Growth CAPEX Has Declined in Asia Since 2012

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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

 

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  • 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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