Investments Held
 |
Investments Held as at 31 December 2009
To find out more about what these companies do and why we like them see below...
Disclaimer: Please note that Marlin Global Limited accepts no liability for the accuracy of Google Finance Stock Codes. If you have any further questions, please call us.
|
Company Profiles
(Comments are as at 31 December 2009)
China Automation Group (China)
What does it do?
The number 1 provider of industrial safety control systems in China. Their products ensure that equipment in factories function correctly and then highlight when issues arise.
Why do we own it?
Their end markets of energy, petrochemical and railway have an increased focus on safety regulations by the Chinese government. In addition, upgrading the rail network in China is a big initiative over the next few years.
China Zaino (China)
What does it do?
A leading branded backpack and luggage company in Asia with head quarters in the Fujian province in China.
Why do we own it?
A extremely undervalued beneficiary of the increasing consumer society in China.
Home Inns (China)
What does it do?
Home Inns is the #1 economy hotel chain in China.
Why do we own it?
As the dominant operator in an emerging industry the company is poised to grow from more than 250 hotels in 65 cities to 1,000 hotels in 100 cities across China during the next 5 years.
Hongguo (China)
What does it do?
China based shoe retailer with multiple brands providing mid-high end women’s fashion shoes.
Why do we own it?
Their flagship brand, C Banner, has proven extremely successful with more than 600 stores throughout China and we believe this can grow to 1,000 stores over the next 5 years. On the heels of this success, the company has emerged into a multi brand concept. They launched a second brand called E Blan and last year announced a joint venture with Brown Shoe, a successful US based shoe retailer, to sell the Via Spiga and Naturalizer brands throughout China.
Midas Holdings (China)
What does it do?
The primary supplier of aluminum train bodies to train manufacturers in China.
Why do we own it?
Midas benefits from the trend away from the use of steel to manufacture train bodies towards aluminium bodies. Midas also owns a 33% stake in Nanjing Puzhen Rail Transport, one of only 4 licensed companies approved by the Chinese government to produce and sell metro train cars in China. They are also exploring alternative applications for aluminium profiles, such as the aerospace industry.
O2 Micro (China)
What does it do?
Sells semiconductor chips with their core competencies being power management, advanced lighting (CCFL, LED) and security applications.
Why do we own it?
With a top tier customer list featuring Sony, Apple and HP, the company’s strategy is to increase dollar content per device and per customer by cross-selling new innovative products.
Ports Design (China)
What does it do?
A Chinese high end ladies and men’s fashion designer. In addition to their flagship Ports brand they also have rights to sell BMW, Giorgio Armani S.p.A. and Vivienne Tam apparel and accessories throughout China.
Why do we own it?
With a premium brand and a long history of successful execution this is a company that is poised to continue growing in China and has the potential to develop into a global brand.
Wasion Group (China)
What does it do?
A leading energy measurement systems provider in China. Their core competency is automated meter readers and data collection terminals for the gas, electricity and water industries.
Why do we own it?
The Chinese government has committed to upgrading the electricity grid over the next 5 years with automated meter reading being a key initiative.
Zhuzhou CSR Times Electric (China)
What does it do?
The main provider of electrical power supply equipment for the Chinese train manufacturers.
Why do we own it?
The rail industry in China has entered a period of sustained growth with spending expected to at least triple during the next five years.
Nokian Renkaat (Finland)
What does it do?
Manufactures and markets high end performance and winter tyres in Scandinavia and Russia where harsh winter conditions require most cars to have alternate sets of summer and winter tyres.
Why do we own it?
Rising wealth in Russia and Ukraine is driving rapid growth in car registrations, especially in the premium segment where Nokian is the market leader. Nokian maintains a large advantage over global competitors by producing locally in Russia to avoid import tariffs.
Gameloft (France)
What does it do?
Has developed and published more than 200 video games for mobile phones and other electronic devices.
Why do we own it?
With a combination of its own proprietary and licensed content they should continue to gain penetration with mobile customers around the world. The company is currently developing games for the new generation of mobile phones as well as the ipod and iphone which will continue to drive its growth.
Biotest AG (Germany)
What does it do?
