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

Thematic (Sector/Industry)

<ul>
<li>The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. </li>
<li>Our best performer was unloved <a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a> which returned 234% even beating <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> YTD performance.  Miracles happen: Coal mining beats AI.</li>
<li>Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.</li>
</ul>


The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. 
Our best performer was unloved Mongolian Mining (975 HK) which returned 234% even beating NVIDIA Corp (NVDA US) YTD performance.  Miracles happen: Coal mining beats AI.
Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.


Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Plover Bay Technologies / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" rel="noopener">Plover Bay Technologies (1523 HK)</a> reported 28.4%/55 % YoY revenue/net profit growth, led by growth from new customers in the US, Australia, and Europe. </li>
<li>The company reiterated its long-term guidance of reaching 300 mn USD revenue (FY23: 94 mn USD) in less than ten years. There was no clear guidance for FY24. </li>
<li>The stock trades at 14.8x PE FY24e, with a 5.4% dividend yield (assuming an 80% payout), and is at the cusp of an inflection in its growth. </li>
</ul>



Plover Bay Technologies (1523 HK) reported 28.4%/55 % YoY revenue/net profit growth, led by growth from new customers in the US, Australia, and Europe. 
The company reiterated its long-term guidance of reaching 300 mn USD revenue (FY23: 94 mn USD) in less than ten years. There was no clear guidance for FY24. 
The stock trades at 14.8x PE FY24e, with a 5.4% dividend yield (assuming an 80% payout), and is at the cusp of an inflection in its growth. 


Plover Bay (1523 HK): Solid H1 FY24, Inflection Point In Earnings

<ul>
<li>We expect strong 30-35% YoY earnings growth in <a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" data-smartkarma-citation="entities:24191:1" rel="noopener">Plover Bay Technologies (1523 HK)</a> for its earnings to be released in July for H1 FY24. </li>
<li>We expect the company to continue its 80% dividend payout ratio, which will result in a 4% semi-annual yield (8% annualized). </li>
<li>Trading at 12.2x with &gt;50% ROEs and net cash of &gt;30 mn USD, we expect the strong results to catalyze a further multiple rerate.</li>
</ul>


We expect strong 30-35% YoY earnings growth in Plover Bay Technologies (1523 HK) for its earnings to be released in July for H1 FY24. 
We expect the company to continue its 80% dividend payout ratio, which will result in a 4% semi-annual yield (8% annualized). 
Trading at 12.2x with &gt;50% ROEs and net cash of &gt;30 mn USD, we expect the strong results to catalyze a further multiple rerate.


Plover Bay 1523 HK Earnings Preview: Strong H1 FY24, Rerating to Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" data-smartkarma-citation="entities:24191:1" rel="noopener">Plover Bay Technologies (1523 HK)</a> reported an 8.5%/ 24YoY increase in revenue/profits (%). Profits increased due to a net margin expansion of 370 bps to 29.8%. </li>
<li>The company had <a href="https://www.prnewswire.com/news-releases/peplink-is-the-first-authorized-starlink-technology-provider-302035263.html" target="_blank" rel="noopener">positive news in January</a> when <a href="https://www.starlink.com/" target="_blank" rel="noopener">Peplink</a> announced that it had agreed with SpaceX's <a href="https://www.starlink.com/" target="_blank" rel="noopener">Starlink</a> to become an authorized technology provider using Peplink SD-WAN routers.</li>
<li>Trading at 11x/10x PE FY23/FY24e, with an 8.2% trailing dividend yield and ~60% ROE, this is another growth/dividend gem worth exploring.</li>
</ul>



Plover Bay Technologies (1523 HK) reported an 8.5%/ 24YoY increase in revenue/profits (%). Profits increased due to a net margin expansion of 370 bps to 29.8%. 
The company had positive news in January when Peplink announced that it had agreed with SpaceX's Starlink to become an authorized technology provider using Peplink SD-WAN routers.
Trading at 11x/10x PE FY23/FY24e, with an 8.2% trailing dividend yield and ~60% ROE, this is another growth/dividend gem worth exploring.


Plover Bay 1523 HK: Solid FY23 Performance and Dividends, Rerating on the Cards

<ul>
<li>
<a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" data-smartkarma-citation="entities:24191:1" rel="noopener">Plover Bay Technologies (1523 HK)</a> reported 9.9%/13.4% YoY revenue/net profit growth, led by growth from customers in the EMEA and Asia (with the US being a drag).</li>
<li>Earnings were more or less in line with our preview, <a href="https://www.smartkarma.com/insights/plover-bay-1523-hk-preview-on-earnings-for-h1-2025" target="_blank" data-smartkarma-citation="insights:187908" rel="noopener">Plover Bay (1523 HK): Preview On Earnings For H1 2025</a>, but revenues were slightly weaker, and margins were stronger.</li>
<li>The stock trades at 21.5x PE FY25e (assuming 15% growth), with a 4.4% dividend yield (assuming an 80% payout), but we acknowledge there could be upside to our earnings. </li>
</ul>



Plover Bay Technologies (1523 HK) reported 9.9%/13.4% YoY revenue/net profit growth, led by growth from customers in the EMEA and Asia (with the US being a drag).
Earnings were more or less in line with our preview, Plover Bay (1523 HK): Preview On Earnings For H1 2025, but revenues were slightly weaker, and margins were stronger.
The stock trades at 21.5x PE FY25e (assuming 15% growth), with a 4.4% dividend yield (assuming an 80% payout), but we acknowledge there could be upside to our earnings. 


Plover Bay (1523 HK): Slight Deceleration But Solid H1 FY25 And Optimistic Future Growth

Hong Kong

Plover Bay Technologies designs, develops, markets, and sells software-defined wide area network (SD-WAN) routers and related products globally under the Peplink and Pepwave brands. The company offers wired and wireless SD-WAN routers, networking peripherals, software licenses, and warranty and support services. It was founded in 2006 and is headquartered in Lai Chi Kok, Hong Kong.

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Plover Bay Technologies (1523 HK)

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

Plover Bay (1523 HK): Solid H1 FY24, Inflection Point In Earnings

We summarize the earnings of Plover Bay (1523 HK) for H1 FY24. The company reached an inflection point with 28%/55% YoY revenue and profit growth.

Sameer Taneja

Plover Bay 1523 HK Earnings Preview: Strong H1 FY24, Rerating to Continue

We preview Plover Bay Technologies' (1523 HK) earnings. The stock is trading at 12.2x PE, net cash, and a dividend yield of 8.3%, with ROEs of over...

Sameer Taneja

Plover Bay 1523 HK: Solid FY23 Performance and Dividends, Rerating on the Cards

We summarize the Plover Bay (1523 HK) financial result for FY23. The stock trades at an undemanding 10.2x FY24 PE with an 8.2% trailing dividend...

Sameer Taneja

Plover Bay (1523 HK): Slight Deceleration But Solid H1 FY25 And Optimistic Future Growth

We review Plover Bay (1523 HK) H1 FY25 results and post-earnings call, expecting strong H2 2025 growth driven by key factors, with our rationale...

Sameer Taneja

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