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

Jardine Cycle & Carriage / Equity Bottom-Up

I attended the 49th annual AGM of <a href="https://www.smartkarma.com/entities/347" target="_blank" data-smartkarma-citation="entities:347:1">Jardine Cycle &amp; Carriage Ltd (JCNC SP)</a>. As usual, the AGM was held at the Mandarin Oriental hotel, as the parent <a href="https://www.smartkarma.com/entities/15081" target="_blank" data-smartkarma-citation="entities:15081:1">Jardine Strategic Hldgs Ltd (JS SP)</a> has a 70% stake in the hotel group.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/050/729/original/jcc%20agm%202018%20picture.jpg?1524722992" class="editor-image img-responsive" data-smartkarma-image-id="50729"></figure>Chairman Ben Keswick had some opening remarks before questions started. JCC has achieved satisfactory results in 2017. Group revenue was up 12% to 17.7B USD. Underlying profit 811M in 2017 vs 702 net profit in 2016.The most important asset of JCC remains Astra which should continue…

I attended the 49th annual AGM of Jardine Cycle &amp; Carriage Ltd (JCNC SP). As usual, the AGM was held at the Mandarin Oriental hotel, as the parent Jardine Strategic Hldgs Ltd (JS SP) has a 70% stake in the hotel group.Chairman Ben Keswick had some opening remarks before questions started. JCC has achieved satisfactory results in 2017. Group revenue was up 12% to 17.7B USD. Underlying profit 811M in 2017 vs 702 net profit in 2016.The most important asset of JCC remains Astra which should continue…

AGM Jardine Cycle & Carriage (JCNC SP): Lots of Questions on Vinamilk; 10% Stake Likely to Grow

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<h2>Airport Express J-Town</h2>The train is expected to start with 40 trips a day, taking passengers from Sudirman Baru Station to Soekarno Hatta International Airport (SHIA). The train can carry 272 passengers per trip, or equal to 35,000 passengers per day. It was supposed to start in July this year but delayed to 1st of December. The ride is expected to take 45-55 minutes from Manggarai station at South Jakarta to SHIA station with a headway of 15 minutes; which is only 30% from the last time I took a…

Airport Express J-TownThe train is expected to start with 40 trips a day, taking passengers from Sudirman Baru Station to Soekarno Hatta International Airport (SHIA). The train can carry 272 passengers per trip, or equal to 35,000 passengers per day. It was supposed to start in July this year but delayed to 1st of December. The ride is expected to take 45-55 minutes from Manggarai station at South Jakarta to SHIA station with a headway of 15 minutes; which is only 30% from the last time I took a…

How to Get to Soekarno-Hatta Airport? Train or Bird?

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

On Friday 28th of April I attended the AGM of <a href="https://www.smartkarma.com/entities/347" target="_blank" data-smartkarma-citation="entities:347:1">Jardine Cycle &amp; Carriage Ltd (JCNC SP)</a> in Singapore. It is the only AGM of all the Jardines Group companies outside of Bermuda. About 80 shareholders attended. The quality of the questions was refreshingly good and were answered at length by Chairman Benjamin Keswick and his board members. All resolutions presented at the AGM were passed.Jardines, via its cross holdings <a href="https://www.smartkarma.com/entities/15081" target="_blank" data-smartkarma-citation="entities:15081:1">Jardine Strategic Hldgs Ltd (JS SP)</a> and <a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs Ltd (JM SP)</a>, has…

On Friday 28th of April I attended the AGM of Jardine Cycle &amp; Carriage Ltd (JCNC SP) in Singapore. It is the only AGM of all the Jardines Group companies outside of Bermuda. About 80 shareholders attended. The quality of the questions was refreshingly good and were answered at length by Chairman Benjamin Keswick and his board members. All resolutions presented at the AGM were passed.Jardines, via its cross holdings Jardine Strategic Hldgs Ltd (JS SP) and Jardine Matheson Hldgs Ltd (JM SP), has…

AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Following <a href="https://www.smartkarma.com/entities/15081" target="_blank" data-smartkarma-citation="entities:15081:1">Jardine Strategic Hldgs Ltd (JS SP)</a>’s MSCI inclusion at the end of February, after a brief respite, it has continued to outperform cross-holder <a href="https://www.smartkarma.com/entities/19718" target="_blank" data-smartkarma-citation="entities:19718:1">Jardine Matheson Hldgs Ltd (JM SP)</a>. The simple ratio (JM/JS) and the NAV discount spread have now fallen to near-on five-year lows.The key reason for Strategic's accelerated move, specifically over the past week, likely hinges off short covering.Below the fold, I briefly touch on recent developments and offer suggestions on what action to take at current levels.

Following Jardine Strategic Hldgs Ltd (JS SP)’s MSCI inclusion at the end of February, after a brief respite, it has continued to outperform cross-holder Jardine Matheson Hldgs Ltd (JM SP). The simple ratio (JM/JS) and the NAV discount spread have now fallen to near-on five-year lows.The key reason for Strategic's accelerated move, specifically over the past week, likely hinges off short covering.Below the fold, I briefly touch on recent developments and offer suggestions on what action to take at current levels.

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the Europe-Asia container trade in February and March and European exporters face highly unusual space crunch. This is highly unusual for a ‘back-haul’ route where ship utilization rarely reaches 70%. Carriers charged an ‘emergency minimum rate’ to accept bookings and some of them have put a stop to bookings until mid-April. Boxes already on the quay are getting…

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Singapore

Jardine Strategic Holdings Limited is a holding company with principal interests in Jardine Matheson, Dairy Farm, Hongkong Land, Mandarin Oriental, and Cycle and Carriage.  The Company, through its subsidiaries, operates auto distribution, food and retailing, property investment, property development, and hotel operations.

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Jardine Strategic Holdings (JS SP)

AGM Jardine Cycle & Carriage (JCNC SP): Lots of Questions on Vinamilk; 10% Stake Likely to Grow

I attended the 49th annual AGM of Jardine Cycle & Carriage Ltd (JCNC SP). As usual, the AGM was held at the Mandarin Oriental hotel, as the...

Nicolas Van Broekhoven

How to Get to Soekarno-Hatta Airport? Train or Bird?

Airport Express J-TownThe train is expected to start with 40 trips a day, taking passengers from Sudirman Baru Station to Soekarno Hatta...

Henry Soediarko

AGM Jardine Cycle & Carriage (JCNC SP): Betting on ASEAN; but Remains a Discount Play on Astra

On Friday 28th of April I attended the AGM of Jardine Cycle & Carriage Ltd (JCNC SP) in Singapore. It is the only AGM of all the Jardines Group...

Nicolas Van Broekhoven

Jardine Maths on Jardine Stratospheric

Following Jardine Strategic Hldgs Ltd (JS SP)’s MSCI inclusion at the end of February, after a brief respite, it has continued to outperform...

David Blennerhassett

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for Carriers

Container Shipping - Asia Import Drive Will Boost Asia-Europe-Asia Box Profits for CarriersBackground - Space shortage has disrupted the...

Drewry Maritime Financial Research

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