Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>I spent the past few days in Manila, the capital of the Philippines.</li>
<li>Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel across the region.</li>
<li>Not only am I now able to better understand the companies in my coverage universe. I’m also able to pass on any insights to you.</li>
</ul>


I spent the past few days in Manila, the capital of the Philippines.
Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel across the region.
Not only am I now able to better understand the companies in my coverage universe. I’m also able to pass on any insights to you.


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

<ul>
<li>ASEAN consumer has been a popular investment theme for the past two decades signaled by the success stories of the few consumer dedicated funds in the region. </li>
<li>Consumer brands in F&amp;B such as Bakmi GM, Milk Life, and Kopi Kenangan are still private while the best Batik brand in Indonesia, Batik Keris, is also privately owned. </li>
<li>Plenty of opportunities in the Indonesian consumer sector are yet to hit the listed equities market. </li>
</ul>


ASEAN consumer has been a popular investment theme for the past two decades signaled by the success stories of the few consumer dedicated funds in the region. 
Consumer brands in F&amp;B such as Bakmi GM, Milk Life, and Kopi Kenangan are still private while the best Batik brand in Indonesia, Batik Keris, is also privately owned. 
Plenty of opportunities in the Indonesian consumer sector are yet to hit the listed equities market. 


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.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, the portfolio has gained 195% versus MSCI ASEAN’s 27%


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Dominus Capital has lobbed a voluntary conditional cash offer of S$0.77 per share. The offer price represents a 15.8% premium to the unaffected price of A$0.665 (28 December).</li>
<li>The offer is conditional on the offeror and concert parties hold not less than 90% of the voting rights. Irrecovables represent 77.41% of outstanding shares.</li>
<li>56% of shareholders ex. irrecovables are required to accept the offer to meet the 90% threshold. While the offer is a modest premium to historical share prices, it is feasible. </li>
</ul>


Dominus Capital has lobbed a voluntary conditional cash offer of S$0.77 per share. The offer price represents a 15.8% premium to the unaffected price of A$0.665 (28 December).
The offer is conditional on the offeror and concert parties hold not less than 90% of the voting rights. Irrecovables represent 77.41% of outstanding shares.
56% of shareholders ex. irrecovables are required to accept the offer to meet the 90% threshold. While the offer is a modest premium to historical share prices, it is feasible. 


Koufu’s Voluntary Conditional Offer by Founding Shareholders

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, the portfolio has gained 170% versus MSCI ASEAN’s 23%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, the portfolio has gained 170% versus MSCI ASEAN’s 23%


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)

Travel notes: Manila

I spent the past few days in Manila, the capital of the Philippines. Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel...

Asian Century Stocks

ASEAN Consumer: Still Plenty to Benefit?

After the recent trip to Jakarta, I found enlightenment on why consumer names in Indonesia are worth investing in for the longer term. There is...

Henry Soediarko

The Stocks to Own in ASEAN – Vol. 38

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Three stocks remain, and 11 new join...

A. Stotz Investment Research

Koufu’s Voluntary Conditional Offer by Founding Shareholders

Koufu has received a voluntary conditional cash offer of S$0.77 per share. The offer is conditional meeting the 90% voting threshold. Despite the...

Arun George

The Stocks to Own in ASEAN – Vol. 37

Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

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