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"><p>This past 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 and credit insights. Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant Discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma,</a> this week on <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ),</a><a href="https://www.smartkarma.com/entities/tiphone-mobile-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:14894:1" rel="noopener">Tiphone Mobile Indonesia (TELE IJ), </a> Indonesian bonds, and Indonesian cement. </p></div><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/widodo-re-centralizes-no-omnibus-backlash-yet-education-to-open-radioactive-in-banten" target="_blank" data-smartkarma-citation="insights:36841" rel="noopener">Widodo Re-Centralizes / No Omnibus Backlash (Yet) / Education to Open / Radioactive in Banten,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the most important political and economic developments in Indonesia over the past week. </p><h2>Equity Bottom-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-it-s-all-about-the-data" target="_blank" data-smartkarma-citation="insights:36759" rel="noopener">XL Axiata (EXCL IJ) - It's All About the Data,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> circles back to Indonesia's No.2 mobile player, with the biggest exposure to data, following a meeting with management. </p><p>In <a href="https://www.smartkarma.com/insights/drb-hi-com-drb-value-unlocking-part-i" target="_blank" data-smartkarma-citation="insights:36758" rel="noopener">DRB Hi Com (DRB): Value Unlocking-Part I</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko </a>zeros in <a href="https://www.smartkarma.com/entities/drb-hicom-bhd" target="_blank" data-smartkarma-citation="entities:19627:1" rel="noopener">DRB-Hicom Bhd (DRB MK)</a> in the first part of the two parts of the report detailing how DRB Hi Com is looking to unlock its value in the next few months. </p><p>In <a href="https://www.smartkarma.com/insights/major-cineplex-resilient-quarter-q4-overhang-gone" target="_blank" data-smartkarma-citation="insights:36768" rel="noopener">Major Cineplex: Resilient Quarter, Q4 Overhang Gone,</a><a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a> revisits Thailand's leading cinema player. </p><p>In <a href="https://www.smartkarma.com/insights/central-retail-listing-set50-inclusion" target="_blank" data-smartkarma-citation="insights:36770" rel="noopener">Central Retail Listing &amp; SET50 Inclusion,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> circles back to <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB)</a> post its listing and assesses the impact for the SET index.</p><p>In <a href="https://www.smartkarma.com/insights/central-retail-ipo-day-20-feb-basis-risk-flow-and-index-dynamics" target="_blank" data-smartkarma-citation="insights:36772" rel="noopener">Central Retail IPO Day 20 Feb - Basis Risk, Flow, and Index Dynamics,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> lays out his view on <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB)</a> ahead of its listing. </p><p>In <a href="https://www.smartkarma.com/insights/central-retail-ipo-trading-debut-valuation-scenario-analysis" target="_blank" data-smartkarma-citation="insights:36740" rel="noopener">Central Retail IPO: Trading Debut, Valuation Scenario Analysis</a>, <a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> lays out his changing views on this recent IPO. </p><p>In <a href="https://www.smartkarma.com/insights/bts-solid-earnings-growth-momentum-remain" target="_blank" data-smartkarma-citation="insights:36833" rel="noopener">BTS: Solid Earnings Growth Momentum Remain,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> comment on Thai transport player <a href="https://www.smartkarma.com/entities/bts-group-holdings-pcl" target="_blank" data-smartkarma-citation="entities:15943:1" rel="noopener">BTS Group Holdings (BTS TB)</a> post the recent analyst meeting. </p><p>In <a href="https://www.smartkarma.com/insights/bts-group-w5-warrants-trading-imminent" target="_blank" data-smartkarma-citation="insights:36636" rel="noopener">BTS Group W5 Warrants Trading Imminent,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits this trade idea. As discussed in <a href="https://www.smartkarma.com/insights/bts-group-w5-warrants-coming" target="_blank" data-smartkarma-citation="insights:35275" rel="noopener">BTS Group W5 Warrants Coming</a> published in mid-December, the W5 warrants would start trading sometime in the new year of 2020. </p><p>In <a href="https://www.smartkarma.com/insights/ayalaland-reit-areit-ipo-initiation-the-reit-idea" target="_blank" data-smartkarma-citation="insights:36697" rel="noopener">AyalaLand REIT (AREIT) IPO Initiation: The REIT Idea?,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> zeros in on the first REIT listing in the Philippines.</p><p>In <a href="https://www.smartkarma.com/insights/airports-of-thailand-60-macro-pivot-support" target="_blank" data-smartkarma-citation="insights:36791" rel="noopener">Airports of Thailand 60 Macro Pivot Support,</a> Technical Specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> works his magic on <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports Of Thailand (AOT TB)</a> after the recent Corona inspired correction. </p><p>In <a href="https://www.smartkarma.com/insights/bem-leading-mass-transit-operator-is-about-to-get-huge" target="_blank" data-smartkarma-citation="insights:36754" rel="noopener">BEM: Leading Mass Transit Operator Is About to Get Huge</a> initiate coverage of <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-pcl" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway And Metro (BEM TB)</a> with a HOLD rating, based on a target price of Bt11.70 derived from a sum-of-the-parts methodology, which implies 45x PE’20E, or a 10% premium to the Thailand transportation sector. </p><p>In <a href="https://www.smartkarma.com/insights/gpsc-positive-2020-earnings-outlook" target="_blank" data-smartkarma-citation="insights:36836" rel="noopener">GPSC: Positive 2020 Earnings Outlook,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/global-power-synergy-company-ltd" target="_blank" data-smartkarma-citation="entities:22767:1" rel="noopener">Global Power Synergy Company Ltd (GPSC TB)</a> with a view to 2020 prospects. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/telecom-review-feb-2020-5g-bidding-apple-watch-surge" target="_blank" data-smartkarma-citation="insights:36539" rel="noopener">Telecom Review (Feb 2020): 5G Bidding, Apple Watch Surge</a>, our Thai guru highlights four important recent developments in the Thai telecom industry.</p><p>In <a href="https://www.smartkarma.com/insights/national-automotive-policy-2020-beneficiaries" target="_blank" data-smartkarma-citation="insights:36860" rel="noopener">Malaysia National Automotive Policy 2020: Beneficiaries,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> zeros in on the Malaysian auto space the release of the National Auto Policy. </p><p>In <a href="https://www.smartkarma.com/insights/central-retail-initial-esg-assessment-is-impressive" target="_blank" data-smartkarma-citation="insights:36267" rel="noopener">Central Retail: Initial ESG Assessment Is Impressive,</a><a href="https://www.smartkarma.com/profiles/kyle-rudden" target="_blank" data-smartkarma-citation="accounts:4495" rel="noopener">Kyle Rudden</a> looks at <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB)'</a>s ESG credentials. </p><div class="content-highlight">
<p><em>At CrossASEAN Research we strive to produce unbiased and differentiated on the ground Insights on companies, economies and stock markets across South East Asia exclusive to Smartkarma. </em></p>
<p><em>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. </em></p>
<p><em>We offer bespoke work, company visits and tailor-made trips across South East Asia to our clients through Premium Services on Smartkarma. Please feel free to show your appreciation for any of our insights you find useful using the like button. It makes a difference!</em></p>
</div>

