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

Equity Bottom-Up

Livzon Pharmaceutical Group / Equity Bottom-Up

Joincare (600380.CH) is a controlling shareholder of Livzon and also is the top supplier for Livzon. What does it do to the inventory growth in Livzon? From 2012 to 2015, Livzon’s inventory has gone up by 23.5x, COGS has only gone up by 1.8x and sales has gone up by 2x. Any inventory write down at some stage? Or if the sales are even real?

Joincare (600380.CH) is a controlling shareholder of Livzon and also is the top supplier for Livzon. What does it do to the inventory growth in Livzon? From 2012 to 2015, Livzon’s inventory has gone up by 23.5x, COGS has only gone up by 1.8x and sales has gone up by 2x. Any inventory write down at some stage? Or if the sales are even real?

Inventory Growth > COGS Growth for 4 Years Now for Livzon Pharm