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

Thematic (Sector/Industry)

<div>
<p>In a follow up to similar styled notes from 2017-2018-2019</p>
<p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2019-and-5-high-conviction-ideas-going-into-2020" target="_blank" data-smartkarma-citation="insights:35000" rel="noopener">Overview of My Winners and Losers in 2019... And 5 High Conviction Ideas Going into 2020</a> </p>
</div><div><p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2018-and-5-high-conviction-ideas-going-into-2019" target="_blank" data-smartkarma-citation="insights:26696" rel="noopener">Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into 2019</a> </p></div><div><p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2017-and-5-high-conviction-ideas-going-into-2018" target="_blank" data-smartkarma-citation="insights:16368" rel="noopener">Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018</a></p></div><div><p>I again look at my stock ideas that have worked out in 2020, those that have not, and those where the verdict is still pending. I will also highlight 5 new high conviction ideas for 2021.</p></div><div><p>Last year I provided 5 high conviction ideas and here is their performance:</p></div><div><table class="table table-striped"><tbody>
<tr>
<td style="width: 188.19px;">Company</td>
<td style="width: 135.71px;">Share Price 19 Dec 2019</td>
<td style="width: 173.14px;">Share Price 24 December 2020</td>
<td style="width: 64.07px;">Dividends</td>
<td style="width: 80.89px;">% Total Return</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> </td>
<td style="width: 135.71px;">1.89 SGD</td>
<td style="width: 173.14px;">3.43 SGD</td>
<td style="width: 64.07px;">0.0081 SGD</td>
<td style="width: 80.89px;">+81.91%</td>
</tr>
<tr>
<td style="width: 188.19px;"><a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1" rel="noopener">Procurri Corporation (PROC SP)</a></td>
<td style="width: 135.71px;">0.48 SGD</td>
<td style="width: 173.14px;">0.28 SGD</td>
<td style="width: 64.07px;">0.000 SGD</td>
<td style="width: 80.89px;">-41.66%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> </td>
<td style="width: 135.71px;">0.57 SGD</td>
<td style="width: 173.14px;">0.76 SGD</td>
<td style="width: 64.07px;">0.0025 SGD</td>
<td style="width: 80.89px;">+33.77%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/ips-securex-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15717:1" rel="noopener">IPS Securex (IPSS SP)</a> </td>
<td style="width: 135.71px;">0.004 SGD</td>
<td style="width: 173.14px;">0.08 SGD</td>
<td style="width: 64.07px;">0.000 SGD</td>
<td style="width: 80.89px;">+100%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/cosco-shipping-international-8a9750d4-23c7-4832-9b67-2032ca7ec1f3" target="_blank" data-smartkarma-citation="entities:672:1" rel="noopener">Cosco International Holdings (517 HK)</a> </td>
<td style="width: 135.71px;">2.01 HKD</td>
<td style="width: 173.14px;">2.38 HKD</td>
<td style="width: 64.07px;">0.16 HKD</td>
<td style="width: 80.89px;">+26.50%</td>
</tr>
</tbody></table></div>


In a follow up to similar styled notes from 2017-2018-2019
Overview of My Winners and Losers in 2019... And 5 High Conviction Ideas Going into 2020 
Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into 2019 Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018I again look at my stock ideas that have worked out in 2020, those that have not, and those where the verdict is still pending. I will also highlight 5 new high conviction ideas for 2021.Last year I provided 5 high conviction ideas and here is their performance:

Company
Share Price 19 Dec 2019
Share Price 24 December 2020
Dividends
% Total Return



AEM Holdings (AEM SP) 
1.89 SGD
3.43 SGD
0.0081 SGD
+81.91%


Procurri Corporation (PROC SP)
0.48 SGD
0.28 SGD
0.000 SGD
-41.66%



Sunpower Group (SPWG SP) 
0.57 SGD
0.76 SGD
0.0025 SGD
+33.77%



IPS Securex (IPSS SP) 
0.004 SGD
0.08 SGD
0.000 SGD
+100%



Cosco International Holdings (517 HK) 
2.01 HKD
2.38 HKD
0.16 HKD
+26.50%



Overview of My Winners and Losers in 2020...And 5 High Conviction Ideas Going into 2021

