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

Thematic (Sector/Industry)

<p>President Rodrigo reportedly was very upset with the Kuwait government after the incident that left the 29-year-old Joanna Demafelis, an OFW, dead and found in the freezer in a Kuwaiti flat last earlier this month. The Philippine foreign affairs department mentioned on Monday, Feb 12 that they will ban new employment in Kuwait, including Filipinos who had already obtained employment permits but had not yet left for Kuwait. The Philippine government would shoulder the cost for the migrants'…</p>

President Rodrigo reportedly was very upset with the Kuwait government after the incident that left the 29-year-old Joanna Demafelis, an OFW, dead and found in the freezer in a Kuwaiti flat last earlier this month. The Philippine foreign affairs department mentioned on Monday, Feb 12 that they will ban new employment in Kuwait, including Filipinos who had already obtained employment permits but had not yet left for Kuwait. The Philippine government would shoulder the cost for the migrants'…

OFW Exiting Kuwait? Impact on the Philippine's Economy

Equity Bottom-Up

<p>Export has reached a historical high of <strong>25%</strong> of total sales on a much-improved product mix that results in a higher gross margin. With some very sticky customers through their higher margin customized product, <a href="https://www.smartkarma.com/entities/19563" target="_blank" data-smartkarma-citation="entities:19563:1">D&amp;L Industries Inc (DNL PM)</a> presents a stable business for the investors while it is also actively pursuing alternative opportunities to grow their top line semi inorganically; with Ventura Foods (supplier to A&amp;W) and Bungee. <br>The drop in share price of <strong>15%</strong> in August 2017 presents a buying opportunity to own DNL especially when the share price has steadily climbed up as a sign that investors are buying into the weakened share price. </p><p>As more revenues will come from customized and specialty products, margins are expected to expand while CapEx and cost are expected to remain under control - thanks to the founding family that provides the transport and storage facility that enables the listed company to keep an asset-light policy. </p>

Export has reached a historical high of 25% of total sales on a much-improved product mix that results in a higher gross margin. With some very sticky customers through their higher margin customized product, D&amp;L Industries Inc (DNL PM) presents a stable business for the investors while it is also actively pursuing alternative opportunities to grow their top line semi inorganically; with Ventura Foods (supplier to A&amp;W) and Bungee.  The drop in share price of 15% in August 2017 presents a buying opportunity to own DNL especially when the share price has steadily climbed up as a sign that investors are buying into the weakened share price. As more revenues will come from customized and specialty products, margins are expected to expand while CapEx and cost are expected to remain under control - thanks to the founding family that provides the transport and storage facility that enables the listed company to keep an asset-light policy. 

DNL: Sticky Customers, Improved Product Mix, Growing Top Line with Increasing Margin

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>We screened for names that brokeout on strong volume yesterday. We define a breakout when a stock hits its 30-day high and has not hit a 30-day high in the last rolling 30-days. This way we avoid momentum names that are setting new highs each day and therefore we get a real breakout.</p><h2>Screen Criteria</h2><ol>
<li>Universe is Asia including Japan with Mkt-cap above 200bn USD</li>
<li>Yesterday's intraday high set a new 30-day high and over the last rolling 30 days a new high was not set. </li>
<li>Volume was greater than 2 standard…</li>
</ol>

We screened for names that brokeout on strong volume yesterday. We define a breakout when a stock hits its 30-day high and has not hit a 30-day high in the last rolling 30-days. This way we avoid momentum names that are setting new highs each day and therefore we get a real breakout.Screen Criteria
Universe is Asia including Japan with Mkt-cap above 200bn USD
Yesterday's intraday high set a new 30-day high and over the last rolling 30 days a new high was not set. 
Volume was greater than 2 standard…


Names that Brokeout on Volume Yesterday in Asia....

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>Our Global Reflation Pulse Check indicates the global reflation theme remains intact.</li>
<li>Earnings and economic growth in the US and Europe have accelerated in particular.</li>
<li>China risk is manageable; in fact, we are supportive of recent Chinese government emphasis on reform over growth.</li>
<li>Indo has seen some political reform setbacks.</li>
<li>We continue to prefer ASEAN financials, China information technology, Sino-ASEAN consumer discretionary, and Sino-ASEAN infrastructure. </li>
</ul><p>In this note, we would like to do…</p>


Our Global Reflation Pulse Check indicates the global reflation theme remains intact.
Earnings and economic growth in the US and Europe have accelerated in particular.
China risk is manageable; in fact, we are supportive of recent Chinese government emphasis on reform over growth.
Indo has seen some political reform setbacks.
We continue to prefer ASEAN financials, China information technology, Sino-ASEAN consumer discretionary, and Sino-ASEAN infrastructure. 
In this note, we would like to do…

Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<h2>The Week that Was in <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma </a>
</h2><p>No doubt that the <strong>biggest event of the week was the second round of the election run-off for Governor of Jakarta</strong>. The market seems to have taken the surprisingly convincing win by Anies Basewedan in its stride. He toppled the incumbent Chinese Christian Governor, Basuki "Ahok" Tjahaja Purnama, with 58% of the vote versus Ahok's 42% (quick count). The lead was way beyond that was forecast by any of the pre-election surveys. The way the election played out…</p>

The Week that Was in ASEAN@Smartkarma 
No doubt that the biggest event of the week was the second round of the election run-off for Governor of Jakarta. The market seems to have taken the surprisingly convincing win by Anies Basewedan in its stride. He toppled the incumbent Chinese Christian Governor, Basuki "Ahok" Tjahaja Purnama, with 58% of the vote versus Ahok's 42% (quick count). The lead was way beyond that was forecast by any of the pre-election surveys. The way the election played out…

The Week that Was in ASEAN@Smartkarma - Coal, Space Ships, And Apartments

Philippines

Bloomberry Resorts Corp is a holding company for its subsidiaries which provide lodging and leisure services. The Subsidiaries operates and develops, tourist facilities, casinos, and hotel and amusement-themed projects.

DigiPlus Interactive Corp. provides gaming and leisure facilities. The Company offers multi-gaming platforms, numerous products, and games with a strong distribution network of entertainment facilities in neighborhood sites. DigiPlus Interactive serves customers in the Philippines.

Berjaya Philippines Inc., an investment holding company, is engaged in the leasing on-line lottery equipment and software support businesses in the Philippines. It operates in the Leasing, Services, Holdings and Investments, and Motor Vehicle Dealership segments. The company also owns, leases, and operates hotels and other buildings. In addition, it is engaged in the luxury motor vehicle retail and provision of after sales services. The company was formerly known as Prime Gaming Philippines, Inc. and changed its name to Berjaya Philippines Inc. in June 2010. Berjaya Philippines Inc. was incorporated in 1924 and is headquartered in Makati City, the Philippines. Berjaya Philippines Inc. is a subsidiary of Berjaya Lottery Management (HK) Limited.

Premium Leisure Corporation invests in gaming, property development, pay-per-view entertainment, and information systems.  The company also explores oil and gas.

Shakeys Pizza Asia Ventures Inc operates Shakey's pizza chain of full-service restaurant in the Philippines 

Pacific Online Systems Corporation designs, develops, and manages online computer systems, terminals, and software for the gaming industry in the Philippines. It operates through Leasing Activities, and Distribution and Retail Activities segments. The company sources technology from various suppliers of integrated gaming systems, and leases the equipment needed for the online lottery operations to the Philippine Charity Sweepstakes Office (PCSO). It is also involved in the provision of technical support services to PCSO. In addition, the company distributes and sells instant tickets under the Scratchit brand name, as well as sells lottery and sweepstakes. Further, it manages a network of approximately 260 retail outlets that provide Lotto, Keno, and Scratchit products. The company was incorporated in 1993 and is headquartered in Pasig City, the Philippines.

Philippine Racing Club, Inc., together with its subsidiaries, operates and maintains race tracks in metro Manila and other parts of the Philippines. It also manages betting stations; holds horse races; leases out stables; acquires, develops, and sells real estate properties, including leisure, recreational, and memorial parks; and owns, operates, manages, and/or sells real estate properties. The company was founded in 1937 and is based in Cavite, the Philippines.

Max's Group Incorporated is a chained full service restaurant in the casual dining segment operating a portfolio of brands both domestically and overseas. The Company is also licensed to operate certain international food brands.

PhilWeb Corporation provides gaming technology in the Asia Pacific region. It owns and operates e-Games cafes, Internet caf�, and kiosks that offer casino games, including baccarat, blackjack, various slot machine games, video poker, and sports betting. The company also develops and manufactures computer-based automated terminals; and operates various lottery and scratch card games. In addition, it is involved in developing and marketing computer and gaming systems, software applications, and programs; and the operation of gaming platforms in relation to Premyo sa Resibo program of the BIR, and Philippine Amusement and Gaming Corporation. Further, the company engages in the business of setting up Internet bingo stations and its operations, as well as operates and provides consultancy services related to amusement, recreational, gaming and gaming equipment facilities, and enterprises. The company was formerly known as PhilWeb.Com, Inc. and changed its name to PhilWeb Corporation in November 2002. PhilWeb Corporation was incorporated in 1969 and is based in Makati, the Philippines.

