Mirae Asset LENS Q1 2014

MIRAE ASSET LENS Q1 2014
MIRAE ASSET
LENS
Mirae Asset Quarterly Newsletter
from the Investment Team
Welcome to Mirae Asset Lens, a quarterly newsletter by the investment team to share our
knowledge and thoughts. The Mirae Asset Investment team strives hard to identify highly
competitive business models with talented management teams. These are companies
Q1 2014
capable of compounding value year after year; as they invest in their “moat-like” businesses
– a business that has a sustainable competitive advantage which enables it to maintain or
gain market share over time and achieve superior returns. We endeavor to look beyond
the obvious, analyze things differently, while identifying trends and companies before they
become market favorites. Our on-site visits provide us with the opportunity to take a deep
dive into our core holdings as well as provide a valuable insight into the minds of consumers.
This newsletter aims to highlight a small sample of our team efforts in Asia. We hope you
enjoy reading it as much as we enjoyed researching and writing it!
Chindonesia at a Crossroads
For the developed markets, 2013 has been more of a story of monetary easing – how much
more, less, and how long. In contrast, this year has marked the beginning of change or the
possibility of major change in China, India, and Indonesia. China, India, and Indonesia, with a
combined population of 2.8 billion—nearly 40% of the world’s total population— all need to
adjust to deliver strong steady growth in the coming years.
China, being a current account surplus nation, was not impacted by tapering fears but still
Contributors
faces the challenge of rebalancing from the credit-fuelled, investment-led growth model.
With President Xi and Premier Li in command for the last 12 months, expectations ran high
Mirae Asset Global Investments (HK)
ahead of the Third Plenum in November. We believe that the overall direction of the reforms
Asia Pacific Investment/Research Team
towards the easing of bureaucratic controls will improve market access, the move of the
Rahul Chadha
Co-Chief Investment Officer
David Glickman
Head of AP Research
Judiciary becoming increasingly linked to the central government and distancing from local
governments, as well as the easing of the “Single Child Policy” to all represent positive
signals. India and Indonesia will hold elections this year, and have different issues to address,
mostly in the form of reducing bureaucracy and making infrastructure improvements, all with
the goal of raising productivity for the longer term.
Element Sun
Investment Analyst
In this edition of Mirae Asset Lens, we aim to give you a sample of our views on these
Joao Cesar
reforms or potential reforms, coupled with our on-the-ground research to understand the
Investment Analyst
current state of affairs and how these reforms may impact the status quo.
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China’s 3rd Plenary Reform:
What will this mean for China?
Third Plenary Session; November 15, 2013, courtesy of Yahoo News, November 15th, 2013
In November 2013, China began to release details of reforms that were finalized at the Third
Plenary Session, which is the Chinese government meeting that sets the tone and direction
of the country for the next decade. Headlines around the world flashed that China was going
to give the market a more significant role in the economy. But what are the finer details, how
will this work, and how will it be implemented? Furthermore, how do we believe this alters our
investment view?
We have been of the view for a long
We have been of the view for a long time that China was misallocating capital and labor, and
time that China was misallocating
adjusting the flow of each lever would help to improve productivity, profitability, and growth.
capital and labor, and adjusting the flow
Broadly speaking, the heart of the reforms attempt to tackle this misallocation. The four key
of each lever would help to improve
reforms are as follows:
productivity, profitability, and growth.
1) Open Marketplace
A more level playing field where public and private enterprise may compete.
Currently, state-owned enterprise (SOE) banks are enjoying margins that are too high, and simply lend
heavily to SOE companies at low rates, enabling capital to flow cheaply to inefficient companies and
industries. The announced reform measures seek to liberalize the interest rate and foster the establishment
of more privately held banks, which can compete to lower the cost of capital for strong private companies
and raise the cost of capital for overleveraged, inefficient SOE companies.
Administratively, the government seeks to be more investment friendly by streamlining approvals and
opening more areas up for investment and competition. Private companies will be able to participate more
alongside the public sector and SOEs to drive efficiency.
In the same vein, market-based solutions will be used for environmental protection, such as mandating
more pollution controls on polluting industries, and market based pricing systems for water, oil, natural
gas, and electricity.
2) SOEs Reforms
Incentives to align management performance and stakeholder value.
