Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

A Long & Short Investment Ideas generator for Asian Equities with 10 years experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment thesis. Provides on-the-ground insights in various Asian markets with a sway towards ASEAN. Experienced and survived the Asian Financial Crisis in a family business, as well as the Global Financial Crisis in financial markets where lessons learned. It's all about understanding business drivers and navigating business cycles, which has high applicability in generating investment ideas. 

Investment horizon: Mid to Long term

Asian Insight Provider - Actionable ideas

AIRPORTS OF THAILAND Plc. (AOT): PSC Revenue Growth Offsets KPD Impact

Airport of Thailand (AOT): Become a Utility Play?

Airports of Thailand - Catalysts priced in, D/G to HOLD

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>Thailand has accelerated plans to make health insurance a mandatoryrequirement for international arrivals. Previously optional, this coverage protects the healthcare budget against rising costs of emergencies involving uninsured tourists.</li>
<li>The triple tax will hit <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> revenue, PSC and landing (~60% of revenue): 1,120 THB PSC, a potential 300 THB entry fee, and mandatory insurance. </li>
<li>Hospital operators like <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> and <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> will see a reduction in "uncompensatedcare" while guaranteeing revenue at private market rates. </li>
</ul>


Thailand has accelerated plans to make health insurance a mandatoryrequirement for international arrivals. Previously optional, this coverage protects the healthcare budget against rising costs of emergencies involving uninsured tourists.
The triple tax will hit Airports of Thailand (AOT TB) revenue, PSC and landing (~60% of revenue): 1,120 THB PSC, a potential 300 THB entry fee, and mandatory insurance. 
Hospital operators like Bangkok Dusit Medical Services (BDMS TB) and Bumrungrad Hospital Pub Co (BH TB) will see a reduction in "uncompensatedcare" while guaranteeing revenue at private market rates. 


Bangkok Dusit Medical Services (BDMS-R TB)

Airports of Thailand

AOT Vs. Hospitals: The Case of Insurance