Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

The overall expectation at the start of H1 2019, was that following a decade of seeing growth as the key focus (as ultra-accommodative global monetary policies provided cheap capital), the world would see a return to value. However, as we sit amid H1 2020 and Covid-19 expectation has not materialised.As part of the Covid-19 response, Interest rates are decreasing en-masse without a clear time frame on their reversal, investors in value orientated stocks are now being forced to adjust further to the new fiscal environment. However, as the Asia Pacific value / growth ratio nears a minus 2 standard deviation to the longer-term average, the probability of a reversal increases.We select 16 key names primed to continue our out performing screen, which delivered on average a 120bps of out performance since October 2019 <a href="https://www.smartkarma.com/insights/screening-the-silk-road-small-mid-cap-free-cash-flow" target="_blank" data-smartkarma-citation="insights:28877" rel="noopener">Screening the Silk Road: (Small-)Mid Cap Free Cash Flow</a> .

The overall expectation at the start of H1 2019, was that following a decade of seeing growth as the key focus (as ultra-accommodative global monetary policies provided cheap capital), the world would see a return to value. However, as we sit amid H1 2020 and Covid-19 expectation has not materialised.As part of the Covid-19 response, Interest rates are decreasing en-masse without a clear time frame on their reversal, investors in value orientated stocks are now being forced to adjust further to the new fiscal environment. However, as the Asia Pacific value / growth ratio nears a minus 2 standard deviation to the longer-term average, the probability of a reversal increases.We select 16 key names primed to continue our out performing screen, which delivered on average a 120bps of out performance since October 2019 Screening the Silk Road: (Small-)Mid Cap Free Cash Flow . 

Screening the Silk Road: (Small) Mid Cap Free Cash Flow

Quantitative Analysis

Since February 2012, Asia Pacific listed companies exhibiting growth characteristics have out performed their value peers. As we head towards the relationship nearing a minus one standard deviation to the longer-term ratio, we revisit our value-driven screen. With uncertain credit markets and refinancing needs amongst the growth universe, the relationship holds strong potential for reversal.Why did growth prolong its dominance in the last two quarters? Simply put, a reversal of strategies by Central Bank’s towards a “lower for longer stance around interest rates”, has seen value underperform growth for much of the last 12-months.We present 22-names which posses favorable cash flow profiles, 17 of these are new to our list, whilst the others remain as a result of favorable valuation characteristics from our March 2019 list.

Since February 2012, Asia Pacific listed companies exhibiting growth characteristics have out performed their value peers. As we head towards the relationship nearing a minus one standard deviation to the longer-term ratio, we revisit our value-driven screen. With uncertain credit markets and refinancing needs amongst the growth universe, the relationship holds strong potential for reversal.Why did growth prolong its dominance in the last two quarters? Simply put, a reversal of strategies by Central Bank’s towards a “lower for longer stance around interest rates”, has seen value underperform growth for much of the last 12-months.We present 22-names which posses favorable cash flow profiles, 17 of these are new to our list, whilst the others remain as a result of favorable valuation characteristics from our March 2019 list. 

Japan

The Pack Corporation produces paper products such as paper bags and corrugated cardboard boxes. The Company also manufactures plastic bags.

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Pack Corp/The (3950 JP)

Screening the Silk Road: (Small) Mid Cap Free Cash Flow

The overall expectation at the start of H1 2019, was that following a decade of seeing growth as the key focus (as ultra-accommodative global...

David Lepper

Screening the Silk Road: (Small) Mid Cap Free Cash Flow

Since February 2012, Asia Pacific listed companies exhibiting growth characteristics have out performed their value peers. As we head towards the...

David Lepper

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)