This past 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 and credit insights. Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant Discussions in ASEAN@Smartkarma, this week on Blue Bird (BIRD IJ),Tiphone Mobile Indonesia (TELE IJ),  Indonesian bonds, and Indonesian cement. Macro InsightsIn Widodo Re-Centralizes / No Omnibus Backlash (Yet) / Education to Open / Radioactive in Banten, CrossASEAN Insight Provider Kevin O’Rourke comments on the most important political and economic developments in Indonesia over the past week. Equity Bottom-Up InsightsIn XL Axiata (EXCL IJ) - It's All About the Data, CrossASEAN Insight Provider Angus Mackintosh circles back to Indonesia's No.2 mobile player, with the biggest exposure to data, following a meeting with management. In DRB Hi Com (DRB): Value Unlocking-Part I, CrossASEAN Insight Provider Henry Soediarko zeros in DRB-Hicom Bhd (DRB MK) in the first part of the two parts of the report detailing how DRB Hi Com is looking to unlock its value in the next few months. In Major Cineplex: Resilient Quarter, Q4 Overhang Gone,Sameer Taneja revisits Thailand's leading cinema player. In Central Retail Listing &amp; SET50 Inclusion,Brian Freitas circles back to Central Retail (CRC TB) post its listing and assesses the impact for the SET index.In Central Retail IPO Day 20 Feb - Basis Risk, Flow, and Index Dynamics,Travis Lundy lays out his view on Central Retail (CRC TB) ahead of its listing. In Central Retail IPO: Trading Debut, Valuation Scenario Analysis, Arun George lays out his changing views on this recent IPO. In BTS: Solid Earnings Growth Momentum Remain, our friends at Country Group comment on Thai transport player BTS Group Holdings (BTS TB) post the recent analyst meeting. In BTS Group W5 Warrants Trading Imminent,Travis Lundy revisits this trade idea. As discussed in BTS Group W5 Warrants Coming published in mid-December, the W5 warrants would start trading sometime in the new year of 2020. In AyalaLand REIT (AREIT) IPO Initiation: The REIT Idea?,Arun George zeros in on the first REIT listing in the Philippines.In Airports of Thailand 60 Macro Pivot Support, Technical Specialist Thomas Schroeder works his magic on Airports Of Thailand (AOT TB) after the recent Corona inspired correction. In BEM: Leading Mass Transit Operator Is About to Get Huge initiate coverage of Bangkok Expressway And Metro (BEM TB) with a HOLD rating, based on a target price of Bt11.70 derived from a sum-of-the-parts methodology, which implies 45x PE’20E, or a 10% premium to the Thailand transportation sector. In GPSC: Positive 2020 Earnings Outlook,Country Group revisit Global Power Synergy Company Ltd (GPSC TB) with a view to 2020 prospects. Sector and Thematic InsightsIn Telecom Review (Feb 2020): 5G Bidding, Apple Watch Surge, our Thai guru highlights four important recent developments in the Thai telecom industry.In Malaysia National Automotive Policy 2020: Beneficiaries, CrossASEAN Insight Provider Henry Soediarko zeros in on the Malaysian auto space the release of the National Auto Policy. In Central Retail: Initial ESG Assessment Is Impressive,Kyle Rudden looks at Central Retail (CRC TB)'s ESG credentials. 
At CrossASEAN Research we strive to produce unbiased and differentiated on the ground Insights on companies, economies and stock markets across South East Asia exclusive to Smartkarma. 
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 offer bespoke work, company visits and tailor-made trips across South East Asia to our clients through Premium Services on Smartkarma. Please feel free to show your appreciation for any of our insights you find useful using the like button. It makes a difference!


