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Historically, tea dominated the Asian beverages market, but over the last few years we are seeing a renewed interest in coffee and coffee-based beverages among Asians. Meanwhile, the tea industry is focusing on new products/trends such as bubble tea and fruit-infused tea to counter the threat posed by coffee as well as to provide a growth driver to counteract stagnant demand.
The younger generation favors the bubble tea and fruit tea trends, meaning that teahouses have been a tremendous success over the last four to five years. However, we think bubble tea and fruit tea lack the ability to encourage consumers to make regular purchases, affecting the long-term foot traffic of teahouses. Meanwhile, tea is generally less profitable than coffee. On the other hand, the coffee trend is more long-lasting. It also has the potential to generate superior returns/profitability over the medium/long term.
Nevertheless, there are both good apples and bad apples in both camps (coffee and tea). In this insight, we take a look at a few coffee and tea chains in China, Japan, and South Korea, assessing the long-term investment and business cases for our top picks in those markets.
In this original, we discuss the value chain, costs of production and global demand and supply conditions in the tea and coffee markets. Additionally, we look at the emerging trends and the unit cost dynamics within tea/coffee chains in Asia, focusing on the three biggest tea/coffee markets in the region (China, Japan and South Korea). Furthermore, we briefly talk about popular tea/coffee chains and highlight the long-term investment and business cases for our top picks in the above markets.
LightStream Research • Equity Analyst • (Opens in a new window) ⧉
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For our next Smartkarma Webinar, we have the pleasure of hosting Insight Provider Manu Bhaskaran, who will be tackling key macro themes in Asia, including the extent of geo-political risks in the region, increased bifurcation for the trajectories of the region’s economies, and increased opportunity in new technologies which may be going unnoticed.
Manu Bhaskaran is a leading Asia economist based in Singapore, with more than 30 years of experience in studying economic, political, and security issues that shape the business environment in Asia. He coordinates the Asian business of Washington DC-based strategic advisory firm, Centennial Group, directing its Asian economic research practice, which provides in-depth analysis of macro trends in Asia. He works extensively with investment institutions, government agencies, and corporations, and regularly presents his views on the economic, political, and business environment in Asia at business conferences and in-house briefings. He is a member of the Regional Advisory Group for Asia and the Pacific of the International Monetary Fund.
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Topic | Themes Affecting the Risk-Reward Trade-Off in Emerging Asia |
Description | For our next Smartkarma Webinar, we have the pleasure of hosting Insight Provider Manu Bhaskaran, who will be tackling key macro themes in Asia, including the extent of geo-political risks in the region, increased bifurcation for the trajectories of the region’s economies, and increased opportunity in new technologies which may be going unnoticed. |
Time | 30 June 2021 at 17:00 Singapore/Hong Kong Time |
Speaker(s) |
Manu Bhaskaran is a leading Asia economist based in Singapore, with more than 30 years of experience in studying economic, political, and security issues that shape the business environment in Asia. He coordinates the Asian business of Washington DC-based strategic advisory firm, Centennial Group, directing its Asian economic research practice, which provides in-depth analysis of macro trends in Asia. He works extensively with investment institutions, government agencies, and corporations, and regularly presents his views on the economic, political, and business environment in Asia at business conferences and in-house briefings. He is a member of the Regional Advisory Group for Asia and the Pacific of the International Monetary Fund. |
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For our next Smartkarma Corporate Webinar, we are glad to welcome Manulife US REIT (MUST SP)’s CFO, Robert Wong, and Chief IR and Capital Markets Officer, Carol Fong.
MUST is the first pure-play U.S. office REIT listed in Singapore, offering investors the opportunity to have a piece of U.S. real estate in their portfolio. Having tripled its AUM in the last five years, Carol will share a short company presentation on MUST’s journey and its strategy moving ahead in a post-COVID-19 world. Afterwards, she and Robert will engage in a fireside chat with Smartkarma Insight Provider Angus Mackintosh. This will be followed by a live Q&A session.
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.
