Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

Kina Securities Limited provides banking and diversified financial services. The Company offers share brokerage, fund administration, investment management services, asset financing, and provision of personal and commercial loans, money market operations and corporate advice. Kina Securities operates in Papua New Guinea.

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Last week, I had the pleasure of meeting the senior management team of <a href="https://finance.yahoo.com/quote/KSL.XA/" target="_blank" rel="noopener">Kina Securities</a> (KSL AU — US$193 million) — a Papua New Guinea- (“PNG”) based commercial bank listed on the ASX.
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Participants included Kina Securities’ CEO Ivan Vidovich and CFO Johnson Kalo.
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The bank trades at a modest P/E ratio of 8.2x with a dividend yield of 9.2%. While the share price has risen recently, it remains well below its all-time high in 2019.
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Last week, I had the pleasure of meeting the senior management team of Kina Securities (KSL AU — US$193 million) — a Papua New Guinea- (“PNG”) based commercial bank listed on the ASX.


Participants included Kina Securities’ CEO Ivan Vidovich and CFO Johnson Kalo.


The bank trades at a modest P/E ratio of 8.2x with a dividend yield of 9.2%. While the share price has risen recently, it remains well below its all-time high in 2019.



Kina Securities Meeting (KSL AU): A Papua New Guinea Commercial Bank.

Nippon Parking Development / Equity Bottom-Up

NIPPON PARKING DEVELOPMENT Co.,Ltd. provides automobile parking lots consulting services.  The Company operates management services as well as leasing services for parking space owners.  NIPPON PARKING DEVELOPMENT also provides available parking space information through internet.

<ul><li><a href="https://finance.yahoo.com/quote/2353.T/" target="_blank" rel="noopener">Nippon Parking Development</a> (2353 JP — US$477 million) — also known as “NPD” — is a Japanese lessor of parking spaces and an operator of ski resorts and theme parks.</li><li>It’s the brainchild of lifelong entrepreneur Kazuhisa Tatsumi, who literally built the company in his garage in the early 1990s.</li><li>In Japan, developers are generally required to build 1/3 parking space per 100 square meters of floor area for any large building. This is known as “legally mandated parking space”.</li></ul>

Nippon Parking Development (2353 JP — US$477 million) — also known as “NPD” — is a Japanese lessor of parking spaces and an operator of ski resorts and theme parks.It’s the brainchild of lifelong entrepreneur Kazuhisa Tatsumi, who literally built the company in his garage in the early 1990s.In Japan, developers are generally required to build 1/3 parking space per 100 square meters of floor area for any large building. This is known as “legally mandated parking space”.

Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E

Haad Thip Public Company Limited is a franchise bottler and distributor of The Coca-Cola Company's soft drink products including Coke, Sprite, Mello and Fanta, for 14 southern provinces of Thailand.

<ul><li>Last week, I had the great pleasure of meeting with Chief Financial Officer Amrit Shrestha and several of his colleagues at Coca-Cola bottler <a href="https://finance.yahoo.com/quote/HTC.BK/" target="_blank" rel="noopener">Haad Thip</a> (HTC TB - US$193 million).</li><li>The company is the exclusive producer and distributor of Coca-Cola products across Thailand’s 14 Southernmost provinces.</li><li>The stock has performed beautifully over time, though sideways since 2021. It trades at a 9.6x P/E ratio and a 6.4% dividend yield.</li></ul>

Last week, I had the great pleasure of meeting with Chief Financial Officer Amrit Shrestha and several of his colleagues at Coca-Cola bottler Haad Thip (HTC TB - US$193 million).The company is the exclusive producer and distributor of Coca-Cola products across Thailand’s 14 Southernmost provinces.The stock has performed beautifully over time, though sideways since 2021. It trades at a 9.6x P/E ratio and a 6.4% dividend yield.

PT Metrodata Electronics / Equity Bottom-Up

PT Metrodata Electronics, Tbk (“the Company”)—the publicly listed Company on Bursa Efek Indonesia (IDX) since 1990 (IDX: MTDL) is one of the leading Information and Communication Technology (“ICT”) companies in Indonesia that build strategic alliances with world‐class ICT companies.

