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

Thematic (Sector/Industry)

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This past week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section. 
Spare a thought for the people of Lombok after an earthquake, measuring 7.0 on the Richter Scale last night, led to the deaths of at least 91 people, with hundreds injured and thousands displaced from their homes. 
</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/asian-currencies" target="_blank" data-smartkarma-citation="insights:22512">Asian Currencies</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> looks at how Asian currencies look today against their average over the past two years (using the trade-weighted nominal effective exchange rate). In his insight, <a href="https://www.smartkarma.com/insights/the-philippines-analysis-of-the-state-of-the-nation-address-2018-no-surprises-by-duterte" target="_blank" data-smartkarma-citation="insights:22614">The Philippines: Analysis of the State of the Nation Address 2018 - No Surprises by Duterte</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> shares his comments on the content. In <a href="https://www.smartkarma.com/insights/philippines-revenue-overperformance-dissipates-2q18-fiscal-stimulus" target="_blank" data-smartkarma-citation="insights:22586">Philippines: Revenue Overperformance Dissipates 2Q18 Fiscal Stimulus</a>, Philippines economist <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> discusses the fiscal situation in that country. In his Insight, <a href="https://www.smartkarma.com/insights/thailand-effervescent-border-trade-govt-tries-to-uplift-sentiment-ahead-of-elections" target="_blank" data-smartkarma-citation="insights:22648">Thailand: Effervescent Border Trade, Govt Tries to Uplift Sentiment Ahead of Elections</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> discusses the latest trade figures in Thailand and highlights the growing importance of cross-border trade with its less developed neighbours. In <a href="https://www.smartkarma.com/insights/indonesia-politics-weekly-widodo-vp-in-flux-prabowo-ahy-likely-state-displaces-chevron-et-al" target="_blank" data-smartkarma-citation="insights:22727">Indonesia Politics Weekly: Widodo VP in Flux; Prabowo + AHY Likely; State Displaces Chevron; Et Al</a>, political Insight provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> discusses the most important political developments over the past week in Indonesia. <h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/sarimelati-kencana-sceptical-of-growth-ambitions-following-a-company-visit-expect-30-downside" target="_blank" data-smartkarma-citation="insights:22604">Sarimelati Kencana - Sceptical of Growth Ambitions Following a Company Visit, Expect 30% Downside</a>, <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> comments on Indonesia's Pizza Hut operator. In <a href="https://www.smartkarma.com/insights/mechanics-and-details-of-the-mint-nhh-deal-in-spain" target="_blank" data-smartkarma-citation="insights:22534">Mechanics and Details of the MINT-NHH Deal in Spain</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> discusses the detail of this recent acquisition by <a href="https://www.smartkarma.com/entities/2154" target="_blank" data-smartkarma-citation="entities:2154:1">Minor International (MINT TB)</a>. In his Insight <a href="https://www.smartkarma.com/insights/ipo-radar-praram-9-a-hospital-on-one-of-bangkok-s-busiest-roads" target="_blank" data-smartkarma-citation="insights:22541">IPO Radar: Praram 9, a Hospital on One of Bangkok's Busiest Roads</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> gives us his view on this single asset hospital IPO. In <a href="https://www.smartkarma.com/insights/ipo-radar-enter-the-stonehenge-a-rare-architectural-consulting-firm" target="_blank" data-smartkarma-citation="insights:22612">IPO Radar: Enter the Stonehenge!...A Rare Architectural Consulting Firm</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> discusses the IPO of <a href="https://www.smartkarma.com/entities/27353" target="_blank" data-smartkarma-citation="entities:27353:1">Stonehenge (STI TB)</a>, which is a contractor with architectural and consulting capabilities.  