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

There are a few things that have taken place in the past few months for MyEG; share price of MyEG has been sold off due to a close association with the fallen of the previous PM, changing from GST to SST that presumably may reduce revenue from the GST filing, signed an MOA with Bangladesh government - a mixed bag of negative and positive driver to the group's business. In this report, we will try to answer the following question:<ol>
<li>share price sold off - what is the implication to the valuation</li>
<li>changing from GST to SST - what is the impact to the group's revenue</li>
<li>non-concessionary venture</li>
<li>e-government service to other countries</li>
<li>what shall we do with the current valuation; buy, hold or sell?</li>
</ol>

There are a few things that have taken place in the past few months for MyEG; share price of MyEG has been sold off due to a close association with the fallen of the previous PM, changing from GST to SST that presumably may reduce revenue from the GST filing, signed an MOA with Bangladesh government - a mixed bag of negative and positive driver to the group's business. In this report, we will try to answer the following question:
share price sold off - what is the implication to the valuation
changing from GST to SST - what is the impact to the group's revenue
non-concessionary venture
e-government service to other countries
what shall we do with the current valuation; buy, hold or sell?


Thematic (Sector/Industry)

Despite the economic slowdown and low oil price, remittance continues to be an important component of Philippine's GDP. The OFWs are infamous for having the right working culture and always try to send money back to improve the living condition back home. <a href="https://www.smartkarma.com/entities/329" target="_blank" data-smartkarma-citation="entities:329:1">BDO Unibank Inc (BDO PM)</a> holds the largest share of the remittance from OFW and is controlled by <a href="https://www.smartkarma.com/entities/20015" target="_blank" data-smartkarma-citation="entities:20015:1">Sm Investments Corp (SM PM)</a>. This relationship also benefits BDO when SM develops malls, BDO will automatically be the preferred bank of these malls.

Despite the economic slowdown and low oil price, remittance continues to be an important component of Philippine's GDP. The OFWs are infamous for having the right working culture and always try to send money back to improve the living condition back home. BDO Unibank Inc (BDO PM) holds the largest share of the remittance from OFW and is controlled by Sm Investments Corp (SM PM). This relationship also benefits BDO when SM develops malls, BDO will automatically be the preferred bank of these malls.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<h2>The Week That Was in ASEAN@Smartkarma</h2>In this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a>highlighting better numbers for February in <a href="https://www.smartkarma.com/insights/ace-hardware-consumers-are-back-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9387">ACE Hardware - Consumers Are Back!</a> and writing about more optimism on mortgages in <a href="https://www.smartkarma.com/insights/bank-central-asia-surprising-in-its-positivity-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:9343">Bank Central Asia - Surprising in Its Positivity</a>. <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a>  writes on <a href="https://www.smartkarma.com/entities/23035" target="_blank" data-smartkarma-citation="entities:23035">GMA Network Inc (GMA7 PM)</a> which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus Mackintoshhighlighting better numbers for February in ACE Hardware - Consumers Are Back! and writing about more optimism on mortgages in Bank Central Asia - Surprising in Its Positivity. Henry Soediarko  writes on GMA Network Inc (GMA7 PM) which is the second largest TV network in the Philippines, trading on almost a five-year low PER, with a dividend yield of 6.5%.We…

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

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.

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF.

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. 

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

Philippines

Sta. Lucia Land, Inc. primarily engages in the real estate development activities in the Philippines. It operates through two segments, Leasing and Residential Development. The company develops and sells residential subdivisions, golf courses and communities, resorts, condominiums, sports and country club estates, and commercial properties. It is also involved in leasing of mall. The company was formerly known as Zipporah Realty Holdings, Inc. and changed its name to Sta. Lucia Land, Inc. in 2007. The company was incorporated in 1966 and is headquartered in Cainta, the Philippines. Sta. Lucia Land, Inc. operates as a subsidiary of Sta. Lucia Realty & Development, Inc.

Vista Land & Lifescapes, Inc. is an investment holding company. The Company, through its subsidiaries develops and sells residential subdivisions and housing units. Vista Land operates in the Philippines.

Shang Properties, Inc., together with its subsidiaries, engages in property investment and development, real estate management, leasing, and mall and carpark operations in the Philippines. The company, formerly known as Edsa Properties Holdings Inc., was incorporated in 1987 and is based in Mandaluyong, the Philippines.

Filinvest Land, Inc., together with its subsidiaries, operates as a real estate developer in the Philippines. The company operates through Real Estate Sales and Leasing segments. It develops and sells affordable and middle-market residential lots and housing units to lower and middle-income markets. The company also develops themed residential projects with a leisure component, such as farm estates and developments anchored by sports and resort clubs. In addition, it has investment properties comprising Festival Supermall, a shopping complex consisting of approximately 700 retail stores and outlets, 10 theater movie multiplexs, and 2 themed amusement centers, as well as exhibit, trade, and music halls; PBCom Tower located in Makati City; and office buildings in Northgate Cyberzone, a 10-hectare business process outsourcing office park. The company was formerly known as Citation Homes, Inc. and changed its name to Filinvest Land, Inc. in July 1993. The company was incorporated in 1989 and is headquartered in Mandaluyong, the Philippines. Filinvest Land, Inc. operates as a subsidiary of Filinvest Development Corp.

Vistamalls Inc. provides real estate services. The Company owns, operates, and develops shopping malls. Vistamalls serves customers in Philippines.