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Topic | Manulife US REIT (MUST SP): US Real Estate During and After COVID-19 |
Description | For our next Smartkarma Corporate Webinar, we are glad to welcome Manulife US REIT (MUST SP)’s CFO, Robert Wong, and Chief IR and Capital Markets Officer, Carol Fong. MUST is the first pure-play U.S. office REIT listed in Singapore, offering investors the opportunity to have a piece of U.S. real estate in their portfolio. Having tripled its AUM in the last five years, Carol will share a short company presentation on MUST’s journey and its strategy moving ahead in a post-COVID-19 world. Afterwards, she and Robert will engage in a fireside chat with Smartkarma Insight Provider Angus Mackintosh. This will be followed by a live Q&A session. |
Time | 29 June 2021 at 17:00 Singapore time |
Speaker(s) | Caroline Fong
Caroline Fong is the Chief Investor Relations and Capital Markets Officer and also the Chief Sustainability Officer for Manulife US REIT. At MUST, she is responsible for IR, communications, strategy, fundraising, and sustainability. Carol has over 15 years of experience in IR, capital markets, fundraising, and IPOs. Prior to MUST, Carol worked in Temasek, ESR-REIT, Capitaland, and SGX. Robert Wong
Robert Wong is the Chief Financial Officer of Manulife US REIT. He is responsible for finance, capital management, treasury, and accounting operations for MUST. Robert has over 20 years of experience in the finance and accounting professions, mainly in the real estate investment management industry. Prior to MUST, Robert worked in ARA LOGOS Logistics Trust, ING Real Estate, and has held various finance roles in Australia with Mirvac Funds Management, Colonial First State Property, and Westpac Investment Property Limited.
Angus Mackintosh has been in Equity Sales and Research for more than 25 years covering Asian markets. He possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits as well as political, economic, and sector commentary. He is a former racing skier who enjoys ultra-marathons and surfing in his spare time. |
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For our next Smartkarma Webinar, we have the pleasure of welcoming back Insight Provider Jesus Rodriguez Aguilar to go over ideas in European Event-Driven. Jesus will examine offers that target FTSE 250 companies (particularly in healthcare and financial services); the real estate sector in Central and Eastern Europe; and special situations in European share classes and holding companies.
Jesus Rodriguez Aguilar is an Event-Driven Analyst looking across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations.
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Topic | European Event-Driven: Top Ideas and Special Situations |
Description | For our next Smartkarma Webinar, we have the pleasure of welcoming back Insight Provider Jesus Rodriguez Aguilar to go over ideas in European Event-Driven. Jesus will examine offers that target FTSE 250 companies (particularly in healthcare and financial services); the real estate sector in Central and Eastern Europe; and special situations in European share classes and holding companies. |
Time | 16 June 2021 at 17:00 Singapore/Hong Kong Time |
Speaker(s) |
Jesus Rodriguez Aguilar is an Event-Driven Analyst looking across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. |
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For our next Smartkarma Corporate Webinar, we are glad to welcome Sarana Menara Nusantara (TOWR IJ)’s Vice President Director Adam Gifari, and Director Eugene K. Galbraith. Adam and Eugene will share a short company presentation and have a fireside chat with Smartkarma Insight Provider, Henry Soediarko, followed by a live Q&A session.
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.
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Topic | TOWR IJ: The Buy, Build, & Return Model |
Description | For our next Smartkarma Corporate Webinar, we are glad to welcome Sarana Menara Nusantara (TOWR IJ)’s Vice President Director Adam Gifari, and Director Eugene K. Galbraith. Adam and Eugene will share a short company presentation and have a fireside chat with Smartkarma Insight Provider, Henry Soediarko, followed by a live Q&A session. |
Time | 15 June 2021 at 17:00 Singapore time / 16:00 Jakarta time |
Speaker(s) | Adam Gifari
Adam Gifari serves as the Vice President Director of TOWR IJ and Protelindo. He is responsible for corporate finance and investor relations for both companies. Prior to this, Adam served as the Company’s President Director from 2009 until 2015 and as the President Director of Protelindo from 2007 until 2015. Before joining TOWR and Protelindo, he worked as a Research Analyst from 1999 to 2002 and in Investment Banking from 2003 to 2007. Adam graduated from the University of Indonesia in 1999 with a degree in Financial Management. Eugene K. Galbraith
Eugene Keith Galbraith is responsible for investor relations for TOWR IJ and Protelindo. Before starting his career in the banking industry, Eugene served as economic planning advisor in East Nusa Tenggara Province in 1984 until 1988 and afterwards became an advisor to the Indonesian Ministry of Finance until 1990. In 1990, he joined HG Asia Indonesia as President Director. Between 2002 and 2019, he served as President Commissioner and Vice President Director at Bank Central Asia, Indonesia. Eugene earned his BA in Philosophy in 1974, M. Phil in Economic History in 1978 and PhD in Anthropology in 1983 from John Hopkins University, USA.
