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

Thematic (Sector/Industry)

<ul>
<li>Our insight <a href="https://www.smartkarma.com/insights/2024-high-conviction-junior-copper-miners" target="_blank" data-smartkarma-citation="insights:122425" rel="noopener">2024 High Conviction: Junior Copper Miners</a> garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.</li>
<li>Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.</li>
<li>
<a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN) </a>has performed strongest +22% while <a href="https://www.smartkarma.com/entities/arras-minerals-corp" target="_blank" data-smartkarma-citation="entities:40384:1" rel="noopener">Arras Minerals (ARK V EQUITY)</a> has been a laggard at -18% YTD.</li>
</ul>


Our insight 2024 High Conviction: Junior Copper Miners garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.
Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.

Entree Resources (ETG CN) has performed strongest +22% while Arras Minerals (ARK V EQUITY) has been a laggard at -18% YTD.


Junior Copper Miners: An Update After 1Q24

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are currently 76 index constituents and we can (maybe? finally! hopefully 🤞) get to 80 members in March before commencing the next leg up to 100 index constituents.</li>
<li>We list 10 potential inclusions to the index in March. Adding all 10 stocks will lead to over 6% one-way turnover, so there will be fewer inclusions.</li>
<li>All stocks will have over 1 day of ADV to buy from passive trackers. Some stocks have short interest of over 7% of float.</li>
</ul>


There are currently 76 index constituents and we can (maybe? finally! hopefully 🤞) get to 80 members in March before commencing the next leg up to 100 index constituents.
We list 10 potential inclusions to the index in March. Adding all 10 stocks will lead to over 6% one-way turnover, so there will be fewer inclusions.
All stocks will have over 1 day of ADV to buy from passive trackers. Some stocks have short interest of over 7% of float.


HSI Index Rebalance Preview: Better Late Than Never?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the METI extension on FEFTA review on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a>, risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.</li>
<li>As expected (at least by me) - I Squared has withdrawn its Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a>, this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.</li>
</ul>


Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) - I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.


Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>How did our major investment themes do so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on </li>
<li>We revisit our outlook for each of those asset classes for H2 25</li>
</ul>


How did our major investment themes do so far in 2025?
Review of the performance of the major markets and asset classes we focus on 
We revisit our outlook for each of those asset classes for H2 25


Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

Jiangxi Copper Co Ltd H / Equity Bottom-Up

<ul>
<li>Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.</li>
<li>Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.</li>
<li>Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.</li>
</ul>


Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.


Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value

China

Zijin Mining Group Company Limited operates metal mineral resources exploration and mining businesses. The Company produces gold, copper, zinc, iron, and other base metals. Zijin Mining Group also conducts metal trade and investment businesses domestically and internationally.

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Zijin Mining Group (601899 CH)

Junior Copper Miners: An Update After 1Q24

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

HSI Index Rebalance Preview: Better Late Than Never?

Adding 4 stocks gets us to 80 members - a target that was to be reached by mid-2022. We list 10 potential adds where passive trackers will need to...

Brian Freitas

Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

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

Mid-Year Themes Review - Part II

An analysis of the performance of major investment themes in 2025 and a review of outlook for the second half of the year. We review precious...

Rikki Malik

Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value

Company has seen steady revenue growth but thin margins due to tolling-heavy model; strategic shift to captive mining and value-added products...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Junior Copper Miners: An Update After 1Q24

​Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

HSI Index Rebalance Preview: Better Late Than Never?

Adding 4 stocks gets us to 80 members - a target that was to be reached by mid-2022. We list 10 potential adds where passive trackers will need to...

Brian Freitas

Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

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

Mid-Year Themes Review - Part II

​An analysis of the performance of major investment themes in 2025 and a review of outlook for the second half of the year. We review precious...

Rikki Malik

Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value

​Company has seen steady revenue growth but thin margins due to tolling-heavy model; strategic shift to captive mining and value-added products...

Rahul Jain

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

An analysis of the performance of major investment themes in 2025 and a review of outlook for the second half of the year. We review precious...

Company has seen steady revenue growth but thin margins due to tolling-heavy model; strategic shift to captive mining and value-added products...