Asia Long-Short PM/Analyst

Curtis Lehnert

Equity Bottom-Up

I am long Sunningdale Tech (SUNN SP).  Every time I've bought a stock after a panic selloff for non-fundamental reasons, I've typically done very well.  (Don't worry, I've managed to botch plenty of other things in my life.)
There is an interesting buying opportunity on this Singapore plastic injection player trading around 0.6x P/B with liquidity of USD 2-3mm/day. A 1Q earnings miss sent the stock diving 25%, while I see a re-rating catalyst coming up in the 2Q earnings report.  There is a rousing 1:3.5 risk-reward ratio that offers 83% upside realistically that turns into a 1:5 ratio in a blue sky scenario with 128% upside.
This is a unique situation that value hunters and sticklers for a catalyst alike would be well served to look into.

I am long Sunningdale Tech (SUNN SP).  Every time I've bought a stock after a panic selloff for non-fundamental reasons, I've typically done very well.  (Don't worry, I've managed to botch plenty of other things in my life.)
There is an interesting buying opportunity on this Singapore plastic injection player trading around 0.6x P/B with liquidity of USD 2-3mm/day. A 1Q earnings miss sent the stock diving 25%, while I see a re-rating catalyst coming up in the 2Q earnings report.  There is a rousing 1:3.5 risk-reward ratio that offers 83% upside realistically that turns into a 1:5 ratio in a blue sky scenario with 128% upside.
This is a unique situation that value hunters and sticklers for a catalyst alike would be well served to look into.

Sunningdale Tech (SUNN SP): Value...with a Catalyst - CONVICTION BUY

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Fledgling Index’s Five Best-Performing New Constituents Avg 21% YTD Gain

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

<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 declining for five years 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

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

Singapore

Sunningdale Tech Ltd manufactures and sells mould and plastic injection products. The Company also designs, manufactures, markets, and exports high precision steel moulds. Sunningdale Tech trades car audio equipment and provides product design consultancy, mold flow service, mold design, and project management.

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Sunningdale Tech (SUNN SP)