Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Was on the buyside for 15 years, most recently at a medium-sized boutique asset management firm. I grew up in Europe, went to university in the US and have been living in Singapore for the last 7 years which has given me a broad scope on the world and investing in general.

Consider myself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large cap that has gone temporarily out of favor might also pique my interest. 

My style of investing could be categorized as more of value investor, rather than growth at any cost. Learning from Charlie Munger on the importance of quality of a company has been of tremendous value over the years.I like businesses with real earnings, cash flows, dividends, book value and insider ownership.

Insight Provider

The Week That Was in ASEAN@Smartkarma - Indonesia & CPO, ROTI, and Siam Cement

EM Currencies Under Pressure – IDR Could Be The Next To Crack

EM Asia: Taking Stock of Foreign Direct Investment in Asia

AEM Holdings: 2H21 Revenue Acceleration to Continue into FY22. Fair Value Maintained at 8 SGD

AEM: Temasek Investment + New Customers = Pre-Cursor to Nasdaq Listing? Fair Value to 8 SGD

Aem Holdings: Raises Guidance for FY21, New Customer Wins in FY22 to Drive Re-Rating to 8 SGD

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>AEM reported strong 1Q22 results (+226% YoY) and raised its FY22 revenue guidance to 700-750M SGD. <strong>AEM management continues to believe they are in a multi-year ramp-up.</strong> </li>
<li>While the US tech sector is imploding left and right AEM is a very specific story linked to Intel's CAPEX binge. Expect momentum to remain in FY22 and into FY23.</li>
<li>Fair Value of 8 SGD remains unchanged (based on 20x 0.40 FY22 EPS), or 62% upside from the current 4.92 SGD share price.</li>
</ul>


AEM reported strong 1Q22 results (+226% YoY) and raised its FY22 revenue guidance to 700-750M SGD. AEM management continues to believe they are in a multi-year ramp-up. 
While the US tech sector is imploding left and right AEM is a very specific story linked to Intel's CAPEX binge. Expect momentum to remain in FY22 and into FY23.
Fair Value of 8 SGD remains unchanged (based on 20x 0.40 FY22 EPS), or 62% upside from the current 4.92 SGD share price.


AEM: Increased FY22 Revenue Guidance; Riding on Intel's Capex Binge into Multi-Year Ramp