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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/6792" target="_blank" data-smartkarma-citation="entities:6792:1">Gallant Venture Ltd (GALV SP)</a> is a Salim controlled investment holding founded in 2003 and IPO'd in '06</li>
<li>GALV is a commercial developer, integrated master planner and industrial land owner in Bintan/Batam</li>
<li>In 2013 it bought a 71% stake in <a href="https://www.smartkarma.com/entities/11738" target="_blank" data-smartkarma-citation="entities:11738:1">Indomobil Sukses Internasional Tbk Pt (IMAS IJ)</a> which after a 370%+ rise YTD is equal to entire GALV market cap; as investor in GALV you get all other assets for FREE
</li>
<li>GALV trades at +/-60% discount to extremely conservative NAV estimate
</li>
<li>
Catalysts to narrow NAV discount: 1) new land sales in Bintan; 2) partially monetize Indomobil stake to reduce gearing; 3) opening of Airport in Bintan to further drive Tourism; 4) resolution to Sembcorp sale overhang </li>
<li>
Fair Value: 0.25 SGD (assuming shares trades at 25% discount to NAV)</li>
</ul>



Gallant Venture Ltd (GALV SP) is a Salim controlled investment holding founded in 2003 and IPO'd in '06
GALV is a commercial developer, integrated master planner and industrial land owner in Bintan/Batam
In 2013 it bought a 71% stake in Indomobil Sukses Internasional Tbk Pt (IMAS IJ) which after a 370%+ rise YTD is equal to entire GALV market cap; as investor in GALV you get all other assets for FREE

GALV trades at +/-60% discount to extremely conservative NAV estimate


Catalysts to narrow NAV discount: 1) new land sales in Bintan; 2) partially monetize Indomobil stake to reduce gearing; 3) opening of Airport in Bintan to further drive Tourism; 4) resolution to Sembcorp sale overhang 

Fair Value: 0.25 SGD (assuming shares trades at 25% discount to NAV)


Discover Singapore: Gallant Venture; 71% Stake in Indomobil = Mkt Cap, Other Assets for Free

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.

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ASEAN Plays Poised to Gain from China&#39;s Belt & Road Initiative (OBOR)

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or practices, from disruption. Even the Singapore government has started to shift its career-advancement practices (<a href="http://www.straitstimes.com/singapore/civil-servants-no-longer-grouped-by-education-level" target="_blank">civil servants no longer grouped by educational level</a>) and the channels it propagates messages. 1. First, a headline that can't be missed:  On Wednesday (22 February), the Business Times headline screams: Signal goes out to struggling firms: Buck up -…

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or practices, from disruption. Even the Singapore government has started to shift its career-advancement practices (civil servants no longer grouped by educational level) and the channels it propagates messages. 1. First, a headline that can't be missed:  On Wednesday (22 February), the Business Times headline screams: Signal goes out to struggling firms: Buck up -…

Singapore: Traditional Firms Must Disrupt Themselves or The Market Will Do It

Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a><h2>Security Costs to</h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Singapore

Gallant Venture Ltd is an investment holding company. The Company owns and operates industrial parks, supplies telecommunications services, electricity and water and wastewater management services, operates resorts and hotels, and develops real estate.

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Gallant Venture (GALV SP)

Discover Singapore: Gallant Venture; 71% Stake in Indomobil = Mkt Cap, Other Assets for Free

Gallant Venture Ltd (GALV SP) is a Salim controlled investment holding founded in 2003 and IPO'd in '06 GALV is a commercial developer,...

Nicolas Van Broekhoven

ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)

Singapore Exchange Ltd (SGX)

Singapore: Traditional Firms Must Disrupt Themselves or The Market Will Do It

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or...

Valerie Law, CFA

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Discover Singapore: Gallant Venture; 71% Stake in Indomobil = Mkt Cap, Other Assets for Free

Gallant Venture Ltd (GALV SP) is a Salim controlled investment holding founded in 2003 and IPO'd in '06 GALV is a commercial developer,...

Nicolas Van Broekhoven

ASEAN Plays Poised to Gain from China&#39;s Belt & Road Initiative (OBOR)

Singapore Exchange Ltd (SGX)

Singapore: Traditional Firms Must Disrupt Themselves or The Market Will Do It

There were a couple of news items this week that convinced me that the Singapore government will not protect traditional businesses or...

Valerie Law, CFA

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)