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

GAM: Subway and Overseas Projects Progress

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Hexindo Adiperkasa: Still a Table Pounding Buy Idea

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

Investors have sold off some of the Malaysian stocks posts general election yet <a href="https://www.smartkarma.com/entities/14363" target="_blank" data-smartkarma-citation="entities:14363:1">Gamuda Bhd (GAM MK)</a> escaped that as it deems to be not related to the previous administration. When the incoming PM canceled the High-Speed Railway (HSR) between Malaysia and Singapore, the stock took a tumble of 35% within days. A closer look at its existing project shows that the HSR project is not yet a contributor to the earnings despite Gamuda being selected as the builder for the northern part of the project as the project will start in 2018. This is the timeline of the project:<ul><li>19 July 2016: Signing of MOU for KL–Singapore HSR project</li><li>August 2016: Singapore to call the tender for advanced engineering studies. Singapore–Malaysia joint tender for Joint Development Partner</li><li>13 December 2016: Bilateral agreement signed</li><li>Late 2017: Civil works and tender for private entity overseeing train and rail assets</li><li>2018–2025: Construction</li><li>Late 2023: International and domestic operators tender</li><li>2024–2026: Testing and commissioning</li><li>By December 31, 2026: Operations to begin</li></ul>Since December 2016 to its highest, Gamuda share price has only gone up by 13.45% - a relatively mild for such an important project (the most prestigious railway project in the country) yet its share price dropped 35% when the cancellation was announced. A value stock in Malaysia?

Investors have sold off some of the Malaysian stocks posts general election yet Gamuda Bhd (GAM MK) escaped that as it deems to be not related to the previous administration. When the incoming PM canceled the High-Speed Railway (HSR) between Malaysia and Singapore, the stock took a tumble of 35% within days. A closer look at its existing project shows that the HSR project is not yet a contributor to the earnings despite Gamuda being selected as the builder for the northern part of the project as the project will start in 2018. This is the timeline of the project:19 July 2016: Signing of MOU for KL–Singapore HSR projectAugust 2016: Singapore to call the tender for advanced engineering studies. Singapore–Malaysia joint tender for Joint Development Partner13 December 2016: Bilateral agreement signedLate 2017: Civil works and tender for private entity overseeing train and rail assets2018–2025: ConstructionLate 2023: International and domestic operators tender2024–2026: Testing and commissioningBy December 31, 2026: Operations to beginSince December 2016 to its highest, Gamuda share price has only gone up by 13.45% - a relatively mild for such an important project (the most prestigious railway project in the country) yet its share price dropped 35% when the cancellation was announced. A value stock in Malaysia? 

China Railway Construction Corp (1186 HK)

Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)

Gamuda Bhd

Gamuda: Unjustly Punished