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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International's</a> results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.</li>
<li>Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.</li>
</ul>



Astra International's results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.
Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.

Astra International (ASII IJ) remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.


Astra International (ASII IJ) - Driving Towards Future Sustainability

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

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina (HEAL IJ),</a><a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, and <a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM).</a>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP),</a> Thai Banks, the Indonesian economy, and Indonesian politics.</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 Bank Central Asia (BBCA IJ), Medikaloka Hermina (HEAL IJ),Sariguna Primatirta (CLEO IJ), Philippine Stock Exchange (PSE PM), and Shakey's Pizza (PIZZA PM).

There were also insights on The Keepers Holdings (KEEPR PM), Geo Energy Resources (GERL SP), Thai Banks, the Indonesian economy, and Indonesian politics.
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 - Solid BCA, Medikaloka Hermina, and The Keepers Season

<ul>
<li>Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. </li>
<li>The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. </li>
<li>We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> as a market proxy, with some opportunities in tech.</li>
</ul>


Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. 
The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. 
We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and Astra International as a market proxy, with some opportunities in tech.


Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.</li><li>Thus, we see a tactical opportunity in 4Q23 with preferred picks on ADRO (Buy, TP Rp4,500) and ITMG (Buy, TP Rp45,000) or HRUM (Buy, TP Rp2,700) for more high-beta plays.</li><li>We also see UNTR (Buy, TP Rp40,000) earnings to potentially outperform in 3Q23.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.Thus, we see a tactical opportunity in 4Q23 with preferred picks on ADRO (Buy, TP Rp4,500) and ITMG (Buy, TP Rp45,000) or HRUM (Buy, TP Rp2,700) for more high-beta plays.We also see UNTR (Buy, TP Rp40,000) earnings to potentially outperform in 3Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coal Mining - A Tactical Opportunity in 4Q23 on Possible Seasonal Demand Recovery

Indonesia

PT Solusi Tunas Pratama Tbk develops and constructs telecommunication towers for the wireless communications industry.

PT Wintermar Offshore Marine Tbk offers offshore support services, primarily for the oil and gas industry.  The Company owns and operates a fleet of vessels including AHTS and PSVs equipped with Dynamic Positioning System, and also manages and charters third party vessels. Over the past years, Wintermar has expanded out of Indonesia and now operates in 12 countries, supported by a strong and professional team and high quality vessels.

PT Jasa Marga Persero Tbk operates the Indonesian highway system.  The Company collects tolls, maintains the road surfaces, and offers towing and ambulance services.

PT AKR Corporindo Tbk distributes chemical products such as caustic soda, Polyvinyl Chloride (PVC) resin, sorbitol, soda ash, and sodium sulfate.  Through its subsidiaries, the Company also manufactures chemicals, operates storage tanks and warehouses, and provides logistic services.

PT Transcoal Pacific Tbk. provides logistics services. The Company offers sea transportation, warehousing, and fleets management services for energy related products. Transcoal Pacific serves customers in Indonesia.

PT Wijaya Karya (Persero) Tbk. (WIKA:IJ) one of the largest listed state-owned engineering, procurement and construction (“EPC”) companies in Indonesia with diversified construction projects was established In 1960 under the name Perusahaan Negara Bangunan Widjaja Karja.

WIKA have four business segments: Industry, Infrastructure & Building, Energy & Industrial Plant, and Realty & Property, Through these segments, we have successfully undertaken key national infrastructure projects including Balikpapan-Samarinda Toll Road, Semanggi Interchange, Jatigede Dam, Soekarno-Hatta Airport Terminal 3, Ngurah Rai Airport and the Suramadu Bridge, Serang-Panimbang Toll Road and Jakarta-Bandung High Speed Railway.

As of December 2021, WIKA is owned by the Government as to 65,05% and by public shareholders as to 34,95%, with market capitalization IDR9,91 Trillion and total order book IDR88,12 trillion

PT Petrosea Tbk provides engineering construction and contract mining services for the oil and gas, mining, and infrastructure industries. The Company also provides heavy equipment rentals throughout Indonesia for its clients.

PT Pelayaran Tempuran Emas Tbk provides sea transportation services. The company has network of branches and agents throughout Indonesia and Singapore. Pelayaran Tempuran Emas also offers logistic supports for cargo movements.

PT Citra Marga Nusaphala Persada Tbk constructs, operates, and manages toll highways systems.  The Company derives its revenue primarily from toll gate proceeds, project management fees, and related services.

PT Jaya Sukses Makmur Sentosa Tbk. provides general construction services. The Company offers contracting, trade, land management, procurement, and other related services. Jaya Sukses Makmur Sentosa serves customers in Indonesia.

Golden Energy and Resources Ltd. engages in the exploration, mining, marketing and trading of thermal coal. The Company 's coal mining concession areas cover South and Cental Kalimantan, as well as Jambi, Indonesia.

New Times Energy Corporation Limited, through its subsidiaries, engages in business development in natural resources industry

Yinson Holdings Berhad is an investment holding company. The Company, through its subsidiaries, provides offshore support services such as trading and logistics to the upstream oil and gas sector. Yinson Holdings' business also includes commodity trading.

Akastor ASA is an investment company. The Company invests in a portfolio of companies in the oilfield services sector, providing engineering services, technologies, product solutions and field-life solutions for the oil and gas industry. Akastor also invests in real estate and other smaller-sized holdings.

Yamato Holdings Co., Ltd. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers as well as financial and autoworks services.

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

Zhuzhou CRRC Times Electric Co., Ltd. provides and integrates train-borne electrical systems for the PRC Railway industry.  The Company also develops, manufactures, and sells train power converters, auxiliary power supply equipment and control systems for trains for urban rail systems

Zhuzhou CRRC Times Electric Co., Ltd. (3898 HK)

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

PT United Tractors Tbk distributes and leases construction machinery including Komatsu, Nissan Diesel, Scania, Bomag, Valmet, and Tadano brands.  The Company also provides contract mining services, and trades and assembles heavy equipment.

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United Tractors (UNTR IJ)

Astra International (ASII IJ) - Driving Towards Future Sustainability

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Angus Mackintosh

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

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The Week That Was in ASEAN@Smartkarma - Solid BCA, Medikaloka Hermina, and The Keepers Season

The past week saw insights on Bank Central Asia (BBCA IJ), Medikaloka Hermina (HEAL IJ), Sariguna Primatirta (CLEO IJ), Philippine Stock Exchange...

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Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

We explore the prospects across different sectors in Indonesia with a positive view on banks, retail, consumer staples, property, and Astra...

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Coal Mining - A Tactical Opportunity in 4Q23 on Possible Seasonal Demand Recovery

Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.

BRI Danareksa Research

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