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

Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?

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

<a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051:1" rel="noopener">Del Monte Pacific (DELM SP)</a> has been on a tear since we highlighted the opportunity in our insight <a href="https://www.smartkarma.com/insights/del-monte-pacific-delm-sp-cook-from-home-and-multiple-subsidiary-ipo-s-to-unlock-large-upside" target="_blank" data-smartkarma-citation="insights:48689" rel="noopener">Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?</a> early March. The stock was trading at 0.24 SGD in early March and just hit 0.32 SGD this morning (+33%).We see two reasons for this outperformance:<ul>
<li>Competitor Monde Nissin will list on PSE shortly after regulatory approval was granted yesterday. Monde Nissin will be the largest ever listing in the Philippines setting up a good benchmark for Del Monte Philippines. </li>
<li>Moody's upgraded Del Monte Foods debt to B3 opening up debt refinancing going forward.</li>
</ul>Del Monte Pacific remains a balance sheet story where the Enterprise Value could be reshuffled in favor of equity holders as debt is lowered and interest costs diminish. Should either the Philippines unit or USA unit succeed in an IPO we think Del Monte Pacific doubles from here. See our previous insight for more details.Next catalyst? We expect broker coverage on Del Monte as investment banks vying for the IPO's of the Philippines and US units will get into action.

Del Monte Pacific (DELM SP) has been on a tear since we highlighted the opportunity in our insight Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside? early March. The stock was trading at 0.24 SGD in early March and just hit 0.32 SGD this morning (+33%).We see two reasons for this outperformance:
Competitor Monde Nissin will list on PSE shortly after regulatory approval was granted yesterday. Monde Nissin will be the largest ever listing in the Philippines setting up a good benchmark for Del Monte Philippines. 
Moody's upgraded Del Monte Foods debt to B3 opening up debt refinancing going forward.
Del Monte Pacific remains a balance sheet story where the Enterprise Value could be reshuffled in favor of equity holders as debt is lowered and interest costs diminish. Should either the Philippines unit or USA unit succeed in an IPO we think Del Monte Pacific doubles from here. See our previous insight for more details.Next catalyst? We expect broker coverage on Del Monte as investment banks vying for the IPO's of the Philippines and US units will get into action. 

Del Monte Pacific: Monde Nissin IPO Approved; Moody's Upgraded Debt Profile = All Positive