明星基金经理的选择：2013年15大金股

国家天然气有限公司

曹书新（音译）Invesco Asia

股票代码：不适用

地区：亚洲

    几年前，要找一只赚钱的亚洲股票简直轻而易举。 但随着中国和印度的增长最近变得不那么确定，选股难度大多了。曹书新从1999年开始掌管6.40亿美元的Invesco Asia Pacific Growth基金。晨星数据显示，过去十年，这只基金的年化回报率达到了17.2%，超过同类基金13.3%的水平。如今，曹书新正在押注公用事业类股票。他说：“我们喜欢这些公司可以预期的收益和创造长期现金流的能力。”他选择的股票国家天然气有限公司（Perusahaan Gas Negara）正是这样一家公司。该公司在印尼拥有和运营天然气管线，市场占有率90%。这样的市场主导地位使它能保持40%的权益回报率。该股【在雅加达证交所交易，也可通过嘉信理财（Schwab）和E*Trade经纪公司交易】拥有13倍的动态市盈率。曹书新称，对于一家拥有强劲增长前景的公司，这是相对较低的估值。预计该公司2013年的利润将较2012年增长16%，同时，曹书新还认为，之后该公司将继续以接近10%的速度增长。另外一项优势：股息收益率为3%。曹书新表示：“我们看好的是它增长的质量——它能增长多长时间，以及增长的可持续性。”

    ——A.F.

Perusahaan Gas Negara (Persero)

Shuxin (Steve) Cao Invesco Asia Pacific Growth

Pacific Growth

Ticker: N/A

Around the globe pick: Asia

    A few years ago, finding a winning Asian stock was a no-brainer. But with growth in China and India less certain lately, it's a lot tougher. Steve Cao, who has run the $640 million Invesco Asia Pacific Growth Fund(ASIAX) since 1999, has returned an annualized 17.2% for the past decade, vs. 13.3% for his peers, according to Morningstar. These days Cao is betting on utilities. "We like the predictable earnings and the long-term cash-flow-generation capability of these companies," he says. His choice, Perusahaan Gas Negara, fits that mold. It owns and operates a natural-gas pipeline in Indonesia, where it has 90% market share. Its dominance has allowed it to maintain return on equity of 40%. The stock (which trades on the Jakarta exchange and is available through brokerages such as Schwab and E*Trade) has a forward P/E of 13, a relatively modest valuation for a company with strong prospects, Cao notes. Profits in 2013 are expected to be 16% above those for 2012, and Cao thinks they'll keep advancing in the high single digits after that. An added plus: a dividend yield of 3%. Says Cao: "What we like is the quality of the growth -- how long it can grow and the sustainability of that growth."

    --A.F.