Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Sumber Alfaria Trijaya Tbk Pt / Event-Driven

<ul>
<li>At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.</li>
<li>Largest buying impact will be on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt</a>, <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a>, <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>Largest selling impact will be on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a> , <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a>.</li>
</ul>


At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.
Largest buying impact will be on Sumber Alfaria Trijaya Tbk Pt, Emtek (EMTK IJ), Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and XL Axiata (EXCL IJ). 
Largest selling impact will be on Ace Hardware Indonesia (ACES IJ), Jasa Marga (JSMR IJ), Pakuwon Jati (PWON IJ) , Bumi Serpong Damai (BSDE IJ) and HM Sampoerna (HMSP IJ).


IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

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>The move by <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel</a> to take a combined 32.52% stake in Bank Fama, owned by <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a> is a significant strategic move in digital banking.</li>
<li>The <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> consortium may increase its stake further given that the bank will need to raise future capital, especially given the magnitude of the initial stake.</li>
<li>There is huge potential for <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> and OVO to tap both their respective ecosystems to rapidly build Bank Fama's customer base but competition will be fierce. </li>
</ul>


The move by Grab and Singtel to take a combined 32.52% stake in Bank Fama, owned by Emtek (EMTK IJ) is a significant strategic move in digital banking.
The Grab (GRAB US) consortium may increase its stake further given that the bank will need to raise future capital, especially given the magnitude of the initial stake.
There is huge potential for Grab (GRAB US) and OVO to tap both their respective ecosystems to rapidly build Bank Fama's customer base but competition will be fierce. 


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/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> which looks undervalued plus on <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ)</a> and its differentiated digital strategy.</li>
<li>We also discuss <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a>'s move on Bank FAMA, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a>'s potential marriage with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a>, and <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> </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 PT Surya Citra Media Tbk (SCMA IJ) which looks undervalued plus on Bank Mandiri Persero (BMRI IJ) and its differentiated digital strategy.
We also discuss Grab (GRAB US)'s move on Bank FAMA, BFI Finance Indonesia (BFIN IJ)'s potential marriage with Bank Jago (ARTO IJ), and Jardine Matheson (JM SP) 


The Week That Was in ASEAN@Smartkarma - Indonesian Media, Bank Mandiri, and Jardine Matheson.

PT Surya Citra Media Tbk / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs</li>
<li>Advertising spend continues to see a strong recovery, even through <a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> has lost some audience share to <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>. </li>
<li>The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.</li>
</ul>



PT Surya Citra Media Tbk (SCMA IJ) looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs
Advertising spend continues to see a strong recovery, even through PT Surya Citra Media Tbk (SCMA IJ) has lost some audience share to Media Nusantara Citra (MNCN IJ). 
The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.


PT Surya Citra Media Tbk (SCMA IJ) - Undervalued in Digital

Private Capital Markets

Bank Jago Tbk PT / Private Capital Markets

<ul>
<li>The recent <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia Tbk PT (BBHI IJ)</a> transaction exemplifies the rush to build digital banking capabilities in Indonesia with strong shareholder ecosystem now in place</li>
<li>Mainstream banks are not standing still on digital banking capabilities building internal capabilities and in some cases standalone digital banks presenting tough competition for newcomers.</li>
<li>From a consumer digital banking perspective we see blu, <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago (ARTO IJ)</a> , SeaBank, and <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank (BBHI IJ)</a> as having the greatest chance of success.</li>
</ul>


The recent Allo Bank Indonesia Tbk PT (BBHI IJ) transaction exemplifies the rush to build digital banking capabilities in Indonesia with strong shareholder ecosystem now in place
Mainstream banks are not standing still on digital banking capabilities building internal capabilities and in some cases standalone digital banks presenting tough competition for newcomers.
From a consumer digital banking perspective we see blu, Bank Jago (ARTO IJ) , SeaBank, and Allo Bank (BBHI IJ) as having the greatest chance of success.


CrossASEAN Digital - All Rise Indonesia's Digital Banks

Indonesia

PT Media Nusantara Citra Tbk operates as a media company. The Company owns radio, print media, and talent management company, as well as engages in general trading, development, industry, agriculture, transportation, printing, and multimedia through satellite and other telecommunication equipment. Media Nusantara Citra Tbk serves customers in Indonesia.

PT Surya Citra Media Tbk has operations in mass media consultation, in house production and other multimedia services.  The Company's subsidiaries, SCTV and Indosiar provides television broadcasting throughout Indonesia.

