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

Equity Bottom-Up

<ul>
<li>Since the last insight to now, <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> delivered a strong performance, especially in July when AI stocks sold off. </li>
<li>The share price is currently in the overbought territory (RSI 83) while PER and PBR are still within the sensible level. </li>
<li>If the management is able to allocate capital more efficiently through retirement of shares and buybacks, then it is a good sign to enter again. </li>
</ul>


Since the last insight to now, Nippon Yusen Kk (9101 JP) delivered a strong performance, especially in July when AI stocks sold off. 
The share price is currently in the overbought territory (RSI 83) while PER and PBR are still within the sensible level. 
If the management is able to allocate capital more efficiently through retirement of shares and buybacks, then it is a good sign to enter again. 


Derivatives and Quantitative Strategist

Gaudenz Schneider

Quantitative Analysis

<ul>
<li>
Context: A recent market pullback alongside implied volatility at the 95th–98th percentile has created a fertile environment for cross-sectional analysis across TOPIX and Nikkei 225 constituents.</li>
<li>
 Highlights: A quantitative screen reveals dispersion in both returns and volatility, with distinct clusters supporting different option structures—from premium-selling strategies to asymmetric upside participation.</li>
<li>
 Why read: This note provides a practical framework and illustrative setups (put underwriting, risk reversals) to help investors translate volatility signals into tailored option strategies.</li>
</ul>



Context: A recent market pullback alongside implied volatility at the 95th–98th percentile has created a fertile environment for cross-sectional analysis across TOPIX and Nikkei 225 constituents.

 Highlights: A quantitative screen reveals dispersion in both returns and volatility, with distinct clusters supporting different option structures—from premium-selling strategies to asymmetric upside participation.

 Why read: This note provides a practical framework and illustrative setups (put underwriting, risk reversals) to help investors translate volatility signals into tailored option strategies.


Japan Equities: Volatility Spike and Dispersion Create Options Opportunities

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Event-Driven

ZIM Integrated Shipping Services / Event-Driven

ZIM Integrated Shipping Services (ZIM US)

<ul>
<li>Hapag-Lloyd last week announced an all cash US$4.2 bn bid for shares of Israel's ZIM</li>
<li>The deal will likely face regulators' scrutiny in Israel, Germany, maybe in EU, US too</li>
<li>Moreover, we believe long-term returns on the acquired assets will likely be negative</li>
</ul>


Hapag-Lloyd last week announced an all cash US$4.2 bn bid for shares of Israel's ZIM
The deal will likely face regulators' scrutiny in Israel, Germany, maybe in EU, US too
Moreover, we believe long-term returns on the acquired assets will likely be negative


Hapag-Lloyd Announced US$4.2 Bn Bid for Israel's ZIM | Unfortunately, We Can't Get the Math to Math

<ul>
<li>Taiwan's two deep-sea container carriers reported a Y/Y decline in combined revenue in April</li>
<li>In USD terms, the two carriers' combined revenues are down -48% vs 2024 peak levels</li>
<li>Sector YTD &amp; Y/Y share performance do not reflect worsening fundamentals; stay SHORT</li>
</ul>


Taiwan's two deep-sea container carriers reported a Y/Y decline in combined revenue in April
In USD terms, the two carriers' combined revenues are down -48% vs 2024 peak levels
Sector YTD &amp; Y/Y share performance do not reflect worsening fundamentals; stay SHORT


Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

Equity Capital Markets

<ul>
<li>So far in 2023 TS Lines has sold off close to one quarter of its shipping capacity</li>
<li>In the company's core market, Intra-Asia, it appears rates have bottomed out here in Q323</li>
<li>We also review Q2 financial results from TS Lines' main comp, Wan Hai Lines (WHL)</li>
</ul>


So far in 2023 TS Lines has sold off close to one quarter of its shipping capacity
In the company's core market, Intra-Asia, it appears rates have bottomed out here in Q323
We also review Q2 financial results from TS Lines' main comp, Wan Hai Lines (WHL)


TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

Japan

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

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Nippon Yusen Kk (9101 JP)

Nippon Yusen (9101): Take Profit

After a good 30% in July while PBR and PER are still in the undemanding territory, the share price is in the overbought level (RSI). The suggestion...

Henry Soediarko

Japan Equities: Volatility Spike and Dispersion Create Options Opportunities

This note presents a cross-sectional approach to identifying options strategies in Japanese equities, set against a backdrop of market pullback and...

Gaudenz Schneider

Hapag-Lloyd Announced US$4.2 Bn Bid for Israel's ZIM | Unfortunately, We Can't Get the Math to Math

The deal doesn't make financial sense unless EBITDA margins average 20% or better over the next 15 years, which is more than current margins and...

Tracking Traffic

Taiwan's Deep-Sea Carriers Saw Revenue Decline Y/Y in April, First Time Since Dec-2023 | Stay SHORT!

April revenue figures from Evergreen and Yang Ming suggest a sharp deterioration in fundamentals, which has not been reflected in YTD or Y/Y share...

Tracking Traffic

TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

Intra-Asia container carrier TS Lines filed to list its shares in Hong Kong (again) at the end of May, and its filing included full-year 2023...

Tracking Traffic

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