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

<ul>
<li>1H22 was a story of two halves: 1Q22 still showed record profits but 2Q22 got progressively worse. 3Q22 started weak with inventory clearance and Nvidia new GPU launch awaited.</li>
<li>Even after paying a fantastic final dividend in June 2022, it is now trading below net cash on the balance sheet.  </li>
<li>We estimate net cash on the balance sheet is now 9 HKD vs 7 HKD share price.</li>
</ul>


1H22 was a story of two halves: 1Q22 still showed record profits but 2Q22 got progressively worse. 3Q22 started weak with inventory clearance and Nvidia new GPU launch awaited.
Even after paying a fantastic final dividend in June 2022, it is now trading below net cash on the balance sheet.  
We estimate net cash on the balance sheet is now 9 HKD vs 7 HKD share price.


Preview Pc Partner 1H22 Earnings: Solid Profits and Cash Now over 100% of Market Cap

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>PC Partners has solid bull base line support to stage a fresh bull cycle. Old high support and key lows rest at the 7.50 level. </li>
<li>RSI is due to rally off of the bull wedge breakout support. Buy volumes are constructive on strength with weak sell volume on recent weakness (underlying bullish).</li>
<li>12.50 and 14 bull targets with the later the hurdle to clear to open the way higher.</li>
</ul>


PC Partners has solid bull base line support to stage a fresh bull cycle. Old high support and key lows rest at the 7.50 level. 
RSI is due to rally off of the bull wedge breakout support. Buy volumes are constructive on strength with weak sell volume on recent weakness (underlying bullish).
12.50 and 14 bull targets with the later the hurdle to clear to open the way higher.


PC Partner (1263) 7.50 Buy Zone for New Chart Highs

<ul>
<li>Pc Partner posted record results with revenue and profits increasing by 99%% and 1,047% respectively. The final 1.61 HKD dividend was below my 2 HKD estimate but still solid.</li>
<li>Cash grew to 3.1 b HKD vs a market cap of 4.37 b HKD, or 70% of market cap. By end of FY22 cash could be 100% of market cap.</li>
<li>The outlook is mixed with short-term ASP pressure into 2Q22 but longer-term optimism into 2H22. As always visibility is low but offset by a cheap valuation and large cash buffer.</li>
</ul>


Pc Partner posted record results with revenue and profits increasing by 99%% and 1,047% respectively. The final 1.61 HKD dividend was below my 2 HKD estimate but still solid.
Cash grew to 3.1 b HKD vs a market cap of 4.37 b HKD, or 70% of market cap. By end of FY22 cash could be 100% of market cap.
The outlook is mixed with short-term ASP pressure into 2Q22 but longer-term optimism into 2H22. As always visibility is low but offset by a cheap valuation and large cash buffer.


PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>If <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> announces an off-market buyback, there will be demand to replace the shares bought back, re-based higher.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>is trading cheap as Elliott throws in the towel.</li>
<li>The <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> selldown could be larger than people expect, and it is a decent chance to put on the arb trade. </li>
</ul>


If BHP Group (BHP AU) announces an off-market buyback, there will be demand to replace the shares bought back, re-based higher.

Bank of East Asia (23 HK)is trading cheap as Elliott throws in the towel.
The Sydney Airport (SYD AU) selldown could be larger than people expect, and it is a decent chance to put on the arb trade. 


Last Week in Event SPACE: BHP, Bank Of East Asia, Sydney Airport, Boral

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> issued a positive profit alert 15/12/2021.</li>
<li>Company will report FY21 results in 60 days which will be the best ever. 1H22 is on track to show growth YoY. </li>
<li>Forecast exceptional dividend to celebrate 25-yr since founding and 10-yr since IPO. </li>
</ul>



PC Partner (1263 HK) issued a positive profit alert 15/12/2021.
Company will report FY21 results in 60 days which will be the best ever. 1H22 is on track to show growth YoY. 
Forecast exceptional dividend to celebrate 25-yr since founding and 10-yr since IPO. 


Preview PC Partner FY21 Earnings: Record Profit + Record Dividend + Strong Outlook for FY22

Hong Kong

PC Partner Group Ltd. is principally engaged in the design, development and manufacture of video graphics cards. The Group manufactures various electronics components and products for customers under its electronics manufacturing services division and also manufactures other personal computers related products.

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PC Partner (1263 HK)

Preview Pc Partner 1H22 Earnings: Solid Profits and Cash Now over 100% of Market Cap

Pc Partner has seen a good 1Q22 but a sharp slowdown late in 2Q22. We forecast weakness into 3Q22 but are hopeful for a recovery in ASP on the back...

Nicolas Van Broekhoven

PC Partner (1263) 7.50 Buy Zone for New Chart Highs

PC Partners has solid bull base line support to stage a fresh bull cycle. Old high support and key lows rest at the 7.50 level.

Thomas Schroeder

PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.

Pc Partner has delivered record revenues and profits in FY21. The dividend yield on FY21 results is over 20%. Fair Value remains unchanged at 18 HKD.

Nicolas Van Broekhoven

Last Week in Event SPACE: BHP, Bank Of East Asia, Sydney Airport, Boral

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Preview PC Partner FY21 Earnings: Record Profit + Record Dividend + Strong Outlook for FY22

Pc Partner issued a positive profit alert last month. We preview its FY21 results due in 60 days and expect more of the same in FY22. On an ex-cash...

Nicolas Van Broekhoven

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