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

Cross Asset Strategy

<ul>
<li>This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.</li>
<li>We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.
We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>While global economic conditions have been “so far so good”, there are signs of trouble that, while manageable for now, could darken the outlook if they spiral out of control. </li>
<li>On the upside, conditions in major markets such as the US and China are stabilizing, while global capital spending and technology cycles should be favourable for Asia. </li>
<li>While the risks are growing, resilient domestic demand and appropriate macroeconomic management should shield Asian markets from the worst of the downsides. </li>
</ul>


While global economic conditions have been “so far so good”, there are signs of trouble that, while manageable for now, could darken the outlook if they spiral out of control. 
On the upside, conditions in major markets such as the US and China are stabilizing, while global capital spending and technology cycles should be favourable for Asia. 
While the risks are growing, resilient domestic demand and appropriate macroeconomic management should shield Asian markets from the worst of the downsides. 


Regional Economics: In A Stormier World, Can Asia’s Ship Remain Steady?

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.

Equity Bottom-Up

Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

<ul><li>We maintain our Neutral rating, based on the earnings yield and the new required rate of return of 16.7%.</li><li>The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E.</li><li>Meanwhile, the tactical view is neutral</li></ul>

We maintain our Neutral rating, based on the earnings yield and the new required rate of return of 16.7%.The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E.Meanwhile, the tactical view is neutral

Bangkok Bank - 2Q24E Net Profit Expected to Fall YoY and QoQ

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

<ul><li>We maintain an Outperform rating, based on the earnings yield method, with a required rate of return of 14.4%.</li><li>The valuation metrics indicate potential upside of 13.4% to the fair price.</li><li>The normalization of credit costs will continue to support earnings growth; KBANK's EPS is expected to show a CAGR of 9.5% in 2024- 26E. </li></ul>

We maintain an Outperform rating, based on the earnings yield method, with a required rate of return of 14.4%.The valuation metrics indicate potential upside of 13.4% to the fair price.The normalization of credit costs will continue to support earnings growth; KBANK's EPS is expected to show a CAGR of 9.5% in 2024- 26E. 

Kasikornbank - 2Q24E Net Profit Growth YoY and QoQ

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>GAIL's Rs. 12,940-crore Urja Ganga gas pipeline delayed to March 2025 completion date</li>
<li>Tata Steel UK pursues legal action against Unite union over planned July 8 strike</li>
<li>IREDA could unlock Rs. 22-lakh crore debt market for renewables energy</li>
</ul>


GAIL's Rs. 12,940-crore Urja Ganga gas pipeline delayed to March 2025 completion date
Tata Steel UK pursues legal action against Unite union over planned July 8 strike
IREDA could unlock Rs. 22-lakh crore debt market for renewables energy


#21 India Insight: Zomato Tax Demand, Tata Steel Legal Action, NTPC Rs. 12,000 Fund-Raise

Thailand
Insights on Thailand

CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&A picking up...

Angus Mackintosh

Regional Economics: In A Stormier World, Can Asia’s Ship Remain Steady?

While the risks to the 2024 outlook have grown, Asian economies can still expect to continue their recovery trajectory thanks to stabilization in...

Manu Bhaskaran

Bangkok Bank - 2Q24E Net Profit Expected to Fall YoY and QoQ

The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E. Meanwhile,...

Krungthai XSpring

Kasikornbank - 2Q24E Net Profit Growth YoY and QoQ

We maintain an Outperform rating, based on the earnings yield method, with a required rate of return of 14.4%. The valuation metrics indicate...

Krungthai XSpring

#21 India Insight: Zomato Tax Demand, Tata Steel Legal Action, NTPC Rs. 12,000 Fund-Raise

Delays in GAIL's gas pipeline, Tata Steel UK legal action, and IREDA's potential to unlock renewable energy debt market.

Sudarshan Bhandari

CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&A picking up...

Angus Mackintosh

Regional Economics: In A Stormier World, Can Asia’s Ship Remain Steady?

While the risks to the 2024 outlook have grown, Asian economies can still expect to continue their recovery trajectory thanks to stabilization in...

Manu Bhaskaran

Bangkok Bank - 2Q24E Net Profit Expected to Fall YoY and QoQ

The valuation metrics suggest that the stock is fundamentally undervalued, which is offset by an expected low CAGR of 3.4% in 2024-26E. Meanwhile,...

Krungthai XSpring

Kasikornbank - 2Q24E Net Profit Growth YoY and QoQ

We maintain an Outperform rating, based on the earnings yield method, with a required rate of return of 14.4%. The valuation metrics indicate...

Krungthai XSpring

#21 India Insight: Zomato Tax Demand, Tata Steel Legal Action, NTPC Rs. 12,000 Fund-Raise

​Delays in GAIL's gas pipeline, Tata Steel UK legal action, and IREDA's potential to unlock renewable energy debt market.

Sudarshan Bhandari

Delays in GAIL's gas pipeline, Tata Steel UK legal action, and IREDA's potential to unlock renewable energy debt market.