ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN 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

PT Sarimelati Kencana operates a chain of restaurants. The Company offers fast-food to restaurants and cafes. Sarimelati Kencana serves food services industries in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana (PZZA IJ)</a> booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. </li>
<li>The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana</a> remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. </li>
</ul>



Sarimelati Kencana (PZZA IJ) booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. 
The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. 

Sarimelati Kencana remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. 


Sarimelati Kencana (PZZA IJ) - Profitable New Beginnings

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

IREIT Global is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT Global’s current portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of approximately 384,000 sqm and a portfolio valuation of approximately €974.9 million.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

<ul><li>IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income.</li><li>Property operating expenses rose over 40% in FY2024 due to B&M Portfolio costs and a €4.1 million feasibility study.</li><li>IREIT's aggregate leverage was 37.6% as of December 2024, with 97.2% of bank borrowings hedged against interest rate fluctuations.</li></ul>

IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income.Property operating expenses rose over 40% in FY2024 due to B&M Portfolio costs and a €4.1 million feasibility study.IREIT's aggregate leverage was 37.6% as of December 2024, with 97.2% of bank borrowings hedged against interest rate fluctuations.

10 in 10 with IREIT Global  - Gateway to European Real Estate

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>There are ongoing risks surrounding the policy-level target to lower electricity prices, aligning with our view that the Ft rate remains on a downward trend (Ft is still within our forecast range, and we maintain our 2025E earnings estimates for SPP power producers).</li><li>Meanwhile, we believe that a revision of electricity prices through contract amendments (adder- FiT, AP-CP rate) is unlikely and would hurt power operators’ confidence, potentially undermining Thailand’s power security and the targeted increase in green power.</li><li>On the other hand, measures to adjust the pool gas portfolio and reduce “fat” appear more feasible and are expected to help lower the electricity tariff. </li></ul>

There are ongoing risks surrounding the policy-level target to lower electricity prices, aligning with our view that the Ft rate remains on a downward trend (Ft is still within our forecast range, and we maintain our 2025E earnings estimates for SPP power producers).Meanwhile, we believe that a revision of electricity prices through contract amendments (adder- FiT, AP-CP rate) is unlikely and would hurt power operators’ confidence, potentially undermining Thailand’s power security and the targeted increase in green power.On the other hand, measures to adjust the pool gas portfolio and reduce “fat” appear more feasible and are expected to help lower the electricity tariff. 

Industry Update: Energy (Power) APRIL 2, 2025

<ul><li>The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.</li><li>At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.</li><li>However, trading volume was light.</li></ul>

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs.At the same time, the index appeared to be recovering from the earthquake impact, with buying activities flowing into banking, energy, ICT, finance, transportation and property stocks, keeping the index in positive territory throughout the day.However, trading volume was light.

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,177 points (10-day EMA) and 1,185 points, and the support at 1,160 and 1,155 points.</li><li>In the medium term, the index remains in a downward trend in a zig-zag pattern, aiming to find the bottom within the range of 1,100 to 1,506 points.</li><li>In the short term, the trend is still downward, returning to a new low followed by a rebound pattern. </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,177 points (10-day EMA) and 1,185 points, and the support at 1,160 and 1,155 points.In the medium term, the index remains in a downward trend in a zig-zag pattern, aiming to find the bottom within the range of 1,100 to 1,506 points.In the short term, the trend is still downward, returning to a new low followed by a rebound pattern. 

KTX Zoom - US Reciprocal Tariffs: APRIL 2, 2025

ASEAN
Insights on ASEAN countries

Sarimelati Kencana (PZZA IJ) - Profitable New Beginnings

PZZA IJ remains a leading quick-service food provider in Indonesia through Pizza Hut, with prospects improving as it starts to book sustainable...

Angus Mackintosh

10 in 10 with IREIT Global - Gateway to European Real Estate

IREIT Global's FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income. Property...

Singapore Exchange Ltd (SGX)

Industry Update: Energy (Power) APRIL 2, 2025

There are ongoing risks surrounding the policy-level target to lower electricity prices, aligning with our view that the Ft rate remains on a...

Krungthai XSpring

Technical Analysis - APRIL 2, 2025

The SET rebounded in line with Asian bourses, despite ongoing concerns over the trade war and US reciprocal tariffs. At the same time, the index...

Krungthai XSpring

KTX Zoom - US Reciprocal Tariffs: APRIL 2, 2025

Technically, the SET Index is expected to move sideways, with the resistance at 1,177 points (10-day EMA) and 1,185 points, and the support at...

Krungthai XSpring