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

<div class="content-highlight">This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/indonesia-waiting-to-unleash-the-potential" target="_blank" data-smartkarma-citation="insights:27927">Indonesia: Waiting To Unleash The Potential</a>, our friends at <a href="https://www.smartkarma.com/companies/568" target="_blank" data-smartkarma-citation="companies:568">River Valley Asset Management</a> cast their learned eye over the prospects for the Indonesian Stock market. In <a href="https://www.smartkarma.com/insights/widodo-sets-giaa-fare-ahok-in-pdi-p-prabowo-still-misfiring-oz-cepa-kpk-on-beneficial-owners" target="_blank" data-smartkarma-citation="insights:28013">Widodo Sets GIAA Fare / Ahok In PDI-P / Prabowo Still Misfiring / Oz Cepa / KPK on Beneficial Owners</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the most important political and economic developments in Indonesia over the past week. <h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/valuetronics-value-sp-trade-war-uncertainty-continues-downside-supported-by-large-cash-position" target="_blank" data-smartkarma-citation="insights:27957">Valuetronics (VALUE SP): Trade War Uncertainty Continues, Downside Supported by Large Cash Position</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> circles back to this consumer electronics player and highlights the risks from the US-China Trace War. In <a href="https://www.smartkarma.com/insights/puregold-price-club-steady-grower-with-provincial-expansion-story" target="_blank" data-smartkarma-citation="insights:27938">Puregold Price Club: Steady Grower with Provincial Expansion Story</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> comments on this leading Philippines consumer play. in <a href="https://www.smartkarma.com/insights/silverlake-axis-silv-sp-2q19-results-again-confirm-new-3-year-growth-cycle-hna-overhang-removed" target="_blank" data-smartkarma-citation="insights:27990">Silverlake Axis (SILV SP): 2Q19 Results Again Confirm New 3-Year Growth Cycle; HNA Overhang Removed</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/14150" target="_blank" data-smartkarma-citation="entities:14150:1">Silverlake Axis (SILV SP)</a> and sees blue skies ahead post its recent results. In <a href="https://www.smartkarma.com/insights/delta-s-less-than-straightforward-tender-offer" target="_blank" data-smartkarma-citation="insights:27985">Delta's Less-Than-Straightforward Tender Offer</a>, events specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> comments on <a href="https://www.smartkarma.com/entities/20912" target="_blank" data-smartkarma-citation="entities:20912:1">Delta Electronics Thai (DELTA TB)</a> following a tender offer for the company. In <a href="https://www.smartkarma.com/insights/indonesia-upstream-gas-asset-sale-positive-read-through-to-other-se-asia-gas-companies" target="_blank" data-smartkarma-citation="insights:27898">Indonesia Upstream Gas Asset Sale: Positive Read-Through to Other SE Asia Gas Companies</a>, <a href="https://www.smartkarma.com/profiles/3596" target="_blank" data-smartkarma-citation="accounts:3596">Anish Kapadia</a> examines the recent sale of a stake in Mako gas field in Indonesia and its implication for other SE Asian energy plays such as <a href="https://www.smartkarma.com/entities/20844" target="_blank" data-smartkarma-citation="entities:20844:1">Medco Energi Internasional T (MEDC IJ)</a>. In <a href="https://www.smartkarma.com/insights/catch-up-session-with-intuch-group" target="_blank" data-smartkarma-citation="insights:27529">Catch-Up Session with Intuch Group</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> revisits <a href="https://www.smartkarma.com/entities/17638" target="_blank" data-smartkarma-citation="entities:17638:1">Intouch Holdings (INTUCH TB)</a> following a meeting with management. In <a href="https://www.smartkarma.com/insights/gpsc-to-proceed-with-glow-takeover-but-at-what-price" target="_blank" data-smartkarma-citation="insights:27918">GPSC To Proceed With Glow Takeover, But At What Price?</a>, events specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> looks at the ongoing takeover of <a href="https://www.smartkarma.com/entities/13330" target="_blank" data-smartkarma-citation="entities:13330:1">Glow Energy Pcl (GLOW TB)</a> by <a href="https://www.smartkarma.com/entities/22767" target="_blank" data-smartkarma-citation="entities:22767:1">Global Power Synergy Company Ltd (GPSC TB)</a>. In <a href="https://www.smartkarma.com/insights/ug-healthcare-weak-2q19-driven-by-one-off-issue-if-10-npm-achieved-in-fy20-trades-at-4x-fy20-p-e" target="_blank" data-smartkarma-citation="insights:27979">UG Healthcare: Weak 2Q19 Driven by One-Off Issue, If 10% NPM Achieved in FY20 Trades at 4x FY20 P/E</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/254" target="_blank" data-smartkarma-citation="entities:254:1">UG Healthcare (UGHC SP)</a> after some weak results but remains positive on the long term story.  In <a href="https://www.smartkarma.com/insights/m1-ltd-m1-sp-axiata-throws-in-the-towel-delisting-looms" target="_blank" data-smartkarma-citation="insights:28037">M1 Ltd (M1 SP): Axiata Throws in the Towel, Delisting Looms</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> circles back to the acquisition of <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 Ltd (M1 SP)</a> by <a href="https://www.smartkarma.com/entities/12" target="_blank" data-smartkarma-citation="entities:12:1">Keppel Corp Ltd (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/9952" target="_blank" data-smartkarma-citation="entities:9952:1">Singapore Press Holdings (SPH SP)</a> after <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata Group (AXIATA MK)</a> decided to accept the offer. In <a href="https://www.smartkarma.com/insights/oue-c-reit-beware-of-the-cppu-timebomb" target="_blank" data-smartkarma-citation="insights:27989">OUE C-REIT – Beware of the CPPU Timebomb</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> revisits this REIT and highlights some potential DPU dilution ahead for minorities.  in <a href="https://www.smartkarma.com/insights/mint-placement-well-flagged-placement-but-only-marginally-accretive-past-deals-have-done-well" target="_blank" data-smartkarma-citation="insights:27899">MINT Placement - Well Flagged Placement but Only Marginally Accretive, Past Deals Have Done Well</a>, <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> zeros in on a recent placement by <a href="https://www.smartkarma.com/entities/40" target="_blank" data-smartkarma-citation="entities:40:1">Mapletree Industrial Trust (MINT SP)</a>.  <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/top-consumer-themes-in-vietnam" target="_blank" data-smartkarma-citation="insights:27656">Top Consumer Themes in Vietnam</a>, <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a> looks at this high growth sector and highlights his top picks.In <a href="https://www.smartkarma.com/insights/singapore-property-january-developers-sales-data-continues-to-point-towards-a-bleak-outlook" target="_blank" data-smartkarma-citation="insights:28023">Singapore Property – January Developers’ Sales Data Continues to Point Towards a Bleak Outlook</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> revisits the sector after January's sales data. In <a href="https://www.smartkarma.com/insights/singapore-real-deals-issue-3-integrated-mixed-use-development-in-pasir-ris" target="_blank" data-smartkarma-citation="insights:27998">Singapore Real Deals (Issue 3): Integrated Mixed-Use Development in Pasir Ris</a>, <a href="https://www.smartkarma.com/profiles/1786" target="_blank" data-smartkarma-citation="accounts:1786">Anni Kum</a> looks at a recent white site launch in Pasir Ris.