Henry Soediarko is a Long & Short Investment Ideas generator for Asian Equities with 10 years of experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment theses. He provides on-the-ground insights in various Asian markets with a sway towards ASEAN. |
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SINGAPORE, 3 JUNE 2021: Maybank Kim Eng Securities Pte Ltd (“Maybank Kim Eng Singapore”) is the first broker in Singapore to partner with Smartkarma to make its Private Investor Solutions available to Maybank Kim Eng Singapore’s qualified clients. Under this partnership, Maybank Kim Eng Singapore’s clients and trading representatives can access institutional-level investment insight on Smartkarma’s innovative online network, where they will find a unique range of actionable ideas, insights and tools to help them in their investment decisions.
Smartkarma Private Investor Solutions delivers personalised insight at scale for private accredited investors or their trading representatives. Besides extensive access to timely, high-quality insight, users benefit from real- time alerts on their portfolio, financial data and analytics, and events such as analyst presentations and roadshows. With this partnership, users join a platform already trusted by over 200 global institutional investors and market participants with more than US$13 trillion in Assets Under Management and quoted regularly by top financial press.
Aditya Laroia, Chief Executive Officer, Maybank Kim Eng Singapore said, “This partnership with Smartkarma will enable us to provide unique insights that will complement our award-winning ASEAN Research platform offerings, significantly differentiating Maybank Kim Eng’s service offering from discount brokers as well as other full-service private brokers. We are bringing information and idea generation as the final component of Maybank Kim Eng’s trifecta of value added offerings for clients, along with trading technology and client-focused and differentiated customer service. We recognise that investors are more sophisticated and informed today and want to be at the forefront of helping them invest and trade profitably by removing the disadvantages private investors face compared to institutional investors in terms of research access.”
He added, “We have seen a structural pick-up in private participation across global markets including Singapore. With increased market participation, especially from Millennials and Gen Z’ers, individuals take more control of their wealth creation, supporting retail momentum in equity markets when traditional investment assets such as property are being impacted by cooling and control measures. This investment knowledge and education will help to achieve better market efficiency and greater liquidity, plus information is a key component for well- functioning financial markets.”
Raghav Kapoor, CEO and Co-Founder of Smartkarma, said: “We are excited to work with Maybank Kim Eng Singapore. As we continue to democratise access to independent insight, Maybank Kim Eng-introduced investors can now enjoy timely delivery of high quality insights, specifically targeted through superior understanding of their needs – that’s why Bloomberg has called Smartkarma ‘the Spotify of Research’.”
“Maybank Kim Eng’s private clients will be some of the first to read actionable ideas on the APAC and US markets, find independent insight on IPOs and Event-Driven ideas that gets regularly quoted by top financial media, and access a highly customisable reading experience tailored to their specific needs,” added Raghav.
Chan Kum Kong, Senior Vice-President and Head of Research and Products at SGX, an investor in Smartkarma, said: “This partnership creates a unique value proposition for private investors. Smartkarma’s independent and institutional-grade content helps guide effective investment decisions. This offering, combined with Maybank Kim Eng’s trading technology and customer-centric approach, comes at a time when we see an elevated level of domestic and regional private participation in the Singapore market. An area of growing interest is sustainable finance and ESG; investors can look forward to more resources on sgxacademy.com where we partner with Smartkarma to develop some of these educational and training programmes.”
Maybank Kim Eng Singapore (previously known as Kim Eng Holdings) was the first stockbroker to be listed on the Singapore Exchange in 1990. We provide investors with access to a wide range of products and services such as stocks, warrants, exchange traded funds (ETFs), Real Estate Investment Trust (REITs) and Daily Leverage Certificates (DLCs), and through our new trading platform MKE Trade, access to global markets like Singapore Stock Exchange (SGX), Bursa Malaysia, Stock Exchange of Thailand (SET), Hong Kong Stock Exchange (HKEx), Shanghai-Hong Kong Stock Connect, London Stock Exchange (LSE), New York Stock Exchange (NYSE), NASDAQ and NYSE Arca.
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Maybank Kim Eng is the fully-owned investment banking arm of Maybank, one of Asia’s leading banking groups and South East Asia’s fourth largest bank by assets. The Maybank Kim Eng group of companies comprises businesses stretching around the globe with offices in Malaysia, Singapore, Hong Kong, Thailand, Indonesia, Philippines, India, Vietnam, Great Britain and the United States of America. Maybank Kim Eng has been in Asia for more than 40 years and offers a suite of financial solutions, which include debt advisory and arrangement via bonds/sukuk, project financing, leveraged financing and loan syndication, corporate finance, equity capital markets, merger and acquisition advisory, sector advisory, strategic advisory, equities derivatives, retail and institutional securities broking and research. A leader in many of the Asian markets that it operates in, Maybank Kim Eng has won numerous prestigious awards in the markets that it serves.
