Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Was on the buyside for 15 years, most recently at a medium-sized boutique asset management firm. I grew up in Europe, went to university in the US and have been living in Singapore for the last 7 years which has given me a broad scope on the world and investing in general.

Consider myself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large cap that has gone temporarily out of favor might also pique my interest. 

My style of investing could be categorized as more of value investor, rather than growth at any cost. Learning from Charlie Munger on the importance of quality of a company has been of tremendous value over the years.I like businesses with real earnings, cash flows, dividends, book value and insider ownership.

Insight Provider

PC Partner: Great Demand, but Limited Supply of GPU's Created Mixed 2021 Outlook

PC Partner: 1H21 Off the Chart Results To Be Followed by Large Div Stream; 65% of Mkt Cap Is Cash

PC Partner: In the Last Bitcoin Bull Market Stock Was 300% Higher. Repeat?

PC Partner: Poor-Man's Play on Nvidia  (Part 2); Trades at 2x FY20 P/E and 14% Dividend 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

<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> has reached our 3 HKD Fair Value target set in September last year. When our insight <a href="https://www.smartkarma.com/insights/pc-partner-poor-man-s-play-on-nvidia-part-2-trades-at-2x-fy20-p-e-and-14-dividend-yield" target="_blank" data-smartkarma-citation="insights:43227" rel="noopener">PC Partner: Poor-Man's Play on Nvidia  (Part 2); Trades at 2x FY20 P/E and 14% Dividend Yield</a> was published shares were trading around 1.66 HKD and skepticism around the company's prospects was high.Now that 3 HKD is in reach: where to from here?A preview before PC Partner FY20 results which will be out on 26 March 2021:<ul>
<li>Positive FY20 profit alert in the coming 30 days</li>
<li>FY20 earnings and revenue to meet consensus forecasts</li>
<li>0.22 HKD dividend for FY20</li>
<li>+/-20% upside to FY21 consensus as GPU tightness results in significant margin expansion</li>
<li>Crypto miners competing with historical GPU buyers (gaming, data, etc)</li>
<li>FY21 gross margins to improve from 9% in 1H20 to 12% in 1H21</li>
<li>Shortage of Nvidia and AMD GPU to last entire 1H21 = positive for pricing power</li>
<li>Fair Value raised to 4.5 HKD (55% upside)</li>
</ul>More details below...

PC Partner (1263 HK) has reached our 3 HKD Fair Value target set in September last year. When our insight PC Partner: Poor-Man's Play on Nvidia  (Part 2); Trades at 2x FY20 P/E and 14% Dividend Yield was published shares were trading around 1.66 HKD and skepticism around the company's prospects was high.Now that 3 HKD is in reach: where to from here?A preview before PC Partner FY20 results which will be out on 26 March 2021:
Positive FY20 profit alert in the coming 30 days
FY20 earnings and revenue to meet consensus forecasts
0.22 HKD dividend for FY20
+/-20% upside to FY21 consensus as GPU tightness results in significant margin expansion
Crypto miners competing with historical GPU buyers (gaming, data, etc)
FY21 gross margins to improve from 9% in 1H20 to 12% in 1H21
Shortage of Nvidia and AMD GPU to last entire 1H21 = positive for pricing power
Fair Value raised to 4.5 HKD (55% upside)
More details below...

Preview PC Partner FY20 Earnings + Outlook: Tight GPU Margin Gives FY21 Upside Potential