Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In a dealbreak, <a href="https://www.smartkarma.com/entities/australia-and-new-zealand-banking-group-anz" target="_blank" data-smartkarma-citation="entities:443:1" rel="noopener">ANZ (ANZ AU)</a> will either have enough capital in a downturn or excess capital it could use to buy back stock. If behavioural remedies, SunCorp is cheaper. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s implied stub value is around its highest-ever level, dating back to 2004.</li>
<li>There is no good reason to be long Adani names, even if GQG is up 25% on his money so far.</li>
</ul>


In a dealbreak, ANZ (ANZ AU) will either have enough capital in a downturn or excess capital it could use to buy back stock. If behavioural remedies, SunCorp is cheaper. 

Jardine Cycle &amp; Carriage (JCNC SP)'s implied stub value is around its highest-ever level, dating back to 2004.
There is no good reason to be long Adani names, even if GQG is up 25% on his money so far.


Last Week in Event SPACE: ANZ/​Suncorp, JCNC, Adani, Khan Bank/HS Holdings, Hong Kong Buybacks

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

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. </li>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>, which look expensive relative to its underlying holding and on <a href="https://www.smartkarma.com/entities/bangchak-corporation-public-company-limited" target="_blank" data-smartkarma-citation="entities:15875:1" rel="noopener">Bangchak</a>'s takeover of <a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a>.</li>
<li>We also saw commentary on <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a>, as it saw General Atlantic take a stake, and <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a>, as it provided positive guidance for 2023. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. 
The Past week saw insights on Jardine Cycle &amp; Carriage (JCNC SP), which look expensive relative to its underlying holding and on Bangchak's takeover of Esso Thailand (ESSO TB).
We also saw commentary on Cisarua Mountain Dairy, as it saw General Atlantic take a stake, and AKR Corporindo (AKRA IJ), as it provided positive guidance for 2023. 


The Week That Was in ASEAN@Smartkarma - JCNC Overstretched, Cimory Raises Funds, and AKRA's Growth

<ul>
<li>Given the likelihood of more buybacks and pressure on capital allocation and structuring of the renewable energy business, <a href="https://www.smartkarma.com/entities/cosmo-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26565:1" rel="noopener">Cosmo Energy (5021 JP)</a> is more of a buy than a sell.</li>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> is a tricky beast to analyze. A key issue for investors is valuing Olam, ex- Olam Agri, ex- OFI.</li>
<li>Unloved as it is, <a href="https://www.smartkarma.com/entities/yamada-denki-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Denki (9831 JP)</a> is still cheap. </li>
</ul>


Given the likelihood of more buybacks and pressure on capital allocation and structuring of the renewable energy business, Cosmo Energy (5021 JP) is more of a buy than a sell.

Olam Group (OLG SP) is a tricky beast to analyze. A key issue for investors is valuing Olam, ex- Olam Agri, ex- OFI.
Unloved as it is, Yamada Denki (9831 JP) is still cheap. 


Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s is currently trading tight at a ~6% discount to NAV.</li>
<li>The implied stub and JCNC/<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> ratio are the highest outside the 2008 financial crisis.</li>
<li>Key catalysts for JCNC's outperformance, such as the SIMSCI Index inclusion, have passed.  JCNC is trading rich. Look to reverse the stub.</li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s is currently trading tight at a ~6% discount to NAV.
The implied stub and JCNC/Astra International (ASII IJ) ratio are the highest outside the 2008 financial crisis.
Key catalysts for JCNC's outperformance, such as the SIMSCI Index inclusion, have passed.  JCNC is trading rich. Look to reverse the stub.


JCNC Is Even More Overstretched Vs. Astra

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. </li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas</a>, <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast</a> and plans to list in the US, <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, and <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage</a> </li>
<li>There were also macro insights on Malaysian politics and the risks with Vietnam's economy plus an index rebalancing in the Philippines with <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings</a> to potentially benefit.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. 
The past week saw insights on Bank Central Asia, Aneka Gas, VinFast and plans to list in the US, I-Tail (ITC TB), and Jardine Cycle &amp; Carriage 
There were also macro insights on Malaysian politics and the risks with Vietnam's economy plus an index rebalancing in the Philippines with DMCI Holdings to potentially benefit.


The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

Singapore

YHI International Limited distributes automotive products comprising tires, alloy wheels, automotive batteries and related products.  The Company also designs, develops, and manufactures alloy wheels.

Listed on the SGX Mainboard since December 1995, Thakral Corporation Ltd has two divisions – Lifestyle Division and Investment Division.

The Group’s Investment Division invests directly or with co-investors in real estate and other investment opportunities including property-backed financial instruments. The Group also earns income from the services rendered from originating, packaging and managing the projects. The Investment Division, through a joint venture, has expanded its businesses into development and management of retirement living resorts in Australia under the GemLife brand. Taking advantage of the upward trend in the Japanese property sector and the country’s low interest rate, the Group has also expanded its investment footprint to Japan. With the completion of the acquisition of The Riverwalk office property, the Group has extended its property investments to Singapore. 

