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

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><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 <strong>declining for five years</strong> 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