Members of the Chinese government intensively studied their own large SOE companies, Huawei,
and successful multinational companies, such as GE and IBM. They realized glaring differences in the
incentives of the employees and thus the global competitiveness of these companies. Currently, the
management of SOE companies does not own shares or stock option plans, but are rather paid a
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relatively low salary, prompting some to figure out ways to profit from the company, such as what we have
seen in the investigation of some former managers of PetroChina. The government has realized that by
paying competitive wages to top managers, along with the granting of stock options, these managers can
then work to drive shareholder value instead of acting with little or no corporate governance.
SOEs and private companies will also be able to compete with each other more directly in the marketplace,
as more areas will be unburdened by reduced red tape. This competition should be beneficial, as SOEs
will have to innovate and reinvent themselves to stay competitive, while private companies will have more
opportunity than in the past.
3) Rural Land Reforms
Hukou household registration system to modernize.
The current hukou system, which divides people between urban and rural residents, was designed to limit
the number of inhabitants in cities. When China opened up three decades ago and people migrated from
rural to urban areas, it was of great economic benefit to them and to China, but this migration has run its
course and has reached a critical bottleneck – namely the existence of the hukou system, which limits
the ability of a migrant worker to buy an apartment and receive urban benefits such as healthcare and
schooling. Furthermore, the rural farmer is unable to monetize his land, as it is technically a collective that
can only be bought by the government. With this new reform, China looks to enable that farmer to sell or
lease his/her land to others to capture the economic value. The entire hukou system looks like it will be
reformed over time, starting with some pilot projects in a few cities. The goal of a freer flow of capital and
labor is clear and this is a big step in the right direction.
The positives of rural land reform are obvious: increased mobility of labor, a wealthier former farmer who
is able to spend more and larger plots of agricultural land that can benefit from more mechanized, large
scale farming techniques. On the other hand, this reform will limit the local governments’ profits and further
pressure them, leaving them to fill the gap with other reforms, such as local government bond issuance,
property tax collections, and a fairer balance of tax revenue to the central and local governments.
4) Financial Reforms
The renminbi aims to eventually become a world reserve currency.
Regarding liberalizing the capital account, we expect a further relaxation of the Qualified Domestic
Institutional Investor and Qualified Foreign Institutional Investor (QDII and QFII, respectively) quota systems.
In addition, individuals and companies will be able to more freely convert currencies within higher annual
limits; in 3 to 5 years, basic RMB convertibility should then be achieved. To facilitate this process, the new
Shanghai Free Trade Zone and the Shenzhen Qianhai Zone will serve as pilot areas for these initiatives.
The longer term aim of the government is for the RMB to be considered eligible as a reserve currency,
alongside the greenback and pound sterling. We believe that this will take at least a decade, as even the
Yen accounts for less than 5% of the global FX reserves. We believe that the government’s objective for
the RMB to become a global reserve currency pushes the government in the right direction of capital
account and currency reforms.
We believe that the reform process will present many investment opportunities in the areas of
financial services, environmental protection, SOEs that are willing to work harder for minority
shareholders, private companies suffering from a high cost of capital, and the consumer
sector. These reforms should unlock productivity and serve to begin rebalancing the
economy away from investment-led growth towards a consumption economy. As President
Xi has consolidated his power and is increasingly gaining support among government officials
as well as the public, we believe that China should be headed in the right direction over the
next decade and present us with many exciting investment opportunities.
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India & Indonesia:
On the ground during tougher, yet hopeful times
We visited both India & Indonesia in recent months, and found that the mood was somber.
The reality that officials cannot take for granted the high GDP growth rates of the last decade
is starting to set in. Policymakers have now largely accepted that consumption-led growth
fuelled by imports and financed by capital flows was an unsustainable model. For the longer
term good, the building blocks of domestic infrastructure and manufacturing competitiveness
are imperative.
India
In the near term, the stability of the currency is a priority with the RBI (Reserve Bank of India)
raising dollar deposits, hiking interest rates to slow the domestic economy, and encouraging
growth of exports through 10-15% currency depreciation. The trade deficit, which was at
USD 15-17 billion per month earlier this year has come down to USD 8-10 billion per month
in recent months—a gap which is easily financed by software exports and remittances from
non-resident Indians.
