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/8492" target="_blank" data-smartkarma-citation="entities:8492:1">Pc Partner Group Ltd (1263 HK)</a> is Top 5 Video Graphic Card (VGC) producer globally</li><li>Spun out of <a href="https://www.smartkarma.com/entities/18812" target="_blank" data-smartkarma-citation="entities:18812:1">Vtech Holdings Ltd (303 HK)</a> in 1997 and listed on HKex in 2012</li><li>Owns <strong>ZOTAC </strong>brand which is popular with gaming and eSports teams</li><li>ZOTAC organizing global eSports competition with support of HK Tourism Board</li><li>eSports is booming with youngsters globally and being added as official event at Asian Games</li><li>Proposing to buyback 16.7% of its shares at 5 HKD which will be massively accretive to earnings</li><li>Competitors are <a href="https://www.smartkarma.com/entities/8871" target="_blank" data-smartkarma-citation="entities:8871:1">Micro Star International Co (2377 TT)</a>, <a href="https://www.smartkarma.com/entities/13002" target="_blank" data-smartkarma-citation="entities:13002:1">Asustek Computer Inc (2357 TT)</a> and <a href="https://www.smartkarma.com/entities/17486" target="_blank" data-smartkarma-citation="entities:17486:1">Gigabyte Technology Co Ltd (2376 TT); </a> all trade at double or triple P/E multiple versus Pc Partner</li><li>PC Partner expecting +/-30% revenue growth and record net profits in 2018</li><li>Discovery of PC partner will lead to re-rating; shares currently trading at 5.8x 2018 P/E and 7% dividend yield</li><li><strong>Fair Value</strong>: 11.8 HKD (10x 2018 EPS) or 73% upside</li></ul>

Pc Partner Group Ltd (1263 HK) is Top 5 Video Graphic Card (VGC) producer globallySpun out of Vtech Holdings Ltd (303 HK) in 1997 and listed on HKex in 2012Owns ZOTAC brand which is popular with gaming and eSports teamsZOTAC organizing global eSports competition with support of HK Tourism BoardeSports is booming with youngsters globally and being added as official event at Asian GamesProposing to buyback 16.7% of its shares at 5 HKD which will be massively accretive to earningsCompetitors are Micro Star International Co (2377 TT), Asustek Computer Inc (2357 TT) and Gigabyte Technology Co Ltd (2376 TT);  all trade at double or triple P/E multiple versus Pc PartnerPC Partner expecting +/-30% revenue growth and record net profits in 2018Discovery of PC partner will lead to re-rating; shares currently trading at 5.8x 2018 P/E and 7% dividend yieldFair Value: 11.8 HKD (10x 2018 EPS) or 73% upside

PC Partner: VGC Producer Is Play on Growth of ESports, Gaming and AI; Trades @ 5.8x P/E and 7% Div

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.

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PC Partner (1263 HK)

PC Partner: VGC Producer Is Play on Growth of ESports, Gaming and AI; Trades @ 5.8x P/E and 7% Div

Pc Partner Group Ltd (1263 HK) is Top 5 Video Graphic Card (VGC) producer globally Spun out of Vtech Holdings Ltd (303 HK) in 1997 and listed on...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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