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/nexteer-automotive-group-ltd" target="_blank" data-smartkarma-citation="entities:15483:1" rel="noopener">Nexteer Automotive (1316 HK)</a> share price fell 50% in Q1 22 due to the China lockdown scare although it has manufacturing facilities all over the world. </li>
<li>It traded below book value at some point and rallied alongside other Chinese names in the past month to currently at book value. </li>
<li>Most of the new business won is from EV OEMs thus the company deserves a higher multiple given the high growth in the EV sector. </li>
</ul>



Nexteer Automotive (1316 HK) share price fell 50% in Q1 22 due to the China lockdown scare although it has manufacturing facilities all over the world. 
It traded below book value at some point and rallied alongside other Chinese names in the past month to currently at book value. 
Most of the new business won is from EV OEMs thus the company deserves a higher multiple given the high growth in the EV sector. 


Nexteer (1316): Unjustly Punished and Bounce Soon?

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>
Elon can't get out of his stupidly overpriced, but solidly binding agreement to buy Twitter. But he can tie it up in court indefinitely. </li>
<li>Meanwhile, Twitter's prospects for operational improvement are mixed at best.</li>
<li>Twitter is left in limbo, as are its investors. What should bondholders do?
</li>
</ul>



Elon can't get out of his stupidly overpriced, but solidly binding agreement to buy Twitter. But he can tie it up in court indefinitely. 
Meanwhile, Twitter's prospects for operational improvement are mixed at best.
Twitter is left in limbo, as are its investors. What should bondholders do?



Elon's Trying To Get Out Of Buying Twitter—As We Knew He Would

<ul>
<li>
Tesla sold more cars in China in Q4 2021 than anywhere in the world. </li>
<li>
Model Y ramp-up continues, until it doesn't, while Model 3 struggles even harder to keep up. </li>
<li>Also true: Tesla is still losing market share in China—and every other key market.</li>
</ul>



Tesla sold more cars in China in Q4 2021 than anywhere in the world. 

Model Y ramp-up continues, until it doesn't, while Model 3 struggles even harder to keep up. 
Also true: Tesla is still losing market share in China—and every other key market.


Tesla's third quarter deliveries topped 241,000, trouncing market consensus and my best case estimate.That said, it was an easy comp given new Model Y sales and new market expansions that didn't exist last year—as I expected. But how much of the beat was home grown?In any case, bigger numbers mean bigger numbers, so I have increased my estimates for third quarter revenue and profits.

Tesla's third quarter deliveries topped 241,000, trouncing market consensus and my best case estimate.That said, it was an easy comp given new Model Y sales and new market expansions that didn't exist last year—as I expected. But how much of the beat was home grown?In any case, bigger numbers mean bigger numbers, so I have increased my estimates for third quarter revenue and profits.

Tesla Reports Record Q3 Deliveries; Blow Out Quarter Secured

For years now, <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> and its ardent fans haven’t worried that none of its businesses are profitable because it has sold billions of dollars in energy emissions credits to offset its rivers of red ink (see my latest report on this, <a href="https://www.smartkarma.com/insights/tesla-goes-to-record-extremes-to-create-q1-profits" target="_blank" data-smartkarma-citation="insights:50821" rel="noopener">Tesla Goes to Record Extremes To Create Q1 "Profits"</a> on 4/28/21).They dismissed concerns that every penny of cash it has ever banked came from selling said energy credits on top of selling billions in stock to said fans and borrowing even more in debt.Pull these pesky threads and everything can unravel quickly, as I long have warned (for example, in <a href="https://www.smartkarma.com/insights/tesla-the-sky-s-the-limit-until" target="_blank" data-smartkarma-citation="insights:47414" rel="noopener">Tesla: The Sky's The Limit...Until</a> on 1/28/21).Sure enough, <a href="https://www.smartkarma.com/entities/stellantis-nv" target="_blank" data-smartkarma-citation="entities:798:1" rel="noopener">Stellantis NV (STLA US)</a> told reporters this week that it <a href="https://europe.autonews.com/environmentemissions/stellantis-hit-emissions-target-without-teslas-help-ceo-tavares-says?utm_source=dlvr.it&amp;utm_medium=twitter" target="_blank" rel="noopener">expects to meet European emissions standards on its own</a> this year without buying any more credits from Tesla.That creates a big problem for Tesla because lucrative energy credit sales to Stellantis have been the primary source of all of Tesla’s manufactured “profits” since Q2 2019, which created:<ul>
<li>the basis for Tesla’s recent addition to the S&amp;P 500 Index</li>
<li>and its mythological equity valuation</li>
<li>and its ability to sell stock at grossly inflated prices</li>
<li>and its artificially inflated credit rating which lets it borrow with impunity at cheap rates.</li>
</ul>

For years now, Tesla Motors (TSLA US) and its ardent fans haven’t worried that none of its businesses are profitable because it has sold billions of dollars in energy emissions credits to offset its rivers of red ink (see my latest report on this, Tesla Goes to Record Extremes To Create Q1 "Profits" on 4/28/21).They dismissed concerns that every penny of cash it has ever banked came from selling said energy credits on top of selling billions in stock to said fans and borrowing even more in debt.Pull these pesky threads and everything can unravel quickly, as I long have warned (for example, in Tesla: The Sky's The Limit...Until on 1/28/21).Sure enough, Stellantis NV (STLA US) told reporters this week that it expects to meet European emissions standards on its own this year without buying any more credits from Tesla.That creates a big problem for Tesla because lucrative energy credit sales to Stellantis have been the primary source of all of Tesla’s manufactured “profits” since Q2 2019, which created:
the basis for Tesla’s recent addition to the S&amp;P 500 Index
and its mythological equity valuation
and its ability to sell stock at grossly inflated prices
and its artificially inflated credit rating which lets it borrow with impunity at cheap rates.


Netherlands

Stellantis is a multinational automotive manufacturing corporation that designs, engineers, manufactures, distributes, and sells vehicles and components. Formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, the company offers a portfolio of 14 iconic vehicle brands including Jeep, Peugeot, Citroën, Fiat, and Dodge. Stellantis is headquartered in Hoofddorp, Netherlands, and was founded on January 17, 2021.

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Stellantis (STLAM IM)

Nexteer (1316): Unjustly Punished and Bounce Soon?

Nexteer should not be priced as a combustion engine auto supplier but EV auto supplier which means higher valuation due to the higher growth rate.

Henry Soediarko

Elon's Trying To Get Out Of Buying Twitter—As We Knew He Would

Elon can't get out of his stupidly overpriced, but solidly binding agreement to buy Twitter. But he can tie it up in court indefinitely. What...

Vicki Bryan

Tesla's China Syndrome Will Spread

Tesla sold more cars in China in Q4 2021 than anywhere in the world. Model Y ramp-up continues, until it doesn't, while Model 3 struggles even...

Vicki Bryan

Tesla Reports Record Q3 Deliveries; Blow Out Quarter Secured

Q3 deliveries topped 241,000, trouncing market consensus & my best case estimate. It was an easy comp vs weak results last yr on new model & market...

Vicki Bryan

Tesla: So Long, Free Money

Stellantis says it will stop buying billions of dollars in energy credits from Tesla, leaving a giant hole in Tesla's "profit" potential and...

Vicki Bryan

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