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

Astro Malaysia Holdings / Equity Bottom-Up

<p>Malaysia's political scene is far from certain these days with power tussle that may last longer than expected. COVID-19 cases in Malaysia have increased to 129 that may prompt more companies to practice work from home given Malaysia’s advanced internet penetration. Despite continuous challenges with the illegal android tv boxes, the company’s unique value proposition is in the ability to produce <strong>original </strong><strong>content</strong> that caters to the viewers, mainly in <strong>Malay</strong> (both language and settings) which are not available in the android tv boxes.</p>
<p>With a better product mix through a stronger local movie performance in the local box office and better bargaining power to negotiate for a lower foreign content cost, the company is set to record higher EBITDA margin - creating a <strong>BULLISH</strong> case for a deserted Pay-TV company with a dominant market share in the country.</p>

Malaysia's political scene is far from certain these days with power tussle that may last longer than expected. COVID-19 cases in Malaysia have increased to 129 that may prompt more companies to practice work from home given Malaysia’s advanced internet penetration. Despite continuous challenges with the illegal android tv boxes, the company’s unique value proposition is in the ability to produce original content that caters to the viewers, mainly in Malay (both language and settings) which are not available in the android tv boxes.
With a better product mix through a stronger local movie performance in the local box office and better bargaining power to negotiate for a lower foreign content cost, the company is set to record higher EBITDA margin - creating a BULLISH case for a deserted Pay-TV company with a dominant market share in the country.

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.

Equity Capital Markets

China Bright Culture Group / Equity Capital Markets

<p>China Bright Culture, a leading TV series producer, is listing tomorrow. The company priced its IPO at the low end of the price range. Demands was tepid for both retail and institutional investors. In addition, we note that the shares offered to institutional investors are concentrated in the hands of a few investors. In this insight, we will cover the allocation results, potential trading volume, and reiterate our avoid call.</p>
<div>
<h2>Our previous coverage on China Bright Culture</h2>
</div>
<div>
<ul>
<li dir="ltr">
<p><a href="https://www.smartkarma.com/insights/china-bright-culture-pre-ipo-unfavorable-regulatory-environment" target="_blank" rel="noopener">China Bright Culture (煜盛文化) Pre-IPO: Unfavorable regulatory environment</a></p>
</li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/china-bright-culture-ipo-a-hard-sell" target="_blank" rel="noopener">China Bright Culture (煜盛文化) IPO: A Hard Sell</a></li>
</ul>
</div>

China Bright Culture, a leading TV series producer, is listing tomorrow. The company priced its IPO at the low end of the price range. Demands was tepid for both retail and institutional investors. In addition, we note that the shares offered to institutional investors are concentrated in the hands of a few investors. In this insight, we will cover the allocation results, potential trading volume, and reiterate our avoid call.

Our previous coverage on China Bright Culture




China Bright Culture (煜盛文化) Pre-IPO: Unfavorable regulatory environment

China Bright Culture (煜盛文化) IPO: A Hard Sell



China Bright Culture (煜盛文化) IPO Trading: Weak Demand and Heavily Cornered

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p><br/> While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ <br/><br/> In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.<br/><br/> In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage.<br/></p>

  While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread rapidly across continents.آ    In our view, key concerns include: [1] potential demand impact on industries with significant human interaction; [2] potential impact on the economy if consumer sentiment deteriorates materially; [3] potential impact on labour force productivity; [4] potential impact on the supply chains of industries; and [5] potential impact on financial markets. We are cautious on companies which are highly levered, cyclical, have limited liquidity or significant debt maturities in the near term.   In the report, we assess the impact of COVID-19 on: [1] Europe, China/Asia and the Americas; [2] supply chains; and [3] the sectors and companies under our coverage. 

COVID-19: Impact On Global High Yield - Lucror Analytics

<p>China Bright Culture launched the book building to raise up to USD 173 million via a listing on HKSE. </p>
<p>In our previous notes, we covered the company’s fundamentals. We note that the company’s revenues largely depend on the success of its TV program. It had success in its early productions but the viewership varies accross its productions. It has also built up a strong production pipeline ahead of its listing.</p>
<p>We also discussed that despite its effort of building a pipeline, the regulatory environment is not favorable for TV program production companies recently. The company's shares are mainly held by individual shareholders.</p>
<p>In this insight, we will look at the terms of the offering and provide our final thoughts on the deal. We think the deal is a hard sell with expensive valuation built on aggressive forecasts.</p>
<h2>Our previous coverage on China Bright Culture</h2>
<ul>
<li dir="ltr">
<p><a href="https://www.smartkarma.com/insights/china-bright-culture-pre-ipo-unfavorable-regulatory-environment" target="_blank" rel="noopener">China Bright Culture (煜盛文化) Pre-IPO: Unfavorable regulatory environment</a></p>
</li>
</ul>

China Bright Culture launched the book building to raise up to USD 173 million via a listing on HKSE. 
In our previous notes, we covered the company’s fundamentals. We note that the company’s revenues largely depend on the success of its TV program. It had success in its early productions but the viewership varies accross its productions. It has also built up a strong production pipeline ahead of its listing.
We also discussed that despite its effort of building a pipeline, the regulatory environment is not favorable for TV program production companies recently. The company's shares are mainly held by individual shareholders.
In this insight, we will look at the terms of the offering and provide our final thoughts on the deal. We think the deal is a hard sell with expensive valuation built on aggressive forecasts.
Our previous coverage on China Bright Culture


China Bright Culture (煜盛文化) Pre-IPO: Unfavorable regulatory environment



China Bright Culture (煜盛文化) IPO: A Hard Sell

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-26799'>Future Retail</a></li><li><a href='#lucror-entity-8108'>Hopson Development</a></li><li><a href='#lucror-entity-472'>MGM China Holdings</a></li><li><a href='#lucror-entity-19341'>Television Broadcasts</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Future RetailHopson DevelopmentMGM China HoldingsTelevision Broadcasts

Morning Views Asia: Future Retail, Hopson Development, MGM China Holdings, Television Broadcasts

Hong Kong

Television Broadcasts is a leading Hong Kong-based television broadcasting company, engaged in program production, licensing, and distribution. It operates multiple free-to-air terrestrial TV channels and offers video streaming and e-commerce services. The company was founded in 1967 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Television Broadcasts (511 HK)

Astro Malaysia (Astro): Cozy up at Home

Malaysia's political scene is far from certain these days with power tussle that may last longer than expected. COVID-19 cases in Malaysia have...

Henry Soediarko

China Bright Culture (煜盛文化) IPO Trading: Weak Demand and Heavily Cornered

China Bright Culture, a leading TV series producer, is listing tomorrow. The company priced its IPO at the low end of the price range. Demands was...

Ke Yan, CFA, FRM

COVID-19: Impact On Global High Yield - Lucror Analytics

While 2020 began on an optimistic note, sentiment has changed significantly with the outbreak of the COVID-19 coronavirus, which has spread...

Lucror Analytics

China Bright Culture (煜盛文化) IPO: A Hard Sell

China Bright Culture launched the book building to raise up to USD 173 million via a listing on HKSE. In our previous notes, we covered the...

Ke Yan, CFA, FRM

Morning Views Asia: Future Retail, Hopson Development, MGM China Holdings, Television Broadcasts

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)