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 insights on <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY (MRDIY MK)</a>, <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> </li>
<li>There were alos insights on the Malaysian economic outlook, <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a>, the LQ45 Index rebalance, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust</a>, and <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ)</a>.</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 on Siloam International Hospitals (SILO IJ), Bank Rakyat Indonesia (BBRI IJ), MR DIY (MRDIY MK), UOB (UOB SP), and Singapore Airlines (SIA SP) 
There were alos insights on the Malaysian economic outlook, Vinfast, the LQ45 Index rebalance, Japfa Comfeed Indonesia, Lippo Malls Indonesia Retail Trust, and Medco Energi (MEDC IJ).
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 - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Krung Thai ranks second from top in terms of post-provision profitability and it has double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios</li>
<li>We also like Ayudhya, with its sound pre and post-provision profitability metrics with healthy ROE and ROA, its sound credit quality metrics and undemanding valuations</li>
<li>Kasikorn’s TTM cost of risk remain high versus the peers, and in 3Q23 it continued to worsen; its pre-provision profitability is healthy but there is, as yet, no CoR improvement</li>
</ul>


Krung Thai ranks second from top in terms of post-provision profitability and it has double digit ROE with a healthy balance sheet, along with attractive PBV and PE ratios
We also like Ayudhya, with its sound pre and post-provision profitability metrics with healthy ROE and ROA, its sound credit quality metrics and undemanding valuations
Kasikorn’s TTM cost of risk remain high versus the peers, and in 3Q23 it continued to worsen; its pre-provision profitability is healthy but there is, as yet, no CoR improvement


Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Hana Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hana-microelectronics-pcl" target="_blank" data-smartkarma-citation="entities:6359:1" rel="noopener">Hana Microelectronics (HANA TB)</a> aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).</li>
<li>The deal scores well on our framework given the company’s strong recent performance and decent long term track record</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>



Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
The deal scores well on our framework given the company’s strong recent performance and decent long term track record
In this note, we will talk about the deal dynamics.


Hana Microelectronics Placement - Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Thai Credit Bank PCL / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank PCL (3674238Z TB)</a> is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.</li>
<li>TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.
TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers. 
In this note, we will talk about the not so positive aspects of the deal.


Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

<ul>
<li>Krung Thai remains our pick; it ranks second from top in terms of post-provision profitability, screens well on NPL coverage, funding as well as PBV ratios and PE multiples</li>
<li>We also like Ayudhya, with its sound pre and post-provision profitability metrics in 2Q23, its sound credit quality metrics and attractive valuations</li>
<li>Kasikorn has seen its TTM cost of risk remain high, and it is the negative outlier versus its peers; yet Kasikorn’s poor share performance makes it one for the watchlist</li>
</ul>


Krung Thai remains our pick; it ranks second from top in terms of post-provision profitability, screens well on NPL coverage, funding as well as PBV ratios and PE multiples
We also like Ayudhya, with its sound pre and post-provision profitability metrics in 2Q23, its sound credit quality metrics and attractive valuations
Kasikorn has seen its TTM cost of risk remain high, and it is the negative outlier versus its peers; yet Kasikorn’s poor share performance makes it one for the watchlist


Thai Banks 2Q23 Screener; We Reiterate Our Positive Picks Krung Thai and Ayudhya

Thailand

Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services.  The Bank is majority owned by the Financial Institutions Development Fund.

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Krung Thai Bank Pub (KTB TB)

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

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

Angus Mackintosh

Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

Of the Thai banks, Krung Thai and Ayudhya have strong profitability and healthy balance sheets, with attractive PBV and PE ratios, while...

Victor Galliano

Hana Microelectronics Placement - Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master...

Sumeet Singh

Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in...

Clarence Chu

Thai Banks 2Q23 Screener; We Reiterate Our Positive Picks Krung Thai and Ayudhya

We reiterate our buy picks, Krung Thai and Ayudhya, among the Thai banks for their premium ROEs and pre- and post-provision profitability metrics,...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

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

Angus Mackintosh

Thai Banks 3Q23 Screener; Stick with Krung Thai and Ayudhya

​Of the Thai banks, Krung Thai and Ayudhya have strong profitability and healthy balance sheets, with attractive PBV and PE ratios, while...

Victor Galliano

Hana Microelectronics Placement - Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master...

Sumeet Singh

Thai Credit Bank Pre-IPO - The Negatives - Although NPLs Are Rising, and Market Seems Fragmented

Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in...

Clarence Chu

Thai Banks 2Q23 Screener; We Reiterate Our Positive Picks Krung Thai and Ayudhya

We reiterate our buy picks, Krung Thai and Ayudhya, among the Thai banks for their premium ROEs and pre- and post-provision profitability metrics,...

Victor Galliano

Of the Thai banks, Krung Thai and Ayudhya have strong profitability and healthy balance sheets, with attractive PBV and PE ratios, while...