systems

IDEA GENERATION

— Cross fertilization of ideas within Matthews Asia investment team

MILESTONES

— Evidence of continuing expansion into newer industry verticals

— Evidence of continuing geographic expansion into emerging parts of Asia

— Traction with Asian companies

0%

5%

10%

15%

20%

25%

30%

2009 2010 2011 2012 2013

Return on Net Operating Capital

Asia 25%

Europe 40%

Americas 35%

ORIGIN OF COMPANY’S KEY CLIENTS

Thailand 36.5%

Rest of World 3.8%

Greater China 27.4%

Malaysia/ Singapore

20.7%

Asia Pacific Other 11.6%

NET SALES BY REGION

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Case Study | Korean Cosmetics Brand Company

Source: MICM, Company Annual Report

0%

5%

10%

15%

20%

25%

0%

1%

2%

3%

4%

5%

6%

2009 2010 2011 2012 2013

Operating Profit Contribution from China ROIC

ROIC Operating profit contribution

2001: 1st Brand Launch

2005: 2nd Brand Launch

2012: 3rd Brand Launch

2013 4th Brand Launch

0%

2%

4%

6%

8%

10%

12%

2009 2010 2011 2012 2013

China Sales % of Consolidated

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Investment Returns | Pacific Tiger Fund As of March 31, 2014

AVERAGE ANNUAL TOTAL RETURNS

1.88%

3.67% 4.30%

6.88%

-0.68%

3.07%

1.05%

5.00%

3 Months 1 Year 3 Years Since Inception (4/30/10)

Pacific Tiger Fund (I Acc, USD) MSCI AC Asia ex Japan Index

All performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate with market conditions so that when redeemed, shares may be worth more or less than the original cost. Current performance may be lower or higher than performance shown. Investors investing in funds denominated in non-local currency should be aware of the risk of currency exchange fluctuations that may cause a loss of principal. Performance details provided are based on a NAV to NAV basis, and are net of management fees and other expenses.

Sources: JP Morgan, Bloomberg, MICM

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Investment Returns | Pacific Tiger Strategy As of March 31, 2014

AVERAGE ANNUAL TOTAL RETURNS

Performance results are of the largest account in the noted strategy managed by Matthews International Capital Management LLC. The performance results are net of advisory and other fees. Matthews’ advisory fees may vary depending on the size and nature of the assets and account. All performance is in US$ and includes all dividends and interest accrued income, realized and unrealized gains or losses, accrued expenses, and are net of all brokerage commissions and execution costs and advisory and other fees. Individual account performance will vary. Performance quoted represents past performance and is no guarantee of future results. This performance information does not, and it is not intended to, represent performance of the Matthews Pacific Tiger Fund, which commenced operations on April 30, 2010. For performance information for the Matthews Pacific Tiger Fund, please see the previous slide or visit matthewsasia.com. Performance results, portfolio characteristics, and holdings information for the Matthews Pacific Tiger Fund may vary from the representative account for the strategy.

Index since inception value calculated from 8/31/94

Sources: BNY Mellon Investment Servicing, Bloomberg, MICM

2.32% 3.17% 4.68%

20.19%

12.42%

8.90%

-0.68%

3.07% 1.05%

16.51%

10.06%

4.02%

3 Months 1 Year 3 Years 5 Years 10 YearsSince Inception

(9/12/94)

Pacific Tiger Strategy MSCI AC Asia ex Japan Index

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Portfolio Characteristics | Pacific Tiger Fund As of March 31, 2014

Benchmark: MSCI All Country Asia ex Japan Index

The information contained in this presentation does not, in any way, constitute investment advice. Portfolio characteristics for the Fund may vary from time to time from what is shown.

Sources: FactSet Research Systems, MICM

COUNTRY ALLOCATION (%)

Fund Benchmark Difference

China/Hong Kong 24.7 36.6 -11.9

India 17.7 8.7 9.0

South Korea 17.3 20.3 -3.0

Taiwan 8.7 15.3 -6.6

Indonesia 7.2 3.4 3.8

Thailand 5.8 2.9 2.9

Malaysia 4.0 5.0 -1.0

Switzerland 2.3 0.0 2.3

Philippines 2.2 1.2 1.0

Vietnam 1.6 0.0 1.6

Singapore 1.1 6.6 -5.5

Cash and Other 7.4 0.0 7.4

SECTOR ALLOCATION (%)


