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

Malaysia's vaccination rate is only 5% of the total population and new cases have jumped to almost 5000 daily in the past week, higher than the second wave that took place between December last year to February this year, prompted the Malaysian government to put another MCO (lockdown) in place.
As a result, people are back to work from home and not spending much time outside. Historically, many have turned into spending more time on TV and mobile entertainment in which <a href="https://www.smartkarma.com/entities/astro-malaysia-holdings-bhd" target="_blank" data-smartkarma-citation="entities:1143:1" rel="noopener">Astro Malaysia Holdings (ASTRO MK)</a> is the direct beneficiary.

Malaysia's vaccination rate is only 5% of the total population and new cases have jumped to almost 5000 daily in the past week, higher than the second wave that took place between December last year to February this year, prompted the Malaysian government to put another MCO (lockdown) in place.
As a result, people are back to work from home and not spending much time outside. Historically, many have turned into spending more time on TV and mobile entertainment in which Astro Malaysia Holdings (ASTRO MK) is the direct beneficiary. 

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

CTOS Digital (CTOS) aims to raise up to US$300m via its Malaysian IPO. It is majority owned by Creador, a PE firm. CTOS is an investment holding whose subsidiaries are principally involved in the business of credit reporting, digital software related services, software development, outsourcing and training services and investment holding.CTOS was the largest credit reporting agency (CRA) in Malaysia with an estimated market share in terms of revenue of 71.2% in 2020 according to the IMR Report. Its associate, Experian, was the second largest CRA in Malaysia, with an estimated market share in terms of revenue of 17.5%.

CTOS Digital (CTOS) aims to raise up to US$300m via its Malaysian IPO. It is majority owned by Creador, a PE firm. CTOS is an investment holding whose subsidiaries are principally involved in the business of credit reporting, digital software related services, software development, outsourcing and training services and investment holding.CTOS was the largest credit reporting agency (CRA) in Malaysia with an estimated market share in terms of revenue of 71.2% in 2020 according to the IMR Report. Its associate, Experian, was the second largest CRA in Malaysia, with an estimated market share in terms of revenue of 17.5%.

CTOS Digital Pre-IPO - Credit Where Credit’s Due

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Intco Medical Technology  Lt / Equity Capital Markets

On January 29th, 2021, the A-share listed company <a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> submitted its prospectus to the HKEX, officially starting the process of IPO in Hong Kong. Meanwhile, the Company released the financial results in 2020. Intco achieved revenue of RMB13.8 billion in 2020, up 564.29% YoY. Net income attributed to shareholders in 2020 was RMB7 billion, up 3829.22% YoY. The results were in line with expectations.

On January 29th, 2021, the A-share listed company Intco Medical Technology Co., Ltd-A (300677 CH) submitted its prospectus to the HKEX, officially starting the process of IPO in Hong Kong. Meanwhile, the Company released the financial results in 2020. Intco achieved revenue of RMB13.8 billion in 2020, up 564.29% YoY. Net income attributed to shareholders in 2020 was RMB7 billion, up 3829.22% YoY. The results were in line with expectations.

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> is the largest disposable gloves provider in China and the third-largest in the world as measured by production capacity as of 31 December 2020, according to Frost &amp; Sullivan. Intco which listed its A Share on the Shenzhen Stock Exchange on 21 July 2017, is seeking an H Share listing to raise $1 billion, according to press reports. <div class="content-highlight">Intco along with its global peers have benefited tremendously from the demand-supply imbalance for gloves due to the COVID-19 pandemic. Most peer share prices have declined since the start of the year in expectation of peak quarterly earnings in the second or third quarter of 2021. The glove industry has gone through two previous cycles but has re-rated at each cycle – sector average P/E of 11x in 2007-11 and P/E of 18x in 2013-17. As the industry continues to be underpinned by structural growth drivers, the sector will likely re-rate as sector earnings normalise. Overall, we think that Intco has attractive fundamentals to benefit from these market dynamics. </div>

Intco Medical Technology Co., Ltd-A (300677 CH) is the largest disposable gloves provider in China and the third-largest in the world as measured by production capacity as of 31 December 2020, according to Frost &amp; Sullivan. Intco which listed its A Share on the Shenzhen Stock Exchange on 21 July 2017, is seeking an H Share listing to raise $1 billion, according to press reports. Intco along with its global peers have benefited tremendously from the demand-supply imbalance for gloves due to the COVID-19 pandemic. Most peer share prices have declined since the start of the year in expectation of peak quarterly earnings in the second or third quarter of 2021. The glove industry has gone through two previous cycles but has re-rated at each cycle – sector average P/E of 11x in 2007-11 and P/E of 18x in 2013-17. As the industry continues to be underpinned by structural growth drivers, the sector will likely re-rate as sector earnings normalise. Overall, we think that Intco has attractive fundamentals to benefit from these market dynamics. 

Intco Medical IPO Initiation: Riding the Cycle

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

The US Customs and Border Protection Agency (CBP) ordered its ports to begin seizing all disposable gloves produced in Malaysia by <a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>, citing that CBP has found sufficient evidence to determine that the imported goods were produced using forced labour practices. Top Glove shares sank 5.3% yesterday and another 5.4% today to close at MYR 4.52 per share.Even though the immediate financial impact from the above order is some what limited, we believe the order to have a significant impact on Top Glove’s financial performance in the post COVID era. Moreover, it could affect the company’s proposed Hong Kong Offering and also risk getting thrown out of ESG indices.

The US Customs and Border Protection Agency (CBP) ordered its ports to begin seizing all disposable gloves produced in Malaysia by Top Glove Corp (TOPG MK), citing that CBP has found sufficient evidence to determine that the imported goods were produced using forced labour practices. Top Glove shares sank 5.3% yesterday and another 5.4% today to close at MYR 4.52 per share.Even though the immediate financial impact from the above order is some what limited, we believe the order to have a significant impact on Top Glove’s financial performance in the post COVID era. Moreover, it could affect the company’s proposed Hong Kong Offering and also risk getting thrown out of ESG indices.

CBP to Seize Goods Over Forced Labour: The Impact Limited in The Short Run & Severe in The Long Run

Malaysia

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

Astro (Astro): Still the Good Pick

New cases have jumped to almost 5000 in the past week, higher than the second wave that took place between Dec last year to February this year,...

Henry Soediarko

CTOS Digital Pre-IPO - Credit Where Credit’s Due

CTOS Digital (CTOS) aims to raise up to US$300m via its Malaysian IPO. It is majority owned by Creador, a PE firm. It has an over 70% market share...

Sumeet Singh

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

The article analyzed Intco Medical in terms of market potential, business (entry barrier, technology, capacity), financial position compared with...

Xinyao (Criss) Wang

Intco Medical IPO Initiation: Riding the Cycle

Intco is seeking an H Share listing to raise $1 billion, according to press reports. Overall, we think that Intco has attractive fundamentals to...

Arun George

CBP to Seize Goods Over Forced Labour: The Impact Limited in The Short Run & Severe in The Long Run

The immediate financial impact from the CBP order is limited. Yet we believe it to have a significant impact on Top Glove’s financial performance...

Oshadhi Kumarasiri

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