In <a href="https://www.smartkarma.com/insights/tkn-leading-thai-seaweed-snack-sinks-its-teeth-into-global-scale-up-plans" target="_blank" data-smartkarma-citation="insights:22592">TKN: Leading Thai Seaweed Snack Sinks Its Teeth into Global Scale-Up Plans</a>, our friends at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on TKN with a BUY rating and a 1H19E target price of Bt19.0 at 27.7x PE, which is 1.0x PEG of the average of the company’s earnings growth for 2018-20E.In <a href="https://www.smartkarma.com/insights/cal-comp-tech-philippines-pre-ipo-review-muted-growth-in-core-products" target="_blank" data-smartkarma-citation="insights:22561">Cal-Comp Tech (Philippines) Pre-IPO Review - Muted Growth in Core Products</a>, <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> evaluates the company's IPO. <a href="https://www.smartkarma.com/entities/27347" target="_blank" data-smartkarma-citation="entities:27347:1">Cal-Comp Tech (Philippines) (CCTP PH)</a> is looking to raise about US$120m in its upcoming IPO in the Philippines. In his Insight, <a href="https://www.smartkarma.com/insights/pryce-corp-2q18-update-another-solid-quarter-110-upside" target="_blank" data-smartkarma-citation="insights:22622">Pryce Corp: 2Q18 Update - Another Solid Quarter, 110% Upside</a>, <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> circles back to the company post its 2Q18 results and remains positive.  In <a href="https://www.smartkarma.com/insights/aem-holdings-1h18-results-on-track-but-intel-10-nano-chip-delay-impacts-2019-outlook-negatively" target="_blank" data-smartkarma-citation="insights:22603">AEM Holdings: 1H18 Results on Track but Intel 10-Nano Chip Delay Impacts 2019 Outlook Negatively</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> comments on the company post its 2Q18 results, after which the share price took a beating. In <a href="https://www.smartkarma.com/insights/dbs-bank-long-and-short-levels" target="_blank" data-smartkarma-citation="insights:22649">DBS Bank Long and Short Levels</a>, technical insight provider <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> works his magic on this Singapore bank. <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">Dbs Group Holdings (DBS SP)</a> has a clear top in the form of an island reversal at dual projection in early May that has set in motion an intermediate correction. In <a href="https://www.smartkarma.com/insights/sing-holdings-a-potential-privatisation-candidate-in-the-making" target="_blank" data-smartkarma-citation="insights:22652">Sing Holdings – A Potential Privatisation Candidate in the Making?</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> initiates coverage on the company with a positive view. In <a href="https://www.smartkarma.com/insights/gallant-venture-galv-sp-getting-ready-to-grow-from-1m-2m-tourists-per-year-in-bintan-by-2021" target="_blank" data-smartkarma-citation="insights:22531">Gallant Venture (GALV SP): Getting Ready to Grow from 1M --&gt; 2M Tourists Per Year in Bintan by 2021</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> comments on the company following a visit to Bintan Island.In <a href="https://www.smartkarma.com/insights/breadtalk-81-since-march-2017-insight-st-fair-value-has-been-reached-risk-reward-balanced" target="_blank" data-smartkarma-citation="insights:22669">Breadtalk: +81% Since March 2017 Insight; ST Fair Value Has Been Reached; Risk-Reward Balanced</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> comments on the company post its 1H18 results and finds the stock fairly valued after a strong run-up in the share price.  In <a href="https://www.smartkarma.com/insights/dbs-bank-the-murky-details-of-new-2q18-data-that-is-easy-to-miss-and-not-as-positive-as-headlines" target="_blank" data-smartkarma-citation="insights:22675">DBS Bank – The Murky Detail of New 2Q18 Data that Is Easy to Miss, and Not as Positive as Headlines</a>, banking specialist Insight provider <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> comments in its 1H18 results and suggests there could be some nasty surprises ahead. In <a href="https://www.smartkarma.com/insights/antm-antm-ij-solid-momentum-in-indonesian-gold-and-nickel" target="_blank" data-smartkarma-citation="insights:22681">ANTM (ANTM IJ): Solid Momentum in Indonesian Gold and Nickel</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>  works his magic on the company and come away with a positive view.In <a href="https://www.smartkarma.com/insights/mufg-danamon-two-down-one-possibly-to-go" target="_blank" data-smartkarma-citation="insights:22668">MUFG/Danamon: Two Down, One (Possibly) To Go</a>, <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> comments on recent developments surrounding MUFG's acquisition of a stake in <a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia Tbk (BDMN IJ)</a>. In <a href="https://www.smartkarma.com/insights/link-net-q2-2018-results-review" target="_blank" data-smartkarma-citation="insights:22663">Link Net Q2 2018 Results Review</a>, <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> comments on the company post its 1H18 results and remains positive.  