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/ls-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:4114:1" rel="noopener">LS Electric (010120 KS)</a> has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. </li>
<li>Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. </li>
<li>It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.</li>
</ul>



LS Electric (010120 KS) has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. 
Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. 
It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.</li>
<li>Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.</li>
<li>This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.</li>
</ul>


India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.
Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone.
This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence.


India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<h3>This Week's Key Take Aways</h3><ul><li>Volatility suggests markets are not concerned about…anything.</li><li>Crude has a down month.</li><li>Industrials have had a great 8 months, will it continue?</li><li>Renewable investment growth continues, everywhere but the US.</li><li>The market has pre-priced in cuts; will it subdue the economic impact?</li></ul>

This Week's Key Take AwaysVolatility suggests markets are not concerned about…anything.Crude has a down month.Industrials have had a great 8 months, will it continue?Renewable investment growth continues, everywhere but the US.The market has pre-priced in cuts; will it subdue the economic impact?

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Sieyuan Electric Co Ltd A / Equity Capital Markets

<ul>
<li>Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: switchgear, transformers and protection and automation.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: switchgear, transformers and protection and automation.
We discuss our preliminary thoughts on the company's valuation based on A-H premium.


Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

<ul>
<li>FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).</li>
<li>Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions.</li>
<li>India's Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova is one of only 2-3 credible end-to-end HVDC players globally available to India's grid.</li>
</ul>


FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).
Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions.
India's Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova is one of only 2-3 credible end-to-end HVDC players globally available to India's grid.


GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

United States

GE Vernova Inc is an electric power company. The Company designs, manufactures, and delivers electric power systems and services that generate, transfer, orchestrate, convert, and store electricity. GE Vernova serves customers globally.

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GE Vernova (GEV US)

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain

​India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

Sudarshan Bhandari

Real Asset Chartbook Week #19: Volatility Is Low, Crude Is Down, and Industrials Are on a Roll

This Week's Key Take Aways Volatility suggests markets are not concerned about…anything. Crude has a down month. Industrials have had a great 8...

Massif Capital Research

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

​FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

Sudarshan Bhandari

India's power equipment manufacturers are investing INR 32,000 crore in new factories and upgrades to meet rising electricity demand, signaling a...

FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...