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<p><a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> exhibits a very bullish macro cycle forming as price action challenges the breakout point of the macro bull wedge that should shift the cycle and induce a higher trading range at a minimum and mark a significant cycle low at the lower 1.0 base zone.</p><p>This is a value play that is about to see an acceleration.</p><p>Price bull wedge and MACD macro trendline are key breakout points that will provide fuel and add to conviction.</p>

PC Partner (1263 HK) exhibits a very bullish macro cycle forming as price action challenges the breakout point of the macro bull wedge that should shift the cycle and induce a higher trading range at a minimum and mark a significant cycle low at the lower 1.0 base zone.This is a value play that is about to see an acceleration.Price bull wedge and MACD macro trendline are key breakout points that will provide fuel and add to conviction.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> is our way to buy into <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US) on the cheap.  Nothing has changed since our last insight to change our bullish stance.</a></p><p><em>Please see our insight <a href="https://www.smartkarma.com/insights/pc-partner-poor-man-s-play-on-nvidia-part-2-trades-at-2x-fy20-p-e-and-14-dividend-yield" target="_blank" data-smartkarma-citation="insights:43227" rel="noopener">PC Partner: Poor-Man's Play on Nvidia  (Part 2); Trades at 2x FY20 P/E and 14% Dividend Yield</a> </em></p><p>Yesterday it was <a href="https://www.cnbc.com/2020/10/21/paypal-gets-into-crypto-with-new-features-for-trading-and-shopping.html" target="_blank" rel="noopener">announced that PayPa</a>l would start accepting Bitcoin's across its spectrum of services. Crypto watchers see this as a game-changer.</p><div class="content-highlight"><p>One less discussed facet during our last Pc Partner insight was its correlation to Bitcoin. Bitcoin miners need a lot of GPU capacity. Bitcoin bull runs attract more miners which require more GPU. Bitcoin miners run their operations 24/7 meaning GPUs need to be replaced every 12 months. PC Partner benefits. Sometimes things do not have to be made more complex than they are.</p></div><p>If you can't buy Bitcoin directly, as you don't have a mandate, PC Partner is an indirect way to gain exposure via an Asian listed stock. During the last Bitcoin bull run (17,000 USD) PC Partner stock reached 7 HKD or +/- 300% higher vs today. </p><p><em>Got Pc Partner yet?</em></p>

PC Partner (1263 HK) is our way to buy into NVIDIA Corp (NVDA US) on the cheap.  Nothing has changed since our last insight to change our bullish stance.Please see our insight PC Partner: Poor-Man's Play on Nvidia  (Part 2); Trades at 2x FY20 P/E and 14% Dividend Yield Yesterday it was announced that PayPal would start accepting Bitcoin's across its spectrum of services. Crypto watchers see this as a game-changer.One less discussed facet during our last Pc Partner insight was its correlation to Bitcoin. Bitcoin miners need a lot of GPU capacity. Bitcoin bull runs attract more miners which require more GPU. Bitcoin miners run their operations 24/7 meaning GPUs need to be replaced every 12 months. PC Partner benefits. Sometimes things do not have to be made more complex than they are.If you can't buy Bitcoin directly, as you don't have a mandate, PC Partner is an indirect way to gain exposure via an Asian listed stock. During the last Bitcoin bull run (17,000 USD) PC Partner stock reached 7 HKD or +/- 300% higher vs today. Got Pc Partner yet?

PC Partner: In the Last Bitcoin Bull Market Stock Was 300% Higher. Repeat?