Our interactions with companies
Mixed business and social class sentiment
across sectors indicated that though
The business mood has somewhat improved from extreme pessimism in July, as strong
they are dismayed by state of the
export orders feed through the economy. The urban middle class still remains pressured by
country, they were focused on
high inflation and low salary growth. However, the rural population, which makes up nearly
improving their product portfolios,
60% of the total population, remains resilient on the back of good monsoons, improved road
implementing cost control, expanding
connectivity, and high value agriculture outputs.
distribution reach and optimizing
In the run up to the general elections in April 2014, the whole nation is focused on the key
inventory management.
opposition contender, Mr. Narendra Modi, Chief Minister of Gujarat, one of the fastest
growing and most business friendly states in the country, as a beacon of hope for getting the
“Growth Mojo” back into the economy. The restless Indian youth, numbering 150 million new
voters (aged 18 or above) in 2014, are further driving the need for a government which goes
beyond subsidies and handouts to sustainable development and good governance.
Corporate focus on efficiencies
Our interactions with companies across sectors indicated that though they are dismayed by
state of the country, they were focused on improving their product portfolios, implementing
cost control, expanding distribution reach and optimizing inventory management. Our travel
to cities of Delhi, Mumbai, and Bangalore highlighted the different moods. In Delhi, auto
companies like Maruti Suzuki and Hero Motor Corp shared a common theme of strong
rural demand making up for weak urban consumer, while both continued to cut costs
through vendor efficiencies and increasing the proportion of components produced locally.
Mumbai, the financial capital, reflected the downbeat mood of the banks in light of currency
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depreciation and the policy bottlenecks for infrastructure projects. Finally, Bangalore, India’s IT
export hub is shining with new real estate project launches and jewelry showrooms budding
up all over the city. With US outsourcing demand improving, the outlook from technology
companies in Bangalore was positive.
Our most interesting meeting was with Mr. Narayan Murthy, Founder & Chairman of Infosys.
This was one of his first interactions with investors since his return to the company. He
presented us with an honest admission of what went wrong over the last two years as
Infosys—the industry bellwether—lagged peers in growth and profitability. The meeting
provided a useful insight into how good companies sometimes lose their way, but an inner
strength remains in their ability to quickly rectifying the shortcomings. In their case, the detour
was simply letting go of large outsourcing deals during 2010-12 and to improvise project
delivery tools to execute them profitably.
Short-term pain for long-term gain
On the macro policy front, a pragmatic approach by the new RBI Governor, Mr. Raghuram
Rajan, to focus on inflation control while sacrificing near term growth should provide a much
needed stabilization window for the economy to regain its competitiveness. Since 2011,
India has also witnessed a policy paralysis due to the Supreme Court, apex judicial body,
continuously revisiting the Executive branch’s legacy policy decisions, as well as media
and environmental activism challenging business, creating a stalemate instead of mutually
agreeable solutions. We believe that new leadership in India in 2014 would bring a practical
insight into these critical issues of balancing growth with the social good, a challenge faced
by all emerging markets.
Evolving local tastes
Meanwhile, the Indian consumers’ tastes and preferences are catching up fast with global
peers, as shown in our pictures of Orion Choco Pies in a Mumbai hypermarket and Hamleys’s
store in a suburban Mumbai mall.
Reliance Hypermarket, in the suburbs of Mumbai
Hamleys, Phoenix Mall, Kurla, Mumbai
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Indonesia
The India trip was followed by a visit to Jakarta, providing an opportunity to meet with key
policymakers, management of companies, and to observe consumer behavior. The trip got
off to a positive start, with the policymakers going beyond the usual pitch of “the long term
demographic opportunity in Indonesia” to being more mindful of the near term challenges.
A number of these challenges emerged because policymakers basked in the glory of high
growth rates of 2010-12 without enhancing the overall competitiveness of the economy.
What is needed, and what is starting to happen, is a two-pronged approach where the
government focuses on boosting non-resource exports, provides better training for the
workforce, and encourages foreign direct investment in the medium term, while the Central
Bank raises interest rates to slow domestic demand and allow for a market-determined level
for the currency.
The India trip was followed by a visit
Demographics and consumption remain favorable
to Jakarta, providing an opportunity
Market research agency Nielsen highlighted that longer term consumption trends are fairly
to meet with key policymakers,
positive with the Indonesian middle class likely to triple to 200 million people by 2020. The
management of companies, and to
Indonesian consumer, along with their Indian and Filipino peers, ranked amongst the world’s
observe consumer behavior.
most confident consumers with holiday, entertainment, smartphone, and tablet purchases as
significant categories of expenditure.
