Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Thematic (Sector/Industry)

<p>Despite the economic slowdown and low oil price, remittance continues to be an important component of Philippine's GDP. The OFWs are infamous for having the right working culture and always try to send money back to improve the living condition back home. </p><p><a href="https://www.smartkarma.com/entities/329" target="_blank" data-smartkarma-citation="entities:329:1">BDO Unibank Inc (BDO PM)</a> holds the largest share of the remittance from OFW and is controlled by <a href="https://www.smartkarma.com/entities/20015" target="_blank" data-smartkarma-citation="entities:20015:1">Sm Investments Corp (SM PM)</a>. This relationship also benefits BDO when SM develops malls, BDO will automatically be the preferred bank of these malls.</p>

Despite the economic slowdown and low oil price, remittance continues to be an important component of Philippine's GDP. The OFWs are infamous for having the right working culture and always try to send money back to improve the living condition back home. BDO Unibank Inc (BDO PM) holds the largest share of the remittance from OFW and is controlled by Sm Investments Corp (SM PM). This relationship also benefits BDO when SM develops malls, BDO will automatically be the preferred bank of these malls.

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

<p> The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?</p><p>As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured: <br><br>1. Trust that they can deliver ‘quality’ outcomes<br>2. Discipline offered within a physical classroom<br>3. Customized diagnosis by a teacher/instructor<br>4. Modelling – a universal way by which humans learn<br>5. Stimulation of various parts of the brain</p>

 The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:   1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

Ed or Tech, Edtech Firms Must Cross These Moats

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<p>As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income deciles. While decile 1 has to allocate most of its spending to cover basic needs, decile 10 is able to splurge on hotels and catering, leisure and recreation and education (which are the most discretionary spending categories in <a target="_blank">the Philippines</a>). Given that decile 10 is projected to record the largest rise in discretionary spending capacity across all…</p>

As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income deciles. While decile 1 has to allocate most of its spending to cover basic needs, decile 10 is able to splurge on hotels and catering, leisure and recreation and education (which are the most discretionary spending categories in the Philippines). Given that decile 10 is projected to record the largest rise in discretionary spending capacity across all…

Philippines: Wealthy Households to Enjoy the Rise in Discretionary Spending Capa. Through to 2030

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

Astro Malaysia Holdings / Equity Bottom-Up

<p>Astro's high-frequency operational data still looks very positive with a high TV viewership share (72%), 3.2 hours average time spent/day that is ahead of 2.16 hours of the FTA, increased MAU by 17% YoY, on-demand shows streamed has tripled to MYR 233 million. </p>
<p>The big announcement is that Astro subscribers can soon access <a href="https://www.smartkarma.com/entities/netflix-inc" target="_blank" data-smartkarma-citation="entities:20451:1" rel="noopener">Netflix Inc (NFLX US)</a> through its Ultra and Ulti boxes which means investors should not worry that Astro subscribers will be reduced because they want to move to Netflix. Although it is more of a defensive strategy, there is a potential for a small upside as some existing Netflix subscribers in Malaysia may want to subscribe to Astro as they get bangs for their bucks. </p>
<p>Post 50% share price increase, the company is still trading below its pre-COVID-19 level although the business climate has been stable and Netflix is not exactly a competitor to be feared anymore as it has become Astro's allies in Malaysia. The company also generates just shy of 20% FCF yield. There is no reason not to like <a href="https://www.smartkarma.com/entities/astro-malaysia-holdings-bhd" target="_blank" data-smartkarma-citation="entities:1143:1" rel="noopener">Astro Malaysia Holdings (ASTRO MK)</a>. </p>

Astro's high-frequency operational data still looks very positive with a high TV viewership share (72%), 3.2 hours average time spent/day that is ahead of 2.16 hours of the FTA, increased MAU by 17% YoY, on-demand shows streamed has tripled to MYR 233 million. 
The big announcement is that Astro subscribers can soon access Netflix Inc (NFLX US) through its Ultra and Ulti boxes which means investors should not worry that Astro subscribers will be reduced because they want to move to Netflix. Although it is more of a defensive strategy, there is a potential for a small upside as some existing Netflix subscribers in Malaysia may want to subscribe to Astro as they get bangs for their bucks. 
Post 50% share price increase, the company is still trading below its pre-COVID-19 level although the business climate has been stable and Netflix is not exactly a competitor to be feared anymore as it has become Astro's allies in Malaysia. The company also generates just shy of 20% FCF yield. There is no reason not to like Astro Malaysia Holdings (ASTRO MK). 

Astro (ASTRO): Netflix Is Included Soon and High FCF Yield.

<h2>Background</h2><p>Xurpas' share price has been battered down for the past 2 years since the IPO. The market was concern about the earnings and business direction of the company. Past IPO, Xurpas went on to buy a couple of companies that include Singapore-based mobile marketer Art of Click for SGD 45 million. </p><table class="table table-striped"><tbody>
<tr>
<td style="text-align: left; width: 159px;">Ticker</td>
<td style="text-align: right; width: 147.5px;">PSE:X</td>
</tr>
<tr>
<td style="text-align: left; width: 159px;">Company Name</td>
<td style="text-align: right; width: 147.5px;"> Xurpas Inc. </td>
</tr>
<tr>
<td style="text-align: left; width: 159px;">Market Cap USD million</td>
<td style="text-align: right; width: 147.5px;">                                     101.92</td>
</tr>
<tr>
<td style="text-align: left; width: 159px;">Free float (%)</td>
<td style="text-align: right; width: 147.5px;">                                                25.59</td>
</tr>
<tr>
<td style="text-align: left; width: 159px;">ROE (%)</td>
<td style="text-align: right; width: 147.5px;">    </td>
</tr>
</tbody></table>…

BackgroundXurpas' share price has been battered down for the past 2 years since the IPO. The market was concern about the earnings and business direction of the company. Past IPO, Xurpas went on to buy a couple of companies that include Singapore-based mobile marketer Art of Click for SGD 45 million. 

Ticker
PSE:X


Company Name
 Xurpas Inc. 


Market Cap USD million
                                     101.92


Free float (%)
                                                25.59


ROE (%)
    

…

Xurpas (X): Internet Access for Emerging Market

Philippines

GMA Network is a Filipino media company primarily involved in radio and television broadcasting, offering news, entertainment, and public affairs programming. It operates numerous TV and radio stations, along with international channels and digital platforms. The company is headquartered in Quezon City, Metro Manila, Philippines, and was founded on March 1, 1950.

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GMA Network (GMA7 PM)

Overseas Filipino Workers: Beneficiaries

Despite the economic slowdown and low oil price, remittance continues to be an important component of Philippine's GDP. The OFWs are infamous for...

Henry Soediarko

Ed or Tech, Edtech Firms Must Cross These Moats

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies...

Valerie Law, CFA

Philippines: Wealthy Households to Enjoy the Rise in Discretionary Spending Capa. Through to 2030

As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income...

Euromonitor International Ltd.

Astro (ASTRO): Netflix Is Included Soon and High FCF Yield.

After 50% increase, Astro is still trading below its pre-COVID-19 level although the business climate has been stable and Netflix has become...

Henry Soediarko

Xurpas (X): Internet Access for Emerging Market

BackgroundXurpas' share price has been battered down for the past 2 years since the IPO. The market was concern about the earnings and business...

Henry Soediarko

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