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

AAC Technologies Holdings / Equity Bottom-Up

<h2>What's new?</h2><p>1h revenue and pretax profit hit a record high. More interestingly, <a href="https://www.smartkarma.com/entities/6544" target="_blank" data-smartkarma-citation="entities:6544:1">AAC Technologies Holdings Inc (2018 HK)</a> has been able to maintain the same level of net margin for the past 5 years of around 24-26% while growing its revenue by 126% whose bulk came from the past 3 years where it recorded double-digit growth and of course 2017 was phenomenal, 55% growth in revenue. Both acoustic and non-acoustic solutions grew by 22% and 130% respectively by mid of last year, with a gross margin of…</p>

What's new?1h revenue and pretax profit hit a record high. More interestingly, AAC Technologies Holdings Inc (2018 HK) has been able to maintain the same level of net margin for the past 5 years of around 24-26% while growing its revenue by 126% whose bulk came from the past 3 years where it recorded double-digit growth and of course 2017 was phenomenal, 55% growth in revenue. Both acoustic and non-acoustic solutions grew by 22% and 130% respectively by mid of last year, with a gross margin of…

AAC Tech: Optics and Chinese Mobile Keeps Growing

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Highlighted themes and actionable charts:</p><p> <strong>Reiterating BRIC overweight. </strong>This country grouping continues to outperform broad EM, and we believe BRIC will be a primary source of outperformance relative to the MSCI EM Index moving forward.  Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations within EM.</p>

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC will be a primary source of outperformance relative to the MSCI EM Index moving forward.  Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations within EM.

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

<p>While many <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> analysts in the US are still living their Christmas dream, workers on the iPhone X production line at <a href="https://www.smartkarma.com/entities/745" target="_blank" data-smartkarma-citation="entities:745:1">Hon Hai Precision Industry (2317 TT)</a> are feeling the freeze ahead of Chinese New Year long holiday.  Week by week, they have been told that the production continues to be reduced.  Many Chinese chip manufacturers received 0 orders for the iPhone X in CQ1. </p><p>Our market checks suggest that since mid-December, AAPL has cut iPhone X production by 6 mm units, from <a href="http://www.jlwarrencapital.com/iphone-order-cuts-into-holiday-season/" target="_blank">20 mm</a>…</p>

While many Apple Inc (AAPL US) analysts in the US are still living their Christmas dream, workers on the iPhone X production line at Hon Hai Precision Industry (2317 TT) are feeling the freeze ahead of Chinese New Year long holiday.  Week by week, they have been told that the production continues to be reduced.  Many Chinese chip manufacturers received 0 orders for the iPhone X in CQ1. Our market checks suggest that since mid-December, AAPL has cut iPhone X production by 6 mm units, from 20 mm…

AAPL CQ1 Guidance Likely a Miss, Busting IPhone X "Super-Cycle" Expectation

<div class="content-highlight"><p>Overnight Update:</p></div><ul>
<li><div class="content-highlight"><strong>Jerome Powell is nominated by President Trump as the new Fed Chairman.  </strong></div></li>
<li><div class="content-highlight"><strong>Apple's iPhone X launch</strong></div></li>
</ul><p><strong>***********************************************************************************************************</strong></p><h2>The new Fed - what to expect?</h2><p>I bounced off ideas with my ex-colleagues on the market direction and monetary policy of the US. Since Janet Yellen was elected to be Fed Chair(wo)man, she has indicated for a rate hike on numerous occasions and have done so, bringing the Fed rate from…</p>

Overnight Update:
Jerome Powell is nominated by President Trump as the new Fed Chairman.  
Apple's iPhone X launch
***********************************************************************************************************The new Fed - what to expect?I bounced off ideas with my ex-colleagues on the market direction and monetary policy of the US. Since Janet Yellen was elected to be Fed Chair(wo)man, she has indicated for a rate hike on numerous occasions and have done so, bringing the Fed rate from…

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Macroeconomics

<p>The latest Apple launch has underwhelmed while growing regulatory pressure on the US web giants is driving a father rotation from extreme bullish positioning in tech into global energy.</p><p>In a notable shift in the zeitgeist, politicians, regulators and shareholders are beginning to reject Silicon Valley's claimed 'exceptionalism' and demand that these companies play by the rules. </p><p>My thesis that we could face a squeeze in oil in 2018/19 because of underinvestment set against above consensus demand…</p>

The latest Apple launch has underwhelmed while growing regulatory pressure on the US web giants is driving a father rotation from extreme bullish positioning in tech into global energy.In a notable shift in the zeitgeist, politicians, regulators and shareholders are beginning to reject Silicon Valley's claimed 'exceptionalism' and demand that these companies play by the rules. My thesis that we could face a squeeze in oil in 2018/19 because of underinvestment set against above consensus demand…

Tech into Energy Rotation Pays Off, as Dollar Finds a Floor...

China

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

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AAC Technologies Holdings (2018 HK)

AAC Tech: Optics and Chinese Mobile Keeps Growing

What's new?1h revenue and pretax profit hit a record high. More interestingly, AAC Technologies Holdings Inc (2018 HK) has been able to maintain...

Henry Soediarko

EM Equity Strategy: Indonesia Perking Up; Overweight BRIC, Tech, and Health Care

Highlighted themes and actionable charts: Reiterating BRIC overweight. This country grouping continues to outperform broad EM, and we believe BRIC...

Vermilion Research

AAPL CQ1 Guidance Likely a Miss, Busting IPhone X "Super-Cycle" Expectation

While many Apple Inc (AAPL US) analysts in the US are still living their Christmas dream, workers on the iPhone X production line at Hon Hai...

JL Warren Capital

Fed and IPhone X

Overnight Update: Jerome Powell is nominated by President Trump as the new Fed Chairman. Apple's iPhone X...

Henry Soediarko

Tech into Energy Rotation Pays Off, as Dollar Finds a Floor...

The latest Apple launch has underwhelmed while growing regulatory pressure on the US web giants is driving a father rotation from extreme bullish...

Sean Maher

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