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

Malaysia Airports Holdings / Equity Bottom-Up

<ul>
<li>Besides Thailand and Singapore, Malaysia is one of the countries in South East Asia that are popular tourists destination. </li>
<li>
<a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a> is the airport operator that benefits from the tourism recovery in Malaysia. </li>
<li>Compared to <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> , Malaysia Airport is trading at a lower valuation, although it has recorded better operating numbers YTD. </li>
</ul>


Besides Thailand and Singapore, Malaysia is one of the countries in South East Asia that are popular tourists destination. 

Malaysia Airports Holdings (MAHB MK) is the airport operator that benefits from the tourism recovery in Malaysia. 
Compared to Airports of Thailand (AOT TB) , Malaysia Airport is trading at a lower valuation, although it has recorded better operating numbers YTD. 


Malaysia Airport (MAHB): Undervalued Tourism Play in SEA

<ul>
<li>Visa-Free travel for Chinese tourists is certainly a boost for the <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> .</li>
<li>Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. </li>
<li>The valuation is still high as the share price has run ahead of its fundamentals.</li>
</ul>


Visa-Free travel for Chinese tourists is certainly a boost for the Airports of Thailand (AOT TB) .
Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. 
The valuation is still high as the share price has run ahead of its fundamentals.


Airport of Thailand (AOT): Not the Right Time

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: One stocks remain, and 13 stocks are added</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 196% versus MSCI ASEAN’s 25%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: One stocks remain, and 13 stocks are added
Since its inception, the portfolio has generated a before-fee total return of 196% versus MSCI ASEAN’s 25%


<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Four stock remains and 10 stocks are added</li>
<li>Since its inception, it has generated a before-fee total return of 134% versus the MSCI Asia ex Japan of 60%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stock remains and 10 stocks are added
Since its inception, it has generated a before-fee total return of 134% versus the MSCI Asia ex Japan of 60%


SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Since the launch of Thai Singapore Depository Receipts in May, the three inaugural Thai SDRs – Airports of Thailand (AOT) , CP All and PTT Exploration & Production (PTTEP) – collectively traded over S$11 million on the Singapore Exchange.</li><li>The top traded SDR was PTTEP on the back of volatility in oil prices with max and daily trading ranges of (20 ticks) and 1% (7 ticks), respectively.</li><li>Airports of Thailand PLC is the largest publicly traded company in Thailand and the world’s largest airport operator by market capitalization.</li></ul>

Since the launch of Thai Singapore Depository Receipts in May, the three inaugural Thai SDRs – Airports of Thailand (AOT) , CP All and PTT Exploration & Production (PTTEP) – collectively traded over S$11 million on the Singapore Exchange.The top traded SDR was PTTEP on the back of volatility in oil prices with max and daily trading ranges of (20 ticks) and 1% (7 ticks), respectively.Airports of Thailand PLC is the largest publicly traded company in Thailand and the world’s largest airport operator by market capitalization.

SDR Earnings Snapshot: PTTEP beats estimates, correlation to oil price draws investors' interest

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Malaysia Airport (MAHB): Undervalued Tourism Play in SEA

With the tourism recovery, MAHB is well positioned to capture the upside while it trades at a relatively undemanding valuation especially compared...

Henry Soediarko

Airport of Thailand (AOT): Not the Right Time

As the Thai government issues a visa-free policy for Chinese tourists, it is expected that AOT will benefit but its share price has run ahead of...

Henry Soediarko

The Stocks to Own in ASEAN – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: One stocks remain, 13 stocks added.

A. Stotz Investment Research

The Stocks to Own in Asia – Vol. 42

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Four stock remains, 10 stocks added

A. Stotz Investment Research

SDR Earnings Snapshot: PTTEP beats estimates, correlation to oil price draws investors' interest

Since the launch of Thai Singapore Depository Receipts in May, the three inaugural Thai SDRs – Airports of Thailand (AOT) , CP All and PTT...

Singapore Exchange Ltd (SGX)

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52-week Range

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