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

Kurita Water Industries / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kurita-water-industries-ltd" target="_blank" data-smartkarma-citation="entities:3870:1" rel="noopener">Kurita Water Industries (6370 JP)</a> is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  </li>
<li>The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. </li>
<li>It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. </li>
</ul>



Kurita Water Industries (6370 JP) is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  
The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. 
It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. 


Kurita Water (6370): Stable AI CapEx Beneficiary

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

Hong Kong Exchanges and Clearing / Index Rebalance

Hong Kong Exchanges and Clearing (388 HK)

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

<ul>
<li>
<a href="https://www.smartkarma.com/entities/organo-corp" target="_blank" data-smartkarma-citation="entities:1972:1" rel="noopener">Organo Corp (6368 JP)</a> has a strong pricing power and high customer retention ratio, as most fabs makers cannot run without Organo's ultrapure water solution. </li>
<li>With an impending stock split of 5 to 1 on September 29th, 2026, the stock is about to get a lot of retail inflows as the nominal price is cheaper. </li>
<li>The company posts a 29% ROE, yet it trades at a 17-18% P/E, 1.5x PEG, and is cheaper than most semiconductor players, as it temporarily lost some business. </li>
</ul>



Organo Corp (6368 JP) has a strong pricing power and high customer retention ratio, as most fabs makers cannot run without Organo's ultrapure water solution. 
With an impending stock split of 5 to 1 on September 29th, 2026, the stock is about to get a lot of retail inflows as the nominal price is cheaper. 
The company posts a 29% ROE, yet it trades at a 17-18% P/E, 1.5x PEG, and is cheaper than most semiconductor players, as it temporarily lost some business. 


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.

Thematic (Sector/Industry)

<ul><li>Water technology is a critical yet underappreciated pillar of the global industrial economy.</li><li>As water scarcity intensifies and demand continues to rise, industries face mounting risks tied to water access and quality.</li><li>From semiconductors to power generation, water plays an indispensable role in production processes, with ultra-pure water (UPW) systems standing out as essential for high-precision industries.</li></ul>

Water technology is a critical yet underappreciated pillar of the global industrial economy.As water scarcity intensifies and demand continues to rise, industries face mounting risks tied to water access and quality.From semiconductors to power generation, water plays an indispensable role in production processes, with ultra-pure water (UPW) systems standing out as essential for high-precision industries.

<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.


Japan

Kurita Water Industries Ltd. manufactures, sells, and maintains water treatment equipment and systems.  The Company's products include water purification and waste water treatment equipment as well as soil remediation systems.  Kurita also manufactures and sells chemicals for water treatment related to sanitation, air-conditioning, and construction.

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Kurita Water Industries (6370 JP)

Kurita Water (6370): Stable AI CapEx Beneficiary

Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

Henry Soediarko

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Organo (6368): Incoming Stock Split

Organo is integrated in fab makers ecosystem including TSMC as ultra pure water producer. Trading at 17x PER, 1.5 PEG, below its peers in Japan. 5...

Henry Soediarko

Thirsty for Returns

Unearthing value in water technology for a water constrained industrial economy. Water technology is a critical yet underappreciated pillar of the...

Massif Capital Research

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kurita Water (6370): Stable AI CapEx Beneficiary

​Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

Henry Soediarko

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Organo (6368): Incoming Stock Split

Organo is integrated in fab makers ecosystem including TSMC as ultra pure water producer. Trading at 17x PER, 1.5 PEG, below its peers in Japan. 5...

Henry Soediarko

Thirsty for Returns

Unearthing value in water technology for a water constrained industrial economy. Water technology is a critical yet underappreciated pillar of the...

Massif Capital Research

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

Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

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