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

Astro's high-frequency operational data still looks very positive with a high TV viewership share (72%), 3.2 hours average time spent/day that is ahead of 2.16 hours of the FTA, increased MAU by 17% YoY, on-demand shows streamed has tripled to MYR 233 million. 
The big announcement is that Astro subscribers can soon access <a href="https://www.smartkarma.com/entities/netflix-inc" target="_blank" data-smartkarma-citation="entities:20451:1" rel="noopener">Netflix Inc (NFLX US)</a> through its Ultra and Ulti boxes which means investors should not worry that Astro subscribers will be reduced because they want to move to Netflix. Although it is more of a defensive strategy, there is a potential for a small upside as some existing Netflix subscribers in Malaysia may want to subscribe to Astro as they get bangs for their bucks. 
Post 50% share price increase, the company is still trading below its pre-COVID-19 level although the business climate has been stable and Netflix is not exactly a competitor to be feared anymore as it has become Astro's allies in Malaysia. The company also generates just shy of 20% FCF yield. There is no reason not to like <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>.

Astro's high-frequency operational data still looks very positive with a high TV viewership share (72%), 3.2 hours average time spent/day that is ahead of 2.16 hours of the FTA, increased MAU by 17% YoY, on-demand shows streamed has tripled to MYR 233 million. 
The big announcement is that Astro subscribers can soon access Netflix Inc (NFLX US) through its Ultra and Ulti boxes which means investors should not worry that Astro subscribers will be reduced because they want to move to Netflix. Although it is more of a defensive strategy, there is a potential for a small upside as some existing Netflix subscribers in Malaysia may want to subscribe to Astro as they get bangs for their bucks. 
Post 50% share price increase, the company is still trading below its pre-COVID-19 level although the business climate has been stable and Netflix is not exactly a competitor to be feared anymore as it has become Astro's allies in Malaysia. The company also generates just shy of 20% FCF yield. There is no reason not to like Astro Malaysia Holdings (ASTRO MK). 

Astro (ASTRO): Netflix Is Included Soon and High FCF Yield.

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Zee Media Corporation / Forensic Accounting

The Zee group has arguably been a frontliner news for most of the past week. Led by Subhash Chandra Goenka's Essel Group, Zee companies have been bearing a brunt recently of several potential malpractices. We had already saw how shareholder activism has gained prominence in the country through <a href="https://www.smartkarma.com/insights/vedanta-delisting-failure-the-upsurge-of-shareholder-activism-in-india" target="_blank" data-smartkarma-citation="insights:44110" rel="noopener">Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?</a> and <a href="https://www.smartkarma.com/insights/jspl-shareholder-activism-gains-credence" target="_blank" data-smartkarma-citation="insights:51954" rel="noopener">JSPL- Shareholder Activism Gains Credence</a>. 
Latest shareholder activism surrounding the group especially <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> was another high-profile case, but a more salty one compared to earlier examples, mainly because of the suddenness and the underlying reasons. The shareholder activism and non-tolerance of the investors was one of the key reasons which possibly triggered the merger. 
Through the shareholder activism it is evidently known that the shareholders are of the opinion of not having promoters and related management boss the company. In this insight, we do not dwell on the recent activism and related story of Zee Entertainment, but a hidden skeleton pertaining to <a href="https://www.smartkarma.com/entities/zee-media-corporation-ltd" target="_blank" data-smartkarma-citation="entities:8000:1" rel="noopener">Zee Media Corporation (ZEEN IN)</a>. which has a plausible connection to the promoters.
The reason why this is important is that Zee Media  is another prominent group company and according to some media articles, Zee Media might be one of the next companies in which promoters might face ire in form of activism.

The Zee group has arguably been a frontliner news for most of the past week. Led by Subhash Chandra Goenka's Essel Group, Zee companies have been bearing a brunt recently of several potential malpractices. We had already saw how shareholder activism has gained prominence in the country through Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India? and JSPL- Shareholder Activism Gains Credence. 
Latest shareholder activism surrounding the group especially Zee Entertainment Enterprises (Z IN) was another high-profile case, but a more salty one compared to earlier examples, mainly because of the suddenness and the underlying reasons. The shareholder activism and non-tolerance of the investors was one of the key reasons which possibly triggered the merger. 
Through the shareholder activism it is evidently known that the shareholders are of the opinion of not having promoters and related management boss the company. In this insight, we do not dwell on the recent activism and related story of Zee Entertainment, but a hidden skeleton pertaining to Zee Media Corporation (ZEEN IN). which has a plausible connection to the promoters.
The reason why this is important is that Zee Media  is another prominent group company and according to some media articles, Zee Media might be one of the next companies in which promoters might face ire in form of activism.

