Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

Thematic (Sector/Industry)

<p>A collapse in our Singapore small-cap index, which was up almost 15% YTD in Mar and has subsequently fallen more than 17%, has prompted us to look for situations where company valuations may have become irrationally cheap.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/595/original/1.png?1535094246" class="editor-image img-responsive" data-smartkarma-image-id="61595"></figure>
<div class="content-caption">Figure 1 - Our Singapore small-cap index was up almost 15% YTD in Mar and has subsequently fallen more than 17%</div>
<p>A simple screen we ran ranks companies in our Singapore index by Net Cash as a % of Market Cap. Investors would know these companies are often cheap for a reason…</p>

A collapse in our Singapore small-cap index, which was up almost 15% YTD in Mar and has subsequently fallen more than 17%, has prompted us to look for situations where company valuations may have become irrationally cheap.

Figure 1 - Our Singapore small-cap index was up almost 15% YTD in Mar and has subsequently fallen more than 17%
A simple screen we ran ranks companies in our Singapore index by Net Cash as a % of Market Cap. Investors would know these companies are often cheap for a reason…

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/6703" target="_blank" data-smartkarma-citation="entities:6703:1">Fu Yu Corp Ltd (FUYU SP)</a> is a small (100M USD mkt cap) Singapore based precision plastics solutions provider</li><li>Revenues have been <strong>declining for five years</strong> as management sheds loss making businesses</li><li>Net Profits have been rising as cost cutting remains effective</li><li>Large exposure to printing/packaging clients and little exposure to automotive</li><li>Company hired IR firm to help its communication with investors, but disclosure still questionable</li><li>MBO or sale of the company cannot be excluded</li><li>Very cheap valuation offsets weak operating trends</li><li>Fu Yu trades at 0.9x book, 3x ex-cash PE, 67% of mkt cap supported by cash and 8% dividend yield</li></ul>

Fu Yu Corp Ltd (FUYU SP) is a small (100M USD mkt cap) Singapore based precision plastics solutions providerRevenues have been declining for five years as management sheds loss making businessesNet Profits have been rising as cost cutting remains effectiveLarge exposure to printing/packaging clients and little exposure to automotiveCompany hired IR firm to help its communication with investors, but disclosure still questionableMBO or sale of the company cannot be excludedVery cheap valuation offsets weak operating trendsFu Yu trades at 0.9x book, 3x ex-cash PE, 67% of mkt cap supported by cash and 8% dividend yield

Discover Singapore: Fu Yu (FUYU SP); 67% of Mkt Cap Is Cash, Trading Below Book and Offers 8% Yield

Malaysia

LCTH Corporation Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and assembles precision plastic parts and components.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lcth Corp Bhd (LCTH MK)

Hunting for Net-Nets in Singapore

A collapse in our Singapore small-cap index, which was up almost 15% YTD in Mar and has subsequently fallen more than 17%, has prompted us to look...

Lloyd Moffatt

Discover Singapore: Fu Yu (FUYU SP); 67% of Mkt Cap Is Cash, Trading Below Book and Offers 8% Yield

Fu Yu Corp Ltd (FUYU SP) is a small (100M USD mkt cap) Singapore based precision plastics solutions provider Revenues have been declining for...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)