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Bank of Baroda: Strong Franchise, Attractive Valuation, Growth Ahead

April 7, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Rahul Saraogi of Atyant Capital Advisors presented his investment thesis on Bank of Baroda (India: BANKBARODA) at Asian Investing Summit 2022.

Rahul had previously presented Bank of Baroda at Asian Investing Summit 2018.

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About the instructor:

Rahul Saraogi is the founder and managing director of Atyant Capital Advisors, advisor to the Atyant Capital family of funds. In the last two decades he has focused on the Indian markets. His mission is to consistently identify the best 10-15 investment ideas from among the thousands of publicly- traded Indian corporations. Rahul’s value-based investment philosophy stands apart due to his belief in the paramount importance of corporate governance, specifically how management operates with its minority shareholders in mind. Rahul is the author of Investing in India: A Value Investor’s Guide to the Biggest Untapped Opportunity in the World a definitive guide on navigating the Indian markets published by John Wiley & Sons.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Hibiscus: E&P Player, Almost Tripling in Size After Inexpensive Acquisition

April 7, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Family office investor Samir Mohamed presented his investment thesis on Hibiscus Petroleum (Malaysia: HIBISCS) at Asian Investing Summit 2022.

Thesis summary:

Hibiscus is a small upstream oil & gas company with producing assets in UK, Malaysia and Vietnam.

In January 2022, the company received the last approvals to acquire Repsol’s assets in Malaysia and Vietnam. The acquisition will almost triple Hibiscus’ oil & gas production and add 60% to its reserves. Thanks to a low acquisition price, strong cash flows, and share issuance in 2021, the company remains free of net debt after the acquisition.

The company has a good capital allocation track record. It benefits from constrained oil & gas supply dynamics, as many Western oil majors are forced by ESG-oriented investors and political pressure to limit capital spending on fossil fuels. In addition, these factors create growth potential for Hibiscus, as oil majors divest fossil fuel assets.

Management owns 8.9% of outstanding shares; there is no majority shareholder, and the company has won several prizes for corporate governance and public transparency for shareholders. Its investor relations material is almost on par with many European companies.

Depending on the reserve classification, Hibiscus’ oil & gas will last for another 9-17 years of production. Including the acquisition — which is not yet included in published financial statements — the company trades at an EV/EBIT below 2x, and P/E and EV/FCF below 3x using conservative assumptions.

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About the instructor:

Samir Mohamed started with value investing in 1999 and manages a private family fund, full time since 2016. He focuses on good businesses with temporary problems and suppressed stock prices. Samir enjoys collaborating with other value investors regularly via in-person meetings or Skype calls. He was global head of the product management teams of a 170 Mio. EUR industrial business at Siemens. He worked at Siemens for 13 years. Samir has a master’s degree in Management, Technology, and Economics and a bachelor’s degree in material science, both from ETH Zurich.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Japan Small Value: Relative Valuations, Opportunity Set, Constraints

April 6, 2022 in Asia, Asian Investing Summit 2022, Audio, Equities, Ideas, Invest Intelligently Podcast, Member Podcasts, Transcripts

Nick Schmitz of Verdad Advisers presented his research findings into Japanese small value equities at Asian Investing Summit 2022.

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About the instructor:

Nick Schmitz serves as Partner and Japan Portfolio Manager at Verdad Advisers. Before joining Verdad, Nick worked at Goldman Sachs. He earned a BS from the US Naval Academy, a Masters of Philosophy from Oxford University as a Rhodes Scholar, and an MBA from the Stanford Graduate School of Business. Nick served as a Captain in the Marine Corps in Afghanistan and taught at the US Naval Academy. He has completed language immersion in Tokyo and worked at the Japanese Defense Academy in Yokosuka. Nick has published academic articles on constitutional law and testified before Congress on his research.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Aegis Logistics: Leading Services Provider With Strong Earnings Growth

April 6, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Vinod Moras of Kiara Advisors presented his investment thesis on Aegis Logistics (India: AEGISCHEM) at Asian Investing Summit 2022.

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About the instructor:

Vinod Moras is a value investor focused on Asian equity markets scouting for undervalued companies with high quality business models, strong moats and top quality management teams. He is currently a senior investment analyst at KIARA Advisors, an Asia focused long/short equity fund, covering India and Southeast Asia markets. In his prior role, Vinod served as a senior investment analyst at APS Asset Management, a $3bn Asian hedge fund investing in long/short equities focused on the Chinese internet sector and India. Vinod is a member of the Value Investors Club (VIC) since 2010. Vinod holds a Master’s degree in Finance from New York University, Polytechnic Institute.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Five Asian Companies to Outperform in a Stagflationary Environment

April 6, 2022 in Asia, Asian Investing Summit 2022, Audio, Equities, Ideas

Koon Boon Kee of HERO Investment Management presented his theses on five stagflation-beating companies at Asian Investing Summit 2022:

  • E Ink Holdings (Taiwan: 8069)
  • Parade Technologies (Taiwan: 4966)
  • ZillTek Technology (Taiwan: 6679)
  • Imdex (Australia: IMD)
  • Weathernews (Japan: 4825)

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About the instructor:

KB Kee is the founder & director of HERO Investment Management, a boutique independent investment research organization and the creator & thought leader of the investment & business management philosophy and framework H.E.R.O., which stands for “Honorable. Exponential. Resilient. Organization.” H.E.R.O. is operationalized into a systematic 4-step investment process and investment framework powered by sustainability & ESG principles, with in-depth research, ratings and analysis to identify and invest in global structural growth innovators, especially ferreting out exceptional, under-the-radar, resilient market leaders who are governed by a greater purpose larger than oneself in their pursuit to contribute to the welfare of people and in solving high-value problems for their target customers and society. The H.E.R.O. research framework, methodology and strategy are powering equity portfolio asset for our clients.

KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian equity fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company and the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments.

KB had taught accounting at the Singapore Management University (SMU) as a full-time faculty member and also pioneered the 15-week course on Detecting Accounting Fraud in Asia as an official module at SMU. KB remains grateful to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Great Eastern Shipping: Lowly Valued in Recovering, Cyclical Industry

April 6, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Sidd Thomas and Kimi Venkataraman of India Intrinsic Value Consultants presented their thesis on The Great Eastern Shipping Company (India: GESHIP) at Asian Investing Summit 2022.

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About the instructor:

Siddharth (Sidd) Thomas serves as a Partner of India Intrinsic Value Consultants. He founded Beaconsfield Investment Management in 2010. Prior to that he worked as an analyst covering Asian equities at Fairfax Financial Holdings and as an associate analyst at Credit Suisse equity research. Born and raised in Chennai, India, Siddharth completed his bachelor’s of science degree from Purdue University. He is also a level 3 candidate in the CFA program.

Krishnaraj (Kimi) Venkataraman serves as a Partner of India Intrinsic Value Consultants. He is the Managing Partner of Kimi & Partners, an investment firm he founded in 2008. Kimi’s previous work experience includes Tata Steel and P&G India, as well as several business startups in India, including Marketics which was successfully sold to WNS. Kimi has been an investor for more than 20 years and, after reading Warren Buffett, has been investing in undervalued Indian stocks. Kimi lives in Bangalore, India, with his wife and two daughters.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

CK Hutchison: Well-Run Conglomerate With Diversified Global Asset Base

April 6, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts

Michael Fritzell of Asian Century Stocks presented his investment thesis on CK Hutchison (HK: 1, US: CKHUY) at Asian Investing Summit 2022.

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About the instructor:

Michael Fritzell is a Singapore-based analyst and the author of Asian Century Stocks. He’s worked as an analyst and co-portfolio manager in Asia for well over a decade.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Roblox: Gaming Platform, May Evolve Into “Metaverse Operating System”

April 6, 2022 in Asia, Asian Investing Summit 2022, Audio, Discover Great Ideas Podcast, Equities, Gain Industry Insights Podcast, Ideas, Member Podcasts

Max Hu of ZZ Capital international presented his investment thesis on Roblox (US: RBLX) at Asian Investing Summit 2022. Max also discussed his high-level thesis on investment in the “metaverse” sector.

Thesis summary:

Roblox runs the well-known online game platform and game creation system Roblox. It allows users to program games and play games created by other users.

The company was co-founded by David Baszucki and Erik Cassel in 2004. They envisioned that player-created virtual worlds (rephrased today as “metaverse”) would become social networks and a key part of our life. Roblox has been pioneering metaverse technology and has changed a generation of young people’s perception of virtual worlds.

While the U.S. remains the company’s single-largest revenue generator, Asia has quickly become its fastest growth driver. There is also reason to believe that its partnership with Tencent in the Chinese market will bear fruit over time.

The recent sell-off in high-growth stocks, including Roblox, provides an attractive entry point for investors with a long-term investment horizon. The company recently had a market cap of $28 billion, implying a 2022E P/S ratio of 8x and a 2023E FCF yield of 3%.

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About the instructor:

Max Hu serves as the executive director for ZZ Capital international. ZZ Capital International is the Hong Kong-based oversea investing platform for the ZEG, a leading Chinese privately-owned investment group with an AUM over 150 billion USD.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Alibaba: Deeply Undervalued Due to Overstated China-Related Fears

April 6, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Andrew Macken of Montaka Global Investments presented his investment thesis on Alibaba (US: BABA) at Asian Investing Summit 2022.

Thesis summary:

Andrew believes the market is overestimating the risks associated with investing in China and the regulatory headwinds in the Chinese internet sector.

Alibaba’s operating enterprise is on offer for approximately US$180 billion. For this “price” an investor receives the following value: a leading Chinese domestic (and international) consumer ecommerce business with free cash flow power of $11-19 billion per annum, with medium-term annualized growth in the teens.

In addition, an investor receives China’s largest cloud computing business. This business is breakeven at the moment. However, the long-term structural growth and economics of this business are so favorable that Andrew believes this business alone is worth at least Alibaba’s entire operating enterprise value.

Finally, Alibaba continues to aggressively buy back its own stock – a capital allocation action that is consistent with Andrew’s view of Alibaba’s value relative to the market quotation.

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About the instructor:

Andrew Macken is the Co-Founder and CIO of Montaka Global Investments, a global equity manager based in Sydney and New York. Prior to establishing Montaka, Andrew worked as a senior member of Jim Chanos’ research team at Kynikos Associates, a global equity long/short fund based in New York. Andrew holds a Master of Business Administration (Dean’s List) from the Columbia Business School in New York. Andrew also graduated with High Distinction with a Master of Commerce; and First Class Honours with a Bachelor of Engineering from the University of New South Wales in Sydney.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.

Ujjivan Financial: Special Situation With Attractive Risk-Reward Profile

April 6, 2022 in Asia, Asian Investing Summit 2022, Asian Investing Summit 2022 Featured, Audio, Discover Great Ideas Podcast, Equities, Ideas, Member Podcasts, Transcripts

Rajeev Agrawal of DoorDarshi India Fund presented his investment thesis on Ujjivan Financial Services (India: UJJIVAN) at Asian Investing Summit 2022.

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About the instructor:

Rajeev Agrawal is the Fund Manager and Managing Partner at DoorDarshi India Fund. DoorDarshi India Fund is a US-based fund that focuses on investing in Indian equities. Rajeev is also the founder of DoorDarshi Advisors, a General Partner to DoorDarshi India Fund.

The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
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