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/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> +227% MoM revenue surge in May 2026 was a event-driven event caused by the resumption of lagging progress billings for the Kaohsiung 205 Arsenal soil remediation project.</li>
<li>Competitors <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> reported flat monthly revenue trends, highlighting that their business models lack Cleanaway’s volatile but high-upside.</li>
<li>The explosive data pivot, combined with Taiwan passing the strict Resource Circulation Promotion Act, confirms Cleanaway’s asymmetrical growth potential and structural importance to the local tech supply chain. Buy.</li>
</ul>



Cleanaway (8422 TT) +227% MoM revenue surge in May 2026 was a event-driven event caused by the resumption of lagging progress billings for the Kaohsiung 205 Arsenal soil remediation project.
Competitors Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) reported flat monthly revenue trends, highlighting that their business models lack Cleanaway’s volatile but high-upside.
The explosive data pivot, combined with Taiwan passing the strict Resource Circulation Promotion Act, confirms Cleanaway’s asymmetrical growth potential and structural importance to the local tech supply chain. Buy.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook<em>.</em> We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.</p>

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for international equity markets, and supports our neutral outlook. We continue to recommend avoiding broad indexed exposure in favor of selectivity. In today’s report we highlight actionable country- and Sector-specific themes within Norway, India, Japan and Australia.

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

<ul>
<li>Taiwan is not just tech or <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)</a> , there are other companies that perform, including potentially <a href="https://www.smartkarma.com/entities/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> .</li>
<li>The valuation has normalized, and with the current projects in the pipeline, it could provide a significant upside; thus, a short position needs to be closed and locked in profit. </li>
<li>February revenue has increased 75%, much larger than its peers <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> that gone up 10% and 14% respectively. </li>
</ul>


Taiwan is not just tech or TSMC (Taiwan Semiconductor Manufacturing) (2330 TT) , there are other companies that perform, including potentially Cleanaway (8422 TT) .
The valuation has normalized, and with the current projects in the pipeline, it could provide a significant upside; thus, a short position needs to be closed and locked in profit. 
February revenue has increased 75%, much larger than its peers Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) that gone up 10% and 14% respectively. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanaway-co-ltd" target="_blank" data-smartkarma-citation="entities:13990:1" rel="noopener">Cleanaway (8422 TT)</a> is the key beneficiary of the recent Waste Disposal Act evolving into the Resource Circulation Promotion Act. </li>
<li>Share price has gone up 70% this year, while the peers ( <a href="https://www.smartkarma.com/entities/sunny-friend-environmental-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17764:1" rel="noopener">Sunny Friend Environmental Technology (8341 TT)</a> and <a href="https://www.smartkarma.com/entities/chung-tai-resource-technology-corp" target="_blank" data-smartkarma-citation="entities:45120:1" rel="noopener">Chung Tai Resource Technology (6923 TT)</a> ) have not.</li>
<li>Cleanway valuation is twice that of Sunny Friend and Chung Tai Resource technology, indicating a short-term overvaluation. </li>
</ul>



Cleanaway (8422 TT) is the key beneficiary of the recent Waste Disposal Act evolving into the Resource Circulation Promotion Act. 
Share price has gone up 70% this year, while the peers ( Sunny Friend Environmental Technology (8341 TT) and Chung Tai Resource Technology (6923 TT) ) have not.
Cleanway valuation is twice that of Sunny Friend and Chung Tai Resource technology, indicating a short-term overvaluation. 


Cleanaway (8422)- Gone up a Bit Too Much?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Oct 17th. The aggregated short interest was USD27.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wistron, TSMC, BizLink, Gigabyte Technology, Zhen Ding Technology, Wistron, TSMC, BizLink, Gigabyte Technology, Zhen Ding Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Oct 17th. The aggregated short interest was USD27.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wistron, TSMC, BizLink, Gigabyte Technology, Zhen Ding Technology, Wistron, TSMC, BizLink, Gigabyte Technology, Zhen Ding Technology.


TWSE Short Interest Weekly (Oct 17th): Wistron, TSMC, BizLink, Gigabyte Technology

Taiwan

Sunny Friend Environmental Technology Co.,Ltd. is a industrial infectious waste disposal company. The Company provides industrial waste clearance and disposal, landfill and incineration services, biomedical waste treatment and environmental law consulting.

Sunny Friend Environmental Technology (8341 TT)

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Sunny Friend Environmental Technology (8341 TT)

Cleanaway (8422): Buy More

Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Henry Soediarko

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for...

Vermilion Research

Cleanaway (8422): Cover the Shorts

Taiwan is not only TSMC, companies like Cleanaway showing potential for growth and upside in valuation. The Green Energy and Circular economy...

Henry Soediarko

Cleanaway (8422)- Gone up a Bit Too Much?

Cleanaway (8422 TT) benefits from new legislation, leading to a 70% share price increase, but may be overvalued compared to peers Sunny Friend...

Henry Soediarko

TWSE Short Interest Weekly (Oct 17th): Wistron, TSMC, BizLink, Gigabyte Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wistron (3231 TT), TSMC (2330 TT), BizLink (3665...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cleanaway (8422): Buy More

​Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Henry Soediarko

Global Ex-U.S. & EM Continue to Point to Risk-Off Environment

YTD sideways congestion for the MSCI ACWI ex-US and an intact downtrend for the MSCI EM index continue to point to a risk-off environment for...

Vermilion Research

Cleanaway (8422): Cover the Shorts

​Taiwan is not only TSMC, companies like Cleanaway showing potential for growth and upside in valuation. The Green Energy and Circular economy...

Henry Soediarko

Cleanaway (8422)- Gone up a Bit Too Much?

​Cleanaway (8422 TT) benefits from new legislation, leading to a 70% share price increase, but may be overvalued compared to peers Sunny Friend...

Henry Soediarko

TWSE Short Interest Weekly (Oct 17th): Wistron, TSMC, BizLink, Gigabyte Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Wistron (3231 TT), TSMC (2330 TT), BizLink (3665...

Ke Yan, CFA, FRM

Cleanaway's +227% revenue surge in May 2026. Taiwan's new legislation further solidifies Cleanaway's growth potential and importance in the tech...

Taiwan is not only TSMC, companies like Cleanaway showing potential for growth and upside in valuation. The Green Energy and Circular economy...

Cleanaway (8422 TT) benefits from new legislation, leading to a 70% share price increase, but may be overvalued compared to peers Sunny Friend...