In <a href="https://www.smartkarma.com/insights/matahari-dept-store-key-lessons-from-our-wrong-call" target="_blank" data-smartkarma-citation="insights:22697">Matahari Dept Store: Key Lessons from Our Wrong Call</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> circles back to <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">Pt Matahari Department Store (LPPF IJ)</a> post some disappointing 2Q18 results and takes a less positive view. In <a href="https://www.smartkarma.com/insights/lippo-mall-reit-lmrt-q2-2018-result-and-local-perspective-of-malls" target="_blank" data-smartkarma-citation="insights:22706">Lippo Mall REIT (LMRT): Q2 2018 Result And Local Perspective of Malls</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> takes a look at <a href="https://www.smartkarma.com/entities/10946" target="_blank" data-smartkarma-citation="entities:10946:1">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> 's 2Q18 results and suggests it is starting to look attractive. In <a href="https://www.smartkarma.com/insights/smbc-merging-indo-unit-with-btpn-results-in-cash-put-for-shareholders" target="_blank" data-smartkarma-citation="insights:22673">SMBC Merging Indo Unit with BTPN, Results in Cash Put for Shareholders</a>, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> discusses in detail the ongoing merger of one of its units with <a href="https://www.smartkarma.com/entities/483" target="_blank" data-smartkarma-citation="entities:483:1">Bank Tabungan Pensiunan Nasional (BTPN IJ)</a>. <a href="https://www.smartkarma.com/entities/483" target="_blank" data-smartkarma-citation="entities:483:1">Bank Tabungan Pensiunan Nasional (BTPN IJ)</a> ("BTPN") is a mid-sized Indonesian bank that concentrates serving on small businesses and individuals.In <a href="https://www.smartkarma.com/insights/sarana-menara-tor-ij-q2-2018-results-review" target="_blank" data-smartkarma-citation="insights:22709">Sarana Menara (TOR:IJ) Q2 2018 Results Review</a>, <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> circles back to the company post results and assesses the impact of a recent tower acquisition.  <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/singapore-banks-corporate-financial-metrics-point-to-ongoing-credit-risk" target="_blank" data-smartkarma-citation="insights:22575">Singapore Banks – Corporate Financial Metrics Point to Ongoing Credit Risk</a>, Banking Specialist Insight Provider <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> looks at the looming prospect worsening NPLs as of half of Singapore’s industrial, materials and energy companies in our S&amp;P CIQ sample set with over US$100 million in debt, have seen a worsening of interest cover in the most recent quarter. In his Insight, <a href="https://www.smartkarma.com/insights/the-competitive-world-of-thai-contractors-non-network" target="_blank" data-smartkarma-citation="insights:22610">The Competitive World of Thai Contractors (Non-Network)</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> highlights some of the key contractors in Thailand, known as the Big Four, as well as other more eccentric, smaller ones that he came across in the past two years of company visits and IPO studies. In <a href="https://www.smartkarma.com/insights/the-emergence-of-decentralised-in-kuala-lumpur" target="_blank" data-smartkarma-citation="insights:22676">The Emergence of Decentralised in Kuala Lumpur</a>, our friends at <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> take a look at the decentralised office market in Kuala Lumpur. In <a href="https://www.smartkarma.com/insights/sathorn-series-j-non-bank-financiers-and-their-close-kin" target="_blank" data-smartkarma-citation="insights:22674">Sathorn Series J: Non-Bank Financiers and Their Close Kin</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at the growing world of non-bank finance companies in Thailand. In <a href="https://www.smartkarma.com/insights/singapore-property-weekly-recap-28th-jul-to-3rd-aug-residential-market-outlook-update" target="_blank" data-smartkarma-citation="insights:22708">Singapore Property Weekly Recap (28th Jul to 3rd Aug) - Residential Market Outlook Update</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> highlights the most important news over the last week in the Singapore property market and gives us his value-added comment. In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-signs-of-weakness-in-q3-18" target="_blank" data-smartkarma-citation="insights:22702">Thai Media Spotlight: Signs of Weakness in Q3'18</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> provides us with an update on the Thai Media after a seasonally quiet summer.