Smartkarma is the independent investment research network that brings together independent Insight Providers, institutional investors, private accredited investors, and corporate IR professionals and management. We challenge conventions by providing differentiated, independent analysis on companies, markets, and industries across the world. This includes insights on areas under-reported by mainstream market coverage, including Event-Driven, IPOs & Placements, and Small/Mid-Cap Equities, as well as a wealth of financial data and analytics provided by exchanges, banks, brokers, and more. Smartkarma’s online platform empowers asset managers and private accredited investors who want to access market-moving, differentiated intelligence; corporates who need to maximise their outreach; and analysts who wish to reach global investors with their written reports and bespoke services. Smartkarma is backed by notable investors such as Sequoia Capital, SGX, Wavemaker Partners, Jungle Ventures, and Enterprise Singapore. Learn more at www.smartkarma.com/home/private-investor-solutions
For more information, please contact:
Lucinda Lam : [email protected]
Michael Tegos : [email protected]
Entity | Insights | Analytics | News | Discussion | Filings | Reports |
This Original aims to identify the key investment opportunities among the listed brokers in the three major East Asian countries – China, Japan, and Korea.
By looking at the development of the brokerage sectors in these three countries, we observe a general trend where upstart online brokers first compete against the more established brokers based on their cost and technological advantages. This then pushes the more established brokers to either focus on more lucrative wholesale businesses or adopt and invest in tech initiatives in order to stay competitive in the retail market.
After further establishing themselves in the retail market, these upstart online brokers then also diversify and expand into the more lucrative wealth/asset management or even wholesale businesses. By gauging at which phase the broker is in this cycle, investors can have a good understanding of its future outlook.
In our opinion, Korean brokers currently offer the best value, while the Chinese pure-play online brokers offer the highest growth potential. As such, our pecking order, in terms of investment attractiveness, is Kiwoom Securities (039490 KS), East Money Information Co A (300059 CH), Futu Holdings Ltd (FUTU US), Monex Group Inc (8698 JP) / Huatai Securities Co Ltd (H) (6886 HK).
In this Original, we look into the competitive landscape of the brokerage sectors in China, Japan, and Korea. 55 listed brokers from these three countries are included in this Original as the company universe for regression analysis.
Among them, a total of 8 brokers are chosen, with their company profiles separately presented, to further showcase and contrast the impact of competition and technological disruption. Based on this, a pecking order is then developed, both on a country and a company basis.
• EM focused Principal Investments Partner • (Opens in a new window) ⧉
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Within the hospitality-affected complex, the airline industry garners the lion’s share of the negative news from the Covid fall-out. The International Air Transport Association said last month it estimates losses in 2021 of US$48bn, up from $38bn previously. And that’s on top of an estimated $370bn of losses to the industry in FY20, according to the International Civil Aviation Organization.
But spare a thought for the airports which facilitate the arrival and departure of these airlines, as this crisis becomes increasingly protracted, and in many ways, deeper than many anticipated 18 months ago.
Amid the doom and gloom, there are parking bays of good news. April’s domestic air passenger traffic in China was ~96% of December 2019 levels. Shenzhen Airport Co A (000089 CH) (SZAC) is at level pegging with overall traffic numbers in 2019, and domestic flow into SZAC, Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport (600004 CH) all exceed 2019 levels.
Yet outside of the Chinese airport space, where international passenger throughput has historically commanded >40%+ of total throughput – up to 80% for Airports of Thailand (AOT TB) – the outlook remains subdued, and largely uncertain.
Just this week, Thailand recorded its highest level of Covid-related fatalities, Taiwan is facing its first serious outbreak, and Australia’s state of Victoria entered its fourth lockdown.
Provided airports have sufficient funds to ride out the tough times to the other side of the valley, all will undergo a major re-rate when international travel restarts. Yet the vaccine rollout – and uptake – and when international borders will reopen, remain indeterminate.
What’s Original?
This insight presents a comprehensive view of the key Chinese airports (Beijing Capital International Airport (BCIA) (694 HK), Shenzhen Airport, Shanghai International Airport (600009 CH), and Guangzhou Baiyun International Airport (600004 CH), together with Airports of Thailand (AOT TB), Malaysia Airports Hldgs (MAHB MK), Japan Airport Terminal Co (9706 JP), Sydney Airport (SYD AU) and Auckland Intl Airport (AIA NZ).
Quiddity Advisors • Pan-Asia Catalysts/Events • (Opens in a new window) ⧉
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