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/1414" target="_blank" data-smartkarma-citation="entities:1414:1">Frencken Group Ltd (FRKN SP)</a> is a global precision engineering company</li><li>Key divisions are Mechatronics and IMS which sell products into automotive and semiconductor industries</li><li>New Executive Director appointed in 2016 who brings big-company experience </li><li>2018 order book indications strong which should re-rate company in-line with peers</li><li>Frencken trades at 7.5x 2018 PE and 0.8x book with 4% dividend yield</li><li>Fair Value: assuming company can trade in-line with peers(12.5x 2018 PE) there is another 65% upside</li></ul>

Frencken Group Ltd (FRKN SP) is a global precision engineering companyKey divisions are Mechatronics and IMS which sell products into automotive and semiconductor industriesNew Executive Director appointed in 2016 who brings big-company experience 2018 order book indications strong which should re-rate company in-line with peersFrencken trades at 7.5x 2018 PE and 0.8x book with 4% dividend yieldFair Value: assuming company can trade in-line with peers(12.5x 2018 PE) there is another 65% upside

Discover Singapore: Frencken, Still at Discount to Peers After YTD Performance, 65% Upside to Be Had

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Traditionally, <a href="https://www.smartkarma.com/entities/563" target="_blank" data-smartkarma-citation="entities:563:1">Sony's</a> business model was to pile them high in the Christmas quarter and write down inventory losses in the March quarter, so that unless business conditions were absolutely exceptional, the company generally reported a loss in the 4Q. Even as the firm moved towards a software orientation, the 4Q was usually loss-making, because even in good years, there was some sort of write down or restructuring cost to incur.Because of that, and because of massive improvements in inventory…

Traditionally, Sony's business model was to pile them high in the Christmas quarter and write down inventory losses in the March quarter, so that unless business conditions were absolutely exceptional, the company generally reported a loss in the 4Q. Even as the firm moved towards a software orientation, the 4Q was usually loss-making, because even in good years, there was some sort of write down or restructuring cost to incur.Because of that, and because of massive improvements in inventory…

Sony - Upward Revision Exceeding Even Our Expectations

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

<ul><li>Valuetronics provides Integrated Electronics Manufacturing Services (EMS)</li><li>Focus on Consumer Electronics (CE) and Industrial &amp; Commerical Electronics (ICE)</li><li>Cyclical company but entry into automotive supply chain could be game changer</li><li>Consistently strong cash flow and dividend track record. Never loss making since 2004.</li><li>Management owns 26% of shares outstanding.</li><li>Net cash is 43% of market value, expected dividend yield of 6% for fiscal 2017.</li><li><a href="https://www.smartkarma.com/entities/8387" target="_blank" data-smartkarma-citation="entities:8387:1">Valuetronics Holdings Ltd (VALUE SP)</a> trading at (ex-cash) 6 times 2017 earnings estimate and 5x EV/EBITDA.</li><li>My estimate of Fair Value is 1.14 SGD per share, or 52% upside.</li></ul>

Valuetronics provides Integrated Electronics Manufacturing Services (EMS)Focus on Consumer Electronics (CE) and Industrial &amp; Commerical Electronics (ICE)Cyclical company but entry into automotive supply chain could be game changerConsistently strong cash flow and dividend track record. Never loss making since 2004.Management owns 26% of shares outstanding.Net cash is 43% of market value, expected dividend yield of 6% for fiscal 2017.Valuetronics Holdings Ltd (VALUE SP) trading at (ex-cash) 6 times 2017 earnings estimate and 5x EV/EBITDA.My estimate of Fair Value is 1.14 SGD per share, or 52% upside.

Discover Singapore: Valuetronics (VALUE SP), Not Your Typical S-Chip

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

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near term valuations seem undemanding to us and are at risk of running ahead of fundamentals. The bottoming out process in 2016 and subsequent run up in 2017 has been on the back of reversal in asset values, narrowing supply-demand imbalance and expectations of supportive commodity demand. We have earlier talked about the sector under ownership and…

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Netherlands

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

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Koninklijke Philips NV (PHIA NA)

Discover Singapore: Frencken, Still at Discount to Peers After YTD Performance, 65% Upside to Be Had

Frencken Group Ltd (FRKN SP) is a global precision engineering company Key divisions are Mechatronics and IMS which sell products into automotive...

Nicolas Van Broekhoven

Sony - Upward Revision Exceeding Even Our Expectations

Traditionally, Sony's business model was to pile them high in the Christmas quarter and write down inventory losses in the March quarter, so that...

Pelham Smithers Associates

Discover Singapore: Valuetronics (VALUE SP), Not Your Typical S-Chip

Valuetronics provides Integrated Electronics Manufacturing Services (EMS) Focus on Consumer Electronics (CE) and Industrial & Commerical...

Nicolas Van Broekhoven

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

Dry Bulk Shipping - Why It's Time for Dry Bulk Stocks to Take a Breather

Dry Bulk Shipping - Why It’s Time for Dry Bulk Stocks to Take a BreatherWe have been positive on the dry bulk sector since mid-2016 but the near...

Drewry Maritime Financial Research

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