Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

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

Macroeconomics

<ul>
<li>Core PCE and CPI inflation remained at 4-year lows in Apr-May'25 despite Trump's tariffs, although June core CPI inflation crept up MoM after further tariff hikes (on steel and aluminium).</li>
<li>M2 growth of just 5.2%YoY (May'25) is a restraining factor on inflation. However, tariff hikes have been much higher than we expected, with most trading partners failing to negotiate reductions. </li>
<li>For consistency with 2024 cuts, the FOMC likely will cut rates this month. But the tariff hikes on most trading partners will push core inflation toward 3%, disallowing further cuts. </li>
</ul>


Core PCE and CPI inflation remained at 4-year lows in Apr-May'25 despite Trump's tariffs, although June core CPI inflation crept up MoM after further tariff hikes (on steel and aluminium).
M2 growth of just 5.2%YoY (May'25) is a restraining factor on inflation. However, tariff hikes have been much higher than we expected, with most trading partners failing to negotiate reductions. 
For consistency with 2024 cuts, the FOMC likely will cut rates this month. But the tariff hikes on most trading partners will push core inflation toward 3%, disallowing further cuts. 


US: Subdued Inflation to Oblige a Reluctant Fed to Cut This Month, but No More in '25

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: Degrees of uncertainty make Chinese students rethink the benefits of a U.S. education</li><li>In Depth: How guardians can support China’s swelling ranks of solo seniors</li><li>Vietnam attracts global manufacturers despite U.S. tariff increases</li></ul>

Cover Story: Degrees of uncertainty make Chinese students rethink the benefits of a U.S. educationIn Depth: How guardians can support China’s swelling ranks of solo seniorsVietnam attracts global manufacturers despite U.S. tariff increases

CX Daily: Degrees of Uncertainty Make Chinese Students Rethink the Benefits of a U.S. Education 

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>
<a href="https://www.smartkarma.com/entities/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>DeepSeek is a significant factor driving global chip demand with implications for various industries including automotive.</li><li>Tesla and Tata are in talks regarding the sourcing of EV components, highlighting the growing importance of electric vehicles in the market.</li><li>Tim Cook's visit to China to discuss collaboration with DeepSeek signals potential advancements in the supply chain and technology sectors.</li></ul>

DeepSeek is a significant factor driving global chip demand with implications for various industries including automotive.Tesla and Tata are in talks regarding the sourcing of EV components, highlighting the growing importance of electric vehicles in the market.Tim Cook's visit to China to discuss collaboration with DeepSeek signals potential advancements in the supply chain and technology sectors.

Tech Supply Chain Tracker (25-Mar-2025): DeepSeek impacts chip demand globally.

Hon Hai Precision Industry / Equity Bottom-Up

<ul><li>Broadcom offers hope for Samsung as Nvidia encounters difficulties, potentially shifting the balance in the semiconductor industry.</li><li>Taiwan's aerospace supply chain looks forward to expansion with new opportunities in the US market, driving optimism for future growth.</li><li>China encounters hurdles in competing with Starlink in low Earth orbit satellite technology, as tensions rise over differing approaches to innovation and development.</li></ul>

Broadcom offers hope for Samsung as Nvidia encounters difficulties, potentially shifting the balance in the semiconductor industry.Taiwan's aerospace supply chain looks forward to expansion with new opportunities in the US market, driving optimism for future growth.China encounters hurdles in competing with Starlink in low Earth orbit satellite technology, as tensions rise over differing approaches to innovation and development.

Tech Supply Chain Tracker (21-Jan-2025): Broadcom: Samsung's beacon vs. Nvidia.

United States

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide.  The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

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Boeing Co (BA US)

US: Subdued Inflation to Oblige a Reluctant Fed to Cut This Month, but No More in '25

Despite Trump's tariffs, inflation remained low in Apr-May'25, so a July rate cut is likely. But tariffs on most trade partners from Aug'25 (worse...

Prasenjit K. Basu

CX Daily: Degrees of Uncertainty Make Chinese Students Rethink the Benefits of a U.S. Education

Cover Story: Degrees of uncertainty make Chinese students rethink the benefits of a U.S. education. In Depth: How guardians can support China’s...

Caixin Global

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Tech Supply Chain Tracker (25-Mar-2025): DeepSeek impacts chip demand globally.

DeepSeek influencing chip demand, Tesla considering Tata for EV components, Tim Cook in China for supply chain collaboration, TSMC denies Intel...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (21-Jan-2025): Broadcom: Samsung's beacon vs. Nvidia.

Broadcom aids Samsung, Taiwan aerospace optimistic, China competes with Starlink, Huang's visit to Taiwan, China criticizes chip restrictions,...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US: Subdued Inflation to Oblige a Reluctant Fed to Cut This Month, but No More in '25

​Despite Trump's tariffs, inflation remained low in Apr-May'25, so a July rate cut is likely. But tariffs on most trade partners from Aug'25 (worse...

Prasenjit K. Basu

CX Daily: Degrees of Uncertainty Make Chinese Students Rethink the Benefits of a U.S. Education

Cover Story: Degrees of uncertainty make Chinese students rethink the benefits of a U.S. education. In Depth: How guardians can support China’s...

Caixin Global

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Tech Supply Chain Tracker (25-Mar-2025): DeepSeek impacts chip demand globally.

DeepSeek influencing chip demand, Tesla considering Tata for EV components, Tim Cook in China for supply chain collaboration, TSMC denies Intel...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (21-Jan-2025): Broadcom: Samsung's beacon vs. Nvidia.

Broadcom aids Samsung, Taiwan aerospace optimistic, China competes with Starlink, Huang's visit to Taiwan, China criticizes chip restrictions,...

Tech Supply Chain Tracker

Despite Trump's tariffs, inflation remained low in Apr-May'25, so a July rate cut is likely. But tariffs on most trade partners from Aug'25 (worse...