Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

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>Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "<strong>Copper is the New Oil"</strong>
</li>
<li>Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.</li>
<li>Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?</li>
</ul>


Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"

Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.
Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?


Equity Analyst

Steve Zhou, CFA

Equity Bottom-Up

Shiseido Company, Limited manufactures cosmetic and toiletry products. The Company offers an array of makeup and skin-care products, toiletries, beauty salon, pharmaceuticals, foodstuffs, and fine chemicals.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a> reported 1Q24 results last Friday.  Core operating profit declined less than expected at -10% yoy, and exceeded the management's target. </li>
<li>The beat was driven by robust growth in Japan, Americas, and EMEA, while China steadily recovered.  Overall sales growth was 4% yoy in the quarter. </li>
<li>As a reminder, the investment thesis for Shiseido is twofold:  a recovering China mainly due to one-off concerns (nuclear wastewater), and a margin recovery story in Japan. </li>
</ul>



Shiseido Company (4911 JP) reported 1Q24 results last Friday.  Core operating profit declined less than expected at -10% yoy, and exceeded the management's target. 
The beat was driven by robust growth in Japan, Americas, and EMEA, while China steadily recovered.  Overall sales growth was 4% yoy in the quarter. 
As a reminder, the investment thesis for Shiseido is twofold:  a recovering China mainly due to one-off concerns (nuclear wastewater), and a margin recovery story in Japan. 


Shiseido (4911 JP):  1Q24 Results Beat; Recovery On Track

External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Bannerman Resources Ltd. explores for uranium in Australia and Africa.

<div><div><div><div><ul><li>BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.</li><li>Two future phase options have been evaluated: 1) a post ramp-up expansion in capacity to 6.7Mlb/y (Etango-XP); or 2) an extension of operating life to 27 years (Etango-XT).</li><li>With ~225Mlb of resources and Etango-8's current capacity of 3.5Mlb/y this is a logical next step, in our view. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.Two future phase options have been evaluated: 1) a post ramp-up expansion in capacity to 6.7Mlb/y (Etango-XP); or 2) an extension of operating life to 27 years (Etango-XT).With ~225Mlb of resources and Etango-8's current capacity of 3.5Mlb/y this is a logical next step, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Talen Energy Corporation provides utility services. The Company generates, distributes, transmits, and markets electricity, as well as produces and supplies natural gas and other renewable energy products for residential and commercial users. Talen Energy serves customers in the United States.

<ul>
<li>TLNE announced the sale of Cumulus Data for a valuation higher than we were expecting and includes a long-term power purchasing agreement</li>
<li>TLNE’s management has also mentioned an ongoing sales process for TLNE’s assets in Texas, which could generate additional value.</li>
<li>TLNE sold Cumulus Data for $650 million to Amazon Web Services (“AWS”). TLNE sold the assets the Company had situated adjacent to Susquehanna nuclear power plant</li>
</ul>


TLNE announced the sale of Cumulus Data for a valuation higher than we were expecting and includes a long-term power purchasing agreement
TLNE’s management has also mentioned an ongoing sales process for TLNE’s assets in Texas, which could generate additional value.
TLNE sold Cumulus Data for $650 million to Amazon Web Services (“AWS”). TLNE sold the assets the Company had situated adjacent to Susquehanna nuclear power plant


<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718:1" rel="noopener">Shiseido Company (4911 JP)</a> reported 4Q23 results last week.  Overall, operating profit of Y40bn in FY23 was Y5bn higher than previous company guidance of Y35bn.</li>
<li>However, Shiseido's China business weakened materially in 4Q23, and 2024/25 guidance seems a bit light. </li>
<li>I believe FY24 should not be used as a base for valuation because the nuclear wastewater impact is likely to linger a while longer during FY24. </li>
</ul>



Shiseido Company (4911 JP) reported 4Q23 results last week.  Overall, operating profit of Y40bn in FY23 was Y5bn higher than previous company guidance of Y35bn.
However, Shiseido's China business weakened materially in 4Q23, and 2024/25 guidance seems a bit light. 
I believe FY24 should not be used as a base for valuation because the nuclear wastewater impact is likely to linger a while longer during FY24. 


Shiseido (4911 JP):  Japan On Track While China Was Weak

Nuclear Renaissance
Insights on Nuclear and Uranium

Junior Copper Miners: Time for Lift-Off?

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Shiseido (4911 JP): 1Q24 Results Beat; Recovery On Track

The investment thesis for Shiseido is twofold: a recovering China mainly due to one-off concerns (nuclear wastewater), and a margin recovery story...

Steve Zhou, CFA

Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?

BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.

Canaccord Genuity

TLNE: Nuclear Shareholder Value

TLNE announced the sale of Cumulus Data to Amazon Web Services for $650 million. The transaction value is more than we were expecting and includes...

BWS Financial Inc

Shiseido (4911 JP): Japan On Track While China Was Weak

Shiseido Company reported higher operating profit in FY23 than expected, but China business weakened in 4Q23 and 2024/25 guidance is cautious due...

Steve Zhou, CFA

Junior Copper Miners: Time for Lift-Off?

​Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Shiseido (4911 JP): 1Q24 Results Beat; Recovery On Track

The investment thesis for Shiseido is twofold: a recovering China mainly due to one-off concerns (nuclear wastewater), and a margin recovery story...

Steve Zhou, CFA

Bannerman Energy Ltd - Etango - Longer Life or Higher Throughput?

BMN has completed a Scoping Study for higher throughput and operating life cases at its flagship Etango Uranium Project (Etango) in Namibia.

Canaccord Genuity

TLNE: Nuclear Shareholder Value

TLNE announced the sale of Cumulus Data to Amazon Web Services for $650 million. The transaction value is more than we were expecting and includes...

BWS Financial Inc

Shiseido (4911 JP): Japan On Track While China Was Weak

​Shiseido Company reported higher operating profit in FY23 than expected, but China business weakened in 4Q23 and 2024/25 guidance is cautious due...

Steve Zhou, CFA

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Shiseido Company reported higher operating profit in FY23 than expected, but China business weakened in 4Q23 and 2024/25 guidance is cautious due...