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

<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/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a>, <a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener">Kino Indonesia (KINO IJ)</a>, <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat (MIKA IJ)</a>, <a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk (ULTJ IJ),</a> and <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> </li>
<li>We also had commentary on the latest eConomy SEA report plus the end of the <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> lockup period and updates in <a href="https://www.smartkarma.com/entities/moya-holdings-asia-ltd" target="_blank" data-smartkarma-citation="entities:2293:1" rel="noopener">Moya Holdings Asia</a> and the Thai Banks.</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 BFI Finance Indonesia (BFIN IJ), Kino Indonesia (KINO IJ), Mitra Keluarga Karyasehat (MIKA IJ), Ultrajaya Milk (ULTJ IJ), and BFI Finance Indonesia (BFIN IJ) 
We also had commentary on the latest eConomy SEA report plus the end of the GoTo (GOTO IJ) lockup period and updates in Moya Holdings Asia and the Thai Banks.


The Week That Was in ASEAN@Smartkarma - BFI Finance Indonesia, Ultrajaya Milk, and Thai Banks

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced at IDR450, <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (2367 HK)</a>  priced at the bottom of the range, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>'s upcoming lock-up expiry.  </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>,  <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, Nitro. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Blibli (1437710D IJ) priced at IDR450, Giant Biogene Holding (2367 HK)  priced at the bottom of the range, GoTo (GOTO IJ)'s upcoming lock-up expiry.  
Event-Driven developments - Keppel Corp (KEP SP), Shandong Fengxiang (9977 HK), Jinke Smart Services (9666 HK), Kingston Financial (1031 HK),  Lifestyle International Holdings (1212 HK), Pushpay Holdings (PPH NZ), Nitro. 


Weekly Deals Digest (30 Oct) - Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.</li>
<li>There were no notable placements this week, which wasn't surprising after Monday's market turmoil.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.
There were no notable placements this week, which wasn't surprising after Monday's market turmoil.


ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

Thematic (Sector/Industry)

<ul>
<li>Google, Temasek, and Bain&amp;Co just released their much-anticipated eConomy SEA 2022 report outlining recent trends and future expectations for South-East Asia's digital economy. </li>
<li>No doubt post-pandemic growth has been tapering but the long-term growth story remains intact. The key focus has switched to the path to profitability versus headline growth.</li>
<li>Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted EBITDA margins rather than headline growth.</li>
</ul>


Google, Temasek, and Bain&amp;Co just released their much-anticipated eConomy SEA 2022 report outlining recent trends and future expectations for South-East Asia's digital economy. 
No doubt post-pandemic growth has been tapering but the long-term growth story remains intact. The key focus has switched to the path to profitability versus headline growth.
Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted EBITDA margins rather than headline growth.


SEA EConomy - A Squall in 2022 with Rough Seas Ahead

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Softbank Group’s share price has been supported by the share buyback programme since late September, but 2Q FY2022 results are likely act as a negative catalyst for Softbank shares</li>
<li>Alibaba and its core listed holdings in the Vision Funds have seen market values go lower in recent months; see the diverging market price chart trends in this report</li>
<li>In addition, valuations among the unlisted holdings are also under pressure into October, so 2Q results may not capture the full extent of the down rounds</li>
</ul>


Softbank Group’s share price has been supported by the share buyback programme since late September, but 2Q FY2022 results are likely act as a negative catalyst for Softbank shares
Alibaba and its core listed holdings in the Vision Funds have seen market values go lower in recent months; see the diverging market price chart trends in this report
In addition, valuations among the unlisted holdings are also under pressure into October, so 2Q results may not capture the full extent of the down rounds


Softbank Group (9984 JP) – Defying Gravity into 4Q 2022

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

The Week That Was in ASEAN@Smartkarma - BFI Finance Indonesia, Ultrajaya Milk, and Thai Banks

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

Angus Mackintosh

Weekly Deals Digest (30 Oct) - Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

Last week, notable developments occurred in Event-Driven (Keppel, China VAST, Fengxiang, Kingston, Jinke, Lifestyle, Elmo, Pushpay, Nitro, Eagle...

Arun George

ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SEA EConomy - A Squall in 2022 with Rough Seas Ahead

Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted...

Angus Mackintosh

Softbank Group (9984 JP) – Defying Gravity into 4Q 2022

Softbank's share price has defied gravity of late, diverging from the trends of its listed holdings but we see clear hurdles going forward from the...

Victor Galliano

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