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

Japan Airport Terminal Co / Equity Bottom-Up

<ul>
<li>Japan's reopening has started and pre-departure and on arrival tests for vaccinated tourists have also been abolished. </li>
<li>The beneficiary of this theme is less obvious for <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a> while it is very obvious for <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> . </li>
<li>Japan Airport is trading at a PBR premium to Keisei while the former has a higher debt than the latter. </li>
</ul>


Japan's reopening has started and pre-departure and on arrival tests for vaccinated tourists have also been abolished. 
The beneficiary of this theme is less obvious for Japan Airport Terminal Co (9706 JP) while it is very obvious for Keisei Electric Railway Co (9009 JP) . 
Japan Airport is trading at a PBR premium to Keisei while the former has a higher debt than the latter. 


Japan Airport (9706): Not the Best Proxy for Japan Reopening.

Thematic (Sector/Industry)

<ul>
<li>The reopening story in Thailand is here to stay as this insight brings some on-the-ground observation during the recent long weekend. </li>
<li>
<a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> reported an increase in the number of overseas tourists arrival indicating the truthfulness of the tourism recovery in Thailand. </li>
<li>Other beneficiaries include <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway and Metro (BEM TB)</a> , <a href="https://www.smartkarma.com/entities/siam-wellness-group-pcl" target="_blank" data-smartkarma-citation="entities:3765:1" rel="noopener">Siam Wellness Group (SPA TB)</a> , and <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> .</li>
</ul>


The reopening story in Thailand is here to stay as this insight brings some on-the-ground observation during the recent long weekend. 

Airports of Thailand (AOT TB) reported an increase in the number of overseas tourists arrival indicating the truthfulness of the tourism recovery in Thailand. 
Other beneficiaries include Bangkok Expressway and Metro (BEM TB) , Siam Wellness Group (SPA TB) , and Thai Beverage (THBEV SP) .


Thailand Reopening: Tourist Traffic Increase Beneficiaries

<ul>
<li>The latest announcement by the SG Multi-Task Force to further relax COVID-19 restrictions is a major positive catalyst.</li>
<li>Its hybrid taxi accounted for more than 50% of its entire fleet as of end-December 2020. It remains on track to replace all diesel taxis with hybrid models by 2023.</li>
<li>Investors will be paying a discounted valuation for the cash flow if they own <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> compared to its peers which trades at a much higher EV/EBITDA.</li>
</ul>


The latest announcement by the SG Multi-Task Force to further relax COVID-19 restrictions is a major positive catalyst.
Its hybrid taxi accounted for more than 50% of its entire fleet as of end-December 2020. It remains on track to replace all diesel taxis with hybrid models by 2023.
Investors will be paying a discounted valuation for the cash flow if they own Comfortdelgro Corp (CD SP) compared to its peers which trades at a much higher EV/EBITDA.


Comfortdelgro (CD): Restriction Easing, Green And Low EV/EBITDA.

<ul>
<li>The Thai government plans to scrap pre-travel COVID-19 to boost tourism, and visitors will only be tested on arrival in Thailand - expect to have more tourists in Thailand.</li>
<li>Q4 2021 revenue started to bounce higher YoY although still 50% of pre-COVID level but shows some promise. </li>
<li>
<a href="https://www.smartkarma.com/entities/platinum-group-pcl" target="_blank" data-smartkarma-citation="entities:27170:1" rel="noopener">Platinum Group PCL (PLAT TB)</a>  share price went up by 24%within a year, with a 0.7x PBR to 1.02x PBR. Still early but why wait longer? </li>
</ul>


The Thai government plans to scrap pre-travel COVID-19 to boost tourism, and visitors will only be tested on arrival in Thailand - expect to have more tourists in Thailand.
Q4 2021 revenue started to bounce higher YoY although still 50% of pre-COVID level but shows some promise. 

Platinum Group PCL (PLAT TB)  share price went up by 24%within a year, with a 0.7x PBR to 1.02x PBR. Still early but why wait longer? 


Platinum (PLAT): The Shoppers Coming Back

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.</li>
<li>In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. </li>
<li>More countries are treating COVID-19 not as a pandemic but as a serious flu. </li>
</ul>


In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.
In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. 
More countries are treating COVID-19 not as a pandemic but as a serious flu. 


A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Japan Airport (9706): Not the Best Proxy for Japan Reopening.

Japan Airport will benefit less from Japan's reopening compared to Keisei Electric which benefits from the higher number of tourists to Japan.

Henry Soediarko

Thailand Reopening: Tourist Traffic Increase Beneficiaries

Chinese zero COVID policy dampens the growth and recovery story, but the travel recovery in South East Asia in Thailand is favored as a holiday...

Henry Soediarko

Comfortdelgro (CD): Restriction Easing, Green And Low EV/EBITDA.

On track to becoming greener as it just bought100 BYD, and its hybrid taxi is 50% of the total. Restriction of easing will benefit Comfortdelgro...

Henry Soediarko

Platinum (PLAT): The Shoppers Coming Back

The revenue has bounced in Q4 2021 YoY but still, at 50% level to pre COVID era coincides with the travel restriction easing. It shows that...

Henry Soediarko

A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

We discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates in major Asian countries. More countries are treating COVID...

Douglas Kim

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