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>If you are (still) bullish on data centers and AI, <a href="https://www.smartkarma.com/entities/murata-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:11649:1" rel="noopener">Murata Manufacturing (6981 JP)</a>  is the one you should go long. </li>
<li>
<a href="https://www.smartkarma.com/entities/murata-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:11649:1" rel="noopener">Murata Manufacturing (6981 JP)</a> grew its OPM more than <a href="https://www.smartkarma.com/entities/tdk-corp" target="_blank" data-smartkarma-citation="entities:18847:1" rel="noopener">TDK Corp (6762 JP)</a> while its revenue growth is smaller than the latter, a sign of effective operating leverage. </li>
<li>For investors who prefer earnings quality and margin expansion over top line revenue growth, Murata is your answer. </li>
</ul>


If you are (still) bullish on data centers and AI, Murata Manufacturing (6981 JP)  is the one you should go long. 

Murata Manufacturing (6981 JP) grew its OPM more than TDK Corp (6762 JP) while its revenue growth is smaller than the latter, a sign of effective operating leverage. 
For investors who prefer earnings quality and margin expansion over top line revenue growth, Murata is your answer. 


Murata (6981) Vs. TDK (6762): Still Murata

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum.  Analysts project a 35% one-year return for the sector.</li>
<li>Outflows to Hong Kong ETFs since the start of the Iran War have reversed and remained neutral this month.  Southbound net flows are flat after turning negative in 1Q26.</li>
<li><a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a> has been in the news following its 1H26 earnings report. The company's H shares have gained 30% since their July listing.</li>
</ul>


The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum.  Analysts project a 35% one-year return for the sector.
Outflows to Hong Kong ETFs since the start of the Iran War have reversed and remained neutral this month.  Southbound net flows are flat after turning negative in 1Q26.
Chaozhou Three-Circle (6951 HK) has been in the news following its 1H26 earnings report. The company's H shares have gained 30% since their July listing.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>'s cross-shareholding.</li>
<li>Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.
Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

<ul>
<li>
<a href="https://www.smartkarma.com/entities/murata-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:11649:1" rel="noopener">Murata Manufacturing (6981 JP)</a> posted strong earnings, combined with a 4% share buyback and a dividend hike to JPY 70/share, helping push the share price higher. </li>
<li>
<a href="https://www.smartkarma.com/entities/tdk-corp" target="_blank" data-smartkarma-citation="entities:18847:1" rel="noopener">TDK Corp (6762 JP)</a> invests in the AI ecosystem, advanced sensors, and solid-state battery lines, thus its share price will play catch-up somewhat later despite its undervaluation.</li>
<li>Buyback list with more than a 4% share buyback is discussed, and as long as the buyback is partnered with strong earnings results, the share price upward momentum sustains.</li>
</ul>



Murata Manufacturing (6981 JP) posted strong earnings, combined with a 4% share buyback and a dividend hike to JPY 70/share, helping push the share price higher. 

TDK Corp (6762 JP) invests in the AI ecosystem, advanced sensors, and solid-state battery lines, thus its share price will play catch-up somewhat later despite its undervaluation.
Buyback list with more than a 4% share buyback is discussed, and as long as the buyback is partnered with strong earnings results, the share price upward momentum sustains.


Japan

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied electronic components.  The Company's products include filters, capacitors, thermistors, resistors, noise suppression components, coils, piezoelectric sound components, power supplies, sensors, hybrid integrated circuit (IC), and microwave components.

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Murata Manufacturing (6981 JP)

Murata (6981) Vs. TDK (6762): Still Murata

Murata 6981 JP offers a better earnings quality and margin expansion (from AI and data center) while TDK offers faster top line growth. Which one...

Henry Soediarko

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)

The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum. Analysts project a 35%...

David Mudd

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Murata (6981): Vs TDK - Near Vs Mid Term

Murata posts strong earnings, buyback, and dividend hike, boosting share price. TDK Corp invests in AI, sensors, and batteries, set for share...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Murata (6981) Vs. TDK (6762): Still Murata

Murata 6981 JP offers a better earnings quality and margin expansion (from AI and data center) while TDK offers faster top line growth. Which one...

Henry Soediarko

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 2026)

The healthcare sector continues to outperform in September, remaining in the leading quadrant for strength and momentum. Analysts project a 35%...

David Mudd

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

Murata (6981): Vs TDK - Near Vs Mid Term

​Murata posts strong earnings, buyback, and dividend hike, boosting share price. TDK Corp invests in AI, sensors, and batteries, set for share...

Henry Soediarko

Murata posts strong earnings, buyback, and dividend hike, boosting share price. TDK Corp invests in AI, sensors, and batteries, set for share...