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 pieces. Please find a brief summary below, with a fuller write up in the detailed section. 
Spare a thought for the people of Lombok after an earthquake, measuring 7.0 on the Richter Scale last night, led to the deaths of at least 91 people, with hundreds injured and thousands displaced from their homes. 
Macro InsightsIn Asian Currencies, Dr. Jim Walker looks at how Asian currencies look today against their average over the past two years (using the trade-weighted nominal effective exchange rate). In his insight, The Philippines: Analysis of the State of the Nation Address 2018 - No Surprises by Duterte, Manu Bhaskaran shares his comments on the content. In Philippines: Revenue Overperformance Dissipates 2Q18 Fiscal Stimulus, Philippines economist Jun Trinidad discusses the fiscal situation in that country. In his Insight, Thailand: Effervescent Border Trade, Govt Tries to Uplift Sentiment Ahead of Elections, Jason Tan discusses the latest trade figures in Thailand and highlights the growing importance of cross-border trade with its less developed neighbours. In Indonesia Politics Weekly: Widodo VP in Flux; Prabowo + AHY Likely; State Displaces Chevron; Et Al, political Insight provider Kevin O’Rourke discusses the most important political developments over the past week in Indonesia. Equity Bottom-Up InsightsIn Sarimelati Kencana - Sceptical of Growth Ambitions Following a Company Visit, Expect 30% Downside, Lloyd Moffatt comments on Indonesia's Pizza Hut operator. In Mechanics and Details of the MINT-NHH Deal in Spain, our Thai guru Athaporn Arayasantiparb, CFA discusses the detail of this recent acquisition by Minor International (MINT TB). In his Insight IPO Radar: Praram 9, a Hospital on One of Bangkok's Busiest Roads, Athaporn Arayasantiparb, CFA gives us his view on this single asset hospital IPO. In IPO Radar: Enter the Stonehenge!...A Rare Architectural Consulting Firm, Athaporn Arayasantiparb, CFA discusses the IPO of Stonehenge (STI TB), which is a contractor with architectural and consulting capabilities.  In TKN: Leading Thai Seaweed Snack Sinks Its Teeth into Global Scale-Up Plans, our friends at Country Group initiate coverage on TKN with a BUY rating and a 1H19E target price of Bt19.0 at 27.7x PE, which is 1.0x PEG of the average of the company’s earnings growth for 2018-20E.In Cal-Comp Tech (Philippines) Pre-IPO Review - Muted Growth in Core Products, Toh Zhen Zhou evaluates the company's IPO. Cal-Comp Tech (Philippines) (CCTP PH) is looking to raise about US$120m in its upcoming IPO in the Philippines. In his Insight, Pryce Corp: 2Q18 Update - Another Solid Quarter, 110% Upside, Lloyd Moffatt circles back to the company post its 2Q18 results and remains positive.  In AEM Holdings: 1H18 Results on Track but Intel 10-Nano Chip Delay Impacts 2019 Outlook Negatively, Nicolas Van Broekhoven comments on the company post its 2Q18 results, after which the share price took a beating. In DBS Bank Long and Short Levels, technical insight provider Thomas Schroeder works his magic on this Singapore bank. Dbs Group Holdings (DBS SP) has a clear top in the form of an island reversal at dual projection in early May that has set in motion an intermediate correction. In Sing Holdings – A Potential Privatisation Candidate in the Making?, Royston Foo initiates coverage on the company with a positive view. In Gallant Venture (GALV SP): Getting Ready to Grow from 1M --&gt; 2M Tourists Per Year in Bintan by 2021, Nicolas Van Broekhoven comments on the company following a visit to Bintan Island.In Breadtalk: +81% Since March 2017 Insight; ST Fair Value Has Been Reached; Risk-Reward Balanced, Nicolas Van Broekhoven comments on the company post its 1H18 results and finds the stock fairly valued after a strong run-up in the share price.  In DBS Bank – The Murky Detail of New 2Q18 Data that Is Easy to Miss, and Not as Positive as Headlines, banking specialist Insight provider Daniel Tabbush comments in its 1H18 results and suggests there could be some nasty surprises ahead. In ANTM (ANTM IJ): Solid Momentum in Indonesian Gold and Nickel, Dr. Andrew Stotz, CFA  works his magic on the company and come away with a positive view.In MUFG/Danamon: Two Down, One (Possibly) To Go, David Blennerhassett comments on recent developments surrounding MUFG's acquisition of a stake in Bank Danamon Indonesia Tbk (BDMN IJ). In Link Net Q2 2018 Results Review, Marc Melendez, CFA comments on the company post its 1H18 results and remains positive.  In Matahari Dept Store: Key Lessons from Our Wrong Call, Johannes Salim, CFA circles back to Pt Matahari Department Store (LPPF IJ) post some disappointing 2Q18 results and takes a less positive view. In Lippo Mall REIT (LMRT): Q2 2018 Result And Local Perspective of Malls, Henry Soediarko takes a look at Lippo Malls Indonesia Retail Trust (LMRT SP) 's 2Q18 results and suggests it is starting to look attractive. In SMBC Merging Indo Unit with BTPN, Results in Cash Put for Shareholders, Travis Lundy discusses in detail the ongoing merger of one of its units with Bank Tabungan Pensiunan Nasional (BTPN IJ). Bank Tabungan Pensiunan Nasional (BTPN IJ) ("BTPN") is a mid-sized Indonesian bank that concentrates serving on small businesses and individuals.In Sarana Menara (TOR:IJ) Q2 2018 Results Review, Marc Melendez, CFA circles back to the company post results and assesses the impact of a recent tower acquisition.  Sector and Thematic InsightsIn Singapore Banks – Corporate Financial Metrics Point to Ongoing Credit Risk, Banking Specialist Insight Provider Daniel Tabbush looks at the looming prospect worsening NPLs as of half of Singapore’s industrial, materials and energy companies in our S&amp;P CIQ sample set with over US$100 million in debt, have seen a worsening of interest cover in the most recent quarter. In his Insight, The Competitive World of Thai Contractors (Non-Network), Athaporn Arayasantiparb, CFA highlights some of the key contractors in Thailand, known as the Big Four, as well as other more eccentric, smaller ones that he came across in the past two years of company visits and IPO studies. In The Emergence of Decentralised in Kuala Lumpur, our friends at Jones Lang Lasalle take a look at the decentralised office market in Kuala Lumpur. In Sathorn Series J: Non-Bank Financiers and Their Close Kin, Thai guru Athaporn Arayasantiparb, CFA looks at the growing world of non-bank finance companies in Thailand. In Singapore Property Weekly Recap (28th Jul to 3rd Aug) - Residential Market Outlook Update, Royston Foo highlights the most important news over the last week in the Singapore property market and gives us his value-added comment. In Thai Media Spotlight: Signs of Weakness in Q3'18, Athaporn Arayasantiparb, CFA provides us with an update on the Thai Media after a seasonally quiet summer.

