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

The Week that Was in ASEAN@Smartkarma - SPAC Listings, Indonesian Finance, and Jardine Strategic

Jasa Marga (JSMR): Traffic Is Back, on the Ground Sources.

Jasa Marga (JSMR):Recovery Play and Low Capex

Jasa Marga (JSMR): Further Fall from COVID-19 Scaling Up

Jasamarga (JSMR): Increase Awareness + Launch of ABS = Higher Share Price?

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

<p>Currently, <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR IJ)</a> debt to equity is at 2.5x, a five-year high and its earnings multiple is also at the 5 years high at 35x. Some of the bullishness comes from the creation of the INA, the first sovereign wealth fund of Indonesia that will create another funding avenue for Jasa Marga. </p><p>The commencement of vaccination for public servants and elderlies has also sparked positivity although the result (more traffic) is yet to be seen. At the current level, Jasa Marga's profitability is 28% lower than the peers despite almost having a 100% higher D/E ratio. It is also trading at 64% PER premium and 10% PBR premium. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/192/999/original/image_59574917191615277295474.png?1615277295" class="editor-image img-responsive" data-smartkarma-image-id="192999"></figure><div class="content-remarks"><p>source: Capital IQ</p></div><p>At the current level, investors should wait before adding more Jasa Marga into the portfolio as it is trading at 5 years high in PER and also its D/E ratio as well. </p>

Currently, Jasa Marga (Persero) (JSMR IJ) debt to equity is at 2.5x, a five-year high and its earnings multiple is also at the 5 years high at 35x. Some of the bullishness comes from the creation of the INA, the first sovereign wealth fund of Indonesia that will create another funding avenue for Jasa Marga. The commencement of vaccination for public servants and elderlies has also sparked positivity although the result (more traffic) is yet to be seen. At the current level, Jasa Marga's profitability is 28% lower than the peers despite almost having a 100% higher D/E ratio. It is also trading at 64% PER premium and 10% PBR premium. source: Capital IQAt the current level, investors should wait before adding more Jasa Marga into the portfolio as it is trading at 5 years high in PER and also its D/E ratio as well. 

Pembangunan Perumahan (Persero) (PTPP IJ)

Jasa Marga (JSMR): High Debt and Fully Valued