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>BYD is also making an inroad towards intelligence driving, democratizing LIDAR but also made The World’s First Dual "Full Damage Coverage" Pledge.  
</li>
<li>2026 1H was marked with a combination of a slow 1Q and a more promising 2Q thanks to new model launch and growing export business. </li>
<li>
<a href="https://www.smartkarma.com/entities/byd-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD Company (1211 HK)</a> is trading at 6.5x EV//EBITDA while still being the largest EV makers globally. </li>
</ul>


BYD is also making an inroad towards intelligence driving, democratizing LIDAR but also made The World’s First Dual "Full Damage Coverage" Pledge.  

2026 1H was marked with a combination of a slow 1Q and a more promising 2Q thanks to new model launch and growing export business. 

BYD Company (1211 HK) is trading at 6.5x EV//EBITDA while still being the largest EV makers globally. 


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>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

Thematic (Sector/Industry)

<ul>
<li>Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.</li>
<li>Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.</li>
<li>Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.</li>
</ul>


Baidu announced that the company has seen a rapid uptake in its Robotaxi business on the mainland.
Baidu is at the forefront of the industry globally with its Fully Self Driving taxis available in more than 10 major cities in China.
Baidu's autonomous taxi unit, Apollo Go, has over 100 million kilometers of high-level autonomous safety driving mileage and holds over 5,000 autonomous driving patents.


CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Government stabilisation measures kick in as tariff war starts to bite</li>
<li>Can the HK and China markets continue their bull run as markets dislocate?</li>
<li>Is it time to selectively get back into the Chinese tech sector?</li>
</ul>


Government stabilisation measures kick in as tariff war starts to bite
Can the HK and China markets continue their bull run as markets dislocate?
Is it time to selectively get back into the Chinese tech sector?


Hong Kong Market Strategy - Trade and Portfolio Ideas Amidst the Volatility

China

BYD Company is a Chinese multinational manufacturing conglomerate specializing in new energy technologies. It develops and produces electric vehicles, rechargeable batteries for various applications, mobile handset components, and rail transit systems. The company was founded in February 1995 and is headquartered in Shenzhen, Guangdong, China.

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BYD Company (1211 HK)

BYD (1211): Stabile and Growing Export

BYD is leading in intelligence driving and offers the world's first dual "full damage coverage" pledge, trading at 6.5x EV/EBITDA as the largest...

Henry Soediarko

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

Hong Kong Market Strategy - Trade and Portfolio Ideas Amidst the Volatility

$769 has lagged other rare earth plays but it is now up 100% in two days. We would look to sell half and keep the rest as a free ride. Hard...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD (1211): Stabile and Growing Export

​BYD is leading in intelligence driving and offers the world's first dual "full damage coverage" pledge, trading at 6.5x EV/EBITDA as the largest...

Henry Soediarko

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

CHINA: Fasten Your Seat Belts! BAIDU Accelerates in the Fast Growing Robotaxi Industry.

Baidu shares begin to re-rate as its new AI modil outperformed Google Gemini and Open AI's GPT-5. The new version of Ernie AI reasoning model also...

David Mudd

Hong Kong Market Strategy - Trade and Portfolio Ideas Amidst the Volatility

$769 has lagged other rare earth plays but it is now up 100% in two days. We would look to sell half and keep the rest as a free ride. Hard...

Rikki Malik

BYD is leading in intelligence driving and offers the world's first dual "full damage coverage" pledge, trading at 6.5x EV/EBITDA as the largest...