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/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> top AI clients include Bytedance and <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>to build more data centers.</li>
<li>Wayon Energy IPO will set expectations on how the parent company share price will perform.</li>
<li>This insight also list course of actions to lock in profit based on another stock with similar situation.</li>
</ul>



Wasion (3393 HK) top AI clients include Bytedance and GDS Holdings (ADR) (GDS US)to build more data centers.
Wayon Energy IPO will set expectations on how the parent company share price will perform.
This insight also list course of actions to lock in profit based on another stock with similar situation.


Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>Recent developments materially improve the setup: H200 clarity reduces a major sector overhang and removes uncertainty around chip supply, clearing the way for continued AI-infrastructure expansion in China.</li>
<li>3Q25: VNET's strong result, 2026 outlook, advantaged power resources, and shareholder priorities (no equity dilution and defined leverage limits) reduce downside bottoms-up risk while increasing confidence on execution</li>
<li>None of this is reflected in today’s valuation. With 25–30% EBITDA CAGR and improved visibility on demand and execution, VNET is positioned for a material 2026 re-rating, implying 60-100% upside.</li>
</ul>


Recent developments materially improve the setup: H200 clarity reduces a major sector overhang and removes uncertainty around chip supply, clearing the way for continued AI-infrastructure expansion in China.
3Q25: VNET's strong result, 2026 outlook, advantaged power resources, and shareholder priorities (no equity dilution and defined leverage limits) reduce downside bottoms-up risk while increasing confidence on execution
None of this is reflected in today’s valuation. With 25–30% EBITDA CAGR and improved visibility on demand and execution, VNET is positioned for a material 2026 re-rating, implying 60-100% upside.


2026 High Conviction: VNET US - Thesis Strengthens Into 2026  (Chips, Demand, Execution)

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025</li>
<li>Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission</li>
<li>Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS</li>
</ul>


The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025
Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission
Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS


RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

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>Following a rally in the stock over the last 3 months, <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> / <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a> could be added to a global index in August.</li>
<li>Short interest in <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> has been increasing. Add the short interest in <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a> and the number is pretty big.</li>
<li>Despite the recent rally, <a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a> trades cheaper than its closest peer and there could be opportunities to enter market neutral trades.</li>
</ul>


Following a rally in the stock over the last 3 months, GDS Holdings (9698 HK) / GDS Holdings (ADR) (GDS US) could be added to a global index in August.
Short interest in GDS Holdings (9698 HK) has been increasing. Add the short interest in GDS Holdings (ADR) (GDS US) and the number is pretty big.
Despite the recent rally, GDS Holdings (9698 HK) trades cheaper than its closest peer and there could be opportunities to enter market neutral trades.


GDS Holdings (9698 HK): Global Index Inclusion as Shorts Build Up

<ul>
<li>We believe the recent launches of AI Model will challenge the assumptions of AI training costs, and we are still in early stages of AI revolution</li>
<li>It will maintain a sustainable growth of AI infrastructure like data centers, instead of reducing the demand. GDS and VNET are well positioned to capture this tailwind</li>
<li>VNET and GDS were up 303% and 268% for last 12 months, we think it is not too late to chase the rally</li>
</ul>


We believe the recent launches of AI Model will challenge the assumptions of AI training costs, and we are still in early stages of AI revolution
It will maintain a sustainable growth of AI infrastructure like data centers, instead of reducing the demand. GDS and VNET are well positioned to capture this tailwind
VNET and GDS were up 303% and 268% for last 12 months, we think it is not too late to chase the rally


Implication of Deepseek on China Data Centers: Buy GDS and VNET, Not Too Late to Chase the Rally!

China

GDS Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops and operates data centers. GDS Holdings offers risk and security management, information technology planing, remote monitoring, cloud hosting, virtualization, disaster recovery, and remote data protection services.

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GDS Holdings (ADR) (GDS US)

Wasion (3393): Data Centers and Spin Off

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

2026 High Conviction: VNET US - Thesis Strengthens Into 2026 (Chips, Demand, Execution)

VNET benefits most as H200 clarity lifts chip risk and 3Q results resolve major investor concerns. We see VNET as one of the strongest 2026E calls...

Raj S, CA, CFA

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Investors should see through Fed's 25bps rate cut and HK's Policy Address, and focus on macro development, geopolitical risks, as well as sector...

Jacob Cheng

GDS Holdings (9698 HK): Global Index Inclusion as Shorts Build Up

GDS Holdings could be added to a global index in August. That will drive passive buying and could lead to some shorts being covered. Positioning in...

Brian Freitas

Implication of Deepseek on China Data Centers: Buy GDS and VNET, Not Too Late to Chase the Rally!

We explored the recent launches of AI model, e.g. Deepseek, discuss the implication to Data Centers. Despite GDS and VNET were up 3x for last 12...

Jacob Cheng

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wasion (3393): Data Centers and Spin Off

​Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

2026 High Conviction: VNET US - Thesis Strengthens Into 2026 (Chips, Demand, Execution)

VNET benefits most as H200 clarity lifts chip risk and 3Q results resolve major investor concerns. We see VNET as one of the strongest 2026E calls...

Raj S, CA, CFA

RE Stock Implications from Fed's Rate Cut and HK PA: Focus on Big Picture, Macro and Sector Drivers

Investors should see through Fed's 25bps rate cut and HK's Policy Address, and focus on macro development, geopolitical risks, as well as sector...

Jacob Cheng

GDS Holdings (9698 HK): Global Index Inclusion as Shorts Build Up

GDS Holdings could be added to a global index in August. That will drive passive buying and could lead to some shorts being covered. Positioning in...

Brian Freitas

Implication of Deepseek on China Data Centers: Buy GDS and VNET, Not Too Late to Chase the Rally!

We explored the recent launches of AI model, e.g. Deepseek, discuss the implication to Data Centers. Despite GDS and VNET were up 3x for last 12...

Jacob Cheng

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...