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

Bangkok Expressway and Metro / Equity Bottom-Up

<p>Low ridership and reopening have presented a dilemma to investors whether it is time to start building positions in the mass transport operator <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway and Metro (BEM TB)</a> . On one hand, the low ridership presents room for improvement which means recovery of net income, therefore, a lower forward PE multiple. On the other hand, the reopening is yet to happen and how much is the increase in ridership is unclear. </p>
<p>With the reopening date is set, coming back to school, and the support from the Thai government to jump-start the tourism sector by having a grandiose New Year celebration with no less than sending an invite to the world-renown Andrea Bocelli to perform,  the mass transport ridership is set to increase from both the domestic reopening as well as from the increase in tourists arrival.</p>
<p>Compared to <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> which trades at 8x book value, BEM (at 3.6x book value) does not look expensive.  BEM'share price is trailing behind <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-index" target="_blank" data-smartkarma-citation="entities:22915:1" rel="noopener">Thailand SET Index (SET INDEX)</a> in the recovery from COVID-19.</p>
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<p>source: Reuters</p>
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Low ridership and reopening have presented a dilemma to investors whether it is time to start building positions in the mass transport operator Bangkok Expressway and Metro (BEM TB) . On one hand, the low ridership presents room for improvement which means recovery of net income, therefore, a lower forward PE multiple. On the other hand, the reopening is yet to happen and how much is the increase in ridership is unclear. 
With the reopening date is set, coming back to school, and the support from the Thai government to jump-start the tourism sector by having a grandiose New Year celebration with no less than sending an invite to the world-renown Andrea Bocelli to perform,  the mass transport ridership is set to increase from both the domestic reopening as well as from the increase in tourists arrival.
Compared to Airports of Thailand (AOT TB) which trades at 8x book value, BEM (at 3.6x book value) does not look expensive.  BEM'share price is trailing behind Thailand SET Index (SET INDEX) in the recovery from COVID-19.



source: Reuters


Bangkok Expressway (BEM): Ridership Increase

Global Healthcare Analyst

Tina Banerjee

<p>Kintor Pharmaceutical has a strong pipeline of seven first/best-in-class small molecule and biological therapeutics, with focus on multiple high incidence cancers and other androgen-receptor-related diseases having huge unmet medical needs. The company is set to launch its first product in China in this year, with sales expected to peak in next five years. Kintor also aims to launch at least two more products by the end of 2022. Apart from the base indications, its lead product has shown positive clinical results in COVID-19 trials, demonstrating its potential to become an effective treatment for the COVID-19 among the current therapies. In H1 2021, Kintor’s R&amp;D expenses increased 90% y/y to $42 million. In June, the company completed top-up placing with net proceeds of HKD 1.16 billion ($150 million). As of June 2021, Kintor had a cash balance of $262 million, which is sufficient to support its near-term R&amp;D and capital expenses. Although the stock has gained more than 400% this year, we believe there are more streams left. Following its listing in HKEX in May 2020, the stock was included in Hang Seng Composite Index this year. With the expected approvals for COVID-19, prostate cancer, and breast cancer, Kintor’s lead product has large market potential. The company aims to outlicense select products for rapid global expansions.   </p>

Kintor Pharmaceutical has a strong pipeline of seven first/best-in-class small molecule and biological therapeutics, with focus on multiple high incidence cancers and other androgen-receptor-related diseases having huge unmet medical needs. The company is set to launch its first product in China in this year, with sales expected to peak in next five years. Kintor also aims to launch at least two more products by the end of 2022. Apart from the base indications, its lead product has shown positive clinical results in COVID-19 trials, demonstrating its potential to become an effective treatment for the COVID-19 among the current therapies. In H1 2021, Kintor’s R&amp;D expenses increased 90% y/y to $42 million. In June, the company completed top-up placing with net proceeds of HKD 1.16 billion ($150 million). As of June 2021, Kintor had a cash balance of $262 million, which is sufficient to support its near-term R&amp;D and capital expenses. Although the stock has gained more than 400% this year, we believe there are more streams left. Following its listing in HKEX in May 2020, the stock was included in Hang Seng Composite Index this year. With the expected approvals for COVID-19, prostate cancer, and breast cancer, Kintor’s lead product has large market potential. The company aims to outlicense select products for rapid global expansions.   

Kintor Pharmaceutical (9939 HK) – Dual Play on COVID and Solid Tumors

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Pfizer delivered an outstanding second quarter and generated 10% operational revenue growth compared to the same quarter of 2020.</li><li>The company is awaiting FDA approval after submitting the late-stage trial data on the Covid-19 vaccine for children between 5-11 years of age so this is expected to continue being a driver for revenue growth.</li><li>Pfizer’s global biosimilars business has also been a major growth driver and it saw revenues increase by 88% to $559 million.</li></ul>

Pfizer delivered an outstanding second quarter and generated 10% operational revenue growth compared to the same quarter of 2020.The company is awaiting FDA approval after submitting the late-stage trial data on the Covid-19 vaccine for children between 5-11 years of age so this is expected to continue being a driver for revenue growth.Pfizer’s global biosimilars business has also been a major growth driver and it saw revenues increase by 88% to $559 million.

<p>Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. </p>
<p>At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?</p>
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<p>For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. </p>
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Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. 
At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?

For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, Comfortdelgro Corp (CD SP) provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. 


<ul><li>Pfizer is one of the largest pharmaceutical companies in the world by market capitalization and has gained a lot of steam over the past few quarters given its success on the Covid-19 vaccine front.</li><li>The company should continue to have a positive 2021 on account of the success of these drugs coupled with the robust demand for its Covid-19 vaccine which is expected to be sustainable in the long term.</li><li>The company has a strong pipeline in oncology as well as Covid-19 and deserves a 'Hold' rating.</li></ul>

Pfizer is one of the largest pharmaceutical companies in the world by market capitalization and has gained a lot of steam over the past few quarters given its success on the Covid-19 vaccine front.The company should continue to have a positive 2021 on account of the success of these drugs coupled with the robust demand for its Covid-19 vaccine which is expected to be sustainable in the long term.The company has a strong pipeline in oncology as well as Covid-19 and deserves a 'Hold' rating.

Pfizer Inc. - Financial & Price Forecasts

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Bangkok Expressway (BEM): Ridership Increase

the reopening date is set, and with the support from the Thai government to jump-start the tourism sector, the MRT ridership is set to increase....

Henry Soediarko

Kintor Pharmaceutical (9939 HK) – Dual Play on COVID and Solid Tumors

Kintor Pharma is set to fly high ahead of its first product launch in China for prostate cancer, which has high unmet medical need. COVID-19...

Tina Banerjee

Pfizer Inc. - Investment Thesis

Pfizer delivered an outstanding second quarter and generated 10% operational revenue growth compared to the same quarter of 2020. The company is...

Baptista Research

Comfortdelgro (CD): On-The-Ground Survey

it is almost certain that the company's net earnings can go back to pre-COVID-19 level; the question is when? Will it take another quarter or...

Henry Soediarko

Pfizer Inc. - Financial & Price Forecasts

Pfizer is one of the largest pharmaceutical companies in the world by market capitalization and has gained a lot of steam over the past few...

Baptista Research

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