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

Future Bright (703 HK): Value of Hengqin Land Could Be Substantial

Future Bright (703 HK): 1H17 Results Are Soft, but Long Term Deep Value Proposition Remains

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

Future Bright Holdings / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/14321" target="_blank" data-smartkarma-citation="entities:14321:1">Future Bright Holdings Ltd (703 HK)</a> is a restaurant operator in Macau, HK and mainland China</li><li>Future Bright performance is strongly correlated to GGR growth in Macau</li><li>With GGR on uptrend, Future Bright should start its re-rating</li><li>Company experienced bull run from 2011-2014 when shares traded close to 4.8 HKD</li><li>1Q17 results released 16/5/17 very poor but likely mark the bottom</li><li>Recently stock trading at 0.7 HKD or 0.45x book value</li><li>Value of real estate is 140% of enterprise value</li><li>Fair Value: base case is 1.51 HKD or 115% upside; blue-sky is 2.34 HKD or 230% upside</li></ul>

Future Bright Holdings Ltd (703 HK) is a restaurant operator in Macau, HK and mainland ChinaFuture Bright performance is strongly correlated to GGR growth in MacauWith GGR on uptrend, Future Bright should start its re-ratingCompany experienced bull run from 2011-2014 when shares traded close to 4.8 HKD1Q17 results released 16/5/17 very poor but likely mark the bottomRecently stock trading at 0.7 HKD or 0.45x book valueValue of real estate is 140% of enterprise valueFair Value: base case is 1.51 HKD or 115% upside; blue-sky is 2.34 HKD or 230% upside

Future Bright (703 HK): Value Play on Macau Rebound, at 0.45x Book It Is Too Cheap to Ignore