Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Travelsky Technology Ltd H / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> share price was unjustly sold off due to flows rather than operational performance.</li>
<li>The key business is processing flights for <strong>domestic</strong> tourism, with a lesser correlation to geopolitical issues.</li>
<li>Due to the strong earnings growth, PER is adjusted from 60x to 25x. </li>
</ul>



Travelsky Technology Ltd H (696 HK) share price was unjustly sold off due to flows rather than operational performance.
The key business is processing flights for domestic tourism, with a lesser correlation to geopolitical issues.
Due to the strong earnings growth, PER is adjusted from 60x to 25x. 


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>JD is in fact competing with a broadcaster on Alibaba’s app, but not Alibaba itself.</li>
<li>Trip.com’s domestic orders during National Holidays were double last year.</li>
<li>New Oriental’s revenue increased strongly with new learning centers in 1Q24.</li>
</ul>


JD is in fact competing with a broadcaster on Alibaba’s app, but not Alibaba itself.
Trip.com’s domestic orders during National Holidays were double last year.
New Oriental’s revenue increased strongly with new learning centers in 1Q24.


China Consumption Weekly (30 Oct 2023): Alibaba, Trip.com, New Oriental, Weibo

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Outbound daily traffic during the long holiday down -15% vs 2019, and short of expectations</li>
<li>Total domestic trips up 4% vs 2019, but average daily trips -9% &amp; average daily spending -4%</li>
<li>Ten months in, the pace of China's 2023 tourism recovery remains disappointingly sluggish</li>
</ul>


Outbound daily traffic during the long holiday down -15% vs 2019, and short of expectations
Total domestic trips up 4% vs 2019, but average daily trips -9% &amp; average daily spending -4%
Ten months in, the pace of China's 2023 tourism recovery remains disappointingly sluggish


Quick Take on 'Golden Week' Headline Tourism Traffic: Limited Improvement, & Shy of Expectations

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>TSLA/JD：JD.com will launch Tesla car ordering service ( + )</li>
<li>JD：JD.com launches "Enjoy now, pay later" service, with high barriers and limited impact (/)</li>
<li>ATAT/TCOM: Highway traffic during national holiday will reach historicalhigh（ +）</li>
</ul>


TSLA/JD：JD.com will launch Tesla car ordering service ( + )
JD：JD.com launches "Enjoy now, pay later" service, with high barriers and limited impact (/)
ATAT/TCOM: Highway traffic during national holiday will reach historicalhigh（ +）


China TMT Update(Oct.8)-TSLA/JD/ATAT/TCOM/3690.HK-JD.com Launches "Enjoy Now, Pay Later" Service

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>During the last two weeks both discounts have widened by more than 1 percentage point, likely driven by risk-off sentiment as opposed to idiosyncratic factors. </li>
<li>Management have released the NAV update for Q2 of FY24. Naspers' NAV can be found <a href="https://www.naspers.com/investors/investing-in-naspers/net-asset-value" target="_blank" rel="noopener">here</a> and Prosus' NAV <a href="https://www.prosus.com/investors/investing-in-prosus/net-asset-value" target="_blank" rel="noopener">here</a>.</li>
<li>During the quarter, Prosus' discount widened by 4.2 percentage points to 39.8% and Naspers' discount widened by 3.6 percentage points to 46.6%, erasing cross-holding unwind gains.</li>
</ul>


During the last two weeks both discounts have widened by more than 1 percentage point, likely driven by risk-off sentiment as opposed to idiosyncratic factors. 
Management have released the NAV update for Q2 of FY24. Naspers' NAV can be found here and Prosus' NAV here.
During the quarter, Prosus' discount widened by 4.2 percentage points to 39.8% and Naspers' discount widened by 3.6 percentage points to 46.6%, erasing cross-holding unwind gains.


Naspers & Prosus: Risk off Trade Puts Pressure on Discounts, NAV Update for Q2 FY24 Released

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Travelsky (696): Cheaper Now

Travelsky share price is cheaper now due to the strong earnings growth. With a focus on domestic tourism, it is set to further benefit from this...

Henry Soediarko

China Consumption Weekly (30 Oct 2023): Alibaba, Trip.com, New Oriental, Weibo

JD is competing with a broadcaster on Alibaba’s app. Trip.com’s domestic orders during National Holidays were double last year. New Oriental’s...

Ming Lu

Quick Take on 'Golden Week' Headline Tourism Traffic: Limited Improvement, & Shy of Expectations

Preliminary tourism activity data from the long Golden Week holiday period appear to show a frustratingly sluggish recovery in Chinese travel demand.

Tracking Traffic

China TMT Update(Oct.8)-TSLA/JD/ATAT/TCOM/3690.HK-JD.com Launches "Enjoy Now, Pay Later" Service

JD.com will launch Tesla car ordering service; JD.com launches "Enjoy now, pay later" service, with high barriers and limited impact; Highway...

Blue Lotus Research Institute

Naspers & Prosus: Risk off Trade Puts Pressure on Discounts, NAV Update for Q2 FY24 Released

Naspers & Prosus: discounts widen during last two weeks driven by risk-off sentiment plus Q2 FY24 NAV update released. Fresh opportunity for those...

DMA

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