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

<p>The Venerable David Webb just increased his position in <a href="https://www.smartkarma.com/entities/analogue-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28661:1" rel="noopener">Analogue Holdings Ltd (1977 HK)</a> as the company is transforming from a traditional E&amp;M player into a smart city and high tech building management company that has won a contract from the HK Housing Authority. </p><div class="content-highlight"><p>The company is trading at a deep discount to its peers in various valuation multiples but with the amount of cash in the balance sheet, the ex-cash PER is even lower at 5.2x. It has a 5.5% dividend yield that is quite enviable for a small-cap with a growth prospect. What not to like?</p></div>

The Venerable David Webb just increased his position in Analogue Holdings Ltd (1977 HK) as the company is transforming from a traditional E&amp;M player into a smart city and high tech building management company that has won a contract from the HK Housing Authority. The company is trading at a deep discount to its peers in various valuation multiples but with the amount of cash in the balance sheet, the ex-cash PER is even lower at 5.2x. It has a 5.5% dividend yield that is quite enviable for a small-cap with a growth prospect. What not to like?

Analogue Holding (1977): From E&M to Smart City

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.

<p class="p1">Established in 1996, Boustead Projects Limited is a leading industrial real estate solutions provider in Singapore, with core engineering expertise in the design–and–build and development of industrial facilities for multinational corporations and local enterprises. It has constructed and developed over 3 million sqm of industrial real estate in Singapore, China, Malaysia and Vietnam to-date. Boustead Projects is a 53%-owned subsidiary of Boustead Singapore.</p>

Established in 1996, Boustead Projects Limited is a leading industrial real estate solutions provider in Singapore, with core engineering expertise in the design–and–build and development of industrial facilities for multinational corporations and local enterprises. It has constructed and developed over 3 million sqm of industrial real estate in Singapore, China, Malaysia and Vietnam to-date. Boustead Projects is a 53%-owned subsidiary of Boustead Singapore.

10 in 10 Boustead Projects Limited - Developing Tomorrow, Today

Singapore

Lian Beng Group Limited provides building construction and civil engineering services for both the private and public sectors. The Group also sells, leases, and maintains construction machinery and equipment, and develops and invests in properties.

Low Keng Huat (Singapore) Limited is a general building contractor and an investment holding company.  Through its subsidiaries, the Company manages projects and hotels, trades construction materials, invests in properties, and provides management services.

Wee Hur Holdings Ltd provides building construction services and acts as the management or main contractor in construction projects for both private and public sectors. The Company's clients from the private sector include property owners and developers, and those from the public sector comprise government bodies and statutory boards.

Soilbuild Construction Group Ltd is involved in in general building and construction.  The Company is principally engaged in building works in Singapore in which they act as the main contractor. In addition, they are also engaged in architectural works in Singapore in which they act as a direct contractor, and project management services.

Hock Lian Seng Holdings Ltd. is a civil engineering firm. The Company carries out civil engineering works for bridges, expressways, tunnels, MRT, port facilities, water and sewage facilities and other infrastructure works.  Hock Lian also procures and sells building materials, namely, concreting sand and aggregates, for building and construction purposes.

Nordic Group Limited provides automation systems integration solutions for the marine and offshore oil and gas industries.  The Company also designs and builds tooling systems for customers in the marine, oil and gas, aerospace, medical, and electronic manufacturing services.

Lum Chang Holdings Limited is an investment holding company whose subsidiaries provide services such as property development and management, building construction, and investment dealing.  The Company also provides home and office improvement services via the Internet for home and office owners.  Lum Chang owns and manages hotels and serviced residences.

Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power industries. The Company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.

KSH Holdings Limited constructs, develops, and manages various properties in Singapore, Malaysia, and the People's Republic of China.

PEC Ltd. offers engineering services to the oil and natural gas production, petrochemical, pharmaceutical, and oil and chemical terminal industries.  The Company offers engineering, procurement, construction and/or construction management, and maintenance services.

HOKURIKU ELECTRICAL CONSTRUCTION CO., LTD. is an electrical engineering company. The Company performs electrical and environmental works such as indoor wiring in buildings and plants.  Hokuriku Electrical also constructs power distribution lines and cable television systems.

Sambu Construction Co., Ltd. specializes in government construction, such as dams, expressways, and subways.  The Company also constructs office buildings, industrial plants, hotels, apartments, schools, shopping malls, museums, and sports facilities.

Mitsubishi Kakoki Kaisha., Ltd. constructs industrial plant facilities for petroleum, petrochemicals, and gas.  The Company also manufactures, builds, and sells environment protection facilities for sewage, waste management, and recycling.  Additionally, Mitsubishi Kakoki sells industrial machinery such as centrifuges and filtration equipment.

Zhejiang Reclaim Construction Group Company Limited designs and develops the seawall, reservoir, flood control and other water conservation and hydropower engineering constructions.

Zhejiang Reclaim Construction (002586 CH)

Fudo Tetra Corporation constructs infrastructure such as airports, roads, and dams.  The Company performs ground improvement works.  Fudo Tetra also builds commercial, institutional, and industrial buildings such as skyscrapers, multi-complex parking, and distribution and production facilities. The Company, through its subsidiaries, operates real estate businesses.

Subaru Enterprise Co., Ltd. maintains, cleans, and repairs highways.  The Company also operates movies theaters, restaurants, and other real estate.

OHMOTO GUMI CO., LTD. is a general contractor operating nationwide.  The Company performs civil engineering works for tunnels, man-made islands, and bridges. Ohmoto develops and uses dredging and shield work technologies.  The Company also builds commercial, institutional, and residential buildings.  Additionally, Ohmoto operates real estate businesses.

DL Construction Co., Ltd. provides construction and civil engineering services. The Company offers general outsourcing, public building, housing, landscaping, and other related services. DL Construction offers services throughout South Korea.

Vascon Engineers Ltd. develops real estate and offers contracting services. The Company also owns, with partners, hotels, shopping malls, and an office complex.

ASAHI KOGYOSHA CO., LTD. designs, builds, and maintains air-conditioning and sanitation facilities.  The Company also constructs security, disaster prevention, and electrical facilities in family houses, buildings, and industrial plants.  Additionally, Asahi Kogyosha develops and installs environmental control devices such as clean rooms for high-tech industries.

Boustead Projects Limited is a leading provider of innovative real estate solutions with core engineering expertise in the design-and-build and development of smart eco-sustainable business park and industrial developments, and has an international presence across Singapore, China, Malaysia and Vietnam.

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Boustead Projects (BOCJ SP)

Analogue Holding (1977): From E&M to Smart City

The company is trading at a deep discount to its peers' multiples but the ex-cash PER is even lower at 5.2x. It has a 5.5% dvd yield that is quite...

Henry Soediarko

10 in 10 Boustead Projects Limited - Developing Tomorrow, Today

Established in 1996, Boustead Projects Limited is a leading industrial real estate solutions provider in Singapore, with core engineering expertise...

Singapore Exchange Ltd (SGX)

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