Large part of ASEAN markets undiscovered
- More than half of ASEAN’s listed companies in the small cap segment (US$100-500mn)
- This is significantly higher than other regions
- Institutional money focused on stocks >US$1bn with some focus on US$0.5-1bn
- Mis-priced opportunities in smaller companies
- PER averages show there is a premium as companies get bigger
Civetta focuses on undiscovered small cap segment
- Civetta targets ASEAN companies with a market cap of US$100-500mn
- ASEAN Funds typically invest in large caps (US$14bn average)
- Alex has specialised in ASEAN small cap investing since 1999
- James joined Civetta Capital in 2013 having worked in ASEAN since 1993