The Week That Was in ASEAN@Smartkarma - Indonesia Telcos, CRC's ESG Et Al, and Malaysian Autos

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

Areit (AyalaLand REIT) / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/ayalaland-reit-areit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">AyalaLand Reit (AREIT) (AREIT PM)</a> is a real estate company established in the Philippines by <a href="https://www.smartkarma.com/entities/ayala-land-inc" target="_blank" data-smartkarma-citation="entities:131:1" rel="noopener">Ayala Land Inc (ALI PM)</a>, the leading and most diversified real estate conglomerates in the Philippines. It has filed for an IPO in the Philippines to raise PHP14.4 billion ($284 million) through the share of 478.6 million units at PHP30.05 per unit. AREIT will be the first REIT listing in the Philippines.</p><div class="content-highlight"><p>AREIT’s current portfolio comprises of three properties, all located in Makati CBD, Manilla. The properties are Solaris One, Ayala North Exchange and McKinley Exchange. On balance, we believe that AREIT offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.</p></div>

AyalaLand Reit (AREIT) (AREIT PM) is a real estate company established in the Philippines by Ayala Land Inc (ALI PM), the leading and most diversified real estate conglomerates in the Philippines. It has filed for an IPO in the Philippines to raise PHP14.4 billion ($284 million) through the share of 478.6 million units at PHP30.05 per unit. AREIT will be the first REIT listing in the Philippines.AREIT’s current portfolio comprises of three properties, all located in Makati CBD, Manilla. The properties are Solaris One, Ayala North Exchange and McKinley Exchange. On balance, we believe that AREIT offers an attractive value proposition for investors willing to invest in a niche segment of the Asian REIT sector.

AyalaLand REIT (AREIT) IPO Initiation: The REIT Idea?

Philippines

AREIT, Inc. operates as a real estate investment trust. The Company owns and invests in income-producing commercial portfolio of office, retail, and hotel properties. AREIT serves clients in Philippines.

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Areit (AyalaLand REIT) (AREIT PM)

The Week That Was in ASEAN@Smartkarma - Indonesia Telcos, CRC's ESG Et Al, and Malaysian Autos

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

Angus Mackintosh

AyalaLand REIT (AREIT) IPO Initiation: The REIT Idea?

AyalaLand Reit (AREIT) (AREIT PM) is a real estate company established in the Philippines by Ayala Land Inc (ALI PM), the leading and most...

Arun George

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52-week Range

Market Cap (USDm)

P/E

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