The Company has main business units, namely Distribution Business (Providing World‐Class ICT Hardware and Software) that handles distribution to partnered dealers, ICT solution companies and also running an e‐commerce business. Its distribution network is covering more than 150 cities in Indonesia and has more than 4,000 channel partners and more than 100 world‐class IT products and service brands; Solution & Consulting Business (Digital Solution Provider to Help Companies Achieving Digital Transformation) that provides complete ICT solutions from conceptual/design, implementation, IT Managed Services, consulting and training, as well as support for business digital transformation.

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Metrodata (MTDL IJ — US$410 million) is Indonesia’s largest IT distributor.
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Notebooks, smartphones, and network equipment all flow through Metrodata’s logistics facilities before they are sold to customers.
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Almost all global consumer electronics brands sell through Metrodata, giving it a nearly complete product portfolio.
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Metrodata (MTDL IJ — US$410 million) is Indonesia’s largest IT distributor.


Notebooks, smartphones, and network equipment all flow through Metrodata’s logistics facilities before they are sold to customers.


Almost all global consumer electronics brands sell through Metrodata, giving it a nearly complete product portfolio.



Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

Link REIT is a real estate investment trust in Hong Kong. The Trust owns and operates shopping centers, parking space facilities and real estate retail space.

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<li>The largest REIT in Asia, with enough liquidity for most funds. Has a great set of neighborhood malls across Hong Kong enjoying recurring income from food &amp; beverage, restaurants, etc</li>
<li>Suffered during the COVID-19 pandemic but DPU has started growing again. Rights issue a misstep but the leverage is now acceptable. New Blackrock CIO bodes well for M&amp;A. </li>
<li>REIT trades at 7% yield vs 4% historically. Essentially an interest rate bet. Will probably be included in the Stock Connect program soon, expect an announcement on 19 April. </li>
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The largest REIT in Asia, with enough liquidity for most funds. Has a great set of neighborhood malls across Hong Kong enjoying recurring income from food &amp; beverage, restaurants, etc
Suffered during the COVID-19 pandemic but DPU has started growing again. Rights issue a misstep but the leverage is now acceptable. New Blackrock CIO bodes well for M&amp;A. 
REIT trades at 7% yield vs 4% historically. Essentially an interest rate bet. Will probably be included in the Stock Connect program soon, expect an announcement on 19 April. 


Asian Century Stocks
Providing financial journalism in the Asia-Pacific

Kina Securities Meeting (KSL AU): A Papua New Guinea Commercial Bank.

Asian Century Stocks uses information sources believed to be reliable, but their accuracy cannot be guaranteed. The information contained in this...

Asian Century Stocks

Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E

Nippon Parking Development (2353 JP — US$477 million) — also known as “NPD” — is a Japanese lessor of parking spaces and an operator of ski resorts...

Asian Century Stocks

Haad Thip Meeting (HTC TB)

Steady performance but the higher sugar tax is a near-term headwind. Last week, I had the great pleasure of meeting with Chief Financial Officer...

Asian Century Stocks

Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

Metrodata (MTDL IJ — US$410 million) is Indonesia’s largest IT distributor. Notebooks, smartphones, and network equipment all flow...

Asian Century Stocks

Link REIT (823 HK)

Asia's largest REIT, with strong liquidity and neighborhood malls in Hong Kong, is recovering post-COVID. 7% dividend yield plus gradual DPU...

Asian Century Stocks

Kina Securities Meeting (KSL AU): A Papua New Guinea Commercial Bank.

Asian Century Stocks uses information sources believed to be reliable, but their accuracy cannot be guaranteed. The information contained in this...

Asian Century Stocks

Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E

Nippon Parking Development (2353 JP — US$477 million) — also known as “NPD” — is a Japanese lessor of parking spaces and an operator of ski resorts...

Asian Century Stocks

Haad Thip Meeting (HTC TB)

Steady performance but the higher sugar tax is a near-term headwind. Last week, I had the great pleasure of meeting with Chief Financial Officer...

Asian Century Stocks

Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

Metrodata (MTDL IJ — US$410 million) is Indonesia’s largest IT distributor. Notebooks, smartphones, and network equipment all flow...

Asian Century Stocks

Link REIT (823 HK)

​Asia's largest REIT, with strong liquidity and neighborhood malls in Hong Kong, is recovering post-COVID. 7% dividend yield plus gradual DPU...

Asian Century Stocks

Asia's largest REIT, with strong liquidity and neighborhood malls in Hong Kong, is recovering post-COVID. 7% dividend yield plus gradual DPU...