AyalaLand Logistics Holdings Corp operates in Philippines.

Filinvest Development Corporation engages in the real estate; banking; farming, milling, and trading of sugar; hotel; and energy businesses in the Philippines. Its Real Estate segment acquires land, and plans and develops integrated residential and commercial communities; develops and sells residential and commercial lots; develops and leases retail and office space and land; constructs and sells residential housing and condominiums, and office buildings; develops farm estates, industrial, and business parks; operates cinema and malls; and provides property management services. The company�s Banking and Financial Services segment provides commercial banking operations comprising savings and time deposits in pesos and foreign currencies; commercial mortgage and agribusiness loans; payment services, fund transfers, international trade settlements, and remittances from overseas workers; trust and investment services, such as portfolio management, unit funds, trust administration, and estate planning; and safety deposit facilities. Its Sugar Operations segment operates agricultural lands for planting and cultivating farm products; and a sugar central for the purpose of milling or converting sugar canes to centrifugal or refined sugar. The company�s Hotel Operations segment engages in the operation of hotels, including management of resorts, villas, service apartment, and other services for guests. Its Power Generation Operations segment is involved in the establishment, construction, operation, and supply of power to offtakers. The Other Operation segment engages in the operation, management, maintenance, and rehabilitation of waterworks and sewerage system. The company was incorporated in 1973 and is based in Taguig, the Philippines. Filinvest Development Corporation operates as a subsidiary of A.L. Gotianun, Inc.

Global-Estate Resorts, Inc. engages in the real estate development business in the Philippines. The company develops and sells residential subdivision and commercial lots and condominium buildings, as well as residential communities integrated with golf, resort, and leisure and commercial complexes. It also operates hotels; develops tourism estates and mixed-use townships; and retails spaces. The company was formerly known as Fil-Estate Land, Inc. and changed its name to Global Estate Resorts, Inc. The company was founded in 1981 and is based in Pasig City, the Philippines. Global-Estate Resorts, Inc. is a subsidiary of Alliance Global Group, Inc.

Rockwell Land Corporation operates as a property developer in high-end and upper-mid markets primarily in Metro Manila, the Philippines. It operates through three segments: Residential Development; Commercial Development; and Hotel. The Residential Development segment develops, sells, and manages various residential properties under the Rockwell and Primaries brand names. The Commercial Development segment develops, leases, manages, and sells commercial buildings or spaces used for retail and office leasing, including cinema operations, as well as other residential retail spaces, such as high-rise condominiums. The Hotel segment is involved in leasing serviced apartments; hotel management; and resort operation. The company also offers marketing services; and maintaining and cleaning services for buildings, as well as operates a leisure club. Rockwell Land Corporation was incorporated in 1975 and is based in Makati City, the Philippines. Rockwell Land Corporation operates as a subsidiary of First Philippine Holdings Corporation.

8990 Holdings Inc. is a low-cost mass housing developer in the Philippines. The Company offers several housing units/models from which potential homebuyers may choose from, including single-storey detached houses with lofts, single-storey attached row-houses, 2-storey townhouses, and medium-rise building condominiums.

PT Puradelta Lestari Tbk is an industrial property developer. The Company sells industrial estate, residential and commercial land.

Sinarmas Land Ltd. invests in, develops and manages real estate.  The Company owns commercial buildings, hotels and resorts in China, Indonesia, Malaysia and Singapore.

YunNan Metropolitan Real Estate Development Co., Ltd. operates in property development business. It also manufactures and markets beer and fruit wines, plastic film for agricultural use and grows chinaberry.

Quality Houses Public Company Limited is a property development company. The Company specializes in single-house, apartment, and condominium development projects.

Shanghai Infotmic Co., Ltd. is a professional integrated circuit design company, focusing on the research and development of mobile Internet terminal application processor chip.

Nirlon Ltd. develops real estate.  The Company develops office parks.

Zhejiang Guangsha Co., Ltd. develops real estate and undertakes construction projects.  The Company also provides travel services and operates in property management.

KSL Holdings Berhad is an investment holding company. Through its subsidiaries, the Company develops properties. KSL Holdings performs all aspects of development from land purchasing to final property inspection.

Soho China Ltd. is a property developer. The Company develops properties in central Beijing and Shanghai. Soho China collaborates with internationally recognized architects, translating their designs into real estate which possesses strong appeal to property investors and the local businesses and customer bases they serve.

Beijing Electronic Zone Investment and Development Co. Ltd. operates as a real estate developer. The Company develops technology industrial parks and residential areas. Beijing Electronic Zone Investment and Development also conducts investment attractions, industry incubation, and industrial park operation businesses.

DoubleDragon Properties Corp offers real estate development services in the Philippines.  The Company focuses on commercial, residential, and public-private partnership projects.

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Doubledragon Properties (DD PM)

MyEG (MYEG): Revenge of the Fallen

There are a few things that have taken place in the past few months for MyEG; share price of MyEG has been sold off due to a close association with...

Henry Soediarko

Overseas Filipino Workers: Beneficiaries

Despite the economic slowdown and low oil price, remittance continues to be an important component of Philippine's GDP. The OFWs are infamous for...

Henry Soediarko

The Week That Was in ASEAN@Smartkarma - Consumers, Frontiers, and Mortgages

The Week That Was in ASEAN@SmartkarmaIn this week's ASEAN weekly, better consumption numbers in Indonesia are a theme, with Angus...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

§ Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT...

Singapore Exchange Ltd (SGX)

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