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

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

XM/Xiaomi (1810 HK): Pessimistic About Industries Can Be Wrong

Xiaomi (1810 HK): Calendar Spreads and Other Top Trades Ahead of Earnings

Tencent (700), Xiaomi (1810), Meituan (3690), and JD.com (9618): Cheap Vol Into Earnings

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>Q1 2026 <a href="https://www.smartkarma.com/entities/xiaomi-corporation-class-b" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> results are not great, with revenue dropping 11% and net income going down by 57% YoY, thanks to the higher DRAM price. </li>
<li>The management launched a share buyback of around 2.7%, but this may not be enough to reverse the negative movement. Evidence shows only a &gt;10% outstanding shares buyback surely works. </li>
<li>A large CapEx is planned for its phase 2 EV megafactory, AI infrastructure, and data centers, as well as smart premiumization and global logistics that will effectively deplete its cash. </li>
</ul>


Q1 2026 Xiaomi (1810 HK) results are not great, with revenue dropping 11% and net income going down by 57% YoY, thanks to the higher DRAM price. 
The management launched a share buyback of around 2.7%, but this may not be enough to reverse the negative movement. Evidence shows only a &gt;10% outstanding shares buyback surely works. 
A large CapEx is planned for its phase 2 EV megafactory, AI infrastructure, and data centers, as well as smart premiumization and global logistics that will effectively deplete its cash. 


Xiaomi

Xiaomi (1810): Large CapEx