Waverton Southeast Asian Fund recently published their investor update for July 2017, which is available for download from their website. The letter includes commentary on their (relatively small) position in Krungthai Card Company and their outlook for the banking sector in Singapore (fully valued in their view). The fund also initiated a position in Bekasi Fajar, a small-cap industrial park developer in Indonesia.

Their commentary on the company below (taken directly from the letter):

“Bekasi Fajar has a large landbank strategically located to the east of Jakarta, close to transport links. The company has strong connections to Japan, 57% of its tenants are Japanese and Daiwa House owns 10%. The company stands to benefit from the continued FDI flow and increased infrastructure spending in Indonesia. From a valuation perspective we paid 7x prospective earnings and 0.8x book, furthermore it holds its landbank on the balance sheet at cost so we believe the intrinsic value is much higher than the book value.”