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>Taking into account the 66% ownership in Tongda Smart Tech, the market essentially is placing a negative value of the parent company business.</li>
<li>
<a href="https://www.smartkarma.com/entities/tongda-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:18625:1" rel="noopener">Tongda Group (698 HK)</a> case is a bit similar to <a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> but operationally a little diferent. </li>
<li>Despite the valuation gap, it is relatively low-probability that management will conduct a share buyback or resume dividend payments to increase shareholders' confidence. </li>
</ul>


Taking into account the 66% ownership in Tongda Smart Tech, the market essentially is placing a negative value of the parent company business.

Tongda Group (698 HK) case is a bit similar to Wasion (3393 HK) but operationally a little diferent. 
Despite the valuation gap, it is relatively low-probability that management will conduct a share buyback or resume dividend payments to increase shareholders' confidence. 


Tongda (698): Stub, Long Dated, OTM Call Option

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> top AI clients include Bytedance and <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>to build more data centers.</li>
<li>Wayon Energy IPO will set expectations on how the parent company share price will perform.</li>
<li>This insight also list course of actions to lock in profit based on another stock with similar situation.</li>
</ul>



Wasion (3393 HK) top AI clients include Bytedance and GDS Holdings (ADR) (GDS US)to build more data centers.
Wayon Energy IPO will set expectations on how the parent company share price will perform.
This insight also list course of actions to lock in profit based on another stock with similar situation.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/wasion-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion Group Holdings (3393 HK)</a> green business as a smart power meter producer has helped them to increase their market value thanks to the higher demand. </li>
<li>Management is committed to growing the firm, as proven by their commitment not to sell any shares even after the share price increased 200% in the past year. </li>
<li>Boyu Capital's injection to the Wayon Energy Business ihas validated the prospect of Wasion's subsidiary, Wayon Energy, in the AI space and , and create a value unlockinng potential. </li>
</ul>



Wasion Group Holdings (3393 HK) green business as a smart power meter producer has helped them to increase their market value thanks to the higher demand. 
Management is committed to growing the firm, as proven by their commitment not to sell any shares even after the share price increased 200% in the past year. 
Boyu Capital's injection to the Wayon Energy Business ihas validated the prospect of Wasion's subsidiary, Wayon Energy, in the AI space and , and create a value unlockinng potential. 


Wasion Holdings (3393): More than Smart Power Meter

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 500 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.</li>
</ul>


We analysed the earning revision of component stocks of CSI 500 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.


CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Shanghai Rural Commercial Bank / Index Rebalance

Shanghai Rural Commercial Bank (601825 CH)

<ul>
<li>The June 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 30th May 2025.</li>
<li>There will be 7 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.</li>
<li>The CSI 300 and CSI 500 index rebal events could trigger US$1.7bn and US$3.2bn in one-way flows, respectively.</li>
</ul>


The June 2025 index review results for China's CSI 300 and CSI 500 indices were announced after market close on Friday 30th May 2025.
There will be 7 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
The CSI 300 and CSI 500 index rebal events could trigger US$1.7bn and US$3.2bn in one-way flows, respectively.


Quiddity CSI 300/​​500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

China

Willfar Information Technology Co.,Ltd. provides information technology services. The Company develops energy information collection terminals, intelligent management systems, smart water systems, and other products. Willfar Information Technology also offer after sale services.

Willfar Information Technology (688100 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Willfar Information Technology (688100 CH)

Tongda (698): Stub, Long Dated, OTM Call Option

Market is undervaluing Tongda Group due to negative value placed on parent company business, similar to Wasion case but with operational...

Henry Soediarko

Wasion (3393): Data Centers and Spin Off

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

Wasion Holdings (3393): More than Smart Power Meter

Wasion Group Holdings' green business focus on smart power meters drives market value growth, with management's commitment and Boyu Capital's...

Henry Soediarko

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

Quiddity CSI 300/500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

We got 100 out of the 114 changes correct. Most of the misses were in our final Leaderboard but were ruled out as False Positives or were just...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tongda (698): Stub, Long Dated, OTM Call Option

​Market is undervaluing Tongda Group due to negative value placed on parent company business, similar to Wasion case but with operational...

Henry Soediarko

Wasion (3393): Data Centers and Spin Off

​Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Henry Soediarko

Wasion Holdings (3393): More than Smart Power Meter

​Wasion Group Holdings' green business focus on smart power meters drives market value growth, with management's commitment and Boyu Capital's...

Henry Soediarko

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

Quiddity CSI 300/​​500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way

We got 100 out of the 114 changes correct. Most of the misses were in our final Leaderboard but were ruled out as False Positives or were just...

Janaghan Jeyakumar, CFA

Market is undervaluing Tongda Group due to negative value placed on parent company business, similar to Wasion case but with operational...

Wasion's top AI clients, including Bytedance and GDS Holdings, are driving the company to build more data centers. Wayon Energy IPO will impact...

Wasion Group Holdings' green business focus on smart power meters drives market value growth, with management's commitment and Boyu Capital's...

Quiddity CSI 300/500 Jun25 Results: 114 Changes; 88% Hit Rate; ~US$5bn One-Way