ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN 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

Philippine Stock Exchange / Equity Bottom-Up

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<p>Despite pressures on the Philippines from strict lockdowns and continuing issues with rising cases of COVID-19, <strong><a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange Inc (PSE PM)</a> looks increasingly attractive with a powerful combination of rising volumes and a significant pipeline of IPOs in 2021. </strong></p>
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<p>The exchange has also been a direct beneficiary of COVID-19 as it has encouraged the influx of greater numbers of retail investors, which has boosted market volumes significantly. </p>
<p>The <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange Inc (PSE PM)</a> currently only has 272 listed companies, which looks quite a low number but is in the process of encouraging more smaller companies to list. </p>
<p>The rapid increase in IPOs should be positive for margins given the high listing fees that the listing of new shares attracts. We have just seen the approval pass for the US$1bn <a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> IPO, which will focus attention on the overall market.</p>
<p><a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> has outlined a number of new initiatives to increase liquidity and the number of new listings.</p>
<p>The company is also looking to increasingly digitize its business by upgrading its clearing and settlement system and shortening settlement to T+2. </p>
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<p><a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> is trading at a discount to regional exchanges on 17.1x FY21E PER, which trades on an average forward PER of 29x. There are also a number of potential catalysts ahead, the most obvious being higher volumes, driven by increasing retail participation plus more IPOs in FY2021.</p>
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Despite pressures on the Philippines from strict lockdowns and continuing issues with rising cases of COVID-19, Philippine Stock Exchange Inc (PSE PM) looks increasingly attractive with a powerful combination of rising volumes and a significant pipeline of IPOs in 2021. 

The exchange has also been a direct beneficiary of COVID-19 as it has encouraged the influx of greater numbers of retail investors, which has boosted market volumes significantly. 
The Philippine Stock Exchange Inc (PSE PM) currently only has 272 listed companies, which looks quite a low number but is in the process of encouraging more smaller companies to list. 
The rapid increase in IPOs should be positive for margins given the high listing fees that the listing of new shares attracts. We have just seen the approval pass for the US$1bn Monde Nissin Corp (0191881D PM) IPO, which will focus attention on the overall market.
Philippine Stock Exchange (PSE PM) has outlined a number of new initiatives to increase liquidity and the number of new listings.
The company is also looking to increasingly digitize its business by upgrading its clearing and settlement system and shortening settlement to T+2. 

Philippine Stock Exchange (PSE PM) is trading at a discount to regional exchanges on 17.1x FY21E PER, which trades on an average forward PER of 29x. There are also a number of potential catalysts ahead, the most obvious being higher volumes, driven by increasing retail participation plus more IPOs in FY2021.


Philippine Stock Exchange Inc (PSE PM) - Overlooked and On the Up

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.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/allhome-corp" target="_blank" data-smartkarma-citation="entities:28227:1" rel="noopener">AllHome (AHM PM)</a> claims to have pioneered the “one-stop-shop” home improvement retailer in the Philippines. AllHome plans to raise up to $404 million in the Philippines’ largest IPO this year. AllHome intends to sell as many as 1.29 billion shares (750 million primary shares) at a maximum price of 16 pesos a share.</p><div class="content-highlight"><p>With enviable exposure to a fast-growing segment of the retail sector in the Philippines, AllHome seems to have a long runway to maintain its high growth, improving margin equity story. However, our enthusiasm is tempered by the significant cash burn. Overall, we believe that AllHome’s fundamentals offers more positives than negatives and could prove to be attractive at the right valuation.</p></div>

AllHome (AHM PM) claims to have pioneered the “one-stop-shop” home improvement retailer in the Philippines. AllHome plans to raise up to $404 million in the Philippines’ largest IPO this year. AllHome intends to sell as many as 1.29 billion shares (750 million primary shares) at a maximum price of 16 pesos a share.With enviable exposure to a fast-growing segment of the retail sector in the Philippines, AllHome seems to have a long runway to maintain its high growth, improving margin equity story. However, our enthusiasm is tempered by the significant cash burn. Overall, we believe that AllHome’s fundamentals offers more positives than negatives and could prove to be attractive at the right valuation.

