國家天然氣有限公司

曹書新（音譯）Invesco Asia

股票代碼：不適用

地區(qū)：亞洲

????幾年前，要找一只賺錢的亞洲股票簡直輕而易舉。 但隨著中國和印度的增長最近變得不那么確定，選股難度大多了。曹書新從1999年開始掌管6.40億美元的Invesco Asia Pacific Growth基金。晨星數(shù)據(jù)顯示，過去十年，這只基金的年化回報(bào)率達(dá)到了17.2%，超過同類基金13.3%的水平。如今，曹書新正在押注公用事業(yè)類股票。他說：“我們喜歡這些公司可以預(yù)期的收益和創(chuàng)造長期現(xiàn)金流的能力?！彼x擇的股票國家天然氣有限公司（Perusahaan Gas Negara）正是這樣一家公司。該公司在印尼擁有和運(yùn)營天然氣管線，市場占有率90%。這樣的市場主導(dǎo)地位使它能保持40%的權(quán)益回報(bào)率。該股【在雅加達(dá)證交所交易，也可通過嘉信理財(cái)（Schwab）和E*Trade經(jīng)紀(jì)公司交易】擁有13倍的動態(tài)市盈率。曹書新稱，對于一家擁有強(qiáng)勁增長前景的公司，這是相對較低的估值。預(yù)計(jì)該公司2013年的利潤將較2012年增長16%，同時，曹書新還認(rèn)為，之后該公司將繼續(xù)以接近10%的速度增長。另外一項(xiàng)優(yōu)勢：股息收益率為3%。曹書新表示：“我們看好的是它增長的質(zhì)量——它能增長多長時間，以及增長的可持續(xù)性?！?/p>

????——A.F.

Perusahaan Gas Negara (Persero)

Shuxin (Steve) Cao?Invesco Asia Pacific Growth

Pacific Growth

Ticker:?N/A

Around the globe pick:?Asia

????A few years ago, finding a winning Asian stock was a no-brainer. But with growth in China and India less certain lately, it's a lot tougher. Steve Cao, who has run the $640 million?Invesco Asia Pacific Growth Fund(ASIAX)?since 1999, has returned an annualized 17.2% for the past decade, vs. 13.3% for his peers, according to Morningstar. These days Cao is betting on utilities. "We like the predictable earnings and the long-term cash-flow-generation capability of these companies," he says. His choice, Perusahaan Gas Negara, fits that mold. It owns and operates a natural-gas pipeline in Indonesia, where it has 90% market share. Its dominance has allowed it to maintain return on equity of 40%. The stock (which trades on the Jakarta exchange and is available through brokerages such as Schwab and E*Trade) has a forward P/E of 13, a relatively modest valuation for a company with strong prospects, Cao notes. Profits in 2013 are expected to be 16% above those for 2012, and Cao thinks they'll keep advancing in the high single digits after that. An added plus: a dividend yield of 3%. Says Cao: "What we like is the quality of the growth -- how long it can grow and the sustainability of that growth."

????--A.F.