There was a distinctly more somber tone in the corporate outlook with banks like Mandiri
and Rakyat talking of 15-17% credit growth instead of the 20-23% growth they have seen
in recent years. Semen Gresik alluded to a more moderate level of cement industry growth
at about 6% and Bumi Sepong, a developer, guiding towards slower demand with a skew
towards smaller ticket size apartments.
We traveled around Jakarta visiting Matahari, Uniqlo, H&M, and 7-11 outlets. Matahari’s outlet
in the upscale South Jakarta neighborhood of Clandik Town square was impacted in recent
year because of new mall openings in the vicinity. Same store sales growth at the store this
year was only 4%, with shoes and apparel growing in excess of 10% while home, cosmetics,
and intimate wear lagged. A notable highlight in the outlet was the high proportion of private
label brands like Nevada, Connexions, and Fladeo represented 35% of merchandise across
key categories of footwear and apparel. The quality in the high margin private label portfolio
was good and priced reasonably, at about US $20 for pair of ladies shoes. The store
manager was fairly knowledgeable and highlighted the store’s quick response by discounting
slow moving merchandise, and replacing the consignee if there is no improvement.
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Matahari store in South Jakarta highlighting some of their private label brands
Our interaction with Ace Hardware gave us a useful insight into how during the boom times
of 2010-2012, companies overextended themselves by opening stores too quickly, thereby
cannibalizing existing sales. Ace Hardware guided to a subdued trend in same stores sales
growth while reducing their new store openings from 15 to 10 with only 1 new store in
Jakarta. The company highlighted the negative impact of the nearly 30% wage increase
resulting in a 2 percentage point margin hit, while higher incomes seem to be taking some
time to translate into greater spending by consumers.
It is widely believed that the verdict
Jokowi’s Hope Factor
of the Presidential Elections in 2014
On the political front, considerable hope surrounds Mr. Joko Widodo (popularly called
will determine whether Indonesia
“Jokowi”), Jakarta‘s Governor, becoming the next President of Indonesia in 2014. Similar to
maintains the growth momentum of
the sentiment in India for Mr. Narendra Modi of India, Jokowi embodies “the Hope Factor
the last decade or falls off the radar.
for getting things done,” such as building infrastructure, and running a cleaner, efficient
We do agree—as in India, 2014 is the
government with charisma. With 67 million new voters in Indonesia, there has been a fair
year to start changing the course of
bit of discontentmernt with the slow decision-making in the second term of the current
the country.
SB Yodhoyuno Government. In just under two years as Governor of Jakarta, Jokowi has
emerged as a tough taskmaster who has fast-tracked construction of the Jakarta metro,
while putting a check on unabated growth of malls and cars in Jakarta City, which lacks
the infrastructure to cope with such influxes. With a sound land acquisition policy yet to be
implemented after years of debate, patience is wearing thin among the masses, who suffer
through endless traffic jams and frequent flooding in the Greater Jakarta region, which is
home to 24 million people. It is widely believed that the verdict of the Presidential Elections in
2014 will determine whether Indonesia maintains the growth momentum of the last decade
or falls off the radar. We do agree—as in India, 2014 is the year to start changing the course
of the country.
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China divesting from coal, but not all gas is equal
In the past decade the Chinese economy has experienced extraordinary growth. However,
this has come at a price as air pollution has also been growing at a fast pace and has
reached unacceptable levels in Beijing.
[left] Air Quality Index map on December 8, 2013. Courtesy of China Air Quality Index (http://fresh-ideas.cc)
[right] Shanghai in bad pollution days
As the government shifts its focus to a more sustainable growth path, air pollution needs
to be tackled and emissions have to be reduced. The best way to achieve this target is by
decreasing the reliance on coal and increasing the share of gas and renewables out of the
primary energy mix. Currently, coal represents around 70% of China’s primary energy mix,
while natural gas’ share is just around 5%, compared to a global average of 24%.
Renewables 1.2%
Nuclear 4.5%
Renewables 1.9%
Oil 33.1%
Hydro, 7.0%
Hydro 6.7%
Oil 33.1%
Nuclear, 0.8%
Natural
Gas,
4.8%
China
2012
World
2012
Coal 29.9%
Natural Gas 23.9%
Coal, 68.1%
Source: BP statistical review of world energy 2013, measured in million tonnes of oil equivalent, China
includes Hong Kong.