AllHome IPO Initiation: Cash-Guzzling Growth

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<p><a href="https://www.smartkarma.com/entities/allhome-corp" target="_blank" data-smartkarma-citation="entities:28227:1" rel="noopener">AllHome (AHM PM)</a> is looking to raise about US$400m in its upcoming IPO in the Philippines.</p>
<p>AHM is a fast-growing home improvement retailer in the Philippines. Revenue grew 2x between FY2016 to FY2018. Margins expanded owing to operating leverage.</p>
<p>The company has an aggressive expansion plan. It is planning to open 19 stores in 2H 2019 on top of the 2 stores already opened in the first half, and another 19 in 2020.</p>

AllHome (AHM PM) is looking to raise about US$400m in its upcoming IPO in the Philippines.
AHM is a fast-growing home improvement retailer in the Philippines. Revenue grew 2x between FY2016 to FY2018. Margins expanded owing to operating leverage.
The company has an aggressive expansion plan. It is planning to open 19 stores in 2H 2019 on top of the 2 stores already opened in the first half, and another 19 in 2020.

AllHome IPO Early Thoughts - About to Grow Even Faster

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Dm Wenceslao And Associates / Equity Capital Markets

<div class="content-highlight"><h2>Summary from previous <a href="https://www.smartkarma.com/insights/dm-wenceslao-pre-ipo-review-a-bet-on-aseana-city" target="_blank">Insight</a>
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<a href="https://www.smartkarma.com/entities/26806" target="_blank" data-smartkarma-citation="entities:26806:1">Dm Wenceslao And Associates (DMW PM)</a> 's large land bank in Aseana City at a low cost gives the company an advantage over other larger property developers in such as Ayala Land and SM Prime.</li>
<li>The company has been able to diversify its revenue stream away from rental income by selling its non-core land holdings and converting the remaining into investment properties for residential and commercial purposes.</li>
<li>Visibility in future growth can be seen clearly from its…</li>
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Summary from previous Insight


Dm Wenceslao And Associates (DMW PM) 's large land bank in Aseana City at a low cost gives the company an advantage over other larger property developers in such as Ayala Land and SM Prime.
The company has been able to diversify its revenue stream away from rental income by selling its non-core land holdings and converting the remaining into investment properties for residential and commercial purposes.
Visibility in future growth can be seen clearly from its…


DM Wenceslao IPO Review - Priced To Reflect Concentration Risk

<p><a href="https://www.smartkarma.com/entities/26806" target="_blank" data-smartkarma-citation="entities:26806:1">Dm Wenceslao And Associates (DMW PM)</a> is looking to raise approximately US$300m in its upcoming IPO. Proceeds raised will be mainly used to fund the development of its pipeline projects, obtain land assets through potential share acquisitions.</p><p>In this insight, we will look at the company's financial and operational performance in the past three years, its different business segments, and compare it against other Philippines-listed property developers. </p>

Dm Wenceslao And Associates (DMW PM) is looking to raise approximately US$300m in its upcoming IPO. Proceeds raised will be mainly used to fund the development of its pipeline projects, obtain land assets through potential share acquisitions.In this insight, we will look at the company's financial and operational performance in the past three years, its different business segments, and compare it against other Philippines-listed property developers. 

DM Wenceslao Pre-IPO Review - A Bet on Aseana City

Philippines

Vista Land & Lifescapes, Inc. is an investment holding company. The Company, through its subsidiaries develops and sells residential subdivisions and housing units. Vista Land operates in the Philippines.

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Vista Land & Lifescapes (VLL PM)

Philippine Stock Exchange Inc (PSE PM) - Overlooked and On the Up

The Philippine Stock Exchange (PSE PM) is probably the most overlooked listed stock exchange in Asia, with the catalyst of higher volumes driven by...

Angus Mackintosh

AllHome IPO Initiation: Cash-Guzzling Growth

AllHome (AHM PM) claims to have pioneered the “one-stop-shop” home improvement retailer in the Philippines. AllHome plans to raise up to $404...

Arun George

AllHome IPO Early Thoughts - About to Grow Even Faster

AllHome (AHM PM) is looking to raise about US$400m in its upcoming IPO in the Philippines. AHM is a fast-growing home improvement retailer in the...

Zhen Zhou, Toh

DM Wenceslao IPO Review - Priced To Reflect Concentration Risk

Summary from previous Insight Dm Wenceslao And Associates (DMW PM) 's large land bank in Aseana City at a low cost gives the company an advantage...

Zhen Zhou, Toh

DM Wenceslao Pre-IPO Review - A Bet on Aseana City

Dm Wenceslao And Associates (DMW PM) is looking to raise approximately US$300m in its upcoming IPO. Proceeds raised will be mainly used to fund the...

Zhen Zhou, Toh

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