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>The 2025 vintage of "5 High Conviction Ideas" showed a positive return for all five picks.</li>
<li>Our best performer was <a href="https://www.smartkarma.com/entities/arras-minerals-corp-0103ceb3-3087-43a7-8e88-cf54392e4429" target="_blank" data-smartkarma-citation="entities:41542:1" rel="noopener">Arras Minerals (ARK CN)</a>, which was up +150%, closely followed by <a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a>, which gained 139% for the year. </li>
<li>Our 2025 vintage was heavily copper-focused, our 2026 new favorite list is more diverse across sectors and regions.</li>
</ul>


The 2025 vintage of "5 High Conviction Ideas" showed a positive return for all five picks.
Our best performer was Arras Minerals (ARK CN), which was up +150%, closely followed by Solaris Resources (SLS CN), which gained 139% for the year. 
Our 2025 vintage was heavily copper-focused, our 2026 new favorite list is more diverse across sectors and regions.


Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>EM allocations in Global funds have broken out of a multi-year range, reaching the highest level since 2019 as underweights narrow.</li>
<li>The move is led by Taiwan, China &amp; HK, and South Korea, with strong inflows and rising fund participation.</li>
<li>Despite the shift, EM exposure remains shallow and concentrated, making higher allocations a clear point of differentiation.</li>
</ul>


EM allocations in Global funds have broken out of a multi-year range, reaching the highest level since 2019 as underweights narrow.
The move is led by Taiwan, China &amp; HK, and South Korea, with strong inflows and rising fund participation.
Despite the shift, EM exposure remains shallow and concentrated, making higher allocations a clear point of differentiation.


Breaking the Range: EM Reclaims Attention in Global Portfolios

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Philippine Stock Exchange / Equity Bottom-Up

Philippine Stock Exchange Inc. is a self-regulatory organization that provides a fair, efficient, transparent and orderly market for the buying and selling of securities.

<ul>
<li>Despite <a href="https://www.marubeni.com/en/news/2025/release/00041.html#:~:text=Maynilad%20Water%20Services%2C%20Inc.,from%20an%20exchange%20in%20Asia." target="_blank" rel="noopener">Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025</a> and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.</li>
<li>We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). </li>
<li>Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.</li>
</ul>


Despite Maynilad Water Services Inc.'s largest IPO in the Philippines, completed in November 2025 and raising ₱34 billion, PSE's IPO pipeline might fall short of our ₱190 billion expectation.
We expect a significant push in listing revenues for Q4FY25, as the pipeline completed for 11MFY25 was around ₱142 billion (vs. ₱70 billion by August 2025). 
Trading at 15x FY25 PE, with 18% of the market cap in cash, a 6% dividend yield, and multiple growth levers in the future, this is a stock to explore.


Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Asian Terminals, Inc., through its subsidiaries, operates and manages port terminals in the Philippines. The company operates and manages the Manila South Harbor, the Inland Clearance Depot, the Port of Batangas, and the Port of General Santos, as well as off-dock container yards. It provides stevedoring, arrastre, warehousing, storage, carnage, container freight station, domestic cargo handling, passenger terminal, and other port related services for international shipping lines; and trucking, just-in-time delivery, brokerage, and maintenance and repair services. The company was formerly known as Marina Port Services, Inc. Asian Terminals, Inc. was incorporated in 1986 and is headquartered in Manila, the Philippines.

<ul>
<li>Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. </li>
<li>This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).</li>
<li>Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI's outstanding common shares. </li>
</ul>


Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals. 
This could accelerate the delisting of Asian Terminals from the Philippine Stock Exchange (PSE).
Tender offer price is 36 PHP. Upon completion, MIC is expected to hold approximately 11.2% of ATI's outstanding common shares. 


A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

<ul>
<li>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


Philippines
Insights on Philippines

Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

The 2025 "5 High Conviction Ideas" vintage had positive returns, with Arras Minerals and Solaris Resources leading the way. The 2026 list is more...

Nicolas Van Broekhoven

Breaking the Range: EM Reclaims Attention in Global Portfolios

EM allocations are breaking out in Global portfolios, led by Taiwan and China & HK. Underweights are narrowing, but exposure remains...

Steven Holden

Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

We review PSE PM’s Q3FY25 results and highlight key corporate developments, including the year-end pipeline and a planned acceleration of IPO...

Sameer Taneja

A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals (ATI PM).

Douglas Kim

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

​The 2025 "5 High Conviction Ideas" vintage had positive returns, with Arras Minerals and Solaris Resources leading the way. The 2026 list is more...

Nicolas Van Broekhoven

Breaking the Range: EM Reclaims Attention in Global Portfolios

EM allocations are breaking out in Global portfolios, led by Taiwan and China & HK. Underweights are narrowing, but exposure remains...

Steven Holden

Philippines Exchange (PSE PM) Q3FY25: Multiple Growth Levers And Preparation For Big Push In Q4

We review PSE PM’s Q3FY25 results and highlight key corporate developments, including the year-end pipeline and a planned acceleration of IPO...

Sameer Taneja

A Tender Offer for Asian Terminals by Maharlika Investment Corp (Philippines Sovereign Wealth Fund)

Maharlika Investment Corp. (MIC) announced its intentions to launch a tender offer for shares of Asian Terminals (ATI PM).

Douglas Kim

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

The 2025 "5 High Conviction Ideas" vintage had positive returns, with Arras Minerals and Solaris Resources leading the way. The 2026 list is more...