Jardine Cycle & Carriage (JCNC SP)
A clean bet on the recovery of the Indonesian auto market
Deep-dives
Okamoto (5122 JP)
Okamoto Industries (5122 JP) is a family-run household products and industrial materials company based in Japan. The company is best known for its condom business, which ranks as the #3 globally. The brand name is strong in Asia, where Okamoto dominates the premium segment. The operating margin for Okamoto’s
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Bloomberry Resorts (BLOOM PM)
Bloomberry Resorts (BLOOM PM) is a Philippine casino operator. It owns the most successful casino resort in Manila’s Entertainment City, with a beautiful plot of land next to the Manila Bay. The company is run by Spanish-Filipino billionaire Enrique Razon whose port operator ICTSI compounded its share price at
QAF (QAF SP)
QAF Limited (QAF SP) is the largest bakery company in Singapore, Malaysia and the Philippines. The company owns two major brand names called Gardenia and Bonjour and operates in the short shelf-life bread segment, supplying supermarkets, convenience stores, restaurants, etc. On 8 June 2021, QAF announced that it would divest
En-Japan (4849 JP)
En-Japan (4849 JP) is a Japanese online recruitment company. It owns a large and growing platform for job advertisements, with a user-generated company review system that is the strongest in Japan by a factor of 10x. What makes the company stand out is its Amazon-like focus on doing what’s
United Plantations (UPL MK)
United Plantations (UPL MK) is one of the best-managed oil palm plantation companies in the world. With most of its estates in the Malaysian state of Perak, United Plantations has production yields per tonne far above its Malaysian peers. And thanks to vertical integration, it has become a low-cost producer
BAT Malaysia (ROTH MK)
British American Tobacco Malaysia (ROTH MK) is Malaysia’s largest tobacco company, selling cigarettes under the Dunhill, Rothmans, Pall Mall and Peter Stuyvesant brand names. The company is a Malaysia-listed subsidiary of UK-listed tobacco giant British American Tobacco. The predecessor of the company was founded in 1912. The current corporate
Genki Sushi (9828 JP)
Genki Sushi (9828 JP) is a conveyor belt (“kaiten”) sushi restaurant operator based in Utsunomiya, Japan. Genki Sushi started in 1968 by 24-year old Japanese chef Fumio Saito who came up with the concept of sushi on revolving conveyor belts. The company was listed in 1991 and now has a
Delfi (DELFI SP)
Delfi Ltd (DELFI SP) is a Singapore-listed chocolate producer with a major presence in Indonesia as well as other Southeast Asian countries such as the Philippines and Malaysia. Delfi’s market share in Indonesia is 45%, far ahead of competitor Mayorah Indah’s 25%. Its brand names SilverQueen, Ceres, Delfi,
China Unicom (762 HK)
At 0.33x EV/Sales, China Unicom (762 HK) trades at among the lowest valuation multiple of any telecom operator globally. It's the third-largest telecom operator in China, with exposure towards both wireless and fixed-line services. However, there are risks as well. The wireless telecom industry is competitive
Sanrio (8136 JP)
Sanrio Company, Ltd (8136 JP) is a designer, licensor and producer of cute ("kawaii") consumer products. Its most popular brand name is "Hello Kitty". The company has three segments: direct product sales (with inventory risk), licensing of characters to third-parties as well as running two theme
Ichigo Hotel REIT Investment Corporation (3463 JP)
Ichigo Hotel REIT Investment Corporation (3463 JP) is a Japanese hospitality REIT run by American hedge fund manager Scott Callon. It invests in lodging-focused hotels in major cities across Japan with a major focus on tourism. The REIT was formed by sponsor Ichigo Inc, an asset management company run by