Financials 25.1 31.1 -6.0

Consumer Staples 20.3 5.6 14.7

Information Technology 14.9 21.1 -6.2

Consumer Discretionary 9.8 10.4 -0.6

Health Care 6.2 1.4 4.8

Utilities 6.1 3.9 2.2

Industrials 5.1 9.0 -3.9

Telecom Services 2.8 5.9 -3.1

Materials 1.9 5.7 -3.8

Energy 0.4 5.9 -5.5

Cash and Other 7.4 0.0 7.4

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Portfolio Characteristics | Pacific Tiger Fund As of March 31, 2014

MARKET CAP EXPOSURE (%)


Large Cap ($5B+) 72.3 86.6 -14.3

Mid Cap ($1B–$5B) 19.9 13.3 6.6

Small Cap (<$1B) 0.4 0.1 0.3

Cash and other 7.4 0.0 7.4

PORTFOLIO CHARACTERISTICS

Fund

Weighted Average Market Cap $23.0 billion

P/E using FY1 Estimates* 16.2x

P/E using FY2 Estimates* 14.2x

The information contained in this presentation does not, in any way, constitute investment advice. Portfolio characteristics for the Fund may vary from time to time from what is shown.

Sources: FactSet Research Systems, MICM

Benchmark: MSCI All Country Asia ex Japan Index *The price to earnings ratio (P/E) estimates are calculated by dividing the market price per share by the expected earnings per share for a 12 month period (FY1) and 24 month period (FY2). P/E estimates were calculated as of 3/31/14 using data from FactSet and are forward looking. There is no guarantee that P/E estimates will be realized. There is no guarantee that the composition of the portfolio will remain unchanged, or that the companies in the portfolio will achieve their forecasted P/E ratios. Information provided is unaudited.

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Top Ten Holdings | Pacific Tiger Fund As of March 31, 2014

Company Sector Country %

Amorepacific Corp. Consumer Staples South Korea 3.4

Ping An Insurance Group Co. of China, Ltd. Financials China/Hong Kong 3.0

Dongbu Insurance Co., Ltd. Financials South Korea 2.9

Delta Electronics, Inc. Information Technology Taiwan 2.8

President Chain Store Corp. Consumer Staples Taiwan 2.7

Tata Power Co., Ltd. Utilities India 2.5

Central Pattana Public Co., Ltd. Financials Thailand 2.5

Samsung Electronics Co., Ltd. Information Technology South Korea 2.4

DKSH Holding, Ltd. Industrials Switzerland 2.3

Kotak Mahindra Bank, Ltd. Financials India 2.3

Total for Top 10 26.8%

The information contained in this presentation does not, in any way, constitute investment advice. It should not be assumed that any investment will be profitable or will equal the performance of the portfolios or any securities or any sectors mentioned herein. The information does not constitute a recommendation to buy or sell any securities mentioned.

Sources: JP Morgan, MICM

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Disclosure These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only. To the extent that these materials are circulated, it is intended that they be circulated only to persons to whom they may lawfully be distributed and any recipient of these materials should inform themselves about and observe any applicable legal requirements. Persons who do not fall within such descriptions may not act upon the information contained in these materials. This document is not a Prospectus/Offering Document and does not constitute an offer to the public. No public offering or advertising of investment services or securities is intended to have taken effect through the provision of these materials. Nothing in these materials is or shall be considered to be an offer of advisory or investment services to any recipient. The information presented in these materials is believed to be materially correct at the time of compilation, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Nothing set out in these materials is or shall be relied as a promise or representation as to the future. The manager referred to in these materials means a U.S.-based investment adviser registered with the U.S. Securities and Exchange Commission who has not represented and will not represent that it is otherwise registered with any other regulator or regulatory body. Investors should ascertain from their professional advisers the consequences of investing with Matthews under the relevant laws of the jurisdictions to which they are subject including the tax consequences and any exchange control requirement. Investors should carefully consider the investment objectives, risks, charges and expenses of any strategy before making an investment decision. An investment in Matthews Asia Funds may be subject to risks, such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. In addition, single-country may be subject to a higher degree of market risk than diversified funds because of a concentration in a specific geographic location. Investing in small- and mid-size companies is more risky than investing in large companies as they may be more volatile and less liquid than large companies. Please see the Prospectus/Offering Document for a Fund for additional information about the risks of investing in a Fund. This discussion of the risks associated with investing in Matthews Asia Funds is not exhaustive and prospective investors should consult a Fund’s Prospectus/Offering Document before making an investment decision. The shares described in each Fund’s Prospectus/Offering Document and the related documents have not been registered or qualified under the laws of, and may not be offered or sold, directly or indirectly, to the public in Austria, Bahrain, Chile, Colombia, Denmark, Egypt, Finland, Iceland, Israel, Italy, Kuwait, Netherlands, Norway, Peru, Portugal, Qatar, Saudi Arabia, Singapore, Sweden, or United Arab Emirates. The Fund’s Prospectus/Offering Document and other related materials and documents have not been filed with or approved by the regulatory authorities of Austria, Bahrain, Chile, Colombia, Denmark, Egypt, Finland, Iceland, Israel, Italy, Kuwait, Netherlands, Norway, Peru, Portugal, Qatar, Saudi Arabia, Singapore, Sweden, or United Arab Emirates and are not intended to constitute a public offering in such countries and should not be construed as such. In particular, these materials shall not constitute an offer to sell or a solicitation of an offer to buy the shares described in each Fund’s Prospectus/Offering Document and in the related materials and documents and no steps may be taken that would constitute or result in a public offering or distribution of the shares in Austria, Bahrain, Chile, Colombia, Denmark, Egypt, Finland, Iceland, Israel, Italy, Kuwait, Netherlands, Norway, Peru, Portugal, Qatar, Saudi Arabia, Singapore, Sweden, or United Arab Emirates, including by use of any public advertisement of similar public communication. The Shares of the Fund have been registered with the Monetary Authority of Singapore as a restricted scheme. The shares of the Funds are only available for certain non-U.S. Persons in select transactions outside of the United States, or in limited circumstances, otherwise in transactions which are exempt from the registration requirements of the United States Securities Act of 1933, as amended. This document does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. This document is directed at and intended for institutional investors (as such term is defined in the various jurisdictions). This document is provided on a confidential basis for informational purposes only and may not be reproduced in any form or transmitted to any person without authorization from Matthews International Capital Management, LLC. It is the responsibility of any persons wishing to subscribe for shares to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdictions. Prospective investors should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business with respect to the acquisition, holding or disposal of shares, and any foreign exchange restrictions that may be relevant thereto.

