Japan’s Reforms, China’s Struggles and the Case for Asian Stocks with Ward Ferry’s Vineet Mitera

In this episode of CIO Perspectives, Sid Ahl and Erika have a chat with Vineet Mitera, the CIO/Manager at Ward Ferry Management, an independent investment firm based in Hong Kong. The discussion highlights the investment landscape across various Asian markets, emphasizing the importance of healthy balance sheets, regional economic conditions, and sector-specific opportunities. Key themes include the resilience of Indian companies, the cautious yet opportunistic approach in China, the promising reforms and undervalued sectors in Japan and the growth potential in ASEAN markets.

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Definitions

Earnings before interest, taxes, depreciation, and amortization (EBITDA) is an alternate measure of profitability to net income. It's used to assess a company's profitability and financial performance.

Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures and changes to net working capital.

Free cash flow yield is calculated as the inverse of an index’s price-to-free cash flow ratio. In other words, it is calculated as the expected free cash flow of the index divided by the index’s current price.