The Group’s Lifestyle Division is focused on marketing and distributing brands in the beauty, wellness and lifestyle categories, working with leading e-commerce platforms as well as traditional retailers. The brands distributed by the Lifestyle Division include at-home beauty and wellness device brands MTG Refa, ikoo, Panasonic, PMD, DermaWand, Philips, TriPollar, T3, MTG SIXPAD, Style Seat and Slendertone, skin and hair care brands John Masters Organics, Codage and Institut Karite Paris as well as lifestyle brands such as DJI. The Lifestyle Division is also creating an e-commerce retail platform for at-home beauty devices in China, in a joint venture with UK-based CurrentBody.com Limited, a leader in this space. 

Greater China including Hong Kong, Southeast Asia and India are key markets for the Lifestyle Division and Australia, Japan and Singapore for the Investment Division.

The Hour Glass Limited retails and wholesales watches, jewelry and related products through its subsidiaries. The Company also manufactures watches and invests in properties.

Stamford Tyres Corporation Limited retails and distributes tires and wheels for passenger, commercial, industrial, and agricultural vehicles. The Company also provides tire retreading, equipment trading, and motor vehicle servicing. Stamford Tyres manufactures and sells aluminum alloy wheels.

Cortina Holdings Limited retails and distributes luxury watches in the Asia Pacific region.  The Company also trades, imports, and exports pens, lighters, and clocks.

Metro Holdings Limited operates department store, develops and invests in properties, as well as undertakes building contract works.  The Company also distributes building and construction materials.

Ossia International Limited markets and distributes sporting goods, footwear, accessories, apparel, sports equipment, and golf related products.  The Company, through its subsidiaries, operates Internet business, designs and distributes apparel, fashion footwear, and sports and fashion accessories.  In addition, Ossia also invests in properties and provides consultancy services.

Isetan (Singapore) Limited operates department stores and trades general merchandise with wholesale and retail operations.

Second Chance Properties Limited is a wholesaler and retailer of ready-made garments. The Group also retails gold, jewelry and tidbits, and invests in properties.

Challenger Technologies Limited operates superstore retails and small outlet retails. The Company sells information technology products and provides services related to its products. Through its subsidiary, the Company also supplies and installs electronic signage for buildings, business premises and promotional events.

Inchcape PLC is a global automotive distributor and retailer. The Company acts as a vehicle and parts distributor in multiple markets. In these markets, Inchcape has exclusive responsibility for managing the value chain on behalf of a focused portfolio of premium and luxury brand partners. Over two thirds of the Group profit is derived from Asia Pacific and emerging markets.

LKQ Corporation offers automotive products and services. The Company provides alternative collision replacement parts, recycled engines and transmissions, as well as remanufactured engines. LKQ offers customers in North America, Central America and Europe replacement systems, components and parts for the repair of automobiles and light, medium, and heavy-duty trucks.

Canon Marketing Japan Inc. distributes all Canon products in the domestic market.  The Company sells copying machines, printers, digital cameras, facsimile, scanner, projectors, and calculators.

Wuchan Zhongda Group Co.,Ltd. offers supply chain services. The Company purchases and distributes metal materials, ores, automobiles, chemicals, rubbers, and energy products. Wuchan Zhongda Group also conducts finance, medical, thermal power, and public utility businesses.

S.A. D'Ieteren N.V. imports to and distributes European- and Asian-manufactured cars in Belgium.  The Company offers vehicle glass repair and replacement services in Europe, North and South America, Asia, Australia, and New Zealand.

Pool Corporation is a wholesale distributor of swimming pool supplies, equipment and related leisure products. The Company's inventory includes a diverse range of products, from construction materials, replacement parts and fencing to pool care products and spas.

Liaoning Cheng Da Co., Ltd. imports and exports a variety of textile products including knitting products, household textile products, and apparel.  The Company also operates pharmaceutical chain stores and provides processing services.

Zhejiang Orient Holdings Co., Ltd. imports and exports textile products.  The Company exports cotton and wool knitwear, household textile products, and accessories, as well as imports textile raw materials and equipment.  Zhejiang Orient also provides apparel processing services, acts as a cargo transportation agency, and operates in properties.

Anhui Xinhua Media Co Ltd wholesales, retails, publishes textbook, graphic book, audio, and vieo products.  The Company also operates trading, property management and property leasing businesses.

PALTAC CORPORATION. is a wholesaler. The Company distributes cosmetics, daily necessities, and medicine to drug stores, convenience stores, supermarkets, and home centers. Paltac also operates and manages logistics centers.

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

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Jardine Cycle & Carriage (JCNC SP)

Last Week in Event SPACE: ANZ/Suncorp, JCNC, Adani, Khan Bank/HS Holdings, Hong Kong Buybacks

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - JCNC Overstretched, Cimory Raises Funds, and AKRA's Growth

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

JCNC Is Even More Overstretched Vs. Astra

On an implied stub, NAV discount, and simple ratio (JCNC/Astra), JCNC is trading rich. Astra is an ongoing recovery play, and is inexpensive versus...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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Last Week in Event SPACE: ANZ/​Suncorp, JCNC, Adani, Khan Bank/HS Holdings, Hong Kong Buybacks

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - JCNC Overstretched, Cimory Raises Funds, and AKRA's Growth

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

JCNC Is Even More Overstretched Vs. Astra

On an implied stub, NAV discount, and simple ratio (JCNC/Astra), JCNC is trading rich. Astra is an ongoing recovery play, and is inexpensive versus...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Last Week in Event SPACE: ANZ/Suncorp, JCNC, Adani, Khan Bank/HS Holdings, Hong Kong Buybacks