Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Was on the buyside for 15 years, most recently at a medium-sized boutique asset management firm. I grew up in Europe, went to university in the US and have been living in Singapore for the last 7 years which has given me a broad scope on the world and investing in general.

Consider myself a generalist investor with a preference for small and mid-cap companies and special situations. However, a large cap that has gone temporarily out of favor might also pique my interest. 

My style of investing could be categorized as more of value investor, rather than growth at any cost. Learning from Charlie Munger on the importance of quality of a company has been of tremendous value over the years.I like businesses with real earnings, cash flows, dividends, book value and insider ownership.

Insight Provider

The Week that Was in ASEAN@Smartkarma - A Digitally Enhanced SE Asia, Cement, and Thai Equities

M&S Div. Sold Resulting in 28% Special Dividend; Company Now 100% GI Story; Fair Value To 1.42 SGD

Sunpower: Good FY20 Figures; Now in Transition to 100% GI by 2H21. Risk/Reward Highly Attractive

Sunpower (SPWG SP): "I Missed It".NO, It Is Just Beginning. Strong 1H20 Results Forecasted Next Week

Sunpower (SPWG): Risk/Reward Rarely Been Better; Fair Value Remains at 1 SGD or 142% Upside.

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

Smartkarma Corporate Webinar | Sunpower Group: Understanding the Business and Growth Opportunities

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">Sunpower Group (SPWG SP)</a> delivered solid 9M20 results with earnings on track to meet its CB targets for FY20. 9M20 net profit was exactly 75% of its FY20 target and historically 4Q has been its strongest quarter. Sunpower should have no issue meeting FY20 consensus expectations.Sunpower has been a reliable revenue, EBITDA, and profit generator for two years now yet the market is valuing it at barely 9.7x FY21 earnings. As demonstrated in a recent insight <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside)</a> this is too conservative.Sunpower bottomed on 23/03/20 at 0.33 and has since doubled. However, if we look at it YTD the stock is only up 4%. Given this is a 100% China domestic play and the Chinese economy is overall performing well there is a disconnect.Our Fair Value remains unchanged at 1 SGD (based on 15x FY21 earnings as agreed in CB1/CB2).

Sunpower Group (SPWG SP) delivered solid 9M20 results with earnings on track to meet its CB targets for FY20. 9M20 net profit was exactly 75% of its FY20 target and historically 4Q has been its strongest quarter. Sunpower should have no issue meeting FY20 consensus expectations.Sunpower has been a reliable revenue, EBITDA, and profit generator for two years now yet the market is valuing it at barely 9.7x FY21 earnings. As demonstrated in a recent insight Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside) this is too conservative.Sunpower bottomed on 23/03/20 at 0.33 and has since doubled. However, if we look at it YTD the stock is only up 4%. Given this is a 100% China domestic play and the Chinese economy is overall performing well there is a disconnect.Our Fair Value remains unchanged at 1 SGD (based on 15x FY21 earnings as agreed in CB1/CB2).

Sunpower (SPWG SP): GI Continues to Deliver; Re-Rating to 1 SGD Just a Matter of Time