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/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> has a valuation disconnect: Free Cash Flow, Reported Earnings and Share Price. </li>
<li>Sharp's heavy capex business model shrank its Free cash flow over time, leading to an underperformance while <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a> has pivoted to new industries. </li>
<li>The management of Sharp will need to pivot to AI or any asset light business but it may not come any time soon. </li>
</ul>



Sharp Corp (6753 JP) has a valuation disconnect: Free Cash Flow, Reported Earnings and Share Price. 
Sharp's heavy capex business model shrank its Free cash flow over time, leading to an underperformance while Panasonic Corp (6752 JP) has pivoted to new industries. 
The management of Sharp will need to pivot to AI or any asset light business but it may not come any time soon. 


Sharp (6753) Vs. Panasonic (6752): Gap Will Not Narrow Soon

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names.</li><li>The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF.</li><li>Borrow markets tightened across several names, signalling active repositioning on both sides.</li></ul>

Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names.The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF.Borrow markets tightened across several names, signalling active repositioning on both sides.

Bears Scramble: Brazil Names and ETFs Dominate This Week's Short Moves

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Sony Group Corp is moving closer to a binding agreement that would transfer control of its home entertainment business to TCL Electronics in a transaction reportedly worth about $1 billion, marking one of the clearest signs yet that Sony is prepared to reshape its exposure to consumer hardware.</li><li>The discussions follow a January memorandum of understanding under which TCL would hold 51% of a joint venture and Sony 49%, with operations expected to begin in April 2027 and the business continuing to sell televisions under the Sony and Bravia brands while using TCL’s display technology.</li><li>Sony’s own February earnings call reinforced that direction, with management confirming negotiations toward a definitive agreement by the end of March and describing the move as part of an ongoing portfolio optimization effort.</li></ul>

Sony Group Corp is moving closer to a binding agreement that would transfer control of its home entertainment business to TCL Electronics in a transaction reportedly worth about $1 billion, marking one of the clearest signs yet that Sony is prepared to reshape its exposure to consumer hardware.The discussions follow a January memorandum of understanding under which TCL would hold 51% of a joint venture and Sony 49%, with operations expected to begin in April 2027 and the business continuing to sell televisions under the Sony and Bravia brands while using TCL’s display technology.Sony’s own February earnings call reinforced that direction, with management confirming negotiations toward a definitive agreement by the end of March and describing the move as part of an ongoing portfolio optimization effort.

TCL Buyout Move On Sony: Is This The End Of Sony TVs?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.</li>
<li>Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.</li>
<li>Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.</li>
</ul>


Global Ex-USA funds have almost eliminated a decade-long Japan underweight, lifting average exposure to 13.64%, just 0.22% below benchmark.
Japan has seen strong rotation in 2026, with an estimated $3.8bn of net inflows and broadening ownership across Industrials, Financials and Materials.
Stock selection is shifting towards semiconductors and industrial technology, led by Kioxia, Advantest and Sumitomo Electric, while established holdings including Nintendo and Sony lose ground.


<ul><li>Sony Group Corporation recently reported its FY 2025 third-quarter results and provided an outlook for the full year.</li><li>The company experienced a modest increase in sales and notable growth in operating and net income, marking record highs for the third quarter.</li><li>The results are largely driven by robust performances in specific segments, though challenges remain in others.</li></ul>

Sony Group Corporation recently reported its FY 2025 third-quarter results and provided an outlook for the full year.The company experienced a modest increase in sales and notable growth in operating and net income, marking record highs for the third quarter.The results are largely driven by robust performances in specific segments, though challenges remain in others.

Sony Group Bets Big on Strategic Partnerships—Can the TCL Alliance Redefine Home Entertainment?

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Sharp (6753) Vs. Panasonic (6752): Gap Will Not Narrow Soon

Sharp Co is still suffering from the legacy business that is asset heavy and eroding free cash flow while Panasonic has moved on to growth...

Henry Soediarko

Bears Scramble: Brazil Names and ETFs Dominate This Week's Short Moves

Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names. The biggest stories were a...

ORTEX Market Intel

TCL Buyout Move On Sony: Is This The End Of Sony TVs?

Sony Group Corp is moving closer to a binding agreement that would transfer control of its home entertainment business to TCL Electronics in a...

Baptista Research

Japan: Underweight No More?

Global Ex-USA funds have almost eliminated their decade-long Japan underweight, as rising allocations and strong inflows drive rotation towards...

Steven Holden

Sony Group Bets Big on Strategic Partnerships—Can the TCL Alliance Redefine Home Entertainment?

Sony Group Corporation recently reported its FY 2025 third-quarter results and provided an outlook for the full year. The company experienced a...

Baptista Research

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