The Week that Was in ASEAN@Smartkarma - Earthquakes, Media, and Pizzas

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Cal-Comp Tech (Philippines) / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27347" target="_blank" data-smartkarma-citation="entities:27347:1">Cal-Comp Tech (Philippines) (CCTP PH)</a> is looking to raise about US$120m in its upcoming IPO in the Philippines. Proceeds raised will be mainly used for the expansion of its current manufacturing facilities, acquisition of new equipment, debt repayment, and general working capital.
CCTP is reliant on its Kinpo Singapore (KPO), its parent company, to maintain the relationship with customers. It does not help that its core product offering consisting of hard disk drives (HDDs) and calculators have been experiencing weaker demand and lower average selling price.
In this insight, we will be looking at the company financials, product breakdown, revenue drivers and its past transactions with its parent company to compare with indicative IPO price.

Cal-Comp Tech (Philippines) (CCTP PH) is looking to raise about US$120m in its upcoming IPO in the Philippines. Proceeds raised will be mainly used for the expansion of its current manufacturing facilities, acquisition of new equipment, debt repayment, and general working capital.
CCTP is reliant on its Kinpo Singapore (KPO), its parent company, to maintain the relationship with customers. It does not help that its core product offering consisting of hard disk drives (HDDs) and calculators have been experiencing weaker demand and lower average selling price.
In this insight, we will be looking at the company financials, product breakdown, revenue drivers and its past transactions with its parent company to compare with indicative IPO price.

Cal-Comp Tech (Philippines) Pre-IPO Review - Muted Growth in Core Products

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Cal-Comp Tech (Philippines) (CCTP PH)

The Week that Was in ASEAN@Smartkarma - Earthquakes, Media, and Pizzas

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

Angus Mackintosh

Cal-Comp Tech (Philippines) Pre-IPO Review - Muted Growth in Core Products

Cal-Comp Tech (Philippines) (CCTP PH) is looking to raise about US$120m in its upcoming IPO in the Philippines. Proceeds raised will be mainly used...

Zhen Zhou, Toh

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