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

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Big C Supercenter / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/big-c-supercenter-pcl" target="_blank" data-smartkarma-citation="entities:16801:1" rel="noopener">Big C Supercenter (BIGC TB)</a>  is looking to raise around US$1bn in its upcoming Thailand IPO. </li>
<li>Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Big C Supercenter (BIGC TB)  is looking to raise around US$1bn in its upcoming Thailand IPO. 
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the not-so-positive aspects of the deal.


Big C Retail Pre-IPO - The Negatives - Hasn't Recovered from COVID

Thailand

Bangkok Expressway and Metro PCL is a transportation company. The Company combines toll and metro line networks. Bangkok Expressway and Metro is based in Thailand.

Bangkok Aviation Fuel Services Public Company Limited is provider of aviation fuel services including aviation depot and aircraft refueling services at the Bangkok International Airport (Donmuang) and the New Bangkok International Airport at Suvarnabhumi.

Namyong Terminal PCL is a roll on roll off terminal operator. The Company offers terminal services, car storage areas and warehousing services in Thailand.

Bangkok Airways Company Limited offers air transportation services. The Company operates flights and airports to various resort destinations in Thailand, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Singapore, China, and Japan.

BTS Group Holdings PCL is primarily in the business of Mass Transit.  The Company operates Bangkok's BTS SkyTrain system and the Bus Rapid Transit (BRT) System. BTS Group Holdings PCL is also involved in Media & Advertising, Property Development, and Services business.

Asia Aviation PCL owns a budget airline.  The airline offers low fare flights, online booking, hospitality packages, and courier and cargo services. Asia Aviation serves travelers throughout Asia, the Middle East, and Europe.

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

BTS Rail Mass Transit Growth Infrastructure Fund is a closed-end fund incorporated in Thailand. The Fund's objective is to achieve income. The Fund invests in the Core BTS Sky Train System from BTSC, which includes the Core Sukhumvit Line & the Core Silom Line.

BTS Rail Mass Transit Growth I (BTSGIF TB)

JWD Infologistics PCL is an information technology company. The Company focuses on maximizing the benefits of managing supply chains and fully integrated logistics solutions. JWD Infologistics operates in Southeast Asia

Transurban Group owns and operates urban toll road networks. The Company has core capabilities in network planning and forecasting, operations and customer management, project development and delivery, technology application, and community engagement. Transurban operates in Australia and North America.

Shanghai International Airport Co., Ltd. operates Pudong Airport and Hongquiao airport in Shanghai.   The Company provides a full range of services including air traffic control, terminal management, cargo handling, advertising, space rental, and other related services.

Shanghai International Airport (600009 CH)

Ningbo Port Company Limited primarily provides container, iron ore, crude oil and other cargo handling and related services. The Company also provides integrated logistics and other businesses.

Shanghai International Port (Group) Co., Ltd is a holding company that owns interests in container and port service companies.

Shanghai International Port Group (600018 CH)

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

Atlantia SpA manages transport infrastructures. The Company provides electronic tolling systems, airport automation, and traffic information services. Atlantia manages toll road networks in Italy, Brazil, Chile, India and Poland as well as airports in Rome.

Aena S.A. manages general interest airports and heliports in Spain. The Company, through its subsidiaries, also participates in the management of airports abroad.

Aeroports de Paris (ADP) manages all the civil airports in the Paris area.  The Company also develops and operates light aircraft aerodromes.  ADP offers air transport related services, and business services such as office rental.

Getlink S.E. provides transport support services. The Company operates mobility infrastructures such as cross-channel transport networks, rail freight, and tunnels. Getlink serves customers in France and the United Kingdom.

Grupo Aeroportuario del Sureste S.A.B. de C.V. operates airports in Mexico.  The Company holds 50 year concessions, beginning in 1998, to manage airports in Cancun, Cozumel, Merida, Oaxaca, Veracruz, Huatulco, Tapachula, Minatitlan, and Villahermosa.

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

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

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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)

Big C Retail Pre-IPO - The Negatives - Hasn't Recovered from COVID

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note we talk about the not-so-positive aspects...

Sumeet Singh

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