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

Equity Bottom-Up

<ul><li>UGHC is a rubber glove manufacturer based in Malaysia </li><li><a href="https://www.smartkarma.com/entities/254" target="_blank" data-smartkarma-citation="entities:254:1">Ug Healthcare Corp Ltd (UGHC SP)</a> was listed on Catalist in December 2014 at 0.215 SGD</li><li>After spiking to 0.52 SGD in late 2015 stock is currently back to its IPO price</li><li>3Q18 results released on Friday show growth is accelerating, which should lead to re-rating</li><li>Publicly listed peers are <a href="https://www.smartkarma.com/entities/20759" target="_blank" data-smartkarma-citation="entities:20759:1">Top Glove Corp Bhd (TOPG MK)</a>, <a href="https://www.smartkarma.com/entities/10230" target="_blank" data-smartkarma-citation="entities:10230:1">Hartalega Holdings Bhd (HART MK)</a>, <a href="https://www.smartkarma.com/entities/12883" target="_blank" data-smartkarma-citation="entities:12883:1">Supermax Corp Bhd (SUCB MK)</a> and <a href="https://www.smartkarma.com/entities/5547" target="_blank" data-smartkarma-citation="entities:5547:1">Riverstone Holdings Ltd (RSTON SP)</a>; all trade at large premiums to UGHC</li><li>Risk/Reward highly attractive with a bear-case scenario (0.24 SGD) pointing to 20% upside, base-case scenario (0.39 SGD) offering 95% upside, and blue-sky scenario (0.62 SGD) a whopping 210% upside</li></ul>

UGHC is a rubber glove manufacturer based in Malaysia Ug Healthcare Corp Ltd (UGHC SP) was listed on Catalist in December 2014 at 0.215 SGDAfter spiking to 0.52 SGD in late 2015 stock is currently back to its IPO price3Q18 results released on Friday show growth is accelerating, which should lead to re-ratingPublicly listed peers are Top Glove Corp Bhd (TOPG MK), Hartalega Holdings Bhd (HART MK), Supermax Corp Bhd (SUCB MK) and Riverstone Holdings Ltd (RSTON SP); all trade at large premiums to UGHCRisk/Reward highly attractive with a bear-case scenario (0.24 SGD) pointing to 20% upside, base-case scenario (0.39 SGD) offering 95% upside, and blue-sky scenario (0.62 SGD) a whopping 210% upside

Discover Singapore: UG Healthcare; in Blue-Sky Scenario Trading at Only 3.8x 2020 PE

Malaysia

Supermax Corporation Berhad is an investment holding company whose subsidiaries manufacture, sell, and export various type of latex gloves around the world.

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Supermax Corp (SUCB MK)

Discover Singapore: UG Healthcare; in Blue-Sky Scenario Trading at Only 3.8x 2020 PE

UGHC is a rubber glove manufacturer based in Malaysia Ug Healthcare Corp Ltd (UGHC SP) was listed on Catalist in December 2014 at 0.215...

Nicolas Van Broekhoven

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