Growth CAPEX Has Declined in Asia Since 2012

Growth CAPEX Has Declined in Asia Since 2012

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Charts of the day 8feb2017 Growth CAPEX Has Declined in Asia Since 2012


PIMCO’s Johnson, GMO’s LeGraw and DWS’ Rudy at Morningstar on how to hedge inflation

InflationInflation has been a big focus of Wall Street in recent months, and it won't go away any time soon. But where do we stand with inflation? Has it peaked, or will it continue higher? Q2 2021 hedge fund letters, conferences and more Nic Johnson of PIMCO, Catherine LeGraw of GMO, and Evan Rudy of Read More

  • Maintenance CAPEX (CAPEX at the level of current depreciation) is usually steady and has been growing each year in Asia
  • CAPEX for growth is the variable item that can be adjusted by management based on perceptions of economic conditions
  • CAPEX for growth was flat in 2013 and dropped in both 2014 and 2015 as management pulled back on investment


Chart shows our bottom-up aggregate of Asian non-financial companies


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In 1992 Dr. Andrew Stotz, CFA, left a management career at Pepsi-Cola in California to teach finance in Thailand. In 1993, he found his life calling as a financial analyst, a job for which he was eventually voted #1 in Thailand. In the second half of his 20-year career in investment banking, Dr. Stotz was a Head of Research, leading teams of financial analysts. He served as a two-term president of CFA Society Thailand and now runs his firm, A. Stotz Investment Research, which provides research and tools for institutions and high-net-worth investors and helps CEOs make their companies financially world class.

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