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

The Week that Was in ASEAN@Smartkarma - A Digitally Enhanced SE Asia, Cement, and Thai Equities

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

Sunpower (SPWG SP): "I Missed It".NO, It Is Just Beginning. Strong 1H20 Results Forecasted Next Week

Sunpower (SPWG): Risk/Reward Rarely Been Better; Fair Value Remains at 1 SGD or 142% Upside.

Smartkarma Corporate Webinar | Sunpower Group: Understanding the Business and Growth Opportunities

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">Last week Sunpower Group (SPWG SP)</a> participated in a webinar with Smartkarma clients to talk about its performance in 1H20. The webinar recording is now available <a href="https://smartkarma.zoom.us/rec/play/icMBesc2gt5XZolN7q1Tc6_i_mBbBObSmhxOuo1NPDrjlY91-08sJAZ5udK8LcwZiv53qdzqBFApBjfN.XcuzG8EUxBJcGCVa?startTime=1601974812000" target="_blank" rel="noopener">here</a>. Yesterday, a waste-to-energy operator <a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">China Jinjiang Environment (CJE SP)</a> announced CICC would act on behalf of its Shanghai-listed parent <a href="https://www.smartkarma.com/entities/zhejiang-zheneng-electric-a" target="_blank" data-smartkarma-citation="entities:20553:1" rel="noopener">Zhejiang Zheneng Electric A (600023 CH)</a> to privatize the company at 0.7781 SGD/share, a 43% premium over its closing price on 12/10/20.The buyout values the company at 36x earnings and 10x EV/EBITDA. Sunpower traded up 11% (0.61 SGD) in sympathy as investors rightly see these sorts of deeply undervalued businesses being scooped up by Chinese parents as confirmation of how undervalued some environmental protection businesses are.Sunpower reports 3Q20 results in approximately 30 days' time. We remain convinced Mr. Market is deeply undervaluing the company as its fair value remains at 1 SGD, or 63% higher from here.

Last week Sunpower Group (SPWG SP) participated in a webinar with Smartkarma clients to talk about its performance in 1H20. The webinar recording is now available here. Yesterday, a waste-to-energy operator China Jinjiang Environment (CJE SP) announced CICC would act on behalf of its Shanghai-listed parent Zhejiang Zheneng Electric A (600023 CH) to privatize the company at 0.7781 SGD/share, a 43% premium over its closing price on 12/10/20.The buyout values the company at 36x earnings and 10x EV/EBITDA. Sunpower traded up 11% (0.61 SGD) in sympathy as investors rightly see these sorts of deeply undervalued businesses being scooped up by Chinese parents as confirmation of how undervalued some environmental protection businesses are.Sunpower reports 3Q20 results in approximately 30 days' time. We remain convinced Mr. Market is deeply undervaluing the company as its fair value remains at 1 SGD, or 63% higher from here. 

Zhejiang Zheneng Electric Power A (600023 CH)

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