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

Sunpower: Ex-Dividend Date Coming Soon; 100% GI Should Lead to Re-Rating; Fair Value Remains $1.38

Sunpower: Full Steam Ahead with GI; 84% Upside to 1.18 SGD Fair Value

Sunpower: 2023 China Re-Opening Stock, but CB Conversion Uncertainty Needs To Be Resolved

Sunpower (SPWG SP): GI Continues to Deliver; Re-Rating to 1 SGD Just a Matter of Time

M&S Div. Sold Resulting in 28% Special Dividend; Company Now 100% GI Story; Fair Value To 1.42 SGD

Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside)

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/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> reported FY20 results which showed record performance across GI and M&amp;S business. Nothing in today's release changes our long-term bullish thesis on the company.As announced earlier this year the company will separate the M&amp;S and GI businesses by late 1H21. As of 2H21 Sunpower will be a 100% GI story which should attract a higher multiple to a steady high cash flow generating business. Once the market understands this we think Sunpower re-rates significantly higher. That said, we continue to believe that 1H21 results could be messy as the separation takes place and investors could take a wait-and-see approach. The downside is capped by a special dividend of 0.2359 SGD (29.4% dividend yield on 0.80 SGD share price).Fair Value lowered from 1.42 SGD to 1.38 SGD (including special dividend payout), or another 78% total return upside.

Sunpower Group (SPWG SP) reported FY20 results which showed record performance across GI and M&amp;S business. Nothing in today's release changes our long-term bullish thesis on the company.As announced earlier this year the company will separate the M&amp;S and GI businesses by late 1H21. As of 2H21 Sunpower will be a 100% GI story which should attract a higher multiple to a steady high cash flow generating business. Once the market understands this we think Sunpower re-rates significantly higher. That said, we continue to believe that 1H21 results could be messy as the separation takes place and investors could take a wait-and-see approach. The downside is capped by a special dividend of 0.2359 SGD (29.4% dividend yield on 0.80 SGD share price).Fair Value lowered from 1.42 SGD to 1.38 SGD (including special dividend payout), or another 78% total return upside.

Sunpower: Good FY20 Figures; Now in Transition to 100% GI by 2H21. Risk/Reward Highly Attractive