Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Thematic (Sector/Industry)

<ul>
<li>The logic behind the tariff is not just a slap in the face for a lot of other nations but also net imports over exports. </li>
<li>Companies benefitting from the globalization will suffer, and the ones with domestic-centric businesses with real assets in proximity may be less hurt. </li>
<li>This could accelerate the forming of new trading bloc that may change the current world order. </li>
</ul>


The logic behind the tariff is not just a slap in the face for a lot of other nations but also net imports over exports. 
Companies benefitting from the globalization will suffer, and the ones with domestic-centric businesses with real assets in proximity may be less hurt. 
This could accelerate the forming of new trading bloc that may change the current world order. 


Equity Bottom-Up

PT Mayora Indah Tbk manufactures candies and cookies.  Through its subsidiaries, the Company also manufactures food, coffee powder, instant coffee, and cocoa beans.

<ul>
<li>The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while <a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia (UNVR IJ)</a> no longer owns Teh Sosro. </li>
<li><strong>Expecting sentiment to be better, Short Mayora and Long Unilever. </strong></li>
</ul>


The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.

Mayora Indah (MYOR IJ) tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while Unilever Indonesia (UNVR IJ) no longer owns Teh Sosro. 
Expecting sentiment to be better, Short Mayora and Long Unilever. 


Mayora (MYOR): Indo Sugar Tax - A Negative

Keisei Electric Railway Co / Equity Bottom-Up

Keisei Electric Railway Co., Ltd. provides passenger rail and bus transportation services in the Metropolitan Tokyo and Chiba prefecture areas.  The Company operates department and supermarket stores, hotels, travel agents, movie theater and restaurants, and sells, leases, and maintains real estate.  Keisei Electric is a shareholder of Oriental Land Co., Ltd. which operates Tokyo Disneyland.

<ul>
<li>Post COVID investors have been monitoring <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> as part of the shareholder activism program. </li>
<li>Recently, the management has announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and the share price rallied 21% that year. </li>
<li>It currently trades at 6x PER while Topix trades at 14x PER. </li>
</ul>


Post COVID investors have been monitoring Keisei Electric Railway Co (9009 JP) as part of the shareholder activism program. 
Recently, the management has announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and the share price rallied 21% that year. 
It currently trades at 6x PER while Topix trades at 14x PER. 


<ul>
<li>Chinese Real Estate prices have been the major driver of the Chinese stock market slump, but the fall seemed to stop. </li>
<li>Recently sworn-in President Trump is no longer considered an enemy of China, and his tariff punishment will no longer be across the board but more selective. </li>
<li>A few stocks in Hong Kong listing that trade at lower PE multiples to the dividend yield, indicating the undemanding valuation to obtain yield. </li>
</ul>


Chinese Real Estate prices have been the major driver of the Chinese stock market slump, but the fall seemed to stop. 
Recently sworn-in President Trump is no longer considered an enemy of China, and his tariff punishment will no longer be across the board but more selective. 
A few stocks in Hong Kong listing that trade at lower PE multiples to the dividend yield, indicating the undemanding valuation to obtain yield. 


Delta Electronics Thailand  / Equity Bottom-Up

Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation.  Delta also produces fans, electromagnetic interference filters, and solenoids.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> is a prominent data center and EV charging solution provider in Thailand.</li>
<li>Rich valuation, especially against the parent company, but its PEG ratio says otherwise.</li>
<li>It is proven that the share price weakness due to SET suspension is a buying opportunity.</li>
</ul>



Delta Electronics Thailand (DELTA TB) is a prominent data center and EV charging solution provider in Thailand.
Rich valuation, especially against the parent company, but its PEG ratio says otherwise.
It is proven that the share price weakness due to SET suspension is a buying opportunity.


Delta Electronics Thailand (Delta.BK): Buying Opportunity

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

Henry Soediarko
Asian Insight Provider - Actionable ideas
• CrossASEAN Research

Tariff: New World Order?

Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Henry Soediarko

Mayora (MYOR): Indo Sugar Tax - A Negative

Mayora's earning t is expected to suffer from the introduction of sugar tax in Indonesia while Unilever, whose share price has also suffered as bad...

Henry Soediarko

Keisei Electric (9009): Buyback

The management of Keise Electric has recently announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and...

Henry Soediarko

China: Revival 2.0?

Chinese real estate prices impact stock market, Trump's tariff approach to China changes, undervalued stocks in Hong Kong offer high yield potential.

Henry Soediarko

Delta Electronics Thailand (Delta.BK): Buying Opportunity

Delta Electronics Thailand share price has weakened due to recent suspension by SET but it will bounce back, as historically proven.

Henry Soediarko

Tariff: New World Order?

​Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Henry Soediarko

Mayora (MYOR): Indo Sugar Tax - A Negative

Mayora's earning t is expected to suffer from the introduction of sugar tax in Indonesia while Unilever, whose share price has also suffered as bad...

Henry Soediarko

Keisei Electric (9009): Buyback

The management of Keise Electric has recently announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and...

Henry Soediarko

China: Revival 2.0?

​Chinese real estate prices impact stock market, Trump's tariff approach to China changes, undervalued stocks in Hong Kong offer high yield potential.

Henry Soediarko

Delta Electronics Thailand (Delta.BK): Buying Opportunity

Delta Electronics Thailand share price has weakened due to recent suspension by SET but it will bounce back, as historically proven.

Henry Soediarko

Tariffs could shift global trade dynamics, favoring domestic-focused companies and potentially leading to the formation of new trading blocs.

Chinese real estate prices impact stock market, Trump's tariff approach to China changes, undervalued stocks in Hong Kong offer high yield potential.