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.Macro InsightsIn Indonesia: Waiting To Unleash The Potential, our friends at River Valley Asset Management cast their learned eye over the prospects for the Indonesian Stock market. In Widodo Sets GIAA Fare / Ahok In PDI-P / Prabowo Still Misfiring / Oz Cepa / KPK on Beneficial Owners, Kevin O’Rourke comments on the most important political and economic developments in Indonesia over the past week. Equity Bottom-Up InsightsIn Valuetronics (VALUE SP): Trade War Uncertainty Continues, Downside Supported by Large Cash Position, CrossASEAN Insight Provider Nicolas Van Broekhoven circles back to this consumer electronics player and highlights the risks from the US-China Trace War. In Puregold Price Club: Steady Grower with Provincial Expansion Story, Johannes Salim, CFA comments on this leading Philippines consumer play. in Silverlake Axis (SILV SP): 2Q19 Results Again Confirm New 3-Year Growth Cycle; HNA Overhang Removed, Nicolas Van Broekhoven revisits Silverlake Axis (SILV SP) and sees blue skies ahead post its recent results. In Delta's Less-Than-Straightforward Tender Offer, events specialist David Blennerhassett comments on Delta Electronics Thai (DELTA TB) following a tender offer for the company. In Indonesia Upstream Gas Asset Sale: Positive Read-Through to Other SE Asia Gas Companies, Anish Kapadia examines the recent sale of a stake in Mako gas field in Indonesia and its implication for other SE Asian energy plays such as Medco Energi Internasional T (MEDC IJ). In Catch-Up Session with Intuch Group, Thai guru Athaporn Arayasantiparb, CFA revisits Intouch Holdings (INTUCH TB) following a meeting with management. In GPSC To Proceed With Glow Takeover, But At What Price?, events specialist David Blennerhassett looks at the ongoing takeover of Glow Energy Pcl (GLOW TB) by Global Power Synergy Company Ltd (GPSC TB). In UG Healthcare: Weak 2Q19 Driven by One-Off Issue, If 10% NPM Achieved in FY20 Trades at 4x FY20 P/E, CrossASEAN Insight Provider Nicolas Van Broekhoven revisits UG Healthcare (UGHC SP) after some weak results but remains positive on the long term story.  In M1 Ltd (M1 SP): Axiata Throws in the Towel, Delisting Looms, Arun George circles back to the acquisition of M1 Ltd (M1 SP) by Keppel Corp Ltd (KEP SP) and Singapore Press Holdings (SPH SP) after Axiata Group (AXIATA MK) decided to accept the offer. In OUE C-REIT – Beware of the CPPU Timebomb, Royston Foo revisits this REIT and highlights some potential DPU dilution ahead for minorities.  in MINT Placement - Well Flagged Placement but Only Marginally Accretive, Past Deals Have Done Well, Sumeet Singh zeros in on a recent placement by Mapletree Industrial Trust (MINT SP).  Sector and Thematic InsightsIn Top Consumer Themes in Vietnam, Dylan Waller looks at this high growth sector and highlights his top picks.In Singapore Property – January Developers’ Sales Data Continues to Point Towards a Bleak Outlook, Royston Foo revisits the sector after January's sales data. In Singapore Real Deals (Issue 3): Integrated Mixed-Use Development in Pasir Ris, Anni Kum looks at a recent white site launch in Pasir Ris.