<p>Several years ago we wrote about <a href="https://www.smartkarma.com/insights/pc-partners-1263-hk-a-poor-man-s-way-into-nvidia-new-gpu-cycle-trades-at-3x-pe-and-11-div-yield" target="_blank" data-smartkarma-citation="insights:23737" rel="noopener">PC Partners (1263 HK): A Poor Man's Way into Nvidia New GPU Cycle; Trades at 3x PE and 11% Div Yield</a>.</p><p><strong>We see a similar trade coming up in 4Q20 and into 1Q21.</strong></p><p>As demonstrated over the years covering PC Partners the stock is rarely a buy &amp; hold. With Nvidia's new RTX30 GPU launch (GTX3060/GTX3070/GTX3080 and GTX 3090) being spread out from October to December there is likely to be excitement around its performance and uptake.</p><p>Much different than in FY18 there is no large oversupply from a deflating crypto bubble. This means there is no old inventory to clear which should result in much better GPM and NPM for Pc Partners. Please also note that gearing for Pc Partner in 2018 was over 100% while the company will have a net cash position by the end of FY20.</p><p>Pc Partner remains a poor man's way to play Nvidia and key themes such as e-sports, AI, data centers, and overall gaming. We expect dividends to be reinstated for FY20. On our estimates, the company will achieve 8 billion HKD in FY20 sales and generate 272 million HKD in net profit (3.4% NPM). If we assume a 30% payout on that we get a 0.22 HKD/share full-year dividend or a 14% dividend yield. <strong>We expect the stock to reach 3 HKD in the coming 6 months.</strong> Upside could come from a bullish breakout in cryptocurrencies as crypto mining (which consumes massive GPU) comes back in vogue. The downside is capped by a very cheap valuation.</p>

Several years ago we wrote about PC Partners (1263 HK): A Poor Man's Way into Nvidia New GPU Cycle; Trades at 3x PE and 11% Div Yield.We see a similar trade coming up in 4Q20 and into 1Q21.As demonstrated over the years covering PC Partners the stock is rarely a buy &amp; hold. With Nvidia's new RTX30 GPU launch (GTX3060/GTX3070/GTX3080 and GTX 3090) being spread out from October to December there is likely to be excitement around its performance and uptake.Much different than in FY18 there is no large oversupply from a deflating crypto bubble. This means there is no old inventory to clear which should result in much better GPM and NPM for Pc Partners. Please also note that gearing for Pc Partner in 2018 was over 100% while the company will have a net cash position by the end of FY20.Pc Partner remains a poor man's way to play Nvidia and key themes such as e-sports, AI, data centers, and overall gaming. We expect dividends to be reinstated for FY20. On our estimates, the company will achieve 8 billion HKD in FY20 sales and generate 272 million HKD in net profit (3.4% NPM). If we assume a 30% payout on that we get a 0.22 HKD/share full-year dividend or a 14% dividend yield. We expect the stock to reach 3 HKD in the coming 6 months. Upside could come from a bullish breakout in cryptocurrencies as crypto mining (which consumes massive GPU) comes back in vogue. The downside is capped by a very cheap valuation.

PC Partner: Poor-Man's Play on Nvidia  (Part 2); Trades at 2x FY20 P/E and 14% Dividend Yield

