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>Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. </li>
<li>
<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> subsidiary, <a href="https://www.smartkarma.com/entities/vicom-ltd" target="_blank" data-smartkarma-citation="entities:19020:1" rel="noopener">Vicom Ltd (VCM SP)</a> is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.</li>
<li>It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  </li>
</ul>


Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 

Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  


Comfortdelgro (CD): Growth Evident and Cheap

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Predicting binary events based on regulatory action or inaction is not ideal. Decide Monday or Tuesday to either sell <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> in the market or tender.</li>
<li>
<a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> is still a buy as latest pledged shares numbers fall to 2.3% of shares outstanding, down from 16.3% in May.</li>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> appears "cheap" to 90%-held <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings C (300999 CH)</a>; however recent implied stub figures have rolled over</li>
</ul>


Predicting binary events based on regulatory action or inaction is not ideal. Decide Monday or Tuesday to either sell Shibaura Electronics (6957 JP) in the market or tender.

Krungthai Card (KTC TB) is still a buy as latest pledged shares numbers fall to 2.3% of shares outstanding, down from 16.3% in May.

Wilmar International (WIL SP) appears "cheap" to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); however recent implied stub figures have rolled over


Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ppb-group-berhad" target="_blank" data-smartkarma-citation="entities:793:1" rel="noopener">PPB Group (PEP MK)</a>'s grains &amp; agri arm, and four other feedmillers, has been labelled a cartel and fined by the Malaysian competition watchdog. A judicial review is ongoing.</li>
<li>Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



PPB Group (PEP MK)'s grains &amp; agri arm, and four other feedmillers, has been labelled a cartel and fined by the Malaysian competition watchdog. A judicial review is ongoing.
Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: PPB In The Doghouse, But These Levels Are Excessive

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Q&amp;M aims to improve margins after expansion phase, says Phillip Securities, indicating positive outlook for the company. </li><li>DBS remains optimistic on GuocoLand following strong 1HFY2025 performance, highlighting potential growth opportunities. </li><li>Wilmar faces challenges in China operations, but UOB Kay Hian anticipates a brighter future ahead, suggesting positive changes. Analysts raise DBS target prices above $51, predicting capital returns for investors.</li></ul>

Q&amp;M aims to improve margins after expansion phase, says Phillip Securities, indicating positive outlook for the company. DBS remains optimistic on GuocoLand following strong 1HFY2025 performance, highlighting potential growth opportunities. Wilmar faces challenges in China operations, but UOB Kay Hian anticipates a brighter future ahead, suggesting positive changes. Analysts raise DBS target prices above $51, predicting capital returns for investors.

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

<ul><li>Phillip Securities believes Q&amp;M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.</li><li>UOB Kay Hian optimistic about Wilmar's improving China operations; analysts raise DBS's target prices above $51 on strong capital returns.</li><li>Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS's target price to $50 after record profits in FY2024 under Piyush Gupta's leadership.</li></ul>

Phillip Securities believes Q&amp;M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.UOB Kay Hian optimistic about Wilmar's improving China operations; analysts raise DBS's target prices above $51 on strong capital returns.Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS's target price to $50 after record profits in FY2024 under Piyush Gupta's leadership.

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Singapore

Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

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Wilmar International (WIL SP)

Comfortdelgro (CD): Growth Evident and Cheap

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: PPB In The Doghouse, But These Levels Are Excessive

Whether poultry feed pricing needs to be "adjusted" by PPB; the cartel case is dismissed (or dumbed down) - or a combination of both - PPB appears...

David Blennerhassett

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

Analysts are optimistic about Q&M, GuocoLand, Wilmar, and DBS with positive outlooks on margin trends, performance, future growth, and target prices.

Singapore Market Roundup

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Analysts are optimistic about multiple Singaporean companies such as Q&M, GuocoLand, Wilmar, and DBS, with target prices rising and strong...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Comfortdelgro (CD): Growth Evident and Cheap

​Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: PPB In The Doghouse, But These Levels Are Excessive

Whether poultry feed pricing needs to be "adjusted" by PPB; the cartel case is dismissed (or dumbed down) - or a combination of both - PPB appears...

David Blennerhassett

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

Analysts are optimistic about Q&M, GuocoLand, Wilmar, and DBS with positive outlooks on margin trends, performance, future growth, and target prices.

Singapore Market Roundup

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Analysts are optimistic about multiple Singaporean companies such as Q&M, GuocoLand, Wilmar, and DBS, with target prices rising and strong...

Singapore Market Roundup

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...