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

Jasa Marga (JSMR): High Debt and Fully Valued

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): Further Fall from COVID-19 Scaling Up

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

United Tractors - Heavy Set yet Nimble - On the Ground in J-Town

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>The fee increase, traffic recovery, and potential (still) low contribution from the construction business due to the pandemic are the three key elements that will drive the share price even higher for <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> . Traffic recovery is an important piece of the puzzle that will bring PER lower and makes Jasa Marga optically not that pricey compared to the peers. With an expected low CAPEX in 2021, the company's blended margin will be as good as 2020 and not revert back to the level from previous years. Another future catalyst, although the timing is yet unclear, is the spin-off of the construction division then Jasa Marga will be a high-margin toll road operator that could potentially pay some higher dividend too. </p>

The fee increase, traffic recovery, and potential (still) low contribution from the construction business due to the pandemic are the three key elements that will drive the share price even higher for Jasa Marga (Persero) (JSMR IJ) . Traffic recovery is an important piece of the puzzle that will bring PER lower and makes Jasa Marga optically not that pricey compared to the peers. With an expected low CAPEX in 2021, the company's blended margin will be as good as 2020 and not revert back to the level from previous years. Another future catalyst, although the timing is yet unclear, is the spin-off of the construction division then Jasa Marga will be a high-margin toll road operator that could potentially pay some higher dividend too. 

Jasa Marga (JSMR):Recovery Play and Low Capex