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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> was shunned by investors last year as its products were taken off the shelves in China, causing its revenue from China to plummet. </li>
<li>Recently announced a substantial increase in net profit vs last year.  </li>
<li>Despite the recent uptick, Vitasoy's share price is still trading at 50% PBR vs 5 years ago. </li>
</ul>



Vitasoy Intl Holdings (345 HK) was shunned by investors last year as its products were taken off the shelves in China, causing its revenue from China to plummet. 
Recently announced a substantial increase in net profit vs last year.  
Despite the recent uptick, Vitasoy's share price is still trading at 50% PBR vs 5 years ago. 


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 2 February, <a href="https://www.smartkarma.com/entities/playtech-plc" target="_blank" data-smartkarma-citation="entities:22099:1" rel="noopener">Playtech Plc (PTEC LN)</a>'s shareholders voted down <a href="https://www.smartkarma.com/entities/aristocrat-leisure-ltd" target="_blank" data-smartkarma-citation="entities:10303:1" rel="noopener">Aristocrat Leisure (ALL AU)</a>'s £2.1 billion Offer.</li>
<li>The Offer failed after Playtech was unable to engage with a block of Asia-based investors who owned ~28% of the company.</li>
<li>As a developer of online casino games, Playtech is an obvious target. Reportedly its second-largest investor and two Playtech CEOs - former and current - are piecing together a deal. </li>
</ul>


On the 2 February, Playtech Plc (PTEC LN)'s shareholders voted down Aristocrat Leisure (ALL AU)'s £2.1 billion Offer.
The Offer failed after Playtech was unable to engage with a block of Asia-based investors who owned ~28% of the company.
As a developer of online casino games, Playtech is an obvious target. Reportedly its second-largest investor and two Playtech CEOs - former and current - are piecing together a deal. 


There are many reasons to like <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> as the go-to consumer stock in Hong Kong with a China expansion as the growth catalyst, healthy product that caters to plenty of Asians particularly those who are lactose intolerant.Like a lot of Hong Kong-originated companies, <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> has been expanding its presence in Mainland China due to the sheer population size and Vitasoy has conquered the Hong Kong market. The question is in which market segment they are trying to compete - the plant-based drink or the dairy milk market? Both are filled with innovative competitors and customers who understand that dairy milk has a higher protein and calcium content. As China makes up more than 60% of the business, the performance in China matters more than the stable business in HK. I am less positive about this and there are more downside rather than upside for the time being.

There are many reasons to like Vitasoy Intl Holdings (345 HK) as the go-to consumer stock in Hong Kong with a China expansion as the growth catalyst, healthy product that caters to plenty of Asians particularly those who are lactose intolerant.Like a lot of Hong Kong-originated companies, Vitasoy Intl Holdings (345 HK) has been expanding its presence in Mainland China due to the sheer population size and Vitasoy has conquered the Hong Kong market. The question is in which market segment they are trying to compete - the plant-based drink or the dairy milk market? Both are filled with innovative competitors and customers who understand that dairy milk has a higher protein and calcium content. As China makes up more than 60% of the business, the performance in China matters more than the stable business in HK. I am less positive about this and there are more downside rather than upside for the time being. 

Vitasoy (345): Does the Chinese like Soymilk?

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

<ul>
<li>US-based National Beverage has an atypical management culture that emphasizes long-term value creation;</li>
<li>The business outperforms its publicly-traded peers across many dimensions;</li>
<li>At the current level, the risk-reward ratio looks quite favorable for the company's long-term shareholders.</li>
</ul>


US-based National Beverage has an atypical management culture that emphasizes long-term value creation;
The business outperforms its publicly-traded peers across many dimensions;
At the current level, the risk-reward ratio looks quite favorable for the company's long-term shareholders.


This Atypically-Cultured Beverage Business Can Be Interesting!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

Following the <a href="https://www.smartkarma.com/entities/gamestop-corp-class-a" target="_blank" data-smartkarma-citation="entities:13790:1" rel="noopener">GameStop Corp Class A (GME US)</a> saga that has been all over the financial press (and is now spreading into the mainstream press), we have been getting questions on names in Hong Kong that could be prone to a squeeze.We do not believe that retail players in Hong Kong have the heft that retail investors in the US do, nor are single stock options frequently used (though there is a lot of retail activity in warrants on large cap names), but the pain that is being felt in global portfolios could lead to unwinding in Hong Kong shorts too.Some highly shorted stocks in Hong Kong that have seen prices jump today along with volume surge are <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>, <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>, <a href="https://www.smartkarma.com/entities/china-literature-ltd" target="_blank" data-smartkarma-citation="entities:24388:1" rel="noopener">China Literature (772 HK)</a>, <a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>, <a href="https://www.smartkarma.com/entities/mtr-corp" target="_blank" data-smartkarma-citation="entities:13289:1" rel="noopener">MTR Corp (66 HK)</a>, <a href="https://www.smartkarma.com/entities/want-want-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:355:1" rel="noopener">Want Want (151 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> and <a href="https://www.smartkarma.com/entities/wharf-real-estate-investment" target="_blank" data-smartkarma-citation="entities:26031:1" rel="noopener">Wharf Real Estate Investment (1997 HK)</a>.We identify more stocks that could be prone to short covering based on short interest as a percentage of issued shares, free float and in terms of days of ADV to cover.

Following the GameStop Corp Class A (GME US) saga that has been all over the financial press (and is now spreading into the mainstream press), we have been getting questions on names in Hong Kong that could be prone to a squeeze.We do not believe that retail players in Hong Kong have the heft that retail investors in the US do, nor are single stock options frequently used (though there is a lot of retail activity in warrants on large cap names), but the pain that is being felt in global portfolios could lead to unwinding in Hong Kong shorts too.Some highly shorted stocks in Hong Kong that have seen prices jump today along with volume surge are Ping An Healthcare and Technology Company Limited (1833 HK), Hang Seng Bank (11 HK), Vitasoy Intl Holdings (345 HK), China Literature (772 HK), Bank of East Asia (23 HK), MTR Corp (66 HK), Want Want (151 HK), Samsonite (1910 HK) and Wharf Real Estate Investment (1997 HK).We identify more stocks that could be prone to short covering based on short interest as a percentage of issued shares, free float and in terms of days of ADV to cover.

Hong Kong

Vitasoy International Holdings Limited, through its subsidiaries, manufactures and distributes food and beverages.

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Vitasoy Intl Holdings (345 HK)

Vitasoy (345): Time to Bounce

Vitasoy's business has recovered mainly to today's cessation of the boycott in China and also the reopening of the economy.

Henry Soediarko

Playtech (PTEC LN): A Nuanced Flutter

Presumably, a firm Offer from TTB could only unfold if they have the inside track on the Asian block's intentions. This is a messy, nuanced affair,...

David Blennerhassett

Vitasoy (345): Does the Chinese like Soymilk?

The question is in which market segment they are trying to compete - the plant-based drink or the dairy milk market. Vitasoy may want to be clearer...

Henry Soediarko

This Atypically-Cultured Beverage Business Can Be Interesting!

An emphasis on long-term value creation, brand-based moat, massive runway, and fair share price could make National Beverage attractive to alpha...

Steven Chen

HK Shorts: Squeeze-O-Meter

Following the GameStop saga, we try to identify stocks in HK that could be susceptible to a short squeeze based on short interest vs issued shares...

Brian Freitas

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