Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li><li>If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

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

<p>For investors who are not based in Singapore, the mini lockdown in Singapore has started again due to the sudden increase in the number of community cases which previously was relatively under control. Before one thinks that it is a too-harsh of a policy, the rate of the increase of unlinked community cases in Singapore is high. This matters a lot because every Singapore residents need to check in every establishment using either an Identification card, Trace Together app, or token which has proved to be very effective as for months, most of the COVID-19 cases can be traced and therefore allows the government to take the necessary actions. </p>
<div class="content-highlight">
<p>This time is different. Alongside the third wave that has hit India and Thailand, Singapore, too, is hit. The Singapore government's response to this is very much like the first lock-down (Circuit Breaker), that they minimize public interactions so that the number of community cases does not increase and provide them with the time to perform contact tracing thoroughly. </p>
</div>
<p>In this report, we identify that <a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a> , <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>as winners while <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> and <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>as losers. </p>

For investors who are not based in Singapore, the mini lockdown in Singapore has started again due to the sudden increase in the number of community cases which previously was relatively under control. Before one thinks that it is a too-harsh of a policy, the rate of the increase of unlinked community cases in Singapore is high. This matters a lot because every Singapore residents need to check in every establishment using either an Identification card, Trace Together app, or token which has proved to be very effective as for months, most of the COVID-19 cases can be traced and therefore allows the government to take the necessary actions. 

This time is different. Alongside the third wave that has hit India and Thailand, Singapore, too, is hit. The Singapore government's response to this is very much like the first lock-down (Circuit Breaker), that they minimize public interactions so that the number of community cases does not increase and provide them with the time to perform contact tracing thoroughly. 

In this report, we identify that Sheng Siong (SSG SP) , Sea Ltd (SE US) and Singapore Post (SPOST SP)as winners while Comfortdelgro Corp (CD SP) and Genting Singapore (GENS SP)as losers. 

Singapore Mini Lockdown: Winners and Losers

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/aztech-global" target="_blank" data-smartkarma-citation="entities:32153:1" rel="noopener">Aztech Global (1869224D SP)</a> raised about US$225m in its Singapore IPO.</p>
</div>
<div>
<p>Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.</p>
</div>
<div>
<p>In this note, we will discuss past Singapore IPO performance and update the peer valuation table.</p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/aztech-ipo-a-lucky-break-marred-by-checkered-past" target="_blank" data-smartkarma-citation="insights:48616" rel="noopener">Aztech IPO - A Lucky Break Marred by Checkered Past</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/aztech-ipo-undemanding-valuation" target="_blank" data-smartkarma-citation="insights:48696" rel="noopener">Aztech IPO - Undemanding Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/aztech-ipo-notes-from-analyst-briefing" target="_blank" data-smartkarma-citation="insights:48925" rel="noopener">Aztech IPO - Notes from Analyst Briefing</a> </li>
</ul>
</div>


Aztech Global (1869224D SP) raised about US$225m in its Singapore IPO.


Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.


In this note, we will discuss past Singapore IPO performance and update the peer valuation table.




Aztech IPO - A Lucky Break Marred by Checkered Past 

Aztech IPO - Undemanding Valuation 

Aztech IPO - Notes from Analyst Briefing 



Aztech IPO Trading - Heading for a Modest Debut

<div>
<p><a href="https://www.smartkarma.com/entities/aztech-global" target="_blank" data-smartkarma-citation="entities:32153:1" rel="noopener">Aztech Global (1869224D SP)</a>  is looking to raise about US$225m in its Singapore IPO.</p>
</div>
<div>
<p>Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.</p>
</div>
<div>
<p>In this note, we share salient points from the virtual analyst briefing held today.</p>
<p></p>
</div>


Aztech Global (1869224D SP)  is looking to raise about US$225m in its Singapore IPO.


Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.


In this note, we share salient points from the virtual analyst briefing held today.



<div><p><a href="https://www.smartkarma.com/entities/aztech-global" target="_blank" data-smartkarma-citation="entities:32153:1" rel="noopener">Aztech Global (1869224D SP)</a>  is looking to raise about US$225m in its Singapore IPO.</p></div><div><p>Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.</p></div><div>
<p>In this note, we will discuss forecast and assumptions and share our thoughts on valuation.</p>
<ul><li>
<a href="https://www.smartkarma.com/insights/aztech-ipo-a-lucky-break-marred-by-checkered-past" target="_blank" data-smartkarma-citation="insights:48616" rel="noopener">Aztech IPO - A Lucky Break Marred by Checkered Past</a> </li></ul>
</div>

Aztech Global (1869224D SP)  is looking to raise about US$225m in its Singapore IPO.Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.
In this note, we will discuss forecast and assumptions and share our thoughts on valuation.

Aztech IPO - A Lucky Break Marred by Checkered Past 


Singapore

Aztech Global Ltd. is a key technology enabler for the connected world of tomorrow, with a focus on providing one-stop design and manufacturing services. Supported by core strengths in R&D, design, engineering and manufacturing, our key products are IoT Devices, Data-communication products and LED lighting products.

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Aztech Global (AZTECH SP)

Monday Delight: 17/02/25

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

Singapore Mini Lockdown: Winners and Losers

In this report, we identify that Sheng Siong (SSG SP) , Sea Ltd (SE US) and Singapore Post (SPOST SP)as winners while Comfortdelgro Corp (CD SP)...

Henry Soediarko

Aztech IPO Trading - Heading for a Modest Debut

Aztech Global (1869224D SP) is looking to raise about US$225m in its Singapore IPO. In this note, we will discuss past Singapore IPO performance...

Zhen Zhou, Toh

Aztech IPO - Notes from Analyst Briefing

Aztech Global (1869224D SP) is looking to raise about US$225m in its Singapore IPO. In this note, we share salient points from the virtual analyst...

Zhen Zhou, Toh

Aztech IPO - Undemanding Valuation

Aztech Global (1869224D SP) is looking to raise about US$225m in its Singapore IPO. In this note, we will discuss forecast and assumptions and...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)