Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

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

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International (MAND SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> has proposed to take <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a> private</li>
<li>While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.</li>
<li>Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.</li>
</ul>



Jardine Matheson Holdings (JM SP) has proposed to take Mandarin Oriental International (MAND SP) private
While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.
Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.


Mandarin Oriental: Good Deal for Jardine, Not So Much for Mandarin Oriental Minorities

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Jardine Matheson Southeast Asia / Event-Driven

Jardine Matheson Southeast Asia (JCNC SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage (JCNC SP), popped ~10% today ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
<li>The record date for both is the 9th October, with payment on (or before) 2nd December. </li>
<li>JMSEA's implied stub value is around its highest-ever level. As is the simple ratio of JMSEA/<a href="https://www.smartkarma.com/entities/pt-astra-international-tbk" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>. Neither are sustainable. Borrow is (reportedly) non-existent.</li>
</ul>



Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage (JCNC SP), popped ~10% today ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.
The record date for both is the 9th October, with payment on (or before) 2nd December. 
JMSEA's implied stub value is around its highest-ever level. As is the simple ratio of JMSEA/Astra International (ASII IJ). Neither are sustainable. Borrow is (reportedly) non-existent.


Jardine Matheson Southeast Asia (JCNC SP) Pops On Toyota In-Specie & Special Div

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Winland in Hong Kong has sold its Lippo Centre assets at a striking 60% discount, reflecting market trends.</li><li>Royal Holdings is selling a shophouse complex on Orchard Road in Singapore for a total of $195 million.</li><li>NextDC has gained approval for a major $1.3 billion data centre campus project in Melbourne, Australia.</li></ul>

Winland in Hong Kong has sold its Lippo Centre assets at a striking 60% discount, reflecting market trends.Royal Holdings is selling a shophouse complex on Orchard Road in Singapore for a total of $195 million.NextDC has gained approval for a major $1.3 billion data centre campus project in Melbourne, Australia.

Asia Real Estate Tracker (20-Jan-2026): Winland sells Lippo Centre assets at 60% discount.

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul><li>This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.</li><li>Their spending shows up as travel, healthcare, education and other services exports.</li><li>Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.</li></ul>

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in hotels, hospitals, schools, malls and attractions.Their spending shows up as travel, healthcare, education and other services exports.Between 2014 and 2024, Singapore’s services trade grew about 9.4% a year, faster than nominal GDP, and reached roughly 136% of GDP by 2024.

<ul>
<li>JD has made a significant investment by acquiring a 50% stake in CCB Tower for $449 million.</li>
<li>The acquisition by JD highlights the growing trend of mainland investors buying properties in Hong Kong.</li>
<li>Mandarin Oriental shareholders have approved a $4.2 billion buyout by Jardines, indicating strong market activity.</li>
</ul>


JD has made a significant investment by acquiring a 50% stake in CCB Tower for $449 million.
The acquisition by JD highlights the growing trend of mainland investors buying properties in Hong Kong.
Mandarin Oriental shareholders have approved a $4.2 billion buyout by Jardines, indicating strong market activity.


Asia Real Estate Tracker (10-Dec-2025): JD Acquires Half Stake in CCB Tower

Hong Kong

Mandarin Oriental International Limited is a multinational hospitality and management group that owns and operates luxury hotels, resorts, and residences across Asia, Europe, the Middle East, Africa, and the Americas. The company also engages in hotel and residences branding, management, and property development activities, offering luxury accommodations, fine dining, and wellness facilities. It was founded in 1963 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mandarin Oriental International (MAND SP)

Mandarin Oriental: Good Deal for Jardine, Not So Much for Mandarin Oriental Minorities

Jardine Matheson Holdings proposes to take Mandarin Oriental International private, a deal with high chance of success but undervaluing the...

Nicolas Van Broekhoven

Jardine Matheson Southeast Asia (JCNC SP) Pops On Toyota In-Specie & Special Div

I get JMSEA's outperformance vs Astra given the weakening rupiah, Indonesia's MSCI overhang; and JMSEA's value unlock strategy. But to what point?...

David Blennerhassett

Asia Real Estate Tracker (20-Jan-2026): Winland sells Lippo Centre assets at 60% discount.

Hong Kong's Winland sold Lippo Centre assets at a 60% discount, while Singapore's Royal Holdings offloads a $195M shophouse, and China lowers...

Asia Real Estate Tracker

Singapore’s Experience: Export Economy

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in...

ICAM

Asia Real Estate Tracker (10-Dec-2025): JD Acquires Half Stake in CCB Tower

JD has acquired a 50% stake in CCB Tower for $449 million, while Mandarin Oriental's shareholders approved a $4.2 billion buyout by Jardines...

Asia Real Estate Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mandarin Oriental: Good Deal for Jardine, Not So Much for Mandarin Oriental Minorities

​Jardine Matheson Holdings proposes to take Mandarin Oriental International private, a deal with high chance of success but undervaluing the...

Nicolas Van Broekhoven

Jardine Matheson Southeast Asia (JCNC SP) Pops On Toyota In-Specie & Special Div

I get JMSEA's outperformance vs Astra given the weakening rupiah, Indonesia's MSCI overhang; and JMSEA's value unlock strategy. But to what point?...

David Blennerhassett

Asia Real Estate Tracker (20-Jan-2026): Winland sells Lippo Centre assets at 60% discount.

Hong Kong's Winland sold Lippo Centre assets at a 60% discount, while Singapore's Royal Holdings offloads a $195M shophouse, and China lowers...

Asia Real Estate Tracker

Singapore’s Experience: Export Economy

This report looks at how Singapore “exports” experiences rather than products. Foreign visitors, patients, students and shoppers spend time in...

ICAM

Asia Real Estate Tracker (10-Dec-2025): JD Acquires Half Stake in CCB Tower

JD has acquired a 50% stake in CCB Tower for $449 million, while Mandarin Oriental's shareholders approved a $4.2 billion buyout by Jardines...

Asia Real Estate Tracker

Jardine Matheson Holdings proposes to take Mandarin Oriental International private, a deal with high chance of success but undervaluing the...