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/mcdonald-s-holdings-co-japan" target="_blank" data-smartkarma-citation="entities:985:1" rel="noopener">Mcdonald's Japan (2702 JP)</a> is Japan's defensive, high-quality QSR name in Japan with a defensible moat. </li>
<li>Minimal impact from volatility in tourist arrivals, as most of the outlets are in the suburban areas; therefore, it is truly a domestic consumption story. </li>
<li>McDonald Japan's operating profit margin is double that of Zensho and Skylark (which comes from operational discipline and price hike), while its PER is still lower, which is the opportunity </li>
</ul>



Mcdonald's Japan (2702 JP) is Japan's defensive, high-quality QSR name in Japan with a defensible moat. 
Minimal impact from volatility in tourist arrivals, as most of the outlets are in the suburban areas; therefore, it is truly a domestic consumption story. 
McDonald Japan's operating profit margin is double that of Zensho and Skylark (which comes from operational discipline and price hike), while its PER is still lower, which is the opportunity 


McDonald Japan (2702): Higher Margin but Cheaper than Peers

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.</li>
<li>In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights shared on Smartkarma.
In this cut, we go looking for value in Korea beyond memory, weigh SHEIN's long-awaited IPO, and trace how TOPIX's reshuffle could lift small-cap Japanese banks.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In 2021 the JPX established new Listing Rules, and in April 2022 introduced new market segments (Prime/Standard/Growth) to much fanfare. Today, the TSE basically said those changes were meaningless.</li>
<li>Today, the TSE announced proposed new rules for TOPIX constituent selection. There is a 2-month consultation period, then rules come out end-Sep 2024. Expect few changes from the Proposal.</li>
<li>NextGen TOPIX will be created October 2026. 3-4 dozen ADDs, 500-600 DELETEs to create an index of 1,100-1,200 names. Some obvious large impacts 2+yrs from now, but this changes IPOs.</li>
</ul>


In 2021 the JPX established new Listing Rules, and in April 2022 introduced new market segments (Prime/Standard/Growth) to much fanfare. Today, the TSE basically said those changes were meaningless.
Today, the TSE announced proposed new rules for TOPIX constituent selection. There is a 2-month consultation period, then rules come out end-Sep 2024. Expect few changes from the Proposal.
NextGen TOPIX will be created October 2026. 3-4 dozen ADDs, 500-600 DELETEs to create an index of 1,100-1,200 names. Some obvious large impacts 2+yrs from now, but this changes IPOs.


JPX Proposes BIG Changes To TOPIX Rules, Affects IPOs More Than Market

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Thematic (Sector/Industry)

<ul><li>McDonald's uses price pack architecture with varying prices for different purchasing methods</li><li>Pricing strategies raise questions about fairness, data privacy, and macroeconomic implications</li><li>Surge pricing in fast food is already present, similar to dynamic pricing in other industries</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

McDonald's uses price pack architecture with varying prices for different purchasing methodsPricing strategies raise questions about fairness, data privacy, and macroeconomic implicationsSurge pricing in fast food is already present, similar to dynamic pricing in other industriesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Corporations Learned The Maximum Amount They Can Charge For a Product

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>In the past, TOPIX Inclusions took place when qualifying companies voluntarily applied for Prime Market memberships. Unlike most indices, TOPIX index membership was not based on a periodic selection process. </li>
<li>Quiddity's "Who is Ready" series of insights tracked companies which were able to satisfy the Key Section Transfer requirements to identify potential TOPIX Inclusions over the last few years.</li>
<li>With a new selection methodology about to become effective soon, this will be the final insights in the "Who is Ready" series.</li>
</ul>


In the past, TOPIX Inclusions took place when qualifying companies voluntarily applied for Prime Market memberships. Unlike most indices, TOPIX index membership was not based on a periodic selection process. 
Quiddity's "Who is Ready" series of insights tracked companies which were able to satisfy the Key Section Transfer requirements to identify potential TOPIX Inclusions over the last few years.
With a new selection methodology about to become effective soon, this will be the final insights in the "Who is Ready" series.


TOPIX Inclusions: Who Is Ready (Jul 2026) - End of Series; New Methodology Next

Japan

McDonald's Holdings Company (Japan), Ltd. operates a hamburger fast food restaurant chain throughout Japan.  The Company operates its own stores and franchise stores.

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Mcdonald's Japan (2702 JP)

McDonald Japan (2702): Higher Margin but Cheaper than Peers

With operating margin improving from 10% to 14.8% for last 5 years, McDonald Japan is supposed to perform better than the peers that produce half...

Henry Soediarko

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

JPX Proposes BIG Changes To TOPIX Rules, Affects IPOs More Than Market

Two years until the next TOPIX Big Bang. It's too early to start trading this names which are well in the money for inclusion might be buy-on-big...

Travis Lundy

Corporations Learned The Maximum Amount They Can Charge For a Product

Odd Lots podcast explores pricing strategies, including McDonald's variable pricing based on ordering methods, with discussions on fairness, value...

Odd Lots

TOPIX Inclusions: Who Is Ready (Jul 2026) - End of Series; New Methodology Next

There are currently 149 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 147 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

McDonald Japan (2702): Higher Margin but Cheaper than Peers

With operating margin improving from 10% to 14.8% for last 5 years, McDonald Japan is supposed to perform better than the peers that produce half...

Henry Soediarko

Curator's Cut: Korea Beyond Memory, SHEIN's Hong Kong Bow & TOPIX's Tailwind for Banks

​Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...

Pranav Rao

JPX Proposes BIG Changes To TOPIX Rules, Affects IPOs More Than Market

Two years until the next TOPIX Big Bang. It's too early to start trading this names which are well in the money for inclusion might be buy-on-big...

Travis Lundy

Corporations Learned The Maximum Amount They Can Charge For a Product

Odd Lots podcast explores pricing strategies, including McDonald's variable pricing based on ordering methods, with discussions on fairness, value...

Odd Lots

TOPIX Inclusions: Who Is Ready (Jul 2026) - End of Series; New Methodology Next

There are currently 149 names that satisfy all 5 key Segment Transfer requirements based on current data. Another 147 names can satisfy 4 out of 5...

Janaghan Jeyakumar, CFA

Discover names outside memory in Korea, review SHEIN's IPO, and understand TOPIX's impact on small-cap Japanese banks in this fortnightly...