Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

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

Micro Mechanics (Holdings) / Equity Bottom-Up

Micro-Mechanics Holdings Limited designs and manufactures precision tools.  The Company also provides effective solutions and total support services to its customers.

<ul>
<li>We attended <a href="https://www.smartkarma.com/entities/micro-mechanics-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19384:1" rel="noopener">Micro Mechanics (Holdings) (MMH SP)</a> AGM in Singapore on 30 October.</li>
<li>Management also released 1Q26 results which show muted growth. China remains the most important market.</li>
<li>MMH has no debt, consistently high margins, high ROE's and a 22-year track record of paying dividends to investors.</li>
</ul>


We attended Micro Mechanics (Holdings) (MMH SP) AGM in Singapore on 30 October.
Management also released 1Q26 results which show muted growth. China remains the most important market.
MMH has no debt, consistently high margins, high ROE's and a 22-year track record of paying dividends to investors.


Micro-Mechanics AGM: High Quality Company Waiting for Upturn

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International Limited is an owner and operator of luxury hotels, resorts, and residences. The Group now operates, or has under development, hotels in the Americas, Europe, Middle East, and North Africa. Mandarin Oriental International also operates, or has under development, residences at Mandarin Oriental.

Mandarin Oriental International (MAND SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> has proposed to take <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a> private</li>
<li>While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.</li>
<li>Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.</li>
</ul>



Jardine Matheson Holdings (JM SP) has proposed to take Mandarin Oriental International (MAND SP) private
While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.
Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.


Mandarin Oriental: Good Deal for Jardine, Not So Much for Mandarin Oriental Minorities

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

<ul>
<li>Last week <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> announced a 5 billion USD investment into <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>. </li>
<li>If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.</li>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.</li>
</ul>


Last week NVIDIA Corp (NVDA US) announced a 5 billion USD investment into Intel Corp (INTC US). 
If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.

AEM (AEM SP) has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.


AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

PC Partner Group Ltd. is principally engaged in the design, development and manufacture of video graphics cards. The Group manufactures various electronics components and products for customers under its electronics manufacturing services division and also manufactures other personal computers related products.

<ul>
<li>PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.</li>
<li>The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.</li>
<li>The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.</li>
</ul>


PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.


PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> announced a new CEO, Samer Kabbani, would take over with immediate effect.</li>
<li>The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.</li>
<li>New CEO's frequently kitchen sink upon their appointment, will Samer continue this trend?</li>
</ul>



AEM (AEM SP) announced a new CEO, Samer Kabbani, would take over with immediate effect.
The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.
New CEO's frequently kitchen sink upon their appointment, will Samer continue this trend?


AEM Holdings: Another CEO, Another Kitchen Sink?

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.

Nicolas Van Broekhoven
Insight Provider
• CrossASEAN Research

Micro-Mechanics AGM: High Quality Company Waiting for Upturn

Micro Mechanics (Holdings) AGM reveals muted growth in 1Q26, with China as key market. Strong financials include no debt, high margins, ROE, and...

Nicolas Van Broekhoven

Mandarin Oriental: Good Deal for Jardine, Not So Much for Mandarin Oriental Minorities

Jardine Matheson Holdings proposes to take Mandarin Oriental International private, a deal with high chance of success but undervaluing the...

Nicolas Van Broekhoven

AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

Nicolas Van Broekhoven

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

AEM Holdings: Another CEO, Another Kitchen Sink?

AEM Holdings appoints new CEO Samer Kabbani, raising concerns about stability ahead of 2Q25 results. The raising of guidance late June, combined...

Nicolas Van Broekhoven

Micro-Mechanics AGM: High Quality Company Waiting for Upturn

Micro Mechanics (Holdings) AGM reveals muted growth in 1Q26, with China as key market. Strong financials include no debt, high margins, ROE, and...

Nicolas Van Broekhoven

Mandarin Oriental: Good Deal for Jardine, Not So Much for Mandarin Oriental Minorities

​Jardine Matheson Holdings proposes to take Mandarin Oriental International private, a deal with high chance of success but undervaluing the...

Nicolas Van Broekhoven

AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

​NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

Nicolas Van Broekhoven

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

​PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

AEM Holdings: Another CEO, Another Kitchen Sink?

​AEM Holdings appoints new CEO Samer Kabbani, raising concerns about stability ahead of 2Q25 results. The raising of guidance late June, combined...

Nicolas Van Broekhoven

Jardine Matheson Holdings proposes to take Mandarin Oriental International private, a deal with high chance of success but undervaluing the...

NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

AEM Holdings appoints new CEO Samer Kabbani, raising concerns about stability ahead of 2Q25 results. The raising of guidance late June, combined...