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/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a>1Q2023 results demonstrated its resilience with its petroleum and chemicals division continuing to grow in 1Q2023 with the added kicker of a large land sale at JIIPE. </li>
<li>The company's JIIPE Industrial Estate will become an increasingly important earnings contributor but chemical distribution will be driven by smelters and fuel by the BP retail JV at the margin,</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a> is an increasingly interesting proxy for the next stage of Indonesia's economic growth through its exposure to smelters through its chemicals business and the overall economy through fuel. </li>
</ul>



AKR Corporindo1Q2023 results demonstrated its resilience with its petroleum and chemicals division continuing to grow in 1Q2023 with the added kicker of a large land sale at JIIPE. 
The company's JIIPE Industrial Estate will become an increasingly important earnings contributor but chemical distribution will be driven by smelters and fuel by the BP retail JV at the margin,

AKR Corporindo is an increasingly interesting proxy for the next stage of Indonesia's economic growth through its exposure to smelters through its chemicals business and the overall economy through fuel. 


AKR Corporindo (AKRA IJ) - A Winning Formula

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Thematic (Sector/Industry)

<ul><li>Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.</li><li>This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).</li><li>Calima Energy (CE1 AU) C; Target price of A$0.50 per share: Replacing over 100% of produced reserves – YE22 net 2P reserves have been estimated at 20.5 mmboe (net of royalty), up 1% compared to YE21.</li></ul>

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at respectively 3.4 mmboe, 7.7 mmboe and 11.7 mmboe at YE22.This includes 2.1 mmboe 2P reserves and 4.3 mmboe 3P reserves at the company’s core assets in Colombia (Tapir and Oso Pardo).Calima Energy (CE1 AU) C; Target price of A$0.50 per share: Replacing over 100% of produced reserves – YE22 net 2P reserves have been estimated at 20.5 mmboe (net of royalty), up 1% compared to YE21.

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>BP had a mixed quarter and its revenues were significantly above Wall Street expectations.</li><li>The management’s emphasis on cost performance as well as operational reliability underpinned robust financial delivery.</li><li>Despite the fact that its costs are being controlled, the company missed out on meeting the earnings estimates of analysts.</li></ul>

BP had a mixed quarter and its revenues were significantly above Wall Street expectations.The management’s emphasis on cost performance as well as operational reliability underpinned robust financial delivery.Despite the fact that its costs are being controlled, the company missed out on meeting the earnings estimates of analysts.

BP PLC: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Cross Asset Strategy

<ul>
<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 South East Asia. </li>
<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</a>, <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas</a>, <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast</a> and plans to list in the US, <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, and <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage</a> </li>
<li>There were also macro insights on Malaysian politics and the risks with Vietnam's economy plus an index rebalancing in the Philippines with <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings</a> to potentially benefit.</li>
</ul>


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 South East Asia. 
The past week saw insights on Bank Central Asia, Aneka Gas, VinFast and plans to list in the US, I-Tail (ITC TB), and Jardine Cycle &amp; Carriage 
There were also macro insights on Malaysian politics and the risks with Vietnam's economy plus an index rebalancing in the Philippines with DMCI Holdings to potentially benefit.


The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>UK Energy is still under-owned.  22.1% of UK managers have zero exposure and 67.4% are positioned underweight.</li>
<li>Signs of a rotation are under way, driven by Value and Yield funds and mainly in Shell PLC and BP PLC.  </li>
<li>Missing from the picture is the return of Growth and Aggressive Growth managers, who remain lightly positioned and clearly unconvinced by the investment case at present. </li>
</ul>


UK Energy is still under-owned.  22.1% of UK managers have zero exposure and 67.4% are positioned underweight.
Signs of a rotation are under way, driven by Value and Yield funds and mainly in Shell PLC and BP PLC.  
Missing from the picture is the return of Growth and Aggressive Growth managers, who remain lightly positioned and clearly unconvinced by the investment case at present. 


UK Energy: Investors Split as Tentative Rotation Begins

United Kingdom

BP P.L.C is an energy company. The Company explores and produces oil and natural gas, refines, markets, and supplies petroleum products, as well as generates solar energy, and manufactures and markets chemicals such as terephthalic acid, acetic acid, acrylonitrile, ethylene, and polyethylene. BP serves customers worldwide.

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BP (BP US)

AKR Corporindo (AKRA IJ) - A Winning Formula

AKR Corporindo is an interesting proxy for the next stage of Indonesia's economic growth through its exposure to smelters through its chemicals...

Angus Mackintosh

Auctus on Friday - 31/03/2023

Arrow Exploration (AXL LN) C; Target price of £0.45 per share: Adding reserves in Colombia – Arrow’s 1P, 2P and 3P reserves were estimated at...

Auctus Advisors

BP PLC: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

BP had a mixed quarter and its revenues were significantly above Wall Street expectations. The management’s emphasis on cost performance as well...

Baptista Research

The Week That Was in ASEAN@Smartkarma - BCA's Connectivity, VinFast to IPO, and I-Tail Corp Listing

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

Angus Mackintosh

UK Energy: Investors Split as Tentative Rotation Begins

UK managers are raising allocations to the Energy sector, driven by buying in BP and Shell PLC. However, the majority of funds remain underweight.

Steven Holden

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