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">
This 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.
This week's highlights include comments from CrossASEAN Economist <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> on the Malaysian economy,  <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a>on the post-election outlook for Indonesia, as well as Equity Bottom-Up Insights on from <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> on <a href="https://www.smartkarma.com/entities/1181" target="_blank" data-smartkarma-citation="entities:1181:1">Nippon Indosari Corpindo (ROTI IJ)</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> on <a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1">Procurri Corporation (PROC SP)</a>, as well as three insights from <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> on the<a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia (BDMN IJ)</a>deal and a interesting trade idea from <a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> on the Indonesian Poultry Sector. 
I also include initial comments from recent meetings with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia (BBCA IJ)</a>and<a href="https://www.smartkarma.com/entities/8285" target="_blank" data-smartkarma-citation="entities:8285:1">Bank Negara Indonesia Perser (BBNI IJ)</a> in Indonesia in the detailed section.  
</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/bank-negara-has-no-more-excuses-to-avoid-the-long-delayed-rate-cut-unlocking-value" target="_blank" data-smartkarma-citation="insights:29497">Bank Negara Has No More Excuses to Avoid the Long-Delayed Rate Cut, Unlocking Value</a>, CrossASEAN Economist <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> revisits the prospects for the Malaysian Economy, where he sees a rate cut in the offing. In <a href="https://www.smartkarma.com/insights/indonesia-the-rent-seeker" target="_blank" data-smartkarma-citation="insights:29510">Indonesia: The Rent Seeker</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr Jim Walker</a> revisits his views on Indonesia post the recent election and sees more of the same ahead, which he suggests is not good for Indonesia. In <a href="https://www.smartkarma.com/insights/asia-outlook-brightens" target="_blank" data-smartkarma-citation="insights:29564">Asia - Outlook Brightens</a>, <a href="https://www.smartkarma.com/profiles/1728" target="_blank" data-smartkarma-citation="accounts:1728">Sharmila Whelan</a> paints a positive picture for the outlook for Asian markets for the rest of the year. In <a href="https://www.smartkarma.com/insights/prabowo-enlists-clerics-police-brace-moving-jakarta-scandals-complicate-reshuffle-fdi-gains" target="_blank" data-smartkarma-citation="insights:29581">Prabowo Enlists Clerics / Police Brace / Moving Jakarta / Scandals Complicate Reshuffle / FDI Gains</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> writes on the most important political and economic developments over the past week in Indonesia.In <a href="https://www.smartkarma.com/insights/asia-outlook-brightens" target="_blank" data-smartkarma-citation="insights:29564">Asia - Outlook Brightens</a>, <a href="https://www.smartkarma.com/profiles/1728" target="_blank" data-smartkarma-citation="accounts:1728">Sharmila Whelan</a> paints a positive picture for the outlook for Asian markets for the rest of the year. In <a href="https://www.smartkarma.com/insights/political-pit-stop-may-search-for-solution" target="_blank" data-smartkarma-citation="insights:29052">Political Pit Stop (May): Search for Solution</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> revisits the political landscape now that the election is behind us. <h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/nippon-indosari-corpindo-roti-ij-a-baker-s-dozen-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:29319">Nippon Indosari Corpindo (ROTI IJ) - A Baker's Dozen</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> revisits Indonesia's largest breadmaker after a meeting with management in Jakarta. In <a href="https://www.smartkarma.com/insights/agm-procurri-1q19-results-growth-phase-ahead-as-novo-tellus-joins-board-cheap-at-3-8x-ev-ebitda" target="_blank" data-smartkarma-citation="insights:29478">AGM Procurri + 1Q19 Results: Growth Phase Ahead as Novo Tellus Joins Board; Cheap at 3.8x EV/EBITDA</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> reports back after attending the AGM for <a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1">Procurri Corporation (PROC SP)</a> in Singapore and continues to see significant upside.In <a href="https://www.smartkarma.com/insights/lippo-karawaci-rolling-with-the-punches" target="_blank" data-smartkarma-citation="insights:29482">Lippo Karawaci: Rolling with the Punches</a>, Credit Insight Provider <a href="https://www.smartkarma.com/profiles/3951" target="_blank" data-smartkarma-citation="accounts:3951">Jonathan Lim</a> works his magic on this beleaguered Indonesian Property Developer.In <a href="https://www.smartkarma.com/insights/danamon-deal-done-index-selling-and-mufg-selldown-to-come" target="_blank" data-smartkarma-citation="insights:29525">Danamon Deal Done: Index Selling and MUFG Selldown To Come</a>, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> assesses the upcoming issues with <a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia (BDMN IJ)</a> following the completion of the transaction with MUFG. In a follow-up insight, <a href="https://www.smartkarma.com/insights/danomon-down-interesting-times" target="_blank" data-smartkarma-citation="insights:29565">Danomon Down: Interesting Times</a>, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> revisits <a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia (BDMN IJ)</a> following the collapse in the share price and suggests that value is starting to appear.He goes on to discuss some very confusing trading anomalies created by a surprise announcement from MSCI in <a href="https://www.smartkarma.com/insights/danamon-even-downer-msci-rule-change-makes-for-interestinger-times" target="_blank" data-smartkarma-citation="insights:29570">Danamon Even Downer: MSCI Rule Change Makes For Interestinger Times</a>. In <a href="https://www.smartkarma.com/insights/lafarge-malaysia-sold-to-ytl-mandatory-offer-ensues" target="_blank" data-smartkarma-citation="insights:29551">Lafarge Malaysia Sold to YTL - Mandatory Offer Ensues</a>, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> takes a close look at the recent announcement that Lafarge Malaysia and Lafarge's stake in Holcim Singapore will be sold to <a href="https://www.smartkarma.com/entities/8553" target="_blank" data-smartkarma-citation="entities:8553:1">Ytl Corp Bhd (YTL MK)</a>.<h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/poultry-sector-doc-high-broiler-low" target="_blank" data-smartkarma-citation="insights:29514">Poultry Sector: DOC High, Broiler Low</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> takes a bird's eye view of the Indonesian poultry sector and find that there is an interesting trade to be had. In <a href="https://www.smartkarma.com/insights/ipo-stalker-osotspa-s-first-public-meeting-in-a-century" target="_blank" data-smartkarma-citation="insights:29046">IPO Stalker: Osotspa's First Public Meeting in a Century</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> circles back having attended the shareholder meetings of recently listed Thai energy drinks leader <a href="https://www.smartkarma.com/entities/27004" target="_blank" data-smartkarma-citation="entities:27004:1">Osotspa Co Ltd (OSP TB)</a> and <a href="https://www.smartkarma.com/entities/3298" target="_blank" data-smartkarma-citation="entities:3298:1">Wave Entertainment (WAVE TB)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/16881" target="_blank" data-smartkarma-citation="entities:16881:1">Bec World Public (BEC TB)</a>. In <a href="https://www.smartkarma.com/insights/10-biggest-sg-stocks-paying-quarterly-dividends" target="_blank" data-smartkarma-citation="insights:29477">10 Biggest SG Stocks Paying Quarterly Dividends</a>, <a href="https://www.smartkarma.com/profiles/847" target="_blank" data-smartkarma-citation="accounts:847">Geoff Howie</a> highlights the top 10 market cap Singapore listed stocks that are paying quarterly dividends. In <a href="https://www.smartkarma.com/insights/singapore-reit-let-the-equity-fundraising-party-begin" target="_blank" data-smartkarma-citation="insights:29562">Singapore REIT - Let the Equity Fundraising Party Begin</a>, <a href="https://www.smartkarma.com/profiles/1786" target="_blank" data-smartkarma-citation="accounts:1786">Anni Kum</a> zeros in on the Singapore REIT sector and highlights where she sees the most likelihood of fundraising to occur. In <a href="https://www.smartkarma.com/insights/april-sg-buy-back-consideration-led-by-ocbc-keppel-reit-hong-fok" target="_blank" data-smartkarma-citation="insights:29578">April SG Buy Back Consideration Led by OCBC, Keppel REIT &amp; Hong Fok</a>, <a href="https://www.smartkarma.com/profiles/847" target="_blank" data-smartkarma-citation="accounts:847">Geoff Howie</a> highlights companies that have bought back shares in April.


