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/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. 


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

• RESULTS - 29th MARCH •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/979/original/image_20691903021617048798901.png?1617048799" class="editor-image img-responsive" data-smartkarma-image-id="197979"></figure>RESULTS -  Of Monday's three results, <a href="https://www.smartkarma.com/entities/arcland-sakamoto-co-ltd" target="_blank" data-smartkarma-citation="entities:10395:1" rel="noopener">Arcland Sakamoto (9842 JP)</a> stands out but is driven by the LIXIL VIVA acquisition. The FY22 forecasts are conservative and leave ample room for an upward revision. Arcland is our preferred Home Centre holding and is back into an attractive buying zone following last year's COVID-driven spike into OverBought territory.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/985/original/image_58825059031617049684417.png?1617049685" class="editor-image img-responsive" data-smartkarma-image-id="197985"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/986/original/image_44235549241617050056401.png?1617050057" class="editor-image img-responsive" data-smartkarma-image-id="197986"></figure>• FORECASTS/REVISIONS - 29th MARCH •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/987/original/image_83881428151617050520638.png?1617050521" class="editor-image img-responsive" data-smartkarma-image-id="197987"></figure>FORECASTS/REVISIONS - Of the 14 annual forecasts and revisions, 57% scored positively. The DETAIL Section below focuses on <a href="https://www.smartkarma.com/entities/organo-corp" target="_blank" data-smartkarma-citation="entities:1972:1" rel="noopener">Organo (6368 JP)</a> and <a href="https://www.smartkarma.com/entities/keihan-electric-railway-co" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Electric Railway (9045 JP)</a>. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/988/original/image_80065899161617052150856.png?1617052151" class="editor-image img-responsive" data-smartkarma-image-id="197988"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/197/989/original/image_62815698771617052194528.png?1617052195" class="editor-image img-responsive" data-smartkarma-image-id="197989"></figure>

• RESULTS - 29th MARCH •RESULTS -  Of Monday's three results, Arcland Sakamoto (9842 JP) stands out but is driven by the LIXIL VIVA acquisition. The FY22 forecasts are conservative and leave ample room for an upward revision. Arcland is our preferred Home Centre holding and is back into an attractive buying zone following last year's COVID-driven spike into OverBought territory.• FORECASTS/REVISIONS - 29th MARCH •FORECASTS/REVISIONS - Of the 14 annual forecasts and revisions, 57% scored positively. The DETAIL Section below focuses on Organo (6368 JP) and Keihan Electric Railway (9045 JP). 

🇯🇵 JAPAN • Results & Revisions 03/​​​​​​​​29 - Arcland, Organo & Keihan

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We screened for names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the forecast numbers, we are using company guidance as most of the names do not have Analyst coverage. Basically we are looking for names that are not well known but are growing and valuations are cheap.Names with very low PE ratios are <a href="https://www.smartkarma.com/entities/15900" target="_blank" data-smartkarma-citation="entities:15900:1">Sanyo Special Steel Co Ltd (5481 JP)</a> with a 2x PE, <a href="https://www.smartkarma.com/entities/9957" target="_blank" data-smartkarma-citation="entities:9957:1">Toenec Corp (1946 JP)</a> with a 3x PE and <a href="https://www.smartkarma.com/entities/1972" target="_blank" data-smartkarma-citation="entities:1972:1">Organo Corp (6368 JP)</a> with a…

We screened for names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the forecast numbers, we are using company guidance as most of the names do not have Analyst coverage. Basically we are looking for names that are not well known but are growing and valuations are cheap.Names with very low PE ratios are Sanyo Special Steel Co Ltd (5481 JP) with a 2x PE, Toenec Corp (1946 JP) with a 3x PE and Organo Corp (6368 JP) with a…

Small-Cap Growth Names with Good Valuations in Japan....

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

<ul>
<li>New orders are running ahead of sales as semiconductor capital spending continues to rise and the company follows TSMC to Arizona.</li>
<li>Water treatment for the semiconductor industry is of growing importance as more emphasis is put on recycling.</li>
<li>Share price up, but still reasonably valued. 3Q results should be out the first week of February.</li>
</ul>


New orders are running ahead of sales as semiconductor capital spending continues to rise and the company follows TSMC to Arizona.
Water treatment for the semiconductor industry is of growing importance as more emphasis is put on recycling.
Share price up, but still reasonably valued. 3Q results should be out the first week of February.


Organo (6368 JP): From Taiwan to the U.S.

Japan

ORGANO CORPORATION manufactures water treatment equipment and other related peripherals and supplies.  The Company also produces industrial chemical products such as activated carbon and charcoal, water treatment compounds, and ion exchange resins.  Organo's water treatment systems are used for ultra-pure water production in nuclear power and semiconductor manufacturing processes.

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Organo Corp (6368 JP)

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

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

🇯🇵 JAPAN • Results & Revisions 03/29 - Arcland, Organo & Keihan

Of Monday's three results, Arcland Sakamoto (9842 JP) stands out but is driven by the LIXIL VIVA acquisition. The FY22 forecasts are conservative...

Campbell Gunn

Small-Cap Growth Names with Good Valuations in Japan....

We screened for names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the...

Custom Products Group

Organo (6368 JP): From Taiwan to the U.S.

Share price up but now consolidating and reasonably valued. Following TSMC to Arizona. Geared to semiconductor capacity expansion and growing...

Scott Foster

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

🇯🇵 JAPAN • Results & Revisions 03/​​​​​​​​29 - Arcland, Organo & Keihan

Of Monday's three results, Arcland Sakamoto (9842 JP) stands out but is driven by the LIXIL VIVA acquisition. The FY22 forecasts are conservative...

Campbell Gunn

Small-Cap Growth Names with Good Valuations in Japan....

We screened for names with little or no coverage that have been growing over the last couple of years and the valuations look really good. For the...

Custom Products Group

Organo (6368 JP): From Taiwan to the U.S.

Share price up but now consolidating and reasonably valued. Following TSMC to Arizona. Geared to semiconductor capacity expansion and growing...

Scott Foster

🇯🇵 JAPAN • Results & Revisions 03/29 - Arcland, Organo & Keihan