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

<a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Last week Sunpower Group (SPWG SP)</a> participated in a webinar with Smartkarma clients to talk about its performance in 1H20. The webinar recording is now available <a href="https://smartkarma.zoom.us/rec/play/icMBesc2gt5XZolN7q1Tc6_i_mBbBObSmhxOuo1NPDrjlY91-08sJAZ5udK8LcwZiv53qdzqBFApBjfN.XcuzG8EUxBJcGCVa?startTime=1601974812000" target="_blank" rel="noopener">here</a>. Yesterday, a waste-to-energy operator <a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">China Jinjiang Environment (CJE SP)</a> announced CICC would act on behalf of its Shanghai-listed parent <a href="https://www.smartkarma.com/entities/zhejiang-zheneng-electric-a" target="_blank" data-smartkarma-citation="entities:20553:1" rel="noopener">Zhejiang Zheneng Electric A (600023 CH)</a> to privatize the company at 0.7781 SGD/share, a 43% premium over its closing price on 12/10/20.The buyout values the company at 36x earnings and 10x EV/EBITDA. Sunpower traded up 11% (0.61 SGD) in sympathy as investors rightly see these sorts of deeply undervalued businesses being scooped up by Chinese parents as confirmation of how undervalued some environmental protection businesses are.Sunpower reports 3Q20 results in approximately 30 days' time. We remain convinced Mr. Market is deeply undervaluing the company as its fair value remains at 1 SGD, or 63% higher from here.

Last week Sunpower Group (SPWG SP) participated in a webinar with Smartkarma clients to talk about its performance in 1H20. The webinar recording is now available here. Yesterday, a waste-to-energy operator China Jinjiang Environment (CJE SP) announced CICC would act on behalf of its Shanghai-listed parent Zhejiang Zheneng Electric A (600023 CH) to privatize the company at 0.7781 SGD/share, a 43% premium over its closing price on 12/10/20.The buyout values the company at 36x earnings and 10x EV/EBITDA. Sunpower traded up 11% (0.61 SGD) in sympathy as investors rightly see these sorts of deeply undervalued businesses being scooped up by Chinese parents as confirmation of how undervalued some environmental protection businesses are.Sunpower reports 3Q20 results in approximately 30 days' time. We remain convinced Mr. Market is deeply undervaluing the company as its fair value remains at 1 SGD, or 63% higher from here. 

Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside)

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a limited basis. We also look at the context for the policy’s introduction and its implications on credit access for industry players at large.  The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a limited basis. We also look at the context for the policy’s introduction and its implications on credit access for industry players at large.    The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.  

Asia HY Monthly - China's Three Red Lines - Lucror Analytics

The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - September 2020 - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players under our coverage. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19 crisis, regulatory and accounting developments, and the macro outlook. We also comment broadly on the H1/20 results of the Indonesian real estate players under our coverage.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.  

Asia HY Monthly - Indonesian Property Update (2020) - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

China

Zheneng Jinjiang Environment is a leading waste-to-energy (WTE) operator that provides recycling services, including the generation and sale of electricity and steam from municipal solid waste. The company also offers project management, technical consulting, and energy management contracting services. It is headquartered in Hangzhou, China, and was founded in 1998.

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Zheneng Jinjiang Environment (ZJE SP)

Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside)

Read across from sector M&A highlights Sunpower undervaluation. We see 63% upside to our 1 SGD fair value estimate. The company reports 3Q20 in...

Nicolas Van Broekhoven

Asia HY Monthly - China's Three Red Lines - Lucror Analytics

In this month’s “In-Focus” section, we consider China’s new Three Red Lines leverage guidelines for developers, which have been rolled out on a...

Lucror Analytics

Asia HY Trade Book - September 2020 - Lucror Analytics

The Asia HY Trade Book for the month of September includes a summary of our recommendations, as well as our high-conviction ideas. The report...

Lucror Analytics

Asia HY Monthly - Indonesian Property Update (2020) - Lucror Analytics

In this month’s “In-Focus” section, we provide an update on the Indonesian real estate sector, including the impact of the ongoing COVID-19...

Lucror Analytics

Asia HY Trade Recommendations - August 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of August includes a summary of our recommendations, as well as our high-conviction ideas....

Lucror Analytics

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