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

<h2>During a call with the management, we discussed the following things:</h2><ol>
<li>Free-to-air vs Pay TV</li>
<li>CapEx for new technology</li>
<li>The new market</li>
<li>Dividend Sustained or Possibly Increased?</li>
</ol><h2>Free-to-Air TV is still the medium to go</h2>Despite the increasing penetration of internet in the Philippines, television is still the medium with the widest audience reach. It reaches 100% of urban population in the Philippines, while radio listenership reaches 74% and internet penetration is still 63%. Although active internet…

During a call with the management, we discussed the following things:
Free-to-air vs Pay TV
CapEx for new technology
The new market
Dividend Sustained or Possibly Increased?
Free-to-Air TV is still the medium to goDespite the increasing penetration of internet in the Philippines, television is still the medium with the widest audience reach. It reaches 100% of urban population in the Philippines, while radio listenership reaches 74% and internet penetration is still 63%. Although active internet…

ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

<ul>
<li>Conference call with the IR of <a href="https://www.smartkarma.com/entities/15656" target="_blank" data-smartkarma-citation="entities:15656:1">Blue Bird Corp (BLBD US)</a> reveals that competition, especially from online taxi players, has turned more rationale.</li>
<li>In a cut-throat competition (that happened past few years), BIRD has proved to be the last man standing among offline taxi companies.</li>
<li>Collaboration with <a href="https://www.smartkarma.com/entities/25976" target="_blank" data-smartkarma-citation="entities:25976:1">GO-JEK Indonesia PT (1379371D IJ)</a> reinforces BIRD's evolution to be both offline and online taxi player. </li>
<li>(Trailing) FCF yield is a whopping 12-13%, indicating that BIRD offers quite a value especially for long-term deep value investors.</li>
</ul>


Conference call with the IR of Blue Bird Corp (BLBD US) reveals that competition, especially from online taxi players, has turned more rationale.
In a cut-throat competition (that happened past few years), BIRD has proved to be the last man standing among offline taxi companies.
Collaboration with GO-JEK Indonesia PT (1379371D IJ) reinforces BIRD's evolution to be both offline and online taxi player. 
(Trailing) FCF yield is a whopping 12-13%, indicating that BIRD offers quite a value especially for long-term deep value investors.


Blue Bird Tbk: Light at the End of the Tunnel

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

In part 4 of this series, I will evaluate the mobile/ e-payment providers on 10 metrics and total their score. Based on their total score, I hope to unveil the region's payment Goliath. This is a continuation of the first three articles featuring six well-known payment providers: Grab, Go-Pay, AirPay, PayPal, Alipay and Wechat Pay. For background reading, please refer to the fork on the right hand side of this article.

In part 4 of this series, I will evaluate the mobile/ e-payment providers on 10 metrics and total their score. Based on their total score, I hope to unveil the region's payment Goliath. This is a continuation of the first three articles featuring six well-known payment providers: Grab, Go-Pay, AirPay, PayPal, Alipay and Wechat Pay. For background reading, please refer to the fork on the right hand side of this article.

Grab, Go-Jek, Alipay, WeChat Pay; Who Will Be the Payment Goliath in Southeast Asia? - Part 4

An email correspondence with the management revealed that the airport ride contributes to a significant amount to total revenue in both taxi and non-taxi segment. As recently discussed that the SHIA express ridership has been increasing that was initiated with a warm welcome by Jakarta residents.  When I met the management sometime last month, they rebuffed the emergence of the airport express as a non-worthy substitute citing the long ride and possible infrequent rides to the airport…

An email correspondence with the management revealed that the airport ride contributes to a significant amount to total revenue in both taxi and non-taxi segment. As recently discussed that the SHIA express ridership has been increasing that was initiated with a warm welcome by Jakarta residents.  When I met the management sometime last month, they rebuffed the emergence of the airport express as a non-worthy substitute citing the long ride and possible infrequent rides to the airport…

Bluebird: Heavy Wings Due to Heavy SHIA Express Carriage

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Grab acquired Uber's operations in Asia, including Thailand. Happy Ending? Wrong.At first glance, the deal seems like a panacea for everyone. We began getting notifications from Uber to download Grab's application a few months ago ourselves. Uber was operating illegally in Thailand, while Grab was not. So they continue to lose money...Hmm...since when was that a problem in Silicon Valley...or the Asian equivalent?Anyway, this being Thailand, nothing is ever so simple. Today, TNN 24 news reported…

Grab acquired Uber's operations in Asia, including Thailand. Happy Ending? Wrong.At first glance, the deal seems like a panacea for everyone. We began getting notifications from Uber to download Grab's application a few months ago ourselves. Uber was operating illegally in Thailand, while Grab was not. So they continue to lose money...Hmm...since when was that a problem in Silicon Valley...or the Asian equivalent?Anyway, this being Thailand, nothing is ever so simple. Today, TNN 24 news reported…

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

GMA7: Destiny Changing Dongle

During a call with the management, we discussed the following things: Free-to-air vs Pay TV CapEx for new technology The new market Dividend...

Henry Soediarko

Blue Bird Tbk: Light at the End of the Tunnel

Conference call with the IR of Blue Bird Corp (BLBD US) reveals that competition, especially from online taxi players, has turned more...

Johannes Salim, CFA

Grab, Go-Jek, Alipay, WeChat Pay; Who Will Be the Payment Goliath in Southeast Asia? - Part 4

In part 4 of this series, I will evaluate the mobile/ e-payment providers on 10 metrics and total their score. Based on their total score, I hope...

Valerie Law, CFA

Bluebird: Heavy Wings Due to Heavy SHIA Express Carriage

An email correspondence with the management revealed that the airport ride contributes to a significant amount to total revenue in both taxi and...

Henry Soediarko

Grab's Growing Pains

Grab acquired Uber's operations in Asia, including Thailand. Happy Ending? Wrong.At first glance, the deal seems like a panacea for everyone. We...

Athaporn Arayasantiparb, CFA

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