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

CP All - Resilient earnings growth (CPALL TB, CP THB47.75, BUY, TP THB68.50, Consumer Staples)

CP ALL Plc. (CPALL): 3Q25 CVS GPM Beat Expectations – Buy (2026 Fair Value Bt54.00)

CP ALL Plc. (CPALL): 4Q25/2025 Profit +5%/+12%, Driven By CVS

CP ALL Plc. (CPALL): 4Q25E Profit To Rise QoQ; 2025–27E Earnings Revised

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>The Thai help Thai campaign comes with a heavy discount, but it does not compress <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a> blended margin; instead, it expands the margin. </li>
<li>The campaign discount squeezes the smaller players' margin and will make it difficult for them to survive, while CPALL's variety of offerings will induce impulsive shopping. </li>
<li>One of the indirect impacts is that the smaller players are forced to go source their products from MAKRO (controlled by CPALL too).  Trades at undemanding 14x PER. </li>
</ul>


The Thai help Thai campaign comes with a heavy discount, but it does not compress CP ALL PCL (CPALL TB) blended margin; instead, it expands the margin. 
The campaign discount squeezes the smaller players' margin and will make it difficult for them to survive, while CPALL's variety of offerings will induce impulsive shopping. 
One of the indirect impacts is that the smaller players are forced to go source their products from MAKRO (controlled by CPALL too).  Trades at undemanding 14x PER. 


CP ALL

CPALL: Heavy Discount Beneficiary