Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

<ul><li><a href="https://www.smartkarma.com/entities/8492" target="_blank" data-smartkarma-citation="entities:8492:1">Pc Partner Group Ltd (1263 HK)</a> is Top 5 Video Graphic Card (VGC) producer globally</li><li>Spun out of <a href="https://www.smartkarma.com/entities/18812" target="_blank" data-smartkarma-citation="entities:18812:1">Vtech Holdings Ltd (303 HK)</a> in 1997 and listed on HKex in 2012</li><li>Owns <strong>ZOTAC </strong>brand which is popular with gaming and eSports teams</li><li>ZOTAC organizing global eSports competition with support of HK Tourism Board</li><li>eSports is booming with youngsters globally and being added as official event at Asian Games</li><li>Proposing to buyback 16.7% of its shares at 5 HKD which will be massively accretive to earnings</li><li>Competitors are <a href="https://www.smartkarma.com/entities/8871" target="_blank" data-smartkarma-citation="entities:8871:1">Micro Star International Co (2377 TT)</a>, <a href="https://www.smartkarma.com/entities/13002" target="_blank" data-smartkarma-citation="entities:13002:1">Asustek Computer Inc (2357 TT)</a> and <a href="https://www.smartkarma.com/entities/17486" target="_blank" data-smartkarma-citation="entities:17486:1">Gigabyte Technology Co Ltd (2376 TT); </a> all trade at double or triple P/E multiple versus Pc Partner</li><li>PC Partner expecting +/-30% revenue growth and record net profits in 2018</li><li>Discovery of PC partner will lead to re-rating; shares currently trading at 5.8x 2018 P/E and 7% dividend yield</li><li><strong>Fair Value</strong>: 11.8 HKD (10x 2018 EPS) or 73% upside</li></ul>

Pc Partner Group Ltd (1263 HK) is Top 5 Video Graphic Card (VGC) producer globallySpun out of Vtech Holdings Ltd (303 HK) in 1997 and listed on HKex in 2012Owns ZOTAC brand which is popular with gaming and eSports teamsZOTAC organizing global eSports competition with support of HK Tourism BoardeSports is booming with youngsters globally and being added as official event at Asian GamesProposing to buyback 16.7% of its shares at 5 HKD which will be massively accretive to earningsCompetitors are Micro Star International Co (2377 TT), Asustek Computer Inc (2357 TT) and Gigabyte Technology Co Ltd (2376 TT);  all trade at double or triple P/E multiple versus Pc PartnerPC Partner expecting +/-30% revenue growth and record net profits in 2018Discovery of PC partner will lead to re-rating; shares currently trading at 5.8x 2018 P/E and 7% dividend yieldFair Value: 11.8 HKD (10x 2018 EPS) or 73% upside

PC Partner: VGC Producer Is Play on Growth of ESports, Gaming and AI; Trades @ 5.8x P/E and 7% Div

Hong Kong

VTech Holdings Limited designs and manufactures consumer electronic products. The Company's products include corded and cordless telephones and electronic learning solutions. VTech also provides contract manufacturing services.

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Vtech Holdings (303 HK)

PC Partner: VGC Producer Is Play on Growth of ESports, Gaming and AI; Trades @ 5.8x P/E and 7% Div

Pc Partner Group Ltd (1263 HK) is Top 5 Video Graphic Card (VGC) producer globally Spun out of Vtech Holdings Ltd (303 HK) in 1997 and listed on...

Nicolas Van Broekhoven

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