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>The past week saw insight on <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a>, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga Tbk PT (BELI IJ)</a>, <a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>, and <a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a>. </li>
<li>There was also a macro insight on Vietnam as well as an index rebalancing piece from <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> on the Vietnamese market. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insight on Indosat (ISAT IJ), Mitra Adiperkasa (MAPI IJ), Global Digital Niaga Tbk PT (BELI IJ), Singapore Post (SPOST SP), and IHH Healthcare (IHH MK). 
There was also a macro insight on Vietnam as well as an index rebalancing piece from Brian Freitas on the Vietnamese market. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Indosat's AI, MAPI's Expansion, and BliBli's Omnichannel

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a> booked a solid set of 9M2024 numbers but 3Q2024 saw some heightened competition from Telkomsel Lite, pressure from discounted and dual SIMs, as well as local wifi operators.</li>
<li>The company raised data prices in early September but peers did not follow suit. XL retained its subscribers but is seeing pressure on ARPUs as subscribers consume less data.</li>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a> is now a major home broadband operator having taken over Link Net's subscribers and should continue to benefit from increasing convergence. Valuations are interesting but competitive pressures remain.</li>
</ul>



XL Axiata booked a solid set of 9M2024 numbers but 3Q2024 saw some heightened competition from Telkomsel Lite, pressure from discounted and dual SIMs, as well as local wifi operators.
The company raised data prices in early September but peers did not follow suit. XL retained its subscribers but is seeing pressure on ARPUs as subscribers consume less data.

XL Axiata is now a major home broadband operator having taken over Link Net's subscribers and should continue to benefit from increasing convergence. Valuations are interesting but competitive pressures remain.


XL Axiata (EXCL IJ) - Palpable Pressure in Mobile and Broadband

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya(AMRT IJ)</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ),</a><a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP).</a>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>, <a href="https://www.smartkarma.com/entities/dksh-holdings-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12270:1" rel="noopener">Dksh Holdings Malaysia (DKSH MK)</a>, a sector insight on Malaysian Banks and CrossASEAN Ground Zero on the MR DIY Thailand IPO.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Sumber Alfaria Trijaya(AMRT IJ), Indosat Tbk PT (ISAT IJ),Sai Gon Cargo Service (SCS VN), and Dyna Mac Holdings (DMHL SP).

There were also insights on Silverlake Axis (SILV SP), Dksh Holdings Malaysia (DKSH MK), a sector insight on Malaysian Banks and CrossASEAN Ground Zero on the MR DIY Thailand IPO.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Indosat's AI Push, and Saigon Cargo.

<ul>
<li>In this edition, we look at MY DIY Thailand's plans for an IPO, PropertyGuru's latest results, and the increase in M&amp;A activity in the Indonesian fibre-optic space.</li>
<li>We also look at the implications of GoTo's exit from Vietnam, as it increasingly focuses on profitability in its home market and Singapore.</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>


In this edition, we look at MY DIY Thailand's plans for an IPO, PropertyGuru's latest results, and the increase in M&amp;A activity in the Indonesian fibre-optic space.
We also look at the implications of GoTo's exit from Vietnam, as it increasingly focuses on profitability in its home market and Singapore.
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 - MR DIY Thailand IPO, PropertyGuru, Fibre Battles, and GoTo

<ul>
<li>The Past week saw insights of <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a>, and <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>The was also an insight on <a href="https://www.smartkarma.com/entities/thonburi-healthcare-group-pcl" target="_blank" data-smartkarma-citation="entities:24386:1" rel="noopener">Thonburi Healthcare Group (THG TB)</a> and a sector piece looking at the beleaguered Vietnamese Real Estate sector. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The Past week saw insights of Prodia (PRDA IJ), Grab Holdings (GRAB US), XL Axiata (EXCL IJ), Kalbe Farma (KLBF IJ), Bank Mandiri (BMRI IJ), and Pyridam Farma (PYFA IJ).
The was also an insight on Thonburi Healthcare Group (THG TB) and a sector piece looking at the beleaguered Vietnamese Real Estate sector. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

Indonesia

PT Link Net Tbk provides internet services. The Company offers high-speed internet connection through fiber optic lines. Link Net caters to retail and corporate customers throughout Indonesia.

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Link Net (LINK IJ)

The Week That Was in ASEAN@Smartkarma - Indosat's AI, MAPI's Expansion, and BliBli's Omnichannel

The past week saw insight on Indosat (ISAT IJ), Mitra Adiperkasa (MAPI IJ), Global Digital Niaga Tbk PT (BELI IJ), Singapore Post (SPOST SP), and...

Angus Mackintosh

XL Axiata (EXCL IJ) - Palpable Pressure in Mobile and Broadband

XL Axiata booked a solid set of 9M2024 numbers but 3Q2024 saw some heightened competition from Telkomsel Lite, pressure from discounted and dual...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Indosat's AI Push, and Saigon Cargo.

The past week saw insights on Sumber Alfaria Trijaya(AMRT IJ), Indosat Tbk PT (ISAT IJ), Sai Gon Cargo Service (SCS VN), and Dyna Mac Holdings...

Angus Mackintosh

CrossASEAN Ground Zero - MR DIY Thailand IPO, PropertyGuru, Fibre Battles, and GoTo

In this edition, we look at MY DIY Thailand's plans for an IPO, PropertyGuru's latest results, and the increase in M&A activity in the Indonesian...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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