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

Thailand Economics: Land Bridge Raises More Questions Than Answers

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

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

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

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>Noting the absence of DFS in the arrival gates, is <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> benefiting from the tourists' spending in Thailand or others like <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>?</li>
<li>The PSC rate hike is not free, as the Thai government expects AOT to use its own operational cash flow to build the South Terminal development of Suvarnabhumi Airport. </li>
<li>Are the 44x PER, 5.7x PBR and 28x EV/EBITDA justified when AOT is transforming from high growth stocks to a more utility play?</li>
</ul>


Noting the absence of DFS in the arrival gates, is Airports of Thailand (AOT TB) benefiting from the tourists' spending in Thailand or others like CP ALL PCL (CPALL TB)?
The PSC rate hike is not free, as the Thai government expects AOT to use its own operational cash flow to build the South Terminal development of Suvarnabhumi Airport. 
Are the 44x PER, 5.7x PBR and 28x EV/EBITDA justified when AOT is transforming from high growth stocks to a more utility play?


タイ国際空港（AOT）：ユーティリティプレーヤーになるか？