Jefferies Group (NYSE:$JEF) posted better than expected results for its fiscal fourth quarter that saw profits jump by 48% from last year to $71.6 million. Revenues increased by 37% to $760.6 million which is about $38 million more than analysts’ expectations. It should be noted that Q4-2011, from which the current results are being compared, was particularly tough for Jefferies in which its income, excluding extraordinary items, dropped by 38% from 2010 to $39 million. Although the current year-over-year increase in profits is 48% but sequentially, they are up a more modest 2.04%.
By the end of the 2nd quarter of 2012 it became clear that Indonesia was going to be the engine of growth for ASEAN over the next few years.With GDP growth exceeding expectations at 6.5% and foreign investment rising 30.2% year over year the worries over political and fiscal distress in Europe and the U.S. faded somewhat.Now that the Western central banks have announced some form of open-ended quantitative easing there isn’t a more critical time to reiterate the great opportunity that Southeast Asia represents as a major producer of wealth in the world.
Malaysia has become the global destination of IPO hunters this year with several deals exceeding the billion dollar mark. Last month, the continent’s largest hospital operator, IHH, the Malaysian government’s healthcare unit with operations in Malaysia, Singapore (AMEX:$SGF) and Turkey, raised $2.1 billion in its IPO on the Bursa Malaysia.
Even as Europe and the United States continue to teeter on the edge of fiscal chaos, Asia remains a beacon of hope for many companies looking for areas to expand and pick up the slack. Manulife (NYSE:MFC) is one of those companies that have put the spectre of 2008’s financial crisis behind them. 2011’s performance saw a swing of $1.8 billion in new income over 2010, turning a tiny profit while it turns its attention more directly towards the markets that have the greatest opportunity for growth.
Peter Pham is an author, international fund manager, and a registered financial director by the Cayman Monetary Authority (CIMA). In 2013 he published his first book entitled, The Big Trade: Simple Strategies for Maximum Market Returns. He currently manages the portfolio of a global hedge fund and runs an asset management company, Phoenix Capital. (read more)
The Big Trade: Simple Strategies for Maximum Market Returns
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