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>
<a href="https://www.smartkarma.com/entities/asahi-holdings-inc" target="_blank" data-smartkarma-citation="entities:11527:1" rel="noopener">Asahi Holdings (5857 JP)</a>  was selected for a major large-scale growth investment subsidy by the Japanese government. </li>
<li>The Taiwanese government has approved <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)</a> plan to upgrade its Japan fab to the 3 nm process, benefiting ARE Holdings. </li>
<li>While earnings have improved, share price lowered—making this a better entry point to own a circular economy part of high growth semi conductor AI story. </li>
</ul>



Asahi Holdings (5857 JP)  was selected for a major large-scale growth investment subsidy by the Japanese government. 
The Taiwanese government has approved TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) plan to upgrade its Japan fab to the 3 nm process, benefiting ARE Holdings. 
While earnings have improved, share price lowered—making this a better entry point to own a circular economy part of high growth semi conductor AI story. 


ARE Holdings (5857): Beneficiary of a More Complex Product

<ul>
<li>The result is better than expected; the management has also capitalized on this high gold price event to improve their operational capabilities, resulting in margin expansion </li>
<li>
<a href="https://www.smartkarma.com/entities/asahi-holdings-inc" target="_blank" data-smartkarma-citation="entities:11527:1" rel="noopener">Asahi Holdings (5857 JP)</a> business is not only in the precious metals recycling but also in the jewelry and dental besides electronics, which really calls for the name "urban mining."  </li>
<li>The shift in preferences to use recycled gold with conflict-free certification by the large semiconductor players has just started; thus, it has more legs. </li>
</ul>


The result is better than expected; the management has also capitalized on this high gold price event to improve their operational capabilities, resulting in margin expansion 

Asahi Holdings (5857 JP) business is not only in the precious metals recycling but also in the jewelry and dental besides electronics, which really calls for the name "urban mining."  
The shift in preferences to use recycled gold with conflict-free certification by the large semiconductor players has just started; thus, it has more legs. 


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Shared Research

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<ul><li>Revenue increased to JPY384.7bn (+3.1% YoY), with operating profit at JPY28.6bn (+95.0% YoY), driven by precious metals.</li><li>The company revised its full-year forecast upward, expecting revenue of JPY585.0bn and operating profit of JPY35.0bn.</li><li>Year-end dividend forecast increased to JPY65.0 per share, targeting a 40% dividend payout ratio.</li></ul>

Revenue increased to JPY384.7bn (+3.1% YoY), with operating profit at JPY28.6bn (+95.0% YoY), driven by precious metals.The company revised its full-year forecast upward, expecting revenue of JPY585.0bn and operating profit of JPY35.0bn.Year-end dividend forecast increased to JPY65.0 per share, targeting a 40% dividend payout ratio.

Asahi Holdings (5857 JP): Q3 FY03/26 flash update

<ul>
<li>ARE Holdings recycle and sells precious metals including gold. It is part of the URBAN MINING story. </li>
<li>Besides that, it is also included in the Semiconductor supply chain as the latter are keen to have conflict-free materials and meet their ESG requirements through having more recycled material. </li>
<li>Gold price is the key driver for ARE Holdings business and if gold price continues going up, ARE Holdings share price should benefit. </li>
</ul>


ARE Holdings recycle and sells precious metals including gold. It is part of the URBAN MINING story. 
Besides that, it is also included in the Semiconductor supply chain as the latter are keen to have conflict-free materials and meet their ESG requirements through having more recycled material. 
Gold price is the key driver for ARE Holdings business and if gold price continues going up, ARE Holdings share price should benefit. 


ARE Holdings (5857): Green Gold and Urban Mine

<ul><li>Revenue for FY03/24 was JPY238.2bn (-0.9% YoY), with operating profit at JPY15.3bn (+84.3% YoY).</li><li>The company revised its FY03/26 earnings forecast, increasing revenue to JPY517.0bn and operating profit to JPY30.0bn.</li><li>Interim and year-end dividends per share for FY03/26 were increased to JPY60.0, totaling JPY120.0 per share.</li></ul>

Revenue for FY03/24 was JPY238.2bn (-0.9% YoY), with operating profit at JPY15.3bn (+84.3% YoY).The company revised its FY03/26 earnings forecast, increasing revenue to JPY517.0bn and operating profit to JPY30.0bn.Interim and year-end dividends per share for FY03/26 were increased to JPY60.0, totaling JPY120.0 per share.

Asahi Holdings (5857 JP): 1H FY03/26 flash update

Japan

Asahi Holdings, Inc. is a holding company established by Asahi Pretec Corp. The Company collects and recycles precious and rare metals from dental, electronic and jewelry materials. Asahi Holdings engages in environmental protection business and offers total solutions for industrial waste treatment.

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Asahi Holdings (5857 JP)

ARE Holdings (5857): Beneficiary of a More Complex Product

Japanese government selects Asahi Holdings for growth investment subsidy, TSMC's upgrade benefits ARE Holdings, better entry point for high growth...

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Asahi Holdings (5857): Not Just Gold

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