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

SATS: From Serving 22.5M Pax in 1Q20 -> To Serving 200K Pax in 1Q21. Houston We Have a Problem.

2021 High Conviction: Singapore Travel Names in Bumpy Recovery

Far East Hospitality Trust (FEHT): Stable in Slow Recovery

SATS: Asian Airport Provider Rules in Terminals and Food

SATS Placement - Just a Small Deal and Still a Fundamentally Strong Company

AGM SATS: High Quality Company Continues Growth Trajectory Via M&A as 1 Billion SGD Budget Announced

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/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS Ltd (SATS SP)</a> is a Singapore travel monopoly that has rarely been cheap given its great dividend track record. SATS controls 80% of flight service operations around Changi Airport, one of the top-20 airports in the world. Its most important client <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> has been saved by Temasek and retail shareholders.
According to IATA data Changi flight operations were down -99.5% in April. We expect the same in May. June will see some improvement with travel lines re-opening between China/SG and <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> starting more routes globally next week.
While we continue to wait for FY20 earnings (FY ends 31/3/20) all bad news might be priced in already. With Singapore elections approaching in July and pressure from other global capitals which are re-opening, Singapore can't afford to have its air-links closed for much longer. Things are set to get incrementally better from here, not worse.
Timing a bottom is always difficult but risk/reward on a long-term basis could be attractive even after a 25% rally from the recent 2.6 SGD low in the past ten days. Read below for more details.

SATS Ltd (SATS SP) is a Singapore travel monopoly that has rarely been cheap given its great dividend track record. SATS controls 80% of flight service operations around Changi Airport, one of the top-20 airports in the world. Its most important client Singapore Airlines (SIA SP) has been saved by Temasek and retail shareholders.
According to IATA data Changi flight operations were down -99.5% in April. We expect the same in May. June will see some improvement with travel lines re-opening between China/SG and Singapore Airlines (SIA SP) starting more routes globally next week.
While we continue to wait for FY20 earnings (FY ends 31/3/20) all bad news might be priced in already. With Singapore elections approaching in July and pressure from other global capitals which are re-opening, Singapore can't afford to have its air-links closed for much longer. Things are set to get incrementally better from here, not worse.
Timing a bottom is always difficult but risk/reward on a long-term basis could be attractive even after a 25% rally from the recent 2.6 SGD low in the past ten days. Read below for more details.

Airports Corporation Of Viet Nam (ACV VN)

SATS: Traffic -99.5% in April and May; How Much Worse Can It Get?