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Diesel and gasoline are also another relevant source of air pollution. According to an NDRC
research institute analyst, automotive fuels are responsible for around 25% of the air pollution
in the Beijing urban area. One of China’s most important initiatives to increase gas penetration
is to replace gasoline and diesel with compressed natural gas (CNG) and liquefied natural gas
(LNG), which generate about 11% 1 fewer emissions.
The appeal of CNG
CNG is mostly used in city transportation—by cars and taxis, while LNG is used by buses
and long distance heavy transportation trucks. In our most recent trip to China, we met
with several industry specialists and companies engaged in both the CNG and LNG
transportation supply chain.
For CNG, we concluded that the adoption makes sense for city vehicles and taxis. Based on
data we gathered on the ground, the payback period for the conversion of a gasoline engine
to a CNG engine ranges from five to 11 months, assuming a conversion cost of roughly RMB
7,500 and the vehicle logging 50,000 km per year.
We believe that the large players,
From the CNG refilling station perspective, the return on investment is also very attractive and
such as PetroChina and other gas
in some cases, IRRs may exceed 20%. We were told by some industry players that the cost
distribution companies, are again in a
of building a CNG station is relatively low, and depending on the location, the cost may range
better position as they command more
between RMB 7mn to 10mn, including land. Based on what PetroChina has disclosed as its
flexibility in how to allocate their gas.
average selling price and the retail prices we saw at the various pumps, the gas is sold to the
end customer at almost twice the price of purchase, so the economics are clearly attractive.
In our view, the main challenges for the construction and operation of CNG stations are
getting the licenses and finding stable gas suppliers. Therefore, the companies with a
natural advantage are the city gas operators, such as ENN and China Resources Gas,
and companies which already engage in the fuel marketing business such as Sinopec,
PetroChina and Kunlun Energy, a listed subsidiary of PetroChina. Another additional
challenge is that the Chinese government prioritizes the supply of natural gas to domestic
users for heating and cooking, then to industrial users, and lastly to CNG refilling stations.
Hence, we believe that the large players, such as PetroChina and other gas distribution
companies, are again in a better position as they command more flexibility in how to
allocate their gas. We also believe that new players will find it difficult to build CNG stations
since CNG is a high yielding business, and existing players will not be so kind as to allow
them to have a consistent supply.
1
US Department of energy http://www.afdc.energy.gov/vehicles/natural_gas_emissions.html,
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LNG’s difficult road
For the LNG liquefaction facilities, we found a different reality on the ground from what we
saw of the CNG supply chain, as the LNG value chain is more complex. Natural gas needs to
be liquefied first and then shipped to the LNG refilling stations, where it is then sold as a fuel
for LNG trucks and buses.
Through our channel checks, we found out that most of the liquefying facilities, located in
Inner Mongolia, are currently being underutilized, with utilization for some players reaching
levels as low as 20%, given low demand from the still nascent LNG industry. The exception
is Kunlun Energy, which has been able to achieve an average utilization rate of 70%, thanks
to its integrated business model, which allows them to manage the expansion of liquefaction
and LNG retail stations at the same pace. Kunlun Energy also counts on more stable supply
of gas from its parent PetroChina, which controls most of the gas supply in China. An
additional barrier is that capital requirements to build these facilities are high, at around RMB
1 bn for 1 million m3/day of capacity.
Based on the data we collected on the ground and on our assumptions, we believe these
liquefying facilities’ IRR will remain at mid-single digit, ranging between 4% and 7%. This is
due to the relatively larger capex investment as well as the narrower spread between the
selling price to the LNG station and the cost of gas acquisition from PetroChina compared to
the spread between the CNG retail price and the gas acquisition cost from PetroChina.
For the LNG refilling stations, returns are higher than liquefaction facilities. Based on the data
we gathered from a Guangdong LNG refilling station manager and on our assumptions, we
believe the project payback period can be less than three years, as there is still a significant
spread between the cost of LNG and the retail price of LNG and the capex requirement is
only just slightly higher than a CNG station. An LNG station also has the flexibility to change
the source of its gas depending on the price. If LNG prices in the coast are lower than Inner
Mongolia price plus transportation, the station buys it in the coastal area; otherwise it sources
from Inner Mongolia.