PT Media Nusantara Citra Tbk is the largest integrated media company in Southeast Asia. The Company has 3 main businesses 1) 4 free-to-air TV stations with a dominant audience share of 40% 2) The largest content production house producing up to 20,000 hours annually while managing the largest talent agency with almost 400 talents 3) Digital businesses: the largest social media presence in Indonesia through Youtube (100 million subscribers), Facebook and TikTok. 3 online portals, okezone.com, sindonews.com and inews.id with more than 24 million unique visitors daily. RCTI+, the largest entertainment super app in Indonesia with AVOD business model.

PT Global Mediacom Tbk, also known as MNC Media, is the holding company of MNC Group's media businesses. The Company's businesses cover free-to-air televisions, a regional TV network, 150,000 hours of content library, a broadband and Pay TV platforms, and new media businesses that includes a mobile games developer in China.

PT MNC Investama Tbk is an investment company in Indonesia with a scope of business that spans media, financial services, property, as well as portfolio investments. The Company, through its subsidiaries, covers a portfolio of free-to-air tv stations, pay tv, online media platforms, offers a complete range of financial products, and engages in themepark, resort & property development.

PT Graha Layar Prima Tbk operates and manages a movie theater chain. The Company features wide range of movies.

PT Fortune Indonesia Tbk provides integrated marketing services which include advertising, public relations, exhibitions, multimedia, and promotions.  The Company plans advertising and develops creative solutions for advertising. Fortune Indonesia services its clients' needs in e-marketing, e-business consulting, and web development.

PT Star Pacific Tbk provides information technology services including Internet and e-commerce services. The Company also provides consultation and distribution services as well as operates in the investment activities.

MNC Vision Network PT provides television broadcasting services. The Company offers DTH service for satellite and cable customers. MNC Vision Network distributes subscription television shows through the satellite. MNC Vision Network serves customers in Indonesia.

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

Cheil Worldwide Inc. provides a wide range of marketing services such as new product development and advertisement, brand management, advertising budget analysis, and advertising effectiveness evaluation.  The Company also creates, prints, publishes, and produces promotional and advertising materials.

Nine Entertainment Company Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, broadcast news and current affairs, sporting events, comedy, entertainment, and lifestyle programs. Nine Entertainment serves customers throughout Australia.

S.M.Entertainment Co. plans, produces, promotes, and markets Korean rock and roll music in several formats, such as compact discs (CD), concert tours, television productions, and music videos.  The Company also operates artist management business as well as licensing and copyright business from the company's music records.

TV Asahi Holdings Corporation produces and broadcasts a variety of television programs mainly in the Tokyo area. The Company sells commercial spots through a network system. TV Asahi also provides patent maintenance for music publication, entertainment planning, sales of broadcasting equipment, and TV shopping.

CITIC Guoan Information Industry Co., Ltd., through its subsidiary, installs, tests, and operates cable TV and satellite telecommunication networks. The Company also develops real estate properties .  In addition, CITIC designs network integrated systems and application software, and provides advertising services.

Central China Land Media Co., Ltd. operates media businesses.  The company provides web services for news, publishing, movies and television related programs.

SKY Perfect JSAT Holdings, Inc. is a holding company, which manages financial operations for its subsidiaries. As a group, the Company provides broadcasting and data transmission services via satellites. SKY Perfect JSAT delivers digital TV programs including movies, music, sports and entertainment to its subscribers.

Wasu Media Holding Company Limited is a cable network provider. The Company offers cable television network operating services, interactive television, mobile phone television, internet television and video, advertising and other media information services. Wasu Media operates throughout China.

TOEI COMPANY, LTD. produces and distributes movies, television programs, and video software.  The Company also manages direct-run movie theaters.

Zhe Jiang Daily Media Group Co., Ltd is a media company. The Company's interests include communication and culture industries, investment, development, management and consulting services, information integration, radio, television and other multimedia content production and management, new media technology development and investment.

PT Elang Mahkota Teknologi Tbk operates television, telecommunications and computer businesses.  The Company operates television channels; constructs and maintains telecommunications infrastructure; retails mobile telephones; provides satellite communications services; and offers Internet access.

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Emtek (EMTK IJ)

IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

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Brian Freitas

Grab - The Fama Factor

The move by Grab and Singtel to take a combined 32.52% stake in Bank Fama, owned by Emtek Group, signals a significant strategic move in digital...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Indonesian Media, Bank Mandiri, and Jardine Matheson.

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

Angus Mackintosh

PT Surya Citra Media Tbk (SCMA IJ) - Undervalued in Digital

PT Surya Citra Media Tbk (SCMA IJ) looks like the undervalued child of Emtek (EMTK IJ), despite its move into the OTT and digital advertising space...

Angus Mackintosh

CrossASEAN Digital - All Rise Indonesia's Digital Banks

The recent Allo Bank Indonesia transaction exemplifies the rush to build digital banking capabilities in Indonesia with a strong shareholder...

Angus Mackintosh

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