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Disclosure Morningstar Analyst Rating as of 22 March 2012. ©2014 Morningstar. All Rights Reserved. The Morningstar Analyst Rating™ is subjective in nature and reflects Morningstar’s current expectations of future behaviour of the fund. Morningstar does not guarantee that a fund will perform in line with its Rating. Likewise, the Rating should not be seen as a guarantee/assessment of the creditworthiness of a fund or its underlying securities and should not be used as the sole basis for making any investment decisions.

For Fund ratings reports and additional details on Fund ratings definitions, please go to matthewsasia.com.

The MSCI All Country Asia ex Japan Index is a free float–adjusted market capitalization–weighted index of the stock markets of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand. The Pacific Tiger Strategy may invest in countries that are not included in the MSCI All Country Asia ex Japan Index.

In the UK, this document is available for Professional Investors only. Issued in the UK by Matthews Global Investors (UK) Limited, which is an appointed representative of Mirabella Financial Services LLP, which is authorised and regulated by the Financial Conduct Authority, FRN 415559

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Appendix

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India Offers the Potential to Invest in Uncorrelated Growth

Rolling growth for 12 month EPS for the period between 1Q2001 and 1Q2014 calculated for each quarter Source: Thomson Reuters

0%

5%

10%

15%

20%

25%

30%

China India US

EPS Growth

Volatilty in EPS Growth

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Matthews Pacific Tiger Fund Aims for Higher Quality Businesses

5-year Sales CAGR and P/E Ratio data depicted are for all securities held in the Pacific Tiger Fund. Each bubble represents a company in the portfolio. Each point represents a plotting of the portfolio company’s 5-year sales CAGR and P/E Ratio based on FactSet data and MICM calculations. The 5 year Return on Equity average, the 5 year sales CAGR and forward P/E ratio data depicted are for all securities held in the Pacific Tiger Fund. Bubble sizes are in proportion to a company’s 5 year ROE average as of 5/5/2014. There is no guarantee that the composition of the portfolio will remain unchanged or that the companies in the portfolio will achieve their return equity or forward P/E ratio or 5 year sales CAGR. The forward price per earnings ratio (“Forward P/E”) is calculated by dividing the market price per share by the expected earnings per share for 2014. Forward P/E was calculated as of 5/5/2014 and is forward looking. There is no guarantee that Forward P/E will be realized.

Sources: FactSet, MICM; Data as of 5/5/2014

Blue = Matthews Pacific Tiger Fund Median Green = MSCI AC Asia ex Japan Index Tan = Companies in portfolio

-20

-10

0

10

20

30

40

50

60

70

0 10 20 30 40 50 60P/E FY1

5 YEAR REVENUE CAGR

Embracing Growth in Asia: Matthews Pacific Tiger - Citywire€¦ · Embracing Growth in Asia:...

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