Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

Thematic (Sector/Industry)

The most populous regions in the world are China, India, the United States of America, and the European Union. Indonesia completes the top 5 with (depending on the estimate) over 270-290 million inhabitants.
We looked at the performance of EU, US, Indian and Chinese top-3 billionaires and found all their publicly traded stocks have been tremendous compounders for their minority shareholders over 1, 2, 10 and 20-year time horizons.
When we focused on ASEAN's most populous country, Indonesia, we found that some of its top 3 billionaires have a questionable track record in creating value for their minority shareholders.
Sadly for minority investors, the graveyard of under-performing companies linked to Indonesia's top billionaires is not confined to Jakarta but extends to Singapore and Hong Kong.
In fact, we find that over long periods of time the Jakarta listed vehicles are the only ones that have decent performance (excluding IDR depreciation!). Once Indonesian billionaires offer their "goods" to Singaporean or HK investors only one mantra applies: buyer beware!

The most populous regions in the world are China, India, the United States of America, and the European Union. Indonesia completes the top 5 with (depending on the estimate) over 270-290 million inhabitants.
We looked at the performance of EU, US, Indian and Chinese top-3 billionaires and found all their publicly traded stocks have been tremendous compounders for their minority shareholders over 1, 2, 10 and 20-year time horizons.
When we focused on ASEAN's most populous country, Indonesia, we found that some of its top 3 billionaires have a questionable track record in creating value for their minority shareholders.
Sadly for minority investors, the graveyard of under-performing companies linked to Indonesia's top billionaires is not confined to Jakarta but extends to Singapore and Hong Kong.
In fact, we find that over long periods of time the Jakarta listed vehicles are the only ones that have decent performance (excluding IDR depreciation!). Once Indonesian billionaires offer their "goods" to Singaporean or HK investors only one mantra applies: buyer beware!

When Indonesian Billionaires List Outside Jakarta: Minority Shareholders Should Think Twice

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-513'>Central China Real Estate</a></li><li><a href='#lucror-entity-11307'>Powerlong Real Estate Holdings</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Central China Real EstatePowerlong Real Estate Holdings

Morning Views Asia: Central China Real Estate, Powerlong Real Estate Holdings

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index between January 2014 and the present.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.  

Asia HY Monthly - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-14896'>Jingrui Holdings</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Guangzhou R&F PropertiesJingrui HoldingsLogan Property Holdings

Morning Views Asia: Guangzhou R&F Properties, Jingrui Holdings, Logan Property Holdings

The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

   The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

China

China Evergrande Group is an integrated residential property developer. The Company, through its subsidiaries, operates in property development, investment, management, finance, internet, health, culture, and tourism markets.

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Evergrande (3333 HK)

When Indonesian Billionaires List Outside Jakarta: Minority Shareholders Should Think Twice

The most populous regions in the world are China, India, the United States of America, and the European Union. Indonesia completes the top 5 with...

Nicolas Van Broekhoven

Morning Views Asia: Central China Real Estate, Powerlong Real Estate Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Agency Ratings For Asian Issuers (2019) - Lucror Analytics

In this month's “In-Focus”, we look at agency ratings for Asian issuers, analysing ratings transitions for all issuers in the Lucror Asia HY index...

Lucror Analytics

Morning Views Asia: Guangzhou R&F Properties, Jingrui Holdings, Logan Property Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Trade Recommendations - November 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for November includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

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