Due to major price differences of LNG around China, the payback period is only short enough
to justify LNG conversion in the central part of the country—not along the coasts. This is
because along the coasts, there is a much higher transportation cost to get piped gas or to use
LNG imports. The difference is quite meaningful, as the payback period of LNG conversion for
trucks based in Inner Mongolia is around 18 months, but in Guangdong, it is about 33 months.
Lastly, we heard from LNG equipment makers that LNG engines still need some technical
improvements in order to reach optimal utilization, as LNG engines are less efficient (less output
per unit of fuel input) and they must be in constant use to minimize the vaporization loss of the
fuel. If left idle for one week, an LNG truck loses all the fuel in its tank through vaporization.
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CNG is viable now, LNG has potential later
We do not believe the LNG story in China is over, but the government will have to put some
more incentives in place in order to see a faster adoption of LNG as a fuel for vehicles. CNG
as vehicle fuel source, on the other hand, has favorable economic incentives that will drive
adoption and government just needs to make sure that supply growth is stable and reliable.
Hence we believe that the city gas distribution companies with CNG optionality, such as
ENN and China Resources Gas are better positioned to tap the gas for the vehicle market,
whereas Kunlun Energy’s LNG business, despite being one of the better LNG businesses,
may still suffer for a while before it finally takes off.
CNOOC (parent company) LNG refilling station in
Shenzhen
PetroChina/Kunlun LNG refilling station
(2) http://www.kunlun.com.hk/userfiles/image/1.png
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Investment principles
We identify the sustainable competitiveness of
companies
We invest with a long term perspective
What does it mean to us?
Many of our investors are investing with us for their retirement, or
We believe companies that have strong moats will have stable
even for their children. Long-term does not mean only three to
earnings growth and cash flow, and share prices will rise as
five years for us. Our goal is to find companies that can last and
these companies add considerable value each year. This tenet
prosper in the next several decades and invest in them – these
drives our investment ideas, not short-term trading profits.
are companies with high terminal values.
How do we apply it?
How do we apply it?
Sustainable competitiveness scorecards: We thoroughly analyze 30
Analysts and portfolio managers are evaluated by their long-
factors for each company to identify the competitiveness of the company
term performance. To add a new position into a fund, we spend
for the long term. This scorecard includes six main categories,
considerable time researching and evaluating it. We’re not looking
which are: Barriers to Entry, Competitive Dynamics, Sustainability of
to rush in based on a news headline, we are more concerned with
Returns, Management Track Record, Reliance on Outside Support,
generating solid, long-term, well researched ideas.
What does it mean to us?
and Ownership of Distribution/Production Supply Chain.
Extensive company meetings and research trips: Third party research
is useful for us to know the consensus, but it cannot be the sole
input when making investment decisions. We have investment
professionals around the globe; we frequently hold meetings in our
offices and conduct numerous on-site visits and meetings.
We assess investment risks with expected return
We value a team based approach in decision
making
What does it mean to us?
We constantly monitor the changes in regulation, competitive
What does it mean to us?
environments, and managements strategies. We do not fall in love
We do not rely on any single star portfolio manager or star analyst.
with our holdings, and will exit a position when the investment
We believe in sharing information and analysis among ourselves.
thesis is no longer valid. The potential upside and downside and
We rely on our collective knowledge and invest in long-term ideas.
our conviction drives the sizing of our positions.
How do we apply it?
How do we apply it?
We openly discuss and examine key ideas in Investment Committee
In addition to risk analysis done by research team, where we quantify
meetings where investment professionals participate.
the upside and downside to earnings and valuation, our risk team
We share our research notes globally on MARS (Mirae Asset
monitors various parameters including sector volatility and liquidity,
Research System) online, over email and we have regular video
and gives active feedback to the research team. Our risk team is
conference calls with other overseas offices.
aided with a range of third-party risk management systems such as
Factset, Axioma, Thomson Reuters, and Bloomberg POMS/AIM.
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400 098, India
Tel. +91-22-6780-0300
Mirae Asset Global Investments (Brazil)
Rua Olimpíadas, 194/200,
12 Andar, CJ 121, Vila Olímpia
São Paulo, CEP 04551-000, Brazil
Tel: +55-11-2608-8500
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