<div>
<p>In a follow up to similar styled notes from 2017 and 2018</p>
<p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2018-and-5-high-conviction-ideas-going-into-2019" target="_blank" rel="noopener" data-smartkarma-citation="insights:26696">Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into 2019</a> </p>
<p><a href="https://www.smartkarma.com/insights/overview-of-my-winners-and-losers-in-2017-and-5-high-conviction-ideas-going-into-2018" target="_blank" rel="noopener" data-smartkarma-citation="insights:16368">Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018</a></p>
<p>I again look at my stock ideas that have worked out in 2019, those that have not and those where the verdict is still pending. I will also highlight 5 new high conviction ideas for 2020.</p>
</div>
<div>
<p>Last year I provided 5 high conviction ideas and here is their performance:</p>
</div>
<div>
<div>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 188.19px;">Company</td>
<td style="width: 135.71px;">Share Price 23 Dec 2018</td>
<td style="width: 173.14px;">Share Price 19 December 2019</td>
<td style="width: 64.07px;">Dividends</td>
<td style="width: 80.89px;">% Total Return</td>
</tr>
<tr>
<td style="width: 188.19px;"><a href="https://www.smartkarma.com/entities/14321" target="_blank" rel="noopener" data-smartkarma-citation="entities:14321:1">Future Bright Holdings (703 HK)</a></td>
<td style="width: 135.71px;">0.75 HKD</td>
<td style="width: 173.14px;">0.37 HKD</td>
<td style="width: 64.07px;">0.00 HKD</td>
<td style="width: 80.89px;">-50%</td>
</tr>
<tr>
<td style="width: 188.19px;"><a href="https://www.smartkarma.com/entities/24110" target="_blank" rel="noopener" data-smartkarma-citation="entities:24110:1">Procurri Corporation (PROC SP)</a></td>
<td style="width: 135.71px;">0.27 SGD</td>
<td style="width: 173.14px;">0.48 SGD</td>
<td style="width: 64.07px;">0.00 SGD</td>
<td style="width: 80.89px;">+77%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:18395:1">Sunpower Group (SPWG SP)</a> </td>
<td style="width: 135.71px;">0.33 SGD</td>
<td style="width: 173.14px;">0.61 SGD</td>
<td style="width: 64.07px;">0.0019 SGD</td>
<td style="width: 80.89px;">+86%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:14150:1">Silverlake Axis (SILV SP)</a> </td>
<td style="width: 135.71px;">0.405 SGD</td>
<td style="width: 173.14px;">0.41 SGD</td>
<td style="width: 64.07px;">0.018 SGD</td>
<td style="width: 80.89px;">+8.1%</td>
</tr>
<tr>
<td style="width: 188.19px;">
<a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:8717:1">Geo Energy Resources (GERL SP)</a> </td>
<td style="width: 135.71px;">0.165 SGD</td>
<td style="width: 173.14px;">0.148 SGD</td>
<td style="width: 64.07px;">0.004 SGD</td>
<td style="width: 80.89px;">-8.6%</td>
</tr>
</tbody>
</table>
</div>
</div>


In a follow up to similar styled notes from 2017 and 2018
Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into 2019 
Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018
I again look at my stock ideas that have worked out in 2019, those that have not and those where the verdict is still pending. I will also highlight 5 new high conviction ideas for 2020.


Last year I provided 5 high conviction ideas and here is their performance:






Company
Share Price 23 Dec 2018
Share Price 19 December 2019
Dividends
% Total Return


Future Bright Holdings (703 HK)
0.75 HKD
0.37 HKD
0.00 HKD
-50%


Procurri Corporation (PROC SP)
0.27 SGD
0.48 SGD
0.00 SGD
+77%



Sunpower Group (SPWG SP) 
0.33 SGD
0.61 SGD
0.0019 SGD
+86%



Silverlake Axis (SILV SP) 
0.405 SGD
0.41 SGD
0.018 SGD
+8.1%



Geo Energy Resources (GERL SP) 
0.165 SGD
0.148 SGD
0.004 SGD
-8.6%






Overview of My Winners and Losers in 2019... And 5 High Conviction Ideas Going into 2020

Hong Kong

Goldpac Group Limited manufactures, supplies and distributes financial cards, card personalization services, on-side card insurance system solutions, magnetic strip cards and authentication smart cards. The Company offers its products and services throughout China.

China Display Optoelectronics Technology Holdings Limited provides small-to-medium-sized display modules. The Company is primarily engaged in the research and development, manufacturing, and sales and distribution of LCD modules for handheld mobile devices on an ODM basis.

China Display Optoelectronics Technology Holdings (334 HK)

China Display Optoelectronics Technology Holdings

Futong Technology Development Holdings Ltd. distributes information technology products. The Company distributes servers, system storage products, and software, and offers technical support.

Jolimark Holdings Limited, through its subsidiaries, manufactures and sells business and tax control equipment under its own brand name.  The Company also manufactures business and tax control equipment and other electronic equipment, and distributes printers manufactured by Seiko Epson Corp. in the People's Republic of China.

Karrie International Holdings Ltd, through its subsidiaries, manufactures and sells computer casings, video cassette housings and moulds, office automation products, plastic and metal parts, moulds, and provides electronic manufacturing services.

