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/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> share price has not moved in the upward direction despite earlier positive signs.</li>
<li>Key operational data suggest that the company should be in better shape soon, including higher revenue recognition and ramping up green energy deployment.</li>
<li>Recent month revenue growth of 100% YoY gives conviction that the company's earnings should be in the right upward trajectory. </li>
</ul>



Cleanaway (8422 TT) share price has not moved in the upward direction despite earlier positive signs.
Key operational data suggest that the company should be in better shape soon, including higher revenue recognition and ramping up green energy deployment.
Recent month revenue growth of 100% YoY gives conviction that the company's earnings should be in the right upward trajectory. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> +227% MoM revenue surge in May 2026 was a event-driven event caused by the resumption of lagging progress billings for the Kaohsiung 205 Arsenal soil remediation project.</li>
<li>Competitors <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> reported flat monthly revenue trends, highlighting that their business models lack Cleanaway’s volatile but high-upside.</li>
<li>The explosive data pivot, combined with Taiwan passing the strict Resource Circulation Promotion Act, confirms Cleanaway’s asymmetrical growth potential and structural importance to the local tech supply chain. Buy.</li>
</ul>



Cleanaway (8422 TT) +227% MoM revenue surge in May 2026 was a event-driven event caused by the resumption of lagging progress billings for the Kaohsiung 205 Arsenal soil remediation project.
Competitors Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) reported flat monthly revenue trends, highlighting that their business models lack Cleanaway’s volatile but high-upside.
The explosive data pivot, combined with Taiwan passing the strict Resource Circulation Promotion Act, confirms Cleanaway’s asymmetrical growth potential and structural importance to the local tech supply chain. Buy.


<ul>
<li>Taiwan is not just tech or <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> , there are other companies that perform, including potentially <a href="https://www.smartkarma.com/entities/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> .</li>
<li>The valuation has normalized, and with the current projects in the pipeline, it could provide a significant upside; thus, a short position needs to be closed and locked in profit. </li>
<li>February revenue has increased 75%, much larger than its peers <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> that gone up 10% and 14% respectively. </li>
</ul>


Taiwan is not just tech or TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) , there are other companies that perform, including potentially Cleanaway (8422 TT) .
The valuation has normalized, and with the current projects in the pipeline, it could provide a significant upside; thus, a short position needs to be closed and locked in profit. 
February revenue has increased 75%, much larger than its peers Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) that gone up 10% and 14% respectively. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> is the key beneficiary of the recent Waste Disposal Act evolving into the Resource Circulation Promotion Act. </li>
<li>Share price has gone up 70% this year, while the peers ( <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> ) have not.</li>
<li>Cleanway valuation is twice that of Sunny Friend and Chung Tai Resource technology, indicating a short-term overvaluation. </li>
</ul>



Cleanaway (8422 TT) is the key beneficiary of the recent Waste Disposal Act evolving into the Resource Circulation Promotion Act. 
Share price has gone up 70% this year, while the peers ( Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) ) have not.
Cleanway valuation is twice that of Sunny Friend and Chung Tai Resource technology, indicating a short-term overvaluation. 


Cleanaway (8422)- Gone up a Bit Too Much?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.</li>
<li>The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.</li>
<li>The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.</li>
</ul>


There are 18 adds and 18 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$16.9bn.
The ETF has started trading the stocks and is expected to continue trading for the next 7 trading days.
The adds are outperforming the deletes today and that trend could continue for the next few days as the ETF trades the stocks.


TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

Taiwan

Cleanaway Company Limited is a hazardous waste treatment and waste management company. The company currently operates a heavy metal waste intermediate treatment plant in Taiwan, as well as an independent solid waste landfill site.

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Cleanaway (8422 TT)

Cleanaway (8422): Still Undervalued

Cleanaway Taiwan's share price has not moved up although key operational data suggests improvement is on the way, including YoY monthly revenue...

Henry Soediarko

Cleanaway (8422): Buy More

Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Henry Soediarko

Cleanaway (8422): Cover the Shorts

Taiwan is not only TSMC, companies like Cleanaway showing potential for growth and upside in valuation. The Green Energy and Circular economy...

Henry Soediarko

Cleanaway (8422)- Gone up a Bit Too Much?

Cleanaway (8422 TT) benefits from new legislation, leading to a 70% share price increase, but may be overvalued compared to peers Sunny Friend...

Henry Soediarko

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cleanaway (8422): Still Undervalued

Cleanaway Taiwan's share price has not moved up although key operational data suggests improvement is on the way, including YoY monthly revenue...

Henry Soediarko

Cleanaway (8422): Buy More

​Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Henry Soediarko

Cleanaway (8422): Cover the Shorts

​Taiwan is not only TSMC, companies like Cleanaway showing potential for growth and upside in valuation. The Green Energy and Circular economy...

Henry Soediarko

Cleanaway (8422)- Gone up a Bit Too Much?

​Cleanaway (8422 TT) benefits from new legislation, leading to a 70% share price increase, but may be overvalued compared to peers Sunny Friend...

Henry Soediarko

TIP Customized Taiwan Select High Dividend Index Rebalance: US$13.6bn Trade over the Next Week

There are 18 adds and 18 deletes for the index. Estimated one-way turnover is 40.6% resulting in a round-trip trade of US$13.6bn. Adds are...

Brian Freitas

Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Taiwan is not only TSMC, companies like Cleanaway showing potential for growth and upside in valuation. The Green Energy and Circular economy...

Cleanaway (8422 TT) benefits from new legislation, leading to a 70% share price increase, but may be overvalued compared to peers Sunny Friend...