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Growth CAPEX Has Declined in Asia Since 2012

Growth CAPEX Has Declined in #Asia Since 2012 #ChartOfTheDay


  • 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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