Investments Held
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Investments Held as at 30 September 2011
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.
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Company Profiles
Valid (Brazil)
What does it do?
Valid are the leading identification solutions and specialised printing company in Brazil.
Why do we own it?
Key contracts are spread amongst government programs such as driver's licenses, passports, etc., financial institutions and various other commercial applications like RFID (a technology used to electronically track and manage inventory especially important for consumer items). The long term growth opportunity is open ended yet the stock remains undiscovered and undervalued.
China Automation Group (China)
What does it do?
The leading provider of industrial safety control systems in China. Their products ensure that equipment in factories function correctly and 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.
Fook Woo (China)
What does it do?
The largest recovered waste paper collector and recycled tissue paper manufacturer in China. They are the leader in an emerging and fast growing market.
Why do we own it?
With high barriers to entry, thanks to an established collection network and a low cost product offering due to vertical integration, Fook Woo is well positioned to grow.
Hsu Fu Chi International Ltd (China)
What does it do?
Hsu Fu Chi is a leading branded confectionary company in China with three key product lines; chocolate and candy, cakes and cookies and Sachima (a sweet Chinese pastry).
Why do we own it?
They have consistently grown earnings in the past and are well positioned to continue to benefit from the trend towards urbanisation in China.
Midas Holdings (China)
What does it do?
The primary supplier of aluminium 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 four licensed companies approved by the Chinese government to produce and sell metro train cars in China.
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 have the rights to sell BMW and Giorgio Armani S.P.A. and are developing their own new brand called P61 aimed at a slightly younger client.
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.
Travelsky (China)
What does it do?
Based in Beijing and listed in Hong Kong, Travelsky is the leading information technology provider for China’s air travel and tourism industry.
Why do we own it?
They essentially make money every time an electronic airline ticket is issued and also provide other software and services like departure processing, reservation and inventory control and ticket settlements. In addition, they have been expanding into other travel related areas like hotel, rail and cargo.
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 five years with automated meter reading being a key initiative.
Nokian Renkaat Tyres (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?
In addition to increased penetration in its core market in northern Europe, the company is benefiting from increased wealth in Russia and Ukraine where there is a 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.
Zodiac (France)
What does it do?
A leading supplier of aeronautical equipment for airplanes in three main segments; cabin interiors, aircraft systems, and aero safety and technology.
Why do we own it?
As the global market leader in more than two-thirds of the products and systems they sell they are well poised to benefit from increased content per plane on new programmes such as Boeing 787 and Airbus A380 and A350.
Biotest AG (Germany)
What does it do?
Biotest is a pharmaceutical and diagnostic company based in Germany that specialises 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.
PSI AG (Germany)
What does it do?
A leading supplier of control systems and software solutions for utilities and the energy industry.
Why do we own it?
They are a market leader in Germany where they are based and they continue to expand globally.
Qiagen (Germany)
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 addition to a stable core business they have been increasingly focusing on the women’s health segment and have the leading test for HPV. This test for early detection of cervical cancer is becoming more widely accepted and used around the world.
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.
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?
The worldwide market leader in providing equipment and tools for the diamond industry. Sarin’s products are used to grade, cut and optimise the value of diamonds.
Why do we own it?
They recently commercialised a revolutionary product for inclusion mapping (precisely identifies blemishes to maximise the value of a diamond). This is transforming the growth profile of the company.
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 and Harley Davidson).
Why do we own it?
As the global leader in their industry they have the ability to increase penetration with existing customers and sign up new customers around the world.
Asahi (Japan)
What does it do?
Japan’s leading bicycle retailer.
Why do we own it?
Besides having a unique offering at their retail outlets they also have their own private brands which now comprise more than 50% of sales (and possess higher margins). They currently have 215 stores throughout Japan which is enough scale to embark upon their first nationwide marketing campaign. Our research indicates this campaign will be a success and Asahi will continue to grow the number of stores towards 500 in years to come.
Horiba (Japan)
What does it do?
Manufactures and markets analytical instruments and systems focused on the automotive, analytical, medical and semiconductor markets.
Why do we own it?
In each segment they operate in niche markets where they have high market share. The company has excellent long-term growth prospects in its business in particular in the automotive emissions testing and medical areas.
Prestige International (Japan)
What does it do?
Is a leading business process outsourcing company in Japan that specialises in roadside assistance and insurance assistance.
Why do we own it?
They operate in a niche segment of the market where they are the dominant provider. The company has consistently grown revenues and profits in the past and plans to double the business over the next three to five years yet is trading at a bargain basement valuation.
Torishima Pump (Japan)
What does it do?
Torishima Pump is a leading supplier of specialised pumps for water desalination, water sewerage and power plants.
Why do we own it?
They have successfully transitioned the company over the last decade from a purely domestic focused company into one of the leading global suppliers in the water industry. This has expanded their market opportunity and provides a growth platform for years to come.
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.
Raffles Education (Singapore)
What does it do?
Asia’s premier for-profit education provider, offering core programmes 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.
Actelion (Switzerland)
What does it do?
Actelion is a Swiss biopharmaceutical company with their flagship drug, Tracleer, already approved for PAH (pulmonary arterial hypertension) and has sales of over CHF1billion annually.
Why do we own it?
Actelion has several drugs in its pipeline which could prove to have significant sales potential as well as a strong balance sheet enabling them to in-licence or acquire new drugs to further enhance growth. Our research indicates increased confidence in soon to be released data for another clinical trial, which is a reformulation of their flagship drug Tracleer.
Autodesk (US)
What does it do?
A leading design software and services company. The company develops computer-aided design (CAD) and simulation solutions for customers in the manufacturing, building and infrastructure markets and digital video tools for the media market.
Why do we own it?
With a well-established distribution network and a large installed base they have the opportunity to further penetrate customers with new products and continue to broaden their product suite. In addition, non US sales will become a bigger growth driver in the future.
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 anaesthesia, 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.
Dolby (US)
What does it do?
Global market leader in audio solutions for consumer electronic applications.
Why do we own it?
A high quality business with a rock solid balance sheet and strong cash flow generation. There are numerous growth drivers we have identified in the next few years that could lead to a re-rating higher.
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.
Hanger Orthopedic Group (US)
What does it do?
Hanger is the largest owner and operator of orthotic and prosthetic patient-care centres and they are the largest distributor of O&P devices and components in the United States.
Why do we own it?
In addition to continued growth in their core market, Hanger has a new product called WalkAide which could potentially transform the growth profile of the company.
Orthofix (US)
What does it do?
A US based medical device company which offers a broad line of surgical and non-surgical products for the spine, orthopaedic, and sports medicine market
Why do we own it?
They have a strong leadership position in several specialised markets given superior product and distribution capabilities. They are expanding their leadership position with new product introductions which should propel earnings growth for years to come.
UFP Technologies (US)
What does it do?
A US based custom converter of foams and plastics. They design and manufacture engineered packaging utilising molded and fabricated foam plastic products and vacuum formed plastics serving end markets such as medical, electronics and consumer.
Why do we own it?
This is a classic example of an industry leading business that is undiscovered by most investors. We have identified numerous catalysts that could lead to discovery and a re-rating of shares higher.
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