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>Thailand has found out an interesting mix of vaccines that is so far safe with a number of Thai as clinical trials that led the government to regain its confidence in the country's reopening. The company's share price has lagged the Thai Index by around 12% and it is currently trading at 7% PBR to its 5 years historical PBR. The downside may come from the slow down in the vaccination drive and also from the potential of further virus mutataion. Nonetheless, Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue increment in the next year. </p>

Thailand has found out an interesting mix of vaccines that is so far safe with a number of Thai as clinical trials that led the government to regain its confidence in the country's reopening. The company's share price has lagged the Thai Index by around 12% and it is currently trading at 7% PBR to its 5 years historical PBR. The downside may come from the slow down in the vaccination drive and also from the potential of further virus mutataion. Nonetheless, Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue increment in the next year. 

<p>Indonesia's recovery from the COVID-19 induced pandemic is within a few months away as the inoculation rate in Jakarta has reached 57%, although the rest of the nation's inoculation rate is still at 15%.  </p>
<p>While <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ)</a> previously suffered from the Airport Express that took the former's market share in that route, the recent collaboration with PT KAI (National Train of Indonesia) allows Bluebird taxis to be included when customers are booking train tickets, creating a new distribution channel for Bluebird besides its existing partnership with Gojek. </p>
<p>The downside of owning Bluebird's share right now is quite limited as the mobility lockdown is only months from over thus owning Bluebird right now can be likened to have a long position on a call option. Its share price should trade at least at book value or even higher at 1.2x PBR, implying a potential return of between 76% to 126%. </p>

Indonesia's recovery from the COVID-19 induced pandemic is within a few months away as the inoculation rate in Jakarta has reached 57%, although the rest of the nation's inoculation rate is still at 15%.  
While Blue Bird (BIRD IJ) previously suffered from the Airport Express that took the former's market share in that route, the recent collaboration with PT KAI (National Train of Indonesia) allows Bluebird taxis to be included when customers are booking train tickets, creating a new distribution channel for Bluebird besides its existing partnership with Gojek. 
The downside of owning Bluebird's share right now is quite limited as the mobility lockdown is only months from over thus owning Bluebird right now can be likened to have a long position on a call option. Its share price should trade at least at book value or even higher at 1.2x PBR, implying a potential return of between 76% to 126%. 

Blue Bird (BIRD): New Distribution Channel and Limited Downside.

<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. 


<p><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>is back to profit after a gruelling 1 year navigating around the COVID-19 situation in Singapore and their other geographical presence around the world. As Singapore hit a high vaccination rate, there is a lot of potential for further restrictions relaxation that will increase mobility in the country, which will increase ridership in Singapore. </p>
<p>The Australian's business IPO could unlock the value for ComfortDelgro to <strong>double</strong> from the current market capitalization that makes it even sweeter to own Comfortdelgro. </p>

Comfortdelgro Corp (CD SP)is back to profit after a gruelling 1 year navigating around the COVID-19 situation in Singapore and their other geographical presence around the world. As Singapore hit a high vaccination rate, there is a lot of potential for further restrictions relaxation that will increase mobility in the country, which will increase ridership in Singapore. 
The Australian's business IPO could unlock the value for ComfortDelgro to double from the current market capitalization that makes it even sweeter to own Comfortdelgro. 

Comfortdelgro (CD): Reopening and Australia IPO

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

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Research Reinvented

Rex International Holding / Equity Bottom-Up

<p>For our next Webinar, we have the pleasure of welcoming Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a>, who will talk to us about some of his favourite Singapore-based small- and mid-cap investment ideas and his view on them going forward.</p><div><div><h3>The webinar will be hosted on Wednesday, 11 August 2021, 17:00 SGT/HKT.</h3></div></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86724910057" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Nicolas Van Broekhoven is a generalist investor with a preference for small and mid-cap companies and special situations. He grew up in Europe, went to university in the US, and lives in Singapore, which has given him a broad scope on the world and investing in general.</p>
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For our next Webinar, we have the pleasure of welcoming Insight Provider Nicolas Van Broekhoven, who will talk to us about some of his favourite Singapore-based small- and mid-cap investment ideas and his view on them going forward.The webinar will be hosted on Wednesday, 11 August 2021, 17:00 SGT/HKT.
Register for the Webinar here
Nicolas Van Broekhoven is a generalist investor with a preference for small and mid-cap companies and special situations. He grew up in Europe, went to university in the US, and lives in Singapore, which has given him a broad scope on the world and investing in general.


Smartkarma Webinar | Singapore Investment Ideas

Singapore

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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SATS (SATS SP)

AOT: Thailand Reopening

Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue...

Henry Soediarko

Blue Bird (BIRD): New Distribution Channel and Limited Downside.

Blue Bird (suffered from the Airport Express that took the former's market share, the recent collaboration with PT KAI allows Bluebird taxis to be...

Henry Soediarko

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

Comfortdelgro (CD): Reopening and Australia IPO

The Australian's business IPO could unlock the value for ComfortDelgro to double from the current market that makes it even sweeter to own...

Henry Soediarko

Smartkarma Webinar | Singapore Investment Ideas

Join us on 11 August, 5pm SGT, when we talk to Nicolas Van Broekhoven about some of his favourite Singapore-based small- and mid-cap investment...

Smartkarma Research

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