Core Philosophy

Over a fairly long period of time, the increase of corporate value is consistent with the enterprise's growth. We think that the increase of corporate value is in positive correlation with two core factors: one is strong competitiveness i.e. return on invested capital, and the other is the enterprise’s ability for sustainable growth. Competitiveness and increase represents respectively the “quality” and “quantity” of the enterprise. In the long term, growth with quality and quantity will surely bring substantial promotion to the corporate value.

Capital cost is another important factor in measuring corporate value. It consists of risk-free interest rate and risk preference of the investors, and plays the denominator factor in evaluation of corporate value. Long-term investors tend to neglect this factor. However, in the short term, the instability of risk preference of the investors in this factor is an important cause of investment risk and thus should not to be neglected.

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