테마섹: Temasek Review 2015

[프란치스코]

Temasek Assets Rise to Record as It Boosts Global Investments

Temasek Holdings Pte’s assets jumped to an all-time high as the Singapore state-investment firm increased investments in developed markets and broadened those in China as global equity markets gained.

The value of Temasek’s holdings increased 19 percent to a record S$266 billion ($197 billion) in the 12 months to March 31, from S$223 billion in the previous year and more than double a decade ago, the firm said in its annual report Tuesday. It made S$30 billion of new investments, the highest in seven years, and a record S$19 billion of divestments, taking advantage of liquidity-driven market rallies.

“Temasek’s agile and aggressive investment style continues to pay off,” said David Evans, an analyst at the London-based Sovereign Wealth Center. “They kept diversifying their portfolio across geographies, especially in Europe and North America, and I expect them to continue to do so.”

.

Chief Executive Officer Ho Ching, who has been on a sabbatical since April, oversaw an increase in investments in China and recovering economies in North America and Europe. Foreign assets were boosted by stock market gains: the Standard & Poor’s 500 Index added 10 percent in the year ended March 31 and the Stoxx Europe 600 Index jumped 19 percent.

Almost half of Temasek’s new allocations were in Asia, followed by Europe and North America, Ravi Lambah, senior managing director of investments, said at a briefing. The share of holdings in Europe and North America had the biggest gain, increasing to 17 percent from 14 percent in the previous year.

“This year was the most active for us since the global financial crisis,” Lambah said. “Our pace of new investments reflects our structural view of the global economy for the next several years.”

Total shareholder return, including dividends, increased to 19.2 percent from 1.5 percent in the previous fiscal year.

European Investments

Founded in 1974, it originally owned shares in former state-owned companies and began directly investing in foreign equities in 2002.

European investments included Deutsche Post DHL, an international logistics company, and engineering company Gaztransport & Technigaz SA, a global provider of membrane design for LNG transport and storage.

In North America, Temasek continued to invest in life sciences, including in biotechnology company BioMarin Pharmaceutical Inc. and Alexion Pharmaceuticals Inc.

The U.S. economy will continue to recover, Lambah added. Temasek is focusing on the energy, technology and life sciences sectors, he said.

Lambah said he doesn’t expect contagion from Greece and is optimistic about the European economy.

“We did see a pickup in growth primarily on the back of easing of credit conditions in the past year and going forward,” he said.

China Opportunities

The total shareholder return averaged 16 percent since inception in 1974. It was 9.6 percent over three years, Temasek said.

Temasek said it increased its exposure to China to 27 percent of its portfolio from 25 percent in the previous year and broadened its investments from earlier ones in banks to include insurance, consumer and technology companies, which are likely to benefit from the shift in the Chinese economy to become more reliant on consumer spending.

The recent slump in China’s stock markets may be temporary and presents investment opportunities, Wu Yibing, Temasek’s head of China, said.

Singapore remained Temasek’s largest country exposure at 28 percent, though it narrowed from 31 percent of its portfolio previously, the investment firm said. Temasek is the biggest shareholder in about a third of the 30 members in the Straits Times Index, including Singapore Telecommunications Ltd. and DBS Group Holdings Ltd. The index gained 8.1 percent in the year to March 31.

Financial services accounted for 28 percent of its assets as of March 31, compared to 30 percent in the previous year, according to the statement.

Unlike GIC Pte, Singapore’s sovereign wealth fund, Temasek almost exclusively invests in equities and has few restrictions on how much it can hold. Norway’s sovereign wealth fund, the world’s biggest, isn’t allowed to own more than 10 percent of any of its portfolio companies and seeks to have no more than 60 percent of its portfolio in equities.

Temasek had 67 percent of its portfolio in listed assets as of March, down from 70 percent in the previous year, according to the statement.

Net income was S$14 billion versus a restated S$11 billion.

(인용: 부름버그)

//

Temasek Review 2015.pdf