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Shareholder activism is on the rise in India. Institutional shareholders are making their vote count. Proxy advisor firms are also playing a role in guiding institutions to leverage their voting rights prudently. Over the past few months, we saw several instances of activism, mostly through adverse voting and complaining on public forums like earnings call. In a couple of cases, large shareholders (&gt;10% ownership) have also used their rights under Companies Act to call an extraordinary general meeting (EGM) to push for change of board and management.
In our detailed insight below, we discuss many such instances that transpired over the past few months. We also discuss our key takeaways for the Indian markets from this uprising activism.

Shareholder activism is on the rise in India. Institutional shareholders are making their vote count. Proxy advisor firms are also playing a role in guiding institutions to leverage their voting rights prudently. Over the past few months, we saw several instances of activism, mostly through adverse voting and complaining on public forums like earnings call. In a couple of cases, large shareholders (&gt;10% ownership) have also used their rights under Companies Act to call an extraordinary general meeting (EGM) to push for change of board and management.
In our detailed insight below, we discuss many such instances that transpired over the past few months. We also discuss our key takeaways for the Indian markets from this uprising activism.

The Rise of Shareholder Activism in India

Few days back <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> has announced that board of directors has given in-principle approval for the merger between ZEEL and Sony Pictures Networks India. The new of this merger was already rumored in the market since quite some time, however, the timing of this announcement is quite interesting.
On September 11, 2021, two investors of the company Invesco Developing Markets Fund and OFI Global China Fund Llc has asked board to conduct Extra-ordinary general meeting for possible removal of CEO of the company Mr. Punit Goenka and appointment of six independent directors.
This insight briefs few important clauses in the merger which might be consequential for both the promoters and shareholders.

Few days back Zee Entertainment Enterprises (Z IN) has announced that board of directors has given in-principle approval for the merger between ZEEL and Sony Pictures Networks India. The new of this merger was already rumored in the market since quite some time, however, the timing of this announcement is quite interesting.
On September 11, 2021, two investors of the company Invesco Developing Markets Fund and OFI Global China Fund Llc has asked board to conduct Extra-ordinary general meeting for possible removal of CEO of the company Mr. Punit Goenka and appointment of six independent directors.
This insight briefs few important clauses in the merger which might be consequential for both the promoters and shareholders.

External broker reports(aggregated public sources), Ashika Research

Ashika Research

External broker reports(aggregated public sources)

Zee Entertainment Enterprises / Equity Bottom-Up

<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ashika - Stock Picks - Zee Entertainment Enterprises Ltd. - July 2021

India

Zee Entertainment Enterprises Limited is an Indian media and entertainment conglomerate engaged in broadcasting satellite television channels, operating digital media, and selling media content including programs, film rights, and music rights. It offers content in multiple languages through international and domestic channels, and its brands include Zee TV, Zee Cinema, and ZEE5. The company is headquartered in Mumbai, India, and was incorporated in 1982.

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Zee Entertainment Enterprises (Z IN)

Astro (ASTRO): Netflix Is Included Soon and High FCF Yield.

After 50% increase, Astro is still trading below its pre-COVID-19 level although the business climate has been stable and Netflix has become...

Henry Soediarko

Zee Media: Is There a Hidden Skeleton?

After what happened with Zee Entertainment, Zee Media (another promoter entity) could face brunt of activism especially given that there is another...

Nitin Mangal

The Rise of Shareholder Activism in India

Shareholder activism is on the rise in India with several recent instances where investors have raised concerns through voting rights and EGMs as...

Ankit Agrawal, CFA

ZEE-Sony Merger: A Cloudy Sky?

This insight briefs few important clauses in the merger which might be consequential for both the promoters and shareholders. The timing of the...

Nitin Mangal

Ashika - Stock Picks - Zee Entertainment Enterprises Ltd. - July 2021

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

Ashika Research

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