Biotest is a pharmaceutical and diagnostic company based in Germany that specializes in processing blood and extracting plasma for use in treatment of diseases.
Why do we own it?
They are a market leader in Europe that have recently expanded into the US
Stratec Biomedical Systems (Germany)
What does it do?
Designs, develops and produces fully automated systems for partners in clinical diagnostics and biotechnology.
Why do we own it?
The company’s competitive advantage lies in its technology which enables manual laboratory techniques to be transformed into automated processes. The company accelerates time to market for its clients and allows them to devote resources to their core business of developing tests.
Wirecard AG (Germany)
What does it do?
Wirecard is one of the main payment processors for internet transactions in Europe.
Why do we own it?
The company charges a transaction fee every time someone buys or sells something on the internet from a Wirecard customer. They recently launched their own virtual credit card (a prepaid MasterCard) which is a big opportunity as credit card penetration in Europe is still relatively low.
Jumbo (Greece)
What does it do?
Greece's largest retailer operating in the toys, baby apparel and seasonal home products market.
Why do we own it?
Jumbo has consistently grown earnings more than 20% per year by expanding and opening new stores and adding or improving merchandise mix. The company has recently begun a new growth initiative to open stores in the Balkans, which has a combined population of more than three times that of Greece, their core market.
City Telecom (Hong Kong)
What does it do?
The leading technology provider for high speed broadband internet access in Hong Kong.
Why do we own it?
City Telecom has a fibre-to-the-home network so can provide customers with significantly faster internet service than the incumbent PCCW. City Telecom continues to gain market share and customers through a creative marketing campaign and superior technology.
Icon Plc (Ireland)
What does it do?
Known as a contract research organisation (CRO), Icon provides specialised services in clinical trial management for pharmaceutical and biotechnology companies.
Why do we own it?
The increasing complexity and regulatory requirements of clinical trial management are forcing pharmaceutical and biotechnology companies all over the world to seek the help of specialist CRO’s such as Icon. Icon’s global footprint and broad strengths in clinical management make them one of only a few companies qualified to provide these services. Growth is being driven by this increased shift to outsourcing, the increase in drugs being tested and larger trials required by regulatory bodies such as the FDA.
Sarin (Israel)
What does it do?
Sarin is the worldwide market leader in providing equipment and tools for the diamond industry. Sarin's products are used to grade, cut and optimize the value of diamonds.
Why do we own it?
Have released a revolutionary new product for inclusion mapping (finds and cuts blemishes with extreme precision) which will significantly enhance the earnings growth profile.
Advent Software (US)
What does it do?
Provides software and services to the fund management and financial services industry.
Why do we own it?
Under the leadership of the founder and CEO, Stephanie DeMarco, Advent has revitalised their software platform and is now selling a next generation product. As the market leader in the US we believe Advent will continue to gain traction internationally and replicate their success in Europe and Asia.
Autodesk (US)
What does it do?
Is the leader in developing computer-aided design (CAD) and simulation software solutions for customers in the manufacturing, building, infrastructure markets and digital video tools for the media market.
Why do we own it?
With a unparalled sustainable competitive advantage they will continue to expand into new markets, new products and continue to upgrade customers to 3D applications where the financial returns for Autodesk are higher.
Bare Escentuals (US)
What does it do?
Bare Escentuals is the innovator and global market leader in the mineral based cosmetic market (the fastest growing segment of the cosmetics market).
Why do we own it?
It is a very high margin business with a strong multi-channel distribution strategy giving it a good retail footprint.
Conceptus (US)
What does it do?
Sells and manufactures an innovative device used for permanent birth control which does not require surgery.
Why do we own it?
Essure is a substitute for a surgical procedure called tubal ligation which has a recovery time of up to a week. The Essure procedure can be performed in 30-40 minutes in an outpatient setting, does not require incisions or general anesthesia, and allows the patient to return to normal activity within a day. It also costs less and doctors can earn more money per procedure. The market opportunity for Conceptus is huge with over 700,000 tubal ligation procedures performed each year in the US alone.
Ebix (US)
What does it do?
The world’s largest software and services company that focuses exclusively on the insurance market.