This 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.
This week's highlights include comments from CrossASEAN Economist Prasenjit K. Basu on the Malaysian economy,  Dr. Jim Walkeron the post-election outlook for Indonesia, as well as Equity Bottom-Up Insights on from Angus Mackintosh on Nippon Indosari Corpindo (ROTI IJ), Nicolas Van Broekhoven on Procurri Corporation (PROC SP), as well as three insights from Travis Lundy on theBank Danamon Indonesia (BDMN IJ)deal and a interesting trade idea from Jessica Irene on the Indonesian Poultry Sector. 
I also include initial comments from recent meetings with Bank Central Asia (BBCA IJ)andBank Negara Indonesia Perser (BBNI IJ) in Indonesia in the detailed section.  
Macro InsightsIn Bank Negara Has No More Excuses to Avoid the Long-Delayed Rate Cut, Unlocking Value, CrossASEAN Economist Prasenjit K. Basu revisits the prospects for the Malaysian Economy, where he sees a rate cut in the offing. In Indonesia: The Rent Seeker, Dr Jim Walker revisits his views on Indonesia post the recent election and sees more of the same ahead, which he suggests is not good for Indonesia. In Asia - Outlook Brightens, Sharmila Whelan paints a positive picture for the outlook for Asian markets for the rest of the year. In Prabowo Enlists Clerics / Police Brace / Moving Jakarta / Scandals Complicate Reshuffle / FDI Gains, Kevin O’Rourke writes on the most important political and economic developments over the past week in Indonesia.In Asia - Outlook Brightens, Sharmila Whelan paints a positive picture for the outlook for Asian markets for the rest of the year. In Political Pit Stop (May): Search for Solution, our Thai guru Athaporn Arayasantiparb, CFA revisits the political landscape now that the election is behind us. Equity Bottom-Up InsightsIn Nippon Indosari Corpindo (ROTI IJ) - A Baker's Dozen, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's largest breadmaker after a meeting with management in Jakarta. In AGM Procurri + 1Q19 Results: Growth Phase Ahead as Novo Tellus Joins Board; Cheap at 3.8x EV/EBITDA, Nicolas Van Broekhoven reports back after attending the AGM for Procurri Corporation (PROC SP) in Singapore and continues to see significant upside.In Lippo Karawaci: Rolling with the Punches, Credit Insight Provider Jonathan Lim works his magic on this beleaguered Indonesian Property Developer.In Danamon Deal Done: Index Selling and MUFG Selldown To Come, Travis Lundy assesses the upcoming issues with Bank Danamon Indonesia (BDMN IJ) following the completion of the transaction with MUFG. In a follow-up insight, Danomon Down: Interesting Times, Travis Lundy revisits Bank Danamon Indonesia (BDMN IJ) following the collapse in the share price and suggests that value is starting to appear.He goes on to discuss some very confusing trading anomalies created by a surprise announcement from MSCI in Danamon Even Downer: MSCI Rule Change Makes For Interestinger Times. In Lafarge Malaysia Sold to YTL - Mandatory Offer Ensues, Travis Lundy takes a close look at the recent announcement that Lafarge Malaysia and Lafarge's stake in Holcim Singapore will be sold to Ytl Corp Bhd (YTL MK).Sector and Thematic InsightsIn Poultry Sector: DOC High, Broiler Low, CrossASEAN Insight Provider Jessica Irene takes a bird's eye view of the Indonesian poultry sector and find that there is an interesting trade to be had. In IPO Stalker: Osotspa's First Public Meeting in a Century, Athaporn Arayasantiparb, CFA circles back having attended the shareholder meetings of recently listed Thai energy drinks leader Osotspa Co Ltd (OSP TB) and Wave Entertainment (WAVE TB), a subsidiary of Bec World Public (BEC TB). In 10 Biggest SG Stocks Paying Quarterly Dividends, Geoff Howie highlights the top 10 market cap Singapore listed stocks that are paying quarterly dividends. In Singapore REIT - Let the Equity Fundraising Party Begin, Anni Kum zeros in on the Singapore REIT sector and highlights where she sees the most likelihood of fundraising to occur. In April SG Buy Back Consideration Led by OCBC, Keppel REIT &amp; Hong Fok, Geoff Howie highlights companies that have bought back shares in April.  

The Week that Was in ASEAN@Smartkarma - Rent Seeking, Poultry Plays, and Lippo Group Restructuring

Singapore

ecoWise Holdings Limited provides waste management services and environmental solutions to maximize use of resources and minimize waste by recycling waste into usable products.  The Company also provides clearance and disposal services for used copper slag and general waste including wooden crates and pallets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ecowise Holdings (ECW SP)

The Week that Was in ASEAN@Smartkarma - Rent Seeking, Poultry Plays, and Lippo Group Restructuring

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

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)