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

Thai Beverage (THBEV): Weak Quarter Ahead

Thai Beverage (THBEV): Not the Time to Buy Yet

ThaiBev BeerCo's Deferred IPO -Beer Comparison - Sober Up

Thai Beverage: No Near Term Catalyst as BeerCo IPO Is Deferred. Value Buy or Value Trap?

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/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> has not been very fortunate in the past few weeks; rising cases in Bangkok that caused the management to call off the BeerCo IPO, dampened investors' excitement on the value unlocking event. Its high debt also is another factor that its share price does not get re-rated compared to its peers. In ASEAN, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> is trading at a slight discount to <a href="https://www.smartkarma.com/entities/saigon-beer-alcohol-beverage" target="_blank" data-smartkarma-citation="entities:23645:1" rel="noopener">Saigon Beer Alcohol Beverage (SAB VN)</a> although the latter's profitability is much higher with little debt. 
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For Asian beverage investors, there are other stocks with similar profitability profiles with lower debt and much bigger markets (North Asia) such as <a href="https://www.smartkarma.com/entities/tsingtao-brewery-co-ltd-h" target="_blank" data-smartkarma-citation="entities:1296:1" rel="noopener">Tsingtao Brewery Co Ltd H (168 HK)</a> , <a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> that receive more attention from investors.
 For ASEAN beverage investors, Thai Beverage is one of the bigger and more prominent beverage companies although it is not the most profitable and the debt burden has caused some investors to shun it but it should still be a valid choice especially when it is trading at a discount such as currently. 
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Thai Beverage (THBEV SP) has not been very fortunate in the past few weeks; rising cases in Bangkok that caused the management to call off the BeerCo IPO, dampened investors' excitement on the value unlocking event. Its high debt also is another factor that its share price does not get re-rated compared to its peers. In ASEAN, Thai Beverage (THBEV SP) is trading at a slight discount to Saigon Beer Alcohol Beverage (SAB VN) although the latter's profitability is much higher with little debt. 

For Asian beverage investors, there are other stocks with similar profitability profiles with lower debt and much bigger markets (North Asia) such as Tsingtao Brewery Co Ltd H (168 HK) , China Resources Beer Holdings (291 HK) that receive more attention from investors.
 For ASEAN beverage investors, Thai Beverage is one of the bigger and more prominent beverage companies although it is not the most profitable and the debt burden has caused some investors to shun it but it should still be a valid choice especially when it is trading at a discount such as currently. 


Thai Beverage (Thbev): Delayed Beer IPO and Undervaluation