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

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>Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.</li><li>While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.</li><li>For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.</li></ul>

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.

Industrial Sector Led Institutional Fund Inflows in July

<ul><li>On the move in early July, the STI posted a 2.1% decline during the first week, and a 3.5% gain the following week.</li><li>STI stocks that posted gains over each of the two weeks included UOL, SATS, Singapore Airlines and City Developments.</li><li>Among the 100 most traded Singapore- listed stocks this year, there were another 17 stocks that posted gains in each of the first two weeks of July, with one-third of these stocks representing the Industrials Sector: Acesian Partners, SingPost, ComfortDelGro, Dyna-Mac and Samudera Shipping, in addition to the aforementioned Singapore Airlines and SATS.</li></ul>

On the move in early July, the STI posted a 2.1% decline during the first week, and a 3.5% gain the following week.STI stocks that posted gains over each of the two weeks included UOL, SATS, Singapore Airlines and City Developments.Among the 100 most traded Singapore- listed stocks this year, there were another 17 stocks that posted gains in each of the first two weeks of July, with one-third of these stocks representing the Industrials Sector: Acesian Partners, SingPost, ComfortDelGro, Dyna-Mac and Samudera Shipping, in addition to the aforementioned Singapore Airlines and SATS.

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We lower 2023F-2025F earnings forecast for ComfortDelGro by 10–12%.</li><li>We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of overseas bus contracts.</li><li>Singapore should continue to see improvement in ridership for rail, reduction in Singapore taxi rental discount from 15% to 10% starting 1 Apr 2023, and the scope to increase commission rates for taxi bookings (ComfortDelGro charges 5% vs 20% for Grab &amp; Gojek), and eventual reduction of incentives offered to taxi drivers in China during 1Q23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower 2023F-2025F earnings forecast for ComfortDelGro by 10–12%.We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of overseas bus contracts.Singapore should continue to see improvement in ridership for rail, reduction in Singapore taxi rental discount from 15% to 10% starting 1 Apr 2023, and the scope to increase commission rates for taxi bookings (ComfortDelGro charges 5% vs 20% for Grab &amp; Gojek), and eventual reduction of incentives offered to taxi drivers in China during 1Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ComfortDelGro - Expecting Some Improvement In 2H23; Keep BUY

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ComfortDelGro reported lower y-o-y core PATMI for 1Q23, dragged by lower margins and overall inflationary cost push.</li><li>The public transport segment faced lower margins from both its Singapore and Australia bus packages, offset by higher rail ridership and increased fares.</li><li>Driven by the taxi commission system, the taxi segment posted higher y-o-y profit growth but suffered from lower q-o-q job bookings.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ComfortDelGro reported lower y-o-y core PATMI for 1Q23, dragged by lower margins and overall inflationary cost push.The public transport segment faced lower margins from both its Singapore and Australia bus packages, offset by higher rail ridership and increased fares.Driven by the taxi commission system, the taxi segment posted higher y-o-y profit growth but suffered from lower q-o-q job bookings.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ComfortDelGro - 1Q23 Flat Results In Line; No Upcoming Catalysts

Singapore

ComfortDelGro Corporation Limited provides bus, taxi, car leasing and rental, automotive engineering, maintenance services, and diesel sales.  The Group also provides investment trading and operates vehicle inspection and assessment services, and advertising services.

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Comfortdelgro Corp (CD SP)

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

Industrial Sector Led Institutional Fund Inflows in July

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include...

Singapore Exchange Ltd (SGX)

Biggest Movers on Recent STI Swings

On the move in early July, the STI posted a 2.1% decline during the first week, and a 3.5% gain the following week. STI stocks that posted gains...

Singapore Exchange Ltd (SGX)

ComfortDelGro - Expecting Some Improvement In 2H23; Keep BUY

We expect ComfortDelGro's earnings to gradually improve in 2H23 amidst reductions in taxi rental rebates and benefits from the annual indexation of...

RHB Invest

ComfortDelGro - 1Q23 Flat Results In Line; No Upcoming Catalysts

Driven by the taxi commission system, the taxi segment posted higher y-o-y profit growth but suffered from lower q-o-q job bookings.

UOB Kay Hian

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