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

As vaccination rate has gradually inched up higher and the Singapore government has taken a bold step to re-open the economy including bringing back foreign talents leading to a higher population and, therefore, higher revenue for public transport services of <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> , Comfordelgro stock looks quite promising. 
Comfortdelgro's share price has underperformed the Singapore national carrier by a wide margin when the latter was trading at below book value. Now that <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> is trading at book value, there may not be much short-term upside left, and even if there is, it means its PER will be quite high which will make Comfortdelgro (at 24x PER) looks relatively cheaper.

As vaccination rate has gradually inched up higher and the Singapore government has taken a bold step to re-open the economy including bringing back foreign talents leading to a higher population and, therefore, higher revenue for public transport services of Comfortdelgro Corp (CD SP) , Comfordelgro stock looks quite promising. 
Comfortdelgro's share price has underperformed the Singapore national carrier by a wide margin when the latter was trading at below book value. Now that Singapore Airlines (SIA SP) is trading at book value, there may not be much short-term upside left, and even if there is, it means its PER will be quite high which will make Comfortdelgro (at 24x PER) looks relatively cheaper. 

Thailand has found out an interesting mix of vaccines that is so far safe with a number of Thai as clinical trials that led the government to regain its confidence in the country's reopening. The company's share price has lagged the Thai Index by around 12% and it is currently trading at 7% PBR to its 5 years historical PBR. The downside may come from the slow down in the vaccination drive and also from the potential of further virus mutataion. Nonetheless, Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue increment in the next year.

Thailand has found out an interesting mix of vaccines that is so far safe with a number of Thai as clinical trials that led the government to regain its confidence in the country's reopening. The company's share price has lagged the Thai Index by around 12% and it is currently trading at 7% PBR to its 5 years historical PBR. The downside may come from the slow down in the vaccination drive and also from the potential of further virus mutataion. Nonetheless, Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue increment in the next year. 

Indonesia's recovery from the COVID-19 induced pandemic is within a few months away as the inoculation rate in Jakarta has reached 57%, although the rest of the nation's inoculation rate is still at 15%.  
While <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ)</a> previously suffered from the Airport Express that took the former's market share in that route, the recent collaboration with PT KAI (National Train of Indonesia) allows Bluebird taxis to be included when customers are booking train tickets, creating a new distribution channel for Bluebird besides its existing partnership with Gojek. 
The downside of owning Bluebird's share right now is quite limited as the mobility lockdown is only months from over thus owning Bluebird right now can be likened to have a long position on a call option. Its share price should trade at least at book value or even higher at 1.2x PBR, implying a potential return of between 76% to 126%.

Indonesia's recovery from the COVID-19 induced pandemic is within a few months away as the inoculation rate in Jakarta has reached 57%, although the rest of the nation's inoculation rate is still at 15%.  
While Blue Bird (BIRD IJ) previously suffered from the Airport Express that took the former's market share in that route, the recent collaboration with PT KAI (National Train of Indonesia) allows Bluebird taxis to be included when customers are booking train tickets, creating a new distribution channel for Bluebird besides its existing partnership with Gojek. 
The downside of owning Bluebird's share right now is quite limited as the mobility lockdown is only months from over thus owning Bluebird right now can be likened to have a long position on a call option. Its share price should trade at least at book value or even higher at 1.2x PBR, implying a potential return of between 76% to 126%. 

Blue Bird (BIRD): New Distribution Channel and Limited Downside.

Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. 
At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?
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For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. 
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Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. 
At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?

For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, Comfortdelgro Corp (CD SP) provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. 


<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>is back to profit after a gruelling 1 year navigating around the COVID-19 situation in Singapore and their other geographical presence around the world. As Singapore hit a high vaccination rate, there is a lot of potential for further restrictions relaxation that will increase mobility in the country, which will increase ridership in Singapore. 
The Australian's business IPO could unlock the value for ComfortDelgro to double from the current market capitalization that makes it even sweeter to own Comfortdelgro.

Comfortdelgro Corp (CD SP)is back to profit after a gruelling 1 year navigating around the COVID-19 situation in Singapore and their other geographical presence around the world. As Singapore hit a high vaccination rate, there is a lot of potential for further restrictions relaxation that will increase mobility in the country, which will increase ridership in Singapore. 
The Australian's business IPO could unlock the value for ComfortDelgro to double from the current market capitalization that makes it even sweeter to own Comfortdelgro. 

Comfortdelgro (CD): Reopening and Australia IPO

Singapore

SATS is a leading provider of gateway services and food solutions for the aviation industry and beyond. It offers air cargo handling, baggage and ramp handling, passenger services, aviation security, and in-flight catering, as well as food distribution and logistics. Headquartered in Singapore, the company was founded in 1972.

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SATS (SATS SP)

Comfortdelgro (CD): March Forward

Comfortdelgro's share price has underperformed the Singapore national carrier by a wide margin when the latter was trading at below book value.

Henry Soediarko

AOT: Thailand Reopening

Thailand is recovering from the COVID-19 as herd immunity in China is expected to be achieved by end of this year thus a potential for a revenue...

Henry Soediarko

Blue Bird (BIRD): New Distribution Channel and Limited Downside.

Blue Bird (suffered from the Airport Express that took the former's market share, the recent collaboration with PT KAI allows Bluebird taxis to be...

Henry Soediarko

Comfortdelgro (CD): On-The-Ground Survey

it is almost certain that the company's net earnings can go back to pre-COVID-19 level; the question is when? Will it take another quarter or...

Henry Soediarko

Comfortdelgro (CD): Reopening and Australia IPO

The Australian's business IPO could unlock the value for ComfortDelgro to double from the current market that makes it even sweeter to own...

Henry Soediarko

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