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

Moya Holdings (MOYA SP) - Clean Water for the People of Jakarta - On the Ground in J-Town

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

On 26/4/19 I attended the <a href="https://www.smartkarma.com/entities/2293" target="_blank" data-smartkarma-citation="entities:2293:1">Moya Holdings Asia (MHAL SP)</a> AGM in Singapore. The AGM was attended by at least 60 shareholders who queried management on a variety of topics. The company remains highly optimistic about its future potential and continues to focus on water treatment assets across Indonesia. One new area of attention is potential projects in renewable energy which might require more CAPEX going forward.
Management expects FY19 results to improve versus FY18, which is contrary to consensus estimates which see a 13.4% drop in NPAT. Moya does not pay a dividend but should see continued earnings enhancement going forward. The stock is trading far below its estimated replacement value of 1.2B SGD and below the entry cost (0.103/share SGD) of Gateway (PE Fund from Dubai).

On 26/4/19 I attended the Moya Holdings Asia (MHAL SP) AGM in Singapore. The AGM was attended by at least 60 shareholders who queried management on a variety of topics. The company remains highly optimistic about its future potential and continues to focus on water treatment assets across Indonesia. One new area of attention is potential projects in renewable energy which might require more CAPEX going forward.
Management expects FY19 results to improve versus FY18, which is contrary to consensus estimates which see a 13.4% drop in NPAT. Moya does not pay a dividend but should see continued earnings enhancement going forward. The stock is trading far below its estimated replacement value of 1.2B SGD and below the entry cost (0.103/share SGD) of Gateway (PE Fund from Dubai).

AGM Moya: Indonesian Water Story on Track to Grow in FY19; Trading at 1/3rd of Replacement Cost