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/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a>'s recent 1Q2022 results and a follow up conversation with management confirmed continuing momentum in the recovery with a lot more to come in the next few quarters.</li>
<li>Sports, digital, and F&amp;B are leading the recovery with greater mobility boosting sales but online sales remain strong reflecting changing consumer habits and the success of the company's strategy there.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> is back on an expansion tack both in Indonesia and in Thailand, Vietnam, and the Philippines, with capex forecast at 2019 levels this year. Valuations are attractive.</li>
</ul>



Mitra Adiperkasa's recent 1Q2022 results and a follow up conversation with management confirmed continuing momentum in the recovery with a lot more to come in the next few quarters.
Sports, digital, and F&amp;B are leading the recovery with greater mobility boosting sales but online sales remain strong reflecting changing consumer habits and the success of the company's strategy there.

Mitra Adiperkasa is back on an expansion tack both in Indonesia and in Thailand, Vietnam, and the Philippines, with capex forecast at 2019 levels this year. Valuations are attractive.


Mitra Adiperkasa (MAPI IJ) - Reasons to Be Cheerful

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

<ul>
<li>Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. </li>
</ul>


Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. 


Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

These days, it seems to me that the business media and Twitter is all consumed with predicting when a U.S. economic recession will occur coupled with lots of predictions of whether each strong relief bounce we have in the market is “the bottom”.This past week, big box retailers like Target and Walmart saw big drawdowns after margins were impacted by rising shipping and labor costs while facing extremely difficult year-over-year comparatives.Given the current market drawdown, I also get the sense now that the emerging consensus and narrative of an imminent “crash” recession is what I call “one side of the boat” thinking which the market has a habit of doing the opposite.

These days, it seems to me that the business media and Twitter is all consumed with predicting when a U.S. economic recession will occur coupled with lots of predictions of whether each strong relief bounce we have in the market is “the bottom”.This past week, big box retailers like Target and Walmart saw big drawdowns after margins were impacted by rising shipping and labor costs while facing extremely difficult year-over-year comparatives.Given the current market drawdown, I also get the sense now that the emerging consensus and narrative of an imminent “crash” recession is what I call “one side of the boat” thinking which the market has a habit of doing the opposite.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amazon started off with 2022 on a positive note with an increase in net sales year over year and a continuing CAGR of close to 25%, higher than the pre-pandemic levels.</li><li>The biggest driver of Amazon’s growth in its e-commerce business continues to be the Prime members.</li><li>Overall being optimistic regarding the company's stock we provide it a ‘Buy’ rating with a revision in target price.</li></ul>

Amazon started off with 2022 on a positive note with an increase in net sales year over year and a continuing CAGR of close to 25%, higher than the pre-pandemic levels.The biggest driver of Amazon’s growth in its e-commerce business continues to be the Prime members.Overall being optimistic regarding the company's stock we provide it a ‘Buy’ rating with a revision in target price.

Amazon.com Inc.: The Continuing Rise Of AWS & Other Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> released a solid set of 1Q2022 results, with very strong YoY growth in e-commerce GAAP revenues, and a predictable softening of gaming revenues given greater mobility in 1Q2022. </li>
<li>A key highlight was improving profitability with the adjusted EBITDA loss per order falling 70% in South-East Asia and Taiwan. Management also signalled that gaming revenues started stabilising end 1Q2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> saw a strong rally post these results given guidance was maintained albeit with a wider range. <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> is now trading at a discount to peers.</li>
</ul>



Sea Ltd released a solid set of 1Q2022 results, with very strong YoY growth in e-commerce GAAP revenues, and a predictable softening of gaming revenues given greater mobility in 1Q2022. 
A key highlight was improving profitability with the adjusted EBITDA loss per order falling 70% in South-East Asia and Taiwan. Management also signalled that gaming revenues started stabilising end 1Q2022.

Sea Ltd (SE US) saw a strong rally post these results given guidance was maintained albeit with a wider range. Sea Ltd is now trading at a discount to peers.


Sea Ltd (SE US) - Reading the Positive Signals

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Mitra Adiperkasa (MAPI IJ) - Reasons to Be Cheerful

1Q2022 results highlighted that Mitra Adiperkasa is back on an expansion tack both in Indonesia and South-East Asia, which looks set to gain...

Angus Mackintosh

Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank. In this note,...

Sumeet Singh

Weekly Stock Bullfinder - Week of 5/23

These days, it seems to me that the business media and Twitter is all consumed with predicting when a U.S. economic recession will occur coupled...

Weekly Stock Bull Finder

Amazon.com Inc.: The Continuing Rise Of AWS & Other Drivers

Amazon started off with 2022 on a positive note with an increase in net sales year over year and a continuing CAGR of close to 25%, higher than...

Baptista Research

Sea Ltd (SE US) - Reading the Positive Signals

Sea Ltd saw a strong rally post results given guidance was maintained albeit with a wider range, and it is trading at a discount to peers, despite...

Angus Mackintosh

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