The Week that Was in ASEAN@Smartkarma -Indonesia's Potential, Pure Gold, and Vietnam's Consumers

Global energy equity and oil & gas macro analyst

Anish Kapadia

Akap Energy

Thematic (Sector/Industry)

We analyse the sale of a stake in the Mako gas field in Indonesia to <a href="https://www.smartkarma.com/entities/27926" target="_blank" data-smartkarma-citation="entities:27926:1">Coro Energy PLC (CORO LN)</a> by West Natuna Exploration Limited, majority owned by private Singapore company Conrad Petroleum and UK listed <a href="https://www.smartkarma.com/entities/27927" target="_blank" data-smartkarma-citation="entities:27927:1">Empyrean Energy PLC (EME LN)</a>, which has a 10% stake. It has implications in terms of read-through valuations for other S.E. Asia focused energy companies especially those with Indonesian gas production such as <a href="https://www.smartkarma.com/entities/25251" target="_blank" data-smartkarma-citation="entities:25251:1">Premier Oil PLC (PMO LN)</a>, <a href="https://www.smartkarma.com/entities/22070" target="_blank" data-smartkarma-citation="entities:22070:1">Ophir Energy (OPHR LN)</a> and <a href="https://www.smartkarma.com/entities/20844" target="_blank" data-smartkarma-citation="entities:20844:1">Medco Energi Internasional T (MEDC IJ)</a>.

We analyse the sale of a stake in the Mako gas field in Indonesia to Coro Energy PLC (CORO LN) by West Natuna Exploration Limited, majority owned by private Singapore company Conrad Petroleum and UK listed Empyrean Energy PLC (EME LN), which has a 10% stake. It has implications in terms of read-through valuations for other S.E. Asia focused energy companies especially those with Indonesian gas production such as Premier Oil PLC (PMO LN), Ophir Energy (OPHR LN) and Medco Energi Internasional T (MEDC IJ). 

Indonesia Upstream Gas Asset Sale: Positive Read-Through to Other SE Asia Gas Companies

United Kingdom

Empyrean Energy Plc is involved in energy resource exploration and project development in geopolitically stable environments. The Company's activities are carried out principally in North America it has projects in Texas and California .

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Empyrean Energy PLC (EME LN)

The Week that Was in ASEAN@Smartkarma -Indonesia's Potential, Pure Gold, and Vietnam's Consumers

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights...

Angus Mackintosh

Indonesia Upstream Gas Asset Sale: Positive Read-Through to Other SE Asia Gas Companies

We analyse the sale of a stake in the Mako gas field in Indonesia to Coro Energy PLC (CORO LN) by West Natuna Exploration Limited, majority owned...

Anish Kapadia

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52-week Range

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