ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

PT Sarimelati Kencana operates a chain of restaurants. The Company offers fast-food to restaurants and cafes. Sarimelati Kencana serves food services industries in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana (PZZA IJ)</a> booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. </li>
<li>The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana</a> remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. </li>
</ul>



Sarimelati Kencana (PZZA IJ) booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. 
The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. 

Sarimelati Kencana remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. 


Sarimelati Kencana (PZZA IJ) - Profitable New Beginnings

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Betterware de Mexico Sab de CV / Equity Bottom-Up

Betterware de Mexico SAB de CV sells household products. The Company offers furniture, sink, electronics, utensils, laundry equipment, cleaners, bath accessories, personal care, and other goods. Betterware de Mexico serves customers in Mexico.

<ul><li>We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the April catalog.</li><li>As we have seen since 4Q24, the April catalog registered higher YoY SKU levels (up 4%) and pricing (up 12%), as management focused on newness, complete collections and expanding higher end offerings.</li><li>Further, even as the catalog shifts to Summer (with fans, cold drink holders and ice cube trays), the pace of discounting, while up YoY, continues to cool off month to month, with a 160 bp decline in the % of discounted items from March (to 28.2%, a low for 2025).</li></ul>

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the April catalog.As we have seen since 4Q24, the April catalog registered higher YoY SKU levels (up 4%) and pricing (up 12%), as management focused on newness, complete collections and expanding higher end offerings.Further, even as the catalog shifts to Summer (with fans, cold drink holders and ice cube trays), the pace of discounting, while up YoY, continues to cool off month to month, with a 160 bp decline in the % of discounted items from March (to 28.2%, a low for 2025).

BWMX: Snapping the Catalog: Spring Drives Newness, Higher Prices; Reiterate Buy

IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

MORITO CO., LTD., founded in 1908 is a distributor primarily handling footwear, apparel, and wide-use materials.  The Company designs, manufactures, and distributes products such as apparel accessories, shoes materials, auto interior parts, and camera related products. The company also operates business in Europe, America, China, and Southeast Asia countries.

<ul><li>For FY2024/11, MORITO (hereafter, the Company) reported net sales of JPY 48,537 mn (+0.0% YoY), operating profit of JPY 2,868 mn (+16.4% YoY), ordinary profit of JPY 3,003 mn (+8.4% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 2,572 mn (+16.0% YoY).</li><li>Net sales rose slightly, but gross profit margin grew to 29.1%, marking record highs for net sales, operating profit, and ordinary profit.</li><li>For FY2025/11, Morito projects net sales of JPY 53,000 mn (+9.2% YoY), operating profit of JPY 3,100 mn (+8.1% YoY), ordinary profit of JPY 3,200 mn (+6.5% YoY), and net profit of JPY 2,700 mn (+5.0% YoY).</li></ul>

For FY2024/11, MORITO (hereafter, the Company) reported net sales of JPY 48,537 mn (+0.0% YoY), operating profit of JPY 2,868 mn (+16.4% YoY), ordinary profit of JPY 3,003 mn (+8.4% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 2,572 mn (+16.0% YoY).Net sales rose slightly, but gross profit margin grew to 29.1%, marking record highs for net sales, operating profit, and ordinary profit.For FY2025/11, Morito projects net sales of JPY 53,000 mn (+9.2% YoY), operating profit of JPY 3,100 mn (+8.1% YoY), ordinary profit of JPY 3,200 mn (+6.5% YoY), and net profit of JPY 2,700 mn (+5.0% YoY).

Morito (9837 JP) - Operating Profit for FY25/11 Is Recording a New High...

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Tariff uncertainty, inflation, and deteriorating consumer confidence all are weighing on the market and furniture and furnishings stocks.</li><li>The WTR Commercial/Contract Furniture Index was up 1.6% during a week, while the Residential Manufacturers &amp; Suppliers Index (-0.4%), the Home Goods Retailers Index (-7.1%), and the broader markets (-3.2% to -4.3%) were all down.</li><li>AI-generated code is playing an increasingly important role in software engineering according to YC CEO Gary Tan (1).</li></ul>

Tariff uncertainty, inflation, and deteriorating consumer confidence all are weighing on the market and furniture and furnishings stocks.The WTR Commercial/Contract Furniture Index was up 1.6% during a week, while the Residential Manufacturers &amp; Suppliers Index (-0.4%), the Home Goods Retailers Index (-7.1%), and the broader markets (-3.2% to -4.3%) were all down.AI-generated code is playing an increasingly important role in software engineering according to YC CEO Gary Tan (1).

Furniture/Furnishings Weekly - GenAI and Knowledge Worker Productivity

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Chagee Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides a wide range of tea drinks products and services. Chagee Holdings serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a> is planning to raise up to US$500m through its upcoming US IPO.</li>
<li>Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Chagee Holdings (CHA US) is planning to raise up to US$500m through its upcoming US IPO.
Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
In this note, we look at the firm's past performance.


Chagee Pre-IPO - Market Leading Growth but Showing Signs of Fatigue

Insights in the Consumer Discretionary Space

Consumer Discretionary
Insights in the Consumer Discretionary Space

Sarimelati Kencana (PZZA IJ) - Profitable New Beginnings

PZZA IJ remains a leading quick-service food provider in Indonesia through Pizza Hut, with prospects improving as it starts to book sustainable...

Angus Mackintosh

BWMX: Snapping the Catalog: Spring Drives Newness, Higher Prices; Reiterate Buy

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the April catalog. As we have seen...

Small Cap Consumer Research

Morito (9837 JP) - Operating Profit for FY25/11 Is Recording a New High...

Net sales rose slightly, but gross profit margin grew to 29.1%, marking record highs for net sales, operating profit, and ordinary profit.

Sessa Investment Research

Furniture/Furnishings Weekly - GenAI and Knowledge Worker Productivity

Tariff uncertainty, inflation, and deteriorating consumer confidence all are weighing on the market and furniture and furnishings stocks.

Water Tower Research

Chagee Pre-IPO - Market Leading Growth but Showing Signs of Fatigue

Chagee (CG) is planning to raise up to US$500m through its upcoming US IPO. It is a leading premium tea drinks brand. In this note, we look at the...

Nicholas Tan