Why do we own it?
The insurance industry is still very paper intensive and ripe for automation. The company’s vision is to focus on convergence of all insurance channels, processes and entities so that data can seamlessly flow once data is input.
Equinix (US)
What does it do?
A global internet infrastructure company that manages network neutral data centres and co-location services.
Why do we own it?
Equinix is the largest and most successful data centre provider in the U.S and with operations in 18 key markets around the world Equinix is positioning to become the global leader in this structural growth industry.
F5 Network (US)
What does it do?
The global leader in application delivery networking. They ensure that their customer internet applications are always running efficiently and are secure.
Why do we own it?
The company continues to gain market share by introducing new innovative products in a growing industry.
Hansen Natural Corporation (US)
What does it do?
Sells a variety of natural juice drinks and the Monster energy drink range.
Why do we own it?
Monster continues to gain traction with 29% market share, versus 35% for the incumbent Red Bull, in a category worth US$2.5 billion in annual retail sales that has grown greater than 20% per year. Following their success in the US, the product is now being launched globally.
OSI Pharmaceuticals (US)
What does it do?
A biotechnology company with a focus on the cancer and diabetes market.
Why do we own it?
Its lead drug, Tarceva, is approved by the FDA for treatment in non-small cell lung and pancreatic cancer. OSI continues to grow earnings by 20% annually with any new drug approvals or extensions all adding to earnings growth.
Telvent (US)
What does it do?
Telvent is a software and technology solutions provider based in Spain. Their applications monitor and measure real time flow of information for key infrastructure markets including energy, transportation, environment, and agriculture.
Why do we own it?
Undervalued and undiscovered we believe Telvents entry into the smart grid market will prove to be a catalyst for re-rating.
Hyflux (Singapore)
What does it do?
Hyflux is one of Asia’s largest water treatment and environmental solution companies.
Why do we own it?
A prime beneficiary of the increasing need to “clean up” Asia’s pollution problem. Hyflux has a successful track record of winning and executing projects throughout Asia and were recently awarded a contract to build the world’s largest water desalination plant in Algeria.
Raffles Education (Singapore)
What does it do?
Asia’s premier for-profit education provider, offering core programs in design and business management.
Why do we own it?
The emerging middle class combined with the high priority of education in many Asian cultures creates a strong demand dynamic. Students have the advantage of studying at any of the Raffles facilities located around the Asia Pacific region, including New Zealand.
Brembo (Italy)
What does it do?
Based in Italy, Brembo is a global leader in high performance braking systems. The majority of sales come from high end cars (customers include Ferrari, Audi, Porsche, Mercedes-Benz) and motorcycles (customers include Ducati, Harley Davidson)
Why do we own it?
In addition to continued penetration with current customers the company recently announced its first contract with BMW and is making inroads with the US car manufacturers where they haven't generated much business historically. All these initiatives further endorse their leadership position.
Qiagen (Holland)
What does it do?
Qiagen is the leading provider of sample and assay tests for the healthcare market. The company realises almost 90% of its sales from consumable products which are recurring and high margin.
Why do we own it?
In additional to a stable core business they have been increasingly focusing on the woman's health segment through a recent acquisition of Digene, the dominant company for HPV testing. This test for early detection of cervical cancer is becoming more widely accepted and used around the world.
Wellstream (Britain)
What does it do?
Wellstream is a leading designer and manufacturer of high quality bespoke flexible pipeline products, systems, and solutions for fluid transportation. Their products are primarily used for offshore transport of oil and gas well fluids.
Why do we own it?
The company's products provide the best solution for deep water oil drilling which is one of the fastest growing areas for oil exploration. In particular they have significant exposure to the fast growing South American market where they recently opened a manufacturing facility in Niteroi, Brazil (near Rio de Janeiro).
Shinko Plantech (Japan)
What does it do?
Provides maintenance services for plants in Japan, with a concentration on the oil refining and petrochemical sectors.
Why do we own it?
They have the leading market share in both core sectors where growth has been driven by the aging of the infrastructure which requires increased maintenance and repair. Additional growth is coming from expansion into other industries such as food, paper and pharmaceuticals.
|
