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

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>The moment of truth is here, the Chinese are finally coming back to Japan. </li>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is one of the biggest beneficiaries of increased tourist arrivals in Japan. </li>
<li>It is trading at 0.04 PEG, a very low valuation considering its potential for producing large growth rate. </li>
</ul>


The moment of truth is here, the Chinese are finally coming back to Japan. 

Keisei Electric Railway Co (9009 JP) is one of the biggest beneficiaries of increased tourist arrivals in Japan. 
It is trading at 0.04 PEG, a very low valuation considering its potential for producing large growth rate. 


Keisei Electric (9009): The Chinese Are Back.

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>Some Japanese department stores enjoyed record sales in FY2022 but the gap in performance accelerated between city centre stores and the rest. </li>
<li>While numerous regional properties continue to struggle, the best exemplars of urban department store retailing are flourishing as they become true luxury emporiums for the wealthy.</li>
<li>Department stores have rarely provided growth in either sales or OP but there is now a chance that the better chains will emerge as quite profitable entities.</li>
</ul>


Some Japanese department stores enjoyed record sales in FY2022 but the gap in performance accelerated between city centre stores and the rest. 
While numerous regional properties continue to struggle, the best exemplars of urban department store retailing are flourishing as they become true luxury emporiums for the wealthy.
Department stores have rarely provided growth in either sales or OP but there is now a chance that the better chains will emerge as quite profitable entities.


The Great Divide: Isetan and Hankyu Break Records as Regional Department Stores Close

<ul>
<li>Wealthy Japanese staying in Japan, more people acquiring wealth, a return of inbound tourists and better merchandising and store investment. </li>
<li>All combined to help department stores rebound strongly in 2022 but there has been a sharp shift in where department stores make their money.</li>
<li>Further growth is expected but only for some, and in some product categories much more than others.</li>
</ul>


Wealthy Japanese staying in Japan, more people acquiring wealth, a return of inbound tourists and better merchandising and store investment. 
All combined to help department stores rebound strongly in 2022 but there has been a sharp shift in where department stores make their money.
Further growth is expected but only for some, and in some product categories much more than others.


Japan Department Stores: Transformation Amidst a Recovery

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> (SSNB) is looking to raise around US$390m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about implied valuations in the IPO price range</li>
</ul>



SBI Sumishin Net Bank (7163 JP) (SSNB) is looking to raise around US$390m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about implied valuations in the IPO price range


SBI Sumishin Net Bank IPO - It Was All Good, till Friday

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> (SSNB) is now looking to raise around US$380m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about our updated earnigns forecast and thoughts on valuations</li>
</ul>



SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about our updated earnigns forecast and thoughts on valuations


SBI Sumishin Net Bank Pre-IPO - Revised Forecast and Valuations - RoA or RoE?

Japan

Takashimaya Company, Limited., founded in Kyoto in 1831, operates department stores.  The Company's main stores are located in Tokyo, Osaka, and Kyoto. Takashimaya also operates department stores in Paris, France, Singapore, China, Australia, and New York, USA.  The Company retails clothing, foods, art objects, sundry goods, and household utensils.  The Company also operates restaurants.

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Takashimaya (8233 JP)

Keisei Electric (9009): The Chinese Are Back.

The moment of truth is here, the Chinese are finally coming back to Japan. Keisei is one of the biggest beneficiaries of increased tourism in Japan.

Henry Soediarko

The Great Divide: Isetan and Hankyu Break Records as Regional Department Stores Close

Japan's department stores have rarely provided good returns due to anaemic profit margins. This is changing with Japan's best chains and stores now...

Michael Causton

Japan Department Stores: Transformation Amidst a Recovery

Department stores in Japan have rebounded to close to 2019 levels but the sector as a whole will return to genteel contraction once reached. Within...

Michael Causton

SBI Sumishin Net Bank IPO - It Was All Good, till Friday

SBI Sumishin Net Bank (7163 JP) (SSNB) is looking to raise around US$390m in its second listing attempt. In this note, we talk about valuations.

Sumeet Singh

SBI Sumishin Net Bank Pre-IPO - Revised Forecast and Valuations - RoA or RoE?

SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt. In this note we talk about our revised...

Sumeet Singh

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