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 - Indonesia Strategy, Thai Baht, and Liquidity Crunch

SATS: Traffic -99.5% in April and May; How Much Worse Can It Get?

SATS: From Serving 22.5M Pax in 1Q20 -> To Serving 200K Pax in 1Q21. Houston We Have a Problem.

SATS Placement - Just a Small Deal and Still a Fundamentally Strong Company

SATS: Asian Airport Provider Rules in Terminals and Food

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

We attended the AGM of <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">Sats Ltd (SATS SP)</a> in Marina Mandarin hotel. Shares are up 16% YTD and have more than doubled over the last five years.Going forward the company will aim to spend 1 billion SGD in bolt-on M&amp;A between FY20 and FY22. Given SATS has net cash on the balance sheet it has considerable firepower. The board has overseen a rising dividend for the last five years and will attempt to keep dividends stable (or rising) for shareholders regardless of its M&amp;A drive.SATS is a high-quality company led by a charismatic CEO, Alex Hungate, who has delivered great shareholder returns since his appointment in January 2014.ROE has consistently been above 15% from FY14 to FY19. Valuation is not cheap at 21x FY20 P/E and 3.3x P/B but is most likely deserved given its performance in the last five years.

We attended the AGM of Sats Ltd (SATS SP) in Marina Mandarin hotel. Shares are up 16% YTD and have more than doubled over the last five years.Going forward the company will aim to spend 1 billion SGD in bolt-on M&amp;A between FY20 and FY22. Given SATS has net cash on the balance sheet it has considerable firepower. The board has overseen a rising dividend for the last five years and will attempt to keep dividends stable (or rising) for shareholders regardless of its M&amp;A drive.SATS is a high-quality company led by a charismatic CEO, Alex Hungate, who has delivered great shareholder returns since his appointment in January 2014.ROE has consistently been above 15% from FY14 to FY19. Valuation is not cheap at 21x FY20 P/E and 3.3x P/B but is most likely deserved given its performance in the last five years.

SATS株主総会：10億シンガポールドルの予算を発表し、M&amp;Aを通じて成長軌道を継続する高品質企業

SATS

SATS株主総会：10億シンガポールドルの予算を発表し、M&amp;Aを通じて成長軌道を継続する高品質企業

SATS株主総会：10億シンガポールドルの予算を発表し、M&Aを通じて成長軌道を継続する高品質企業