The Far Eastern University, Incorporated operates as a private non-sectarian institution of learning in the Philippines. It offers various programs in arts and sciences, such as Master of Arts (MA) in psychology; MA with majors in mass communication and letters; Bachelor of Arts in communication, English language, literature, political science, and international studies; and Bachelor of Science (BS) in biology, psychology, applied mathematics with information technology, and medical technology. The company also provides accounts, business, and finance programs, including BS in accountancy; and BS in business administration with majors in business economics, financial management, marketing management, human resource development management, operations management, business management, internal auditing, and legal management. In addition, it offers BS in hotel and restaurant management, and tourism management; Doctor of Education with major in educational administration; MA in education with majors in educational administration, thesis and non-thesis curriculum and instruction, and special education; Bachelor of Elementary Education with majors in general and special education; Bachelor of Secondary Education with majors in mathematics, sports and recreational management, English, and general science; and Bachelor of Physical Education with major in school physical education certificate and teacher certificate programs. Further, the company provides other programs that include BS in architecture; Bachelor of Fine Arts with majors in advertising arts and painting; Bachelor of Law and Juris Doctor; MA and BS in nursing; Master of Business Administration; and BS in accounting technology and information technology. Additionally, it offers engineering and computer studies programs; and pre-school to high school education. The Far Eastern University, Incorporated was founded in 1928 and is based in Manila, the Philippines.

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Wynn Macau, Limited owns and operates Wynn Macau, a destination casino resort currently featuring hotel rooms and suites, a casino, casual and fine dining restaurants, retail space and leisure amenities.

Skylark Co. Ltd. mainly operates a family restaurant chain across Japan.  The Company offers Japanese-style, Western-style, and Asia-style foods for a wide variety of targeted customer segments.  Skylark also sells food and provides delivery servies.

McDonald's Holdings Company (Japan), Ltd. operates a hamburger fast food restaurant chain throughout Japan.  The Company operates its own stores and franchise stores.

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

Minor International PCL is a global company focused on three primary businesses including restaurants, hotels and lifestyle brands distribution.

The Wendy's Company operates fast-food restaurants. The Company owns, operates, and franchises fast-food restaurants located throughout countries that include the United States, Singapore, the Middle East and North Africa, the Russian Federation, the Eastern Caribbean, Argentina, the Philippines and Japan.

Marriott Vacations Worldwide Corporation is a worldwide developer, marketer, seller and manager of vacation ownership resorts and vacation club, destination club and exchange programs, principally under the "Marriott" and "Ritz-Carlton" brands and trademarks, which we license from Marriott International and Ritz-Carlton.

Travel + Leisure Co. operates as a hospitality company. The Company focuses on providing vacation ownership, managed rental, and exchange services, as well as owns vacation resorts and exchange properties. Travel + Leisure serves customers worldwide.

Genting Malaysia Berhad operates a tourist resort in Genting Highlands which includes hotels, restaurants, casinos, and recreational and amusement facilities. Through its subsidiaries, the Company also develops and leases property, operates leisure and hospitality services, and provides time share ownership scheme.

Jollibee Foods Corporation owns, franchises and manages a network of fast food restaurants under the trade name Jollibee. The Company was incorporated in 1978.

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Jollibee Foods (JFC PM)

OFW Exiting Kuwait? Impact on the Philippine's Economy

President Rodrigo reportedly was very upset with the Kuwait government after the incident that left the 29-year-old Joanna Demafelis, an OFW, dead...

Henry Soediarko

DNL: Sticky Customers, Improved Product Mix, Growing Top Line with Increasing Margin

Export has reached a historical high of 25% of total sales on a much-improved product mix that results in a higher gross margin. With some very...

Henry Soediarko

Names that Brokeout on Volume Yesterday in Asia....

We screened for names that brokeout on strong volume yesterday. We define a breakout when a stock hits its 30-day high and has not hit a 30-day...

Custom Products Group

Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

Our Global Reflation Pulse Check indicates the global reflation theme remains intact. Earnings and economic growth in the US and Europe have...

Johannes Salim, CFA

The Week that Was in ASEAN@Smartkarma - Coal, Space Ships, And Apartments

The Week that Was in ASEAN@Smartkarma No doubt that the biggest event of the week was the second round of the election run-off for Governor of...

Angus Mackintosh

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