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

<p>Koufu's bubble tea venture, RB Tea, has caused a new wave of innovation in Singapore and naturally, invited competitions. The company planned an Indonesian expansion, following the success of other brands. <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (0967655D SP)</a> reported that its bubble tea order in Indonesia has grown by <strong>8500%</strong> in 2018 alone. In this report, we will discuss the following:</p><ol>
<li>the competitive landscape in Singapore - Singapore market is just overcrowded with the various brands competing to win customers</li>
<li>calorie counter - bubble tea is not that healthy, with or without brown sugar</li>
<li>Indonesia's increasing demand</li>
<li>impact to the bottom line</li>
<li>valuation - <a href="https://www.smartkarma.com/entities/koufu-group-ltd" target="_blank" data-smartkarma-citation="entities:27271:1" rel="noopener">Koufu Group Ltd (KOUFU SP)</a> is currently trading at USD 300, 15x PER, 1.74x Price/Sales and 8x EV/EBITDA - a 27% discount to the peers' average PER, 54% discount to <a href="https://www.smartkarma.com/entities/pt-map-boga-adiperkasa-utama-tbk" target="_blank" data-smartkarma-citation="entities:24207:1" rel="noopener">Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ)</a> , 37% discount to Shakey's Price to sales and 51% discount to Shakey's EV/EBITDA. </li>
</ol><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/094/442/original/koufu%20tea%20share%20price.PNG?1564416072" class="editor-image img-responsive" data-smartkarma-image-id="94442"></figure><div class="content-caption">source: Capital IQ</div>

Koufu's bubble tea venture, RB Tea, has caused a new wave of innovation in Singapore and naturally, invited competitions. The company planned an Indonesian expansion, following the success of other brands. Grab (0967655D SP) reported that its bubble tea order in Indonesia has grown by 8500% in 2018 alone. In this report, we will discuss the following:
the competitive landscape in Singapore - Singapore market is just overcrowded with the various brands competing to win customers
calorie counter - bubble tea is not that healthy, with or without brown sugar
Indonesia's increasing demand
impact to the bottom line
valuation - Koufu Group Ltd (KOUFU SP) is currently trading at USD 300, 15x PER, 1.74x Price/Sales and 8x EV/EBITDA - a 27% discount to the peers' average PER, 54% discount to Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ) , 37% discount to Shakey's Price to sales and 51% discount to Shakey's EV/EBITDA. 
source: Capital IQ

Koufu: Crowded Bubble Tea in Singapore but Indo Is Different

Taiwan

La Kaffa International Co., Ltd. produces beverages including coffee and tea. The Company also offers hot and cold desserts.

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La Kaffa International Co Lt (2732 TT)

Koufu: Crowded Bubble Tea in Singapore but Indo Is Different

Koufu's bubble tea venture, RB Tea, has caused a new wave of innovation in Singapore and naturally, invited competitions. The company planned an...

Henry Soediarko

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