Phoenitron Holdings Ltd. manufactures and sells smart cards, plastic cards, and the customized smart card application systems.  The Company also provides hardware support.  Phoenitron Holdings also is a scrap auto importer and recycler in China.

Changhong Jiahua Holdings Limited, through its subsidiaries, trades consumer electronic products and related parts and components.  The Company also manufactures and sells the data broadcasting hardware and software and provides data broadcasting and related services.

Ju Teng International Holdings Ltd. manufactures semi-finished consumer goods. The Company produces casings for notebook computers.  Ju Teng's manufacturing includes plastic injection molding, spray painting, metal tooling and stamping, and assembly.

S.A.S. Dragon Holdings Ltd. designs, develops, sources, and provides quality assurance and logistics management services of electronic components and semiconductors products. The products are used in mobile phones, consumer electronics, computers, telecommunication and lighting products. The Company operates in China, Hong Kong, Taiwan and Korea.

China Aerospace International Holdings Limited, through its subsidiaries, manufactures plastic, liquid crystal display, audio-video, printed circuit boards, telecommunication, intelligent chargers and security system, and other products. The Company also invests in real estate properties, provides financial services, and operates trading businesses.

Avalue Technology Inc. is mainly engaged in the business of manufaturing , importing and exporting of industrial system board. The main products include System On Module (SOM), Embedded Computing, Network Computing, Network Appliance, and Applied Computing.

Sindoh Co., Ltd. manufactures office equipment such as copiers, facsimiles, printers, and copier related products.  The Company also offers financial services through its subsidiaries.

Yuan High-Tech Development Co., Ltd. manufactures and markets multimedia cards. The Company's products include graphics and encoder cards.

Unitech Computer Co., Ltd. manufactures and designs personal computers and computers peripheral equipment. The Company's products also includes the automatic data capture products such as hand held scanners, decoders, and portable data collectors.

Compucase Enterprise manufactures and markets computer cases and switching power supplies.  In addition, the Company exports stainless steel wheel hubs to the United States.

Routon Electronic Co., Ltd. manufactures and markets telecommunication electronic products.  The Company's products include IC card payphones, phone bill meters, automatic card vending machines, smart card payphones, and other related products.

E-Investment&Development Co., Ltd. develops and manufactures mobile modules. The Company produces slide hinge module of cellular phone and mock-up for cellular phone.

Shuttle Inc. manufactures and markets computer mainboards, interface cards, audio cards, and variable graphics adapter cards.

Infortrend Technology Inc. develops, manufactures, and markets RAID (Redundant Array of Inexpensive Disk) controllers and other related products.

Mildef Crete Inc. distributes laptop and desktop computers, and peripherals. The Company also manufactures and markets laptops for special industries, such as military, public safety, and industrial applications.

PC Partner Group Ltd. is principally engaged in the design, development and manufacture of video graphics cards. The Group manufactures various electronics components and products for customers under its electronics manufacturing services division and also manufactures other personal computers related products.

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

PC Partner (1263 HK)

Overview of My Winners and Losers in 2020...And 5 High Conviction Ideas Going into 2021

Looking back at our 2020 favorite picks shows good performance across the board except for Procurri which declined over 40%. We also highlight 5...

Nicolas Van Broekhoven

PC Partner Macro Bullish Wedge

PC Partner exhibits a very bullish macro cycle forming as price action challenges the breakout point of the macro bull wedge. This is a value play...

Thomas Schroeder

PC Partner: In the Last Bitcoin Bull Market Stock Was 300% Higher. Repeat?

Pc Partner is not only a poor man's way to get exposure to Nvidia but also a forgotten way to play the rise of Bitcoin. During the last Bitcoin run...

Nicolas Van Broekhoven

PC Partner: Poor-Man's Play on Nvidia (Part 2); Trades at 2x FY20 P/E and 14% Dividend Yield

Several years ago we wrote

Nicolas Van Broekhoven

Overview of My Winners and Losers in 2019... And 5 High Conviction Ideas Going into 2020

In a follow up to similar styled notes from 2017 and 2018 Overview of My Winners and Losers in 2018...and 5 High Conviction Ideas Going into...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)