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

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051:1" rel="noopener">Del Monte Pacific (DELM SP)</a> is a part of the once sprawling worldwide Del Monte food empire. Over the past couple of decades, that empire was subsequently fragmented into several geographical blocks, creating confusion and investors have lost the forest from the trees.Change is in the air and multiple IPO's could unlock substantial value over the coming 12-18 months. Del Monte's core business has benefited from CFH (Cook-From-Home) as lockdowns and home-office arrangements have people dine-in rather than dine-out. DELM is also a food-inflation play as it will be easier for Del Monte to pass on price increases to their customers in a rising price environment.Below we will explain in detail why DELM has the potential to be radically transformed and how a multi-bagger return could be on the table. DELM currently has no analyst coverage. Just as we saw with <a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745:1" rel="noopener">Straits Trading (STRTR SP)</a> it only takes one broker (who is interested in IPO fees) to highlight the opportunity to investors to put some spice under DELM's valuation. Another analogy would be <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> and the listing of its Chinese subsidiary <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdin-a" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdin-A (YKIVCZ CH)</a>.Risks to the story are a reversal in CFH, continued large debt burden, and execution issues.

Del Monte Pacific (DELM SP) is a part of the once sprawling worldwide Del Monte food empire. Over the past couple of decades, that empire was subsequently fragmented into several geographical blocks, creating confusion and investors have lost the forest from the trees.Change is in the air and multiple IPO's could unlock substantial value over the coming 12-18 months. Del Monte's core business has benefited from CFH (Cook-From-Home) as lockdowns and home-office arrangements have people dine-in rather than dine-out. DELM is also a food-inflation play as it will be easier for Del Monte to pass on price increases to their customers in a rising price environment.Below we will explain in detail why DELM has the potential to be radically transformed and how a multi-bagger return could be on the table. DELM currently has no analyst coverage. Just as we saw with Straits Trading (STRTR SP) it only takes one broker (who is interested in IPO fees) to highlight the opportunity to investors to put some spice under DELM's valuation. Another analogy would be Wilmar International (WIL SP) and the listing of its Chinese subsidiary Yihai Kerry Arawana Holdin-A (YKIVCZ CH).Risks to the story are a reversal in CFH, continued large debt burden, and execution issues.

Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?

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.

Thematic (Sector/Industry)

<ul><li>In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in the returns of the 10 biggest stocks of the Sector with total returns averaging 28.9%. </li><li>Among the 10 biggest stocks of the Consumer Staples Sector, the three best performers were <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972">Super Group Ltd (SUPER SP)</a> and <a href="https://www.smartkarma.com/entities/1142" target="_blank" data-smartkarma-citation="entities:1142">Golden Agri Resources Ltd (GGR SP)</a>. For the nine months ending 30 Sep 2016: Japfa reported operating profit of US$268.4 million, up 90% from a year ago; while GAR reported profit attributable to owners of the company at US$353.3 million compared to a loss of US$9.2 million a year ago.  Super Group was subject to a proposed acquisition by the world’s leading pure-play CPG coffee company, priced at a 62.5% premium to the preceding close.</li><li>The next two best performing sectors were Materials and Information Technology which generated capitalisation-weighted total returns of 17.3% and 14.5% respectively. All Singapore’s key GICS® Sectors generated gains in 2016, with Energy generating the smallest of the gains at 0.9%. </li></ul>

In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in the returns of the 10 biggest stocks of the Sector with total returns averaging 28.9%. Among the 10 biggest stocks of the Consumer Staples Sector, the three best performers were Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP) and Golden Agri Resources Ltd (GGR SP). For the nine months ending 30 Sep 2016: Japfa reported operating profit of US$268.4 million, up 90% from a year ago; while GAR reported profit attributable to owners of the company at US$353.3 million compared to a loss of US$9.2 million a year ago.  Super Group was subject to a proposed acquisition by the world’s leading pure-play CPG coffee company, priced at a 62.5% premium to the preceding close.The next two best performing sectors were Materials and Information Technology which generated capitalisation-weighted total returns of 17.3% and 14.5% respectively. All Singapore’s key GICS® Sectors generated gains in 2016, with Energy generating the smallest of the gains at 0.9%. 

2016 – a Solid Year for STI Consumer Stocks

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

In this review, we highlight 5 Thai stocks that could potentially do well in the Donald December 2016, the last Christmas Obama will get to celebrate from the White House. In terms of updates, we collected news and snippets from NY Times and other publications about who the potential Trump cabinet could include in 2017. Honestly, the actual composition of the Cabinet is unlikely to have much impact on Thai equities, but MCorp Review has followed the US elections for so long it makes sense to go…

In this review, we highlight 5 Thai stocks that could potentially do well in the Donald December 2016, the last Christmas Obama will get to celebrate from the White House. In terms of updates, we collected news and snippets from NY Times and other publications about who the potential Trump cabinet could include in 2017. Honestly, the actual composition of the Cabinet is unlikely to have much impact on Thai equities, but MCorp Review has followed the US elections for so long it makes sense to go…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

<ul>
<li>Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.</li>
<li>The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/19714" target="_blank" data-smartkarma-citation="entities:19714:1">Delfi Ltd (DELFI SP)</a>, <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972:1">Super Group Ltd (SUPER SP)</a>, <a href="https://www.smartkarma.com/entities/9051" target="_blank" data-smartkarma-citation="entities:9051:1">Yeo Hiap Seng Ltd</a>…</li>
</ul>


Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.
The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.

Delfi Ltd (DELFI SP), Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP), Yeo Hiap Seng Ltd…


Key Drivers of the Packaged Food Industry

United States

Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous fruit, melons, and other fresh produce and non-produce items.  The Company grows, distributes, transports, and markets its products worldwide.

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Fresh Del Monte Produce (FDP US)

Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?

Del Monte Pacific, dual-listed in Singapore and the Philippines, is valued at a mere 350M USD but potentially sits on a treasure trove of...

Nicolas Van Broekhoven

2016 – a Solid Year for STI Consumer Stocks

In 2016, Singapore’s Consumer Staples Sector surged 25.8% on a capitalisation-weighted total return basis. There was a degree of consistency in...

Singapore Exchange Ltd (SGX)

5 Stock Picks for Santa Trump

In this review, we highlight 5 Thai stocks that could potentially do well in the Donald December 2016, the last Christmas Obama will get to...

Athaporn Arayasantiparb, CFA

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

Key Drivers of the Packaged Food Industry

Industry Associations see ongoing transformation of Singapore’s F&B industry as manufacturers look towards innovation, growth, and...

Singapore Exchange Ltd (SGX)

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