Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

I am a fundamental-value investment analyst with a bent for events and soft catalysts.

During my time on both the buy-side and sell-side I focussed on small and mid-cap companies in ASEAN, Australia and HK/China.

Although a generalist, my background as an engineer lends itself toward deep-dive research in more practical sectors like consumer and industrials.

Previous recommendations include:

Concepcion Industrial		(CIC PM)	BUY	03/12/2015		+100.1%
OSIM International		(OSIM SP)	BUY	11/12/2015		+36.9%
Bellamy's Australia Ltd	(BAL AU)	SELL	08/06/2016		+60%
Pryce Corp				(PPC PM)	BUY	14/07/2016		+105%
Rukun Raharja			(RAJA IJ)	BUY	16/02/2017		+61%
Asian Pay Television Trust (APTT SP)	BUY	30/12/2016		+67%

Pan-Asia Equity Bottom-up

Inaugural Dividend Is a Harbinger of Things to Come

1Q18 Update - The Next Philippine Cash Cow

Pryce Corp: 2Q18 Update - Another Solid Quarter, 110% Upside

Pryce Corp: FY17 Profit up 29%, 8x PE and 5% Yield

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

Typhoon Mangkhut caused havoc in the <a href="https://www.express.co.uk/news/world/1016977/Typhoon-Mangkhut-path-latest-where-is-super-typhoon-tracker-Philippines-Hong-Kong-Taiwan" target="_blank">Philippines</a>, Hong Kong and Southern China. The northern parts of the Philippines were most affected – particularly Luzon and Visayas. Pryce Corporation operates in both of these regions, so following the typhoon we spoke with management to clarify whether operations had been impacted.
Only a negligible portion of sales volume was affected. However, there could be a fall in demand due to the chaos that has taken place in Luzon. Fortunately, the company generates all profit from Visayas and Mindanao which are seemingly unaffected.
There may be an opportunity to pick up market share in North Luzon from Liquigaz and South Pacific which wholesale LPG to independent distributors.
Despite the sell-off throughout the Philippines, Pryce Corp is still attractively valued relative to the market at FY18E P/E of 7.1x and yield of 4.9%.

Typhoon Mangkhut caused havoc in the Philippines, Hong Kong and Southern China. The northern parts of the Philippines were most affected – particularly Luzon and Visayas. Pryce Corporation operates in both of these regions, so following the typhoon we spoke with management to clarify whether operations had been impacted.
Only a negligible portion of sales volume was affected. However, there could be a fall in demand due to the chaos that has taken place in Luzon. Fortunately, the company generates all profit from Visayas and Mindanao which are seemingly unaffected.
There may be an opportunity to pick up market share in North Luzon from Liquigaz and South Pacific which wholesale LPG to independent distributors.
Despite the sell-off throughout the Philippines, Pryce Corp is still attractively valued relative to the market at FY18E P/E of 7.1x and yield of 4.9%. 

Has Pryce Corp Been Impacted by Typhoon Mangkhut?