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

Equity Bottom-Up

<ul>
<li>AEM reported weak 1Q23 showing significant revenue and margin pressure across the board</li>
<li>The company mentioned it was an indirect beneficiary of AI and ChatGPT hype going forward</li>
<li>AEM could achieve 0.40 EPS in FY24 once the semiconductor industry rebounds. Fair Value of 6 SGD is unchanged.</li>
</ul>


AEM reported weak 1Q23 showing significant revenue and margin pressure across the board
The company mentioned it was an indirect beneficiary of AI and ChatGPT hype going forward
AEM could achieve 0.40 EPS in FY24 once the semiconductor industry rebounds. Fair Value of 6 SGD is unchanged.


AEM Holding: Weak 1Q23 Not a Surprise, Hoping for Better FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> reported record revenues and profits for FY22. Guidance for FY23 was underwhelming and margin pressure was much larger than feared</li>
<li>On an 18-24 month horizon, we think AEM outperforms but in the short-term stock could see more downside as worries about margin pressure persist</li>
<li>Lower Fair Value estimate to 6 SGD from 8 SGD (15x 0.40 EPS FY24).</li>
</ul>



AEM (AEM SP) reported record revenues and profits for FY22. Guidance for FY23 was underwhelming and margin pressure was much larger than feared
On an 18-24 month horizon, we think AEM outperforms but in the short-term stock could see more downside as worries about margin pressure persist
Lower Fair Value estimate to 6 SGD from 8 SGD (15x 0.40 EPS FY24).


AEM: 2023 Is a Transition Year, Back to 0.40 EPS in 2024

Thematic (Sector/Industry)

<ul>
<li>The 2022 vintage of "5 High Conviction Ideas" had the weakest performance since 2017, with only China Shineway posting a positive return</li>
<li>Olam, Rex and Starhub all declined approximately 16% in FY22</li>
<li>Our 2023 vintage will hopefully perform better with 4 out of 5 favorites in the commodity space</li>
</ul>


The 2022 vintage of "5 High Conviction Ideas" had the weakest performance since 2017, with only China Shineway posting a positive return
Olam, Rex and Starhub all declined approximately 16% in FY22
Our 2023 vintage will hopefully perform better with 4 out of 5 favorites in the commodity space


Overview of My Winners and Losers in 2022...And 5 High Conviction Ideas Going into 2023

<ul>
<li>AEM reported its best PBT 3Q and 9M22 results ever, yet investors remain skeptical of its FY23 outlook</li>
<li>Management reiterated guidance and provided a bullish statement about the coming years</li>
<li>AEM EPS likely to reach at least 0.42 SGD leaving the stock trading at only 7.8x P/E FY22 </li>
</ul>


AEM reported its best PBT 3Q and 9M22 results ever, yet investors remain skeptical of its FY23 outlook
Management reiterated guidance and provided a bullish statement about the coming years
AEM EPS likely to reach at least 0.42 SGD leaving the stock trading at only 7.8x P/E FY22 


AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

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Research Reinvented

<p>For our next Webinar, we have the pleasure of welcoming back Analyst <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a>, who will go through his latest picks in the Singapore market, highlighting key stocks and names to watch out for in the Lion City.</p>
<h3>The webinar was hosted on Wednesday, 24 August 2022, 17:00 SGT/HKT.</h3>
<p>Subscribe to our podcast feed and listen on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/14f2aTz0Akq7PiQzNIS7lt?utm_source=generator" width="100%" height="352" style="border-radius: 12px;" frameborder="0" allowfullscreen="allowfullscreen" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture" loading="lazy"></iframe></p>
<p>Nicolas Van Broekhoven was on the buy-side for 15 years, and worked most recently at a medium-sized boutique asset management firm. He grew up in Europe, went to university in the US and has been living in Singapore for the last seven years, which has given him a broad scope on the world and investing in general. He considers himself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large-cap that has gone temporarily out of favour might also pique his interest.</p>

For our next Webinar, we have the pleasure of welcoming back Analyst Nicolas Van Broekhoven, who will go through his latest picks in the Singapore market, highlighting key stocks and names to watch out for in the Lion City.
The webinar was hosted on Wednesday, 24 August 2022, 17:00 SGT/HKT.
Subscribe to our podcast feed and listen on the go:

Nicolas Van Broekhoven was on the buy-side for 15 years, and worked most recently at a medium-sized boutique asset management firm. He grew up in Europe, went to university in the US and has been living in Singapore for the last seven years, which has given him a broad scope on the world and investing in general. He considers himself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large-cap that has gone temporarily out of favour might also pique his interest.

Smartkarma Webinar | Singapore Investment Ideas

Singapore

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

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AEM (AEM SP)

AEM Holding: Weak 1Q23 Not a Surprise, Hoping for Better FY24

AEM reported a weak 1Q23 which was not unexpected given earlier FY23 guidance of 500M revenues. Management remains steadfast in its long-term...

Nicolas Van Broekhoven

AEM: 2023 Is a Transition Year, Back to 0.40 EPS in 2024

AEM reported record revenues and profits in FY22. The outlook for FY23 is weak as management thinks of it as a transition year.

Nicolas Van Broekhoven

Overview of My Winners and Losers in 2022...And 5 High Conviction Ideas Going into 2023

Our FY22 vintage of High Conviction Ideas had its weakest performance since FY17. We hope for better returns for our commodity-focused FY23 selection.

Nicolas Van Broekhoven

AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

AEM reported solid results over the first 9 months. None of this seems to matter as the market has sold off the entire tech sector and investors do...

Nicolas Van Broekhoven

Smartkarma Webinar | Singapore Investment Ideas

On 24 August, join our Webinar with Analyst Nicolas Van Broekhoven, who will go through his latest picks in the Singapore market.

Smartkarma Research

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