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>Q1 26 result is out, EV sales are slowing down, but the more important thing is the shrinking regulatory credit, which is the highest-margin business. </li>
<li>The robotaxi and robotic businesses update indicates that they will come to life in 2027 onwards thus it should be adjusted in the valuation. </li>
<li>At 335x PER, taking into account the above data, <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> certainly looks expensive. If net margin is not improving, it calls for a lower valuation. </li>
</ul>


Q1 26 result is out, EV sales are slowing down, but the more important thing is the shrinking regulatory credit, which is the highest-margin business. 
The robotaxi and robotic businesses update indicates that they will come to life in 2027 onwards thus it should be adjusted in the valuation. 
At 335x PER, taking into account the above data, Tesla (TSLA US) certainly looks expensive. If net margin is not improving, it calls for a lower valuation. 


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tesla has long been analyzed through the lens of vehicle deliveries, automotive margins, and factory expansion, but the company’s recent commentary suggests that framework is no longer sufficient.</li><li>The car business still matters, and it still accounts for the vast majority of revenue, yet management is increasingly describing Tesla as a platform built around autonomy, robotics, AI infrastructure, and energy.</li><li>That shift is important because the market is already assigning a valuation that goes far beyond a conventional automaker, even as near-term earnings and free cash flow remain tied to execution in electric vehicles.</li></ul>

Tesla has long been analyzed through the lens of vehicle deliveries, automotive margins, and factory expansion, but the company’s recent commentary suggests that framework is no longer sufficient.The car business still matters, and it still accounts for the vast majority of revenue, yet management is increasingly describing Tesla as a platform built around autonomy, robotics, AI infrastructure, and energy.That shift is important because the market is already assigning a valuation that goes far beyond a conventional automaker, even as near-term earnings and free cash flow remain tied to execution in electric vehicles.

Tesla Is Quietly Shifting Away From Cars—What Comes Next Could Be MUCH Bigger!

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Elon Musk announced his intention to build a leading edge, so-called TeraFab, in Austin Texas because TSMC &amp; Samsung are unwilling to expand capacity quickly enough</li>
<li>He intends to produce terrestrial chips for his Tesla cars and Optimus robots and space chips so that he can offer free flights to Saturn when the time comes </li>
<li>No timeline, no process technology, no experience, no employees no worries. He's got new physics &amp; will do a bunch of wild and crazy things along the way. For sure... </li>
</ul>


Elon Musk announced his intention to build a leading edge, so-called TeraFab, in Austin Texas because TSMC &amp; Samsung are unwilling to expand capacity quickly enough
He intends to produce terrestrial chips for his Tesla cars and Optimus robots and space chips so that he can offer free flights to Saturn when the time comes 
No timeline, no process technology, no experience, no employees no worries. He's got new physics &amp; will do a bunch of wild and crazy things along the way. For sure... 


Elon's TeraFab. Genius Move Or Epic Nonsense?

<ul><li>Tesla is no longer presenting itself primarily as an electric vehicle manufacturer.</li><li>The latest disclosures around Terafab, combined with management commentary from the company’s fourth-quarter 2025 earnings call, show a business increasingly trying to control every major layer of its future stack: chips, compute, vehicles, robots, energy, and the software that connects them.</li><li>The significance of this shift is not simply that Tesla wants more semiconductors.</li></ul>

Tesla is no longer presenting itself primarily as an electric vehicle manufacturer.The latest disclosures around Terafab, combined with management commentary from the company’s fourth-quarter 2025 earnings call, show a business increasingly trying to control every major layer of its future stack: chips, compute, vehicles, robots, energy, and the software that connects them.The significance of this shift is not simply that Tesla wants more semiconductors.

Tesla Is Making A $20B Bet To Control The Future Of AI!

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.</li><li>The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.</li><li>Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.</li></ul>

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Tesla (TSLA): Starts to Crack

Q1 26 results show slowing EV sales, but shrinking regulatory credit is the real concern for Tesla's high valuation. Robotaxi not expected until...

Henry Soediarko

Tesla Is Quietly Shifting Away From Cars—What Comes Next Could Be MUCH Bigger!

Tesla has long been analyzed through the lens of vehicle deliveries, automotive margins, and factory expansion, but the company’s recent...

Baptista Research

Elon's TeraFab. Genius Move Or Epic Nonsense?

No timeline, no process technology, no experience, no employees no worries. He's got new physics & will do a bunch of wild and crazy things along...

William Keating

Tesla Is Making A $20B Bet To Control The Future Of AI!

Tesla is no longer presenting itself primarily as an electric vehicle manufacturer. The latest disclosures around Terafab, combined with...

Baptista Research

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tesla (TSLA): Starts to Crack

​Q1 26 results show slowing EV sales, but shrinking regulatory credit is the real concern for Tesla's high valuation. Robotaxi not expected until...

Henry Soediarko

Tesla Is Quietly Shifting Away From Cars—What Comes Next Could Be MUCH Bigger!

Tesla has long been analyzed through the lens of vehicle deliveries, automotive margins, and factory expansion, but the company’s recent...

Baptista Research

Elon's TeraFab. Genius Move Or Epic Nonsense?

No timeline, no process technology, no experience, no employees no worries. He's got new physics & will do a bunch of wild and crazy things along...

William Keating

Tesla Is Making A $20B Bet To Control The Future Of AI!

Tesla is no longer presenting itself primarily as an electric vehicle manufacturer. The latest disclosures around Terafab, combined with...

Baptista Research

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

Q1 26 results show slowing EV sales, but shrinking regulatory credit is the real concern for Tesla's high valuation. Robotaxi not expected until...