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/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.</li>
<li>Competition from new players in Singapore is evident but given Grab's market position, which allows it to virtually guarantee driver's daily income, whilst competition often affects smaller players more.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold. </li>
</ul>



Grab Holdings (GRAB US) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
Competition from new players in Singapore is evident but given Grab's market position, which allows it to virtually guarantee driver's daily income, whilst competition often affects smaller players more.

Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold. 


Grab Holdings (GRAB US) - Facing Off the Competition

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>In this insight we present GHG emissions and energy consumption metrics of select SGX-listed transport companies relative to their revenue and assets </li>
<li>We also relate certain balance sheet characteristics to higher levels of GHG emissions and energy consumption among these companies</li>
<li>Finally, we offer a framework investors can use to evaluate a transport company's ability to significantly lower emissions and energy consumption going forward</li>
</ul>


In this insight we present GHG emissions and energy consumption metrics of select SGX-listed transport companies relative to their revenue and assets 
We also relate certain balance sheet characteristics to higher levels of GHG emissions and energy consumption among these companies
Finally, we offer a framework investors can use to evaluate a transport company's ability to significantly lower emissions and energy consumption going forward


How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> booked an encouraging set of 1Q2024 results which provided a first look at the new structure, whereby suddenly e-commerce became cashflow positive for the company. </li>
<li>The company booked strong headline growth with core GMV increasing by +32% YoY, despite incentive &amp; product spending decreasing by -31% YoY, whilst adjusted EBITDA losses fell -89% YoY. </li>
<li>GoTo will drive growth less through incentives and more through innovative products, increasing the user base, and focusing on retention through its subscription products, with fintech becoming increasingly important. </li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) booked an encouraging set of 1Q2024 results which provided a first look at the new structure, whereby suddenly e-commerce became cashflow positive for the company. 
The company booked strong headline growth with core GMV increasing by +32% YoY, despite incentive &amp; product spending decreasing by -31% YoY, whilst adjusted EBITDA losses fell -89% YoY. 
GoTo will drive growth less through incentives and more through innovative products, increasing the user base, and focusing on retention through its subscription products, with fintech becoming increasingly important. 


GoTo Gojek Tokopedia (GOTO IJ) - Metamorphosis

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit.</li><li>On Apr 12, Plato Capital chairman and non-executive non-independent director Lim Kian Onn acquired 283,000 shares at an average price of S$2.21 per share.</li></ul>

Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit.On Apr 12, Plato Capital chairman and non-executive non-independent director Lim Kian Onn acquired 283,000 shares at an average price of S$2.21 per share.

Plato Capital chairman Lim Kian Onn boosts his stake

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, 12 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, 12 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%


Singapore

ComfortDelGro Corporation Limited provides bus, taxi, car leasing and rental, automotive engineering, maintenance services, and diesel sales.  The Group also provides investment trading and operates vehicle inspection and assessment services, and advertising services.

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Comfortdelgro Corp (CD SP)

Grab Holdings (GRAB US) - Facing Off the Competition

Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully...

Angus Mackintosh

How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

In this insight we analyze the emissions and energy consumption characteristics of a range of SGX-listed transport companies.

Tracking Traffic

GoTo Gojek Tokopedia (GOTO IJ) - Metamorphosis

GoTo will drive growth less through incentives but more through innovative products, user base, and retention through its subscription products,...

Angus Mackintosh

Plato Capital chairman Lim Kian Onn boosts his stake

Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit. On Apr 12, Plato...

Singapore Exchange Ltd (SGX)

The Stocks to Own in ASEAN – Vol. 46

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, the portfolio has generated a before...

A. Stotz Investment Research

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