Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

A Long & Short Investment Ideas generator for Asian Equities with 10 years experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment thesis. Provides on-the-ground insights in various Asian markets with a sway towards ASEAN. Experienced and survived the Asian Financial Crisis in a family business, as well as the Global Financial Crisis in financial markets where lessons learned. It's all about understanding business drivers and navigating business cycles, which has high applicability in generating investment ideas. 

Investment horizon: Mid to Long term

Asian Insight Provider - Actionable ideas

The Week That Was in ASEAN@Smartkarma - Thai Union, Bluebird Taxi, and Cement

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

Bluebird (BIRD): Back to Profit, Big Data and BCA

Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch

Blue Bird (BIRD IJ) - Transport Wizzard with a Twist - On the Ground in J-Town

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Comfort Delgro (CD): Undervalued and Recovery in Ridership

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>Despite the lockdown and ceaseless increase in the infection cases in Indonesia, the mobility rate in the workplace has improved by 50% that helped to narrow Q3 2020 loss apart from the cost savings initiative. </p>
<p>Vaccine discovery has helped Bluebird's share price ascension but the real push will come from the vaccination in Indonesia that will lead to a looser government policy lockdown and it is bound to create a more permanent feeling that it is business as usual (pre-COVID) therefore may even lead to a re-opening of the borders. </p>
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<p>At 9.8 EV/EBITDA and 0.73 PBR, <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> is currently trading at 42% and 44% discount in EV/EBITDA and PBR compared to its peers despite a 57% rally. We should expect to see further multiple expansion in Blue Bird as mass vaccination is taking place and people have more confidence in the economic recovery in Indonesia. </p>
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<p>source: Capital IQ</p>
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Despite the lockdown and ceaseless increase in the infection cases in Indonesia, the mobility rate in the workplace has improved by 50% that helped to narrow Q3 2020 loss apart from the cost savings initiative. 
Vaccine discovery has helped Bluebird's share price ascension but the real push will come from the vaccination in Indonesia that will lead to a looser government policy lockdown and it is bound to create a more permanent feeling that it is business as usual (pre-COVID) therefore may even lead to a re-opening of the borders. 

At 9.8 EV/EBITDA and 0.73 PBR, Blue Bird (BIRD IJ) is currently trading at 42% and 44% discount in EV/EBITDA and PBR compared to its peers despite a 57% rally. We should expect to see further multiple expansion in Blue Bird as mass vaccination is taking place and people have more confidence in the economic recovery in Indonesia. 



source: Capital IQ


Blue Bird

BlueBird (BIRD): Flying Higher