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/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.</li>
<li>The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.</li>
</ul>



Bukalapak (BUKA IJ) released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.
The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.


Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>Didi's announced that it would delist from US and prepare for a public listing in Hongkong</li>
<li>Didi is racing against time to do so due to various factors such as, lock-up expiry, HK Stock Exchange review of listing applications, and potential cybersecurity review for HK issuers</li>
<li>There could be parallels in terms of key risks for other non-dual listed China ADSs</li>
</ul>


Didi's announced that it would delist from US and prepare for a public listing in Hongkong
Didi is racing against time to do so due to various factors such as, lock-up expiry, HK Stock Exchange review of listing applications, and potential cybersecurity review for HK issuers
There could be parallels in terms of key risks for other non-dual listed China ADSs


Didi (Didi US)'s Delisting and Its Implications for Non-Dual Listed China ADS

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

SenseTime Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> is the largest AI software company in Asia as measured by revenue in 2020. It is set to launch an HKEx IPO to raise US$770 million.  </li>
<li>The fundamentals are mixed as high growth is accompanied by high customer concentration, an uncertain path to profitability, cash burn and moral concerns around “ethnic profiling software”. </li>
<li>Overall, we believe the negatives outweigh the positives and we would give the IPO a pass. </li>
</ul>



SenseTime Group (1475539D HK) is the largest AI software company in Asia as measured by revenue in 2020. It is set to launch an HKEx IPO to raise US$770 million.  
The fundamentals are mixed as high growth is accompanied by high customer concentration, an uncertain path to profitability, cash burn and moral concerns around “ethnic profiling software”. 
Overall, we believe the negatives outweigh the positives and we would give the IPO a pass. 


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.

Digital Core REIT / Equity Capital Markets

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, raised around US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about trading dynamics and valuations.</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, raised around US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about trading dynamics and valuations.


Digital Core REIT IPO Trading - Strong Demand

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>NAV/Share is the lowest since July 2020 largely driven by declines in Alibaba shares (-8% this week and -61% from all-time highs)</li>
<li>A US de-listing for Didi is not necessarily good news for Softbank as the value of that stake will be determined by pricing for a HK listing</li>
<li>The NAV discount has returned to 48% as a less aggressive buyback program does little to drive the share price (not necessarily bad over the long run)</li>
</ul>


NAV/Share is the lowest since July 2020 largely driven by declines in Alibaba shares (-8% this week and -61% from all-time highs)
A US de-listing for Didi is not necessarily good news for Softbank as the value of that stake will be determined by pricing for a HK listing
The NAV discount has returned to 48% as a less aggressive buyback program does little to drive the share price (not necessarily bad over the long run)


Softbank Group - A Very Bad Week as China Drives NAV Weakness and Discount Round Trip

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (9988 HK)

Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new...

Angus Mackintosh

Didi (Didi US)'s Delisting and Its Implications for Non-Dual Listed China ADS

As Didi races against time to delist from US, it faces, amongst others, lock-up expiry, HK listing review, and potential cybersecurity review. What...

Jason Yap, CFA

SenseTime IPO Initiation: Big Brother

SenseTime is set to launch an HKEx IPO to raise US$770 million. Overall, we believe the negatives outweigh the positives and we would give the IPO...

Arun George

Digital Core REIT IPO Trading - Strong Demand

Digital Core REIT (DCREIT), a data center REIT, raised US$600m in its Singapore IPO. In this note we will talk about the trading dynamics.

Sumeet Singh

Softbank Group - A Very Bad Week as China Drives NAV Weakness and Discount Round Trip

Softbank's value is still tied to Alibaba and other China investments even with a robust buyback. NAV is the lowest since July 2020 and the...

Kirk Boodry

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