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>CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core focus on Indonesia. </li>
<li>This week is focused on GoTo's sustainability credentials and the recent scientific validation of its emission targets. </li>
<li>2024 will also see a ramp-up of Indonesia's 2W EV charging infrastructure to power growth in numbers. We also look at key themes in 2024 for the digital economy.</li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core focus on Indonesia. 
This week is focused on GoTo's sustainability credentials and the recent scientific validation of its emission targets. 
2024 will also see a ramp-up of Indonesia's 2W EV charging infrastructure to power growth in numbers. We also look at key themes in 2024 for the digital economy.


CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Equity Bottom-Up

<ul>
<li>The share price has increased by around 20% since mid-last year.</li>
<li>A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before. </li>
<li>Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024. </li>
</ul>


The share price has increased by around 20% since mid-last year.
A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before. 
Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024. 


<ul>
<li>The Past week saw insights of <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, <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>, <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>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a>, and <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>The was also an insight on <a href="https://www.smartkarma.com/entities/thonburi-healthcare-group-pcl" target="_blank" data-smartkarma-citation="entities:24386:1" rel="noopener">Thonburi Healthcare Group (THG TB)</a> and a sector piece looking at the beleaguered Vietnamese Real Estate sector. </li>
<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 Southeast Asia.</li>
</ul>


The Past week saw insights of Prodia (PRDA IJ), Grab Holdings (GRAB US), XL Axiata (EXCL IJ), Kalbe Farma (KLBF IJ), Bank Mandiri (BMRI IJ), and Pyridam Farma (PYFA IJ).
The was also an insight on Thonburi Healthcare Group (THG TB) and a sector piece looking at the beleaguered Vietnamese Real Estate sector. 
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 Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>AMZN/PDD/Shein: Amazon launches new supply chain solution for China merchants (+/-/-)</li>
<li>JD/2618 HK: Richard Liu Qiangdong responds to article written by internal employee (+/+)</li>
<li>772 HK/700 HK: Yuewen will acquire Tencent Comics business line and related IP for 600 million RMB. (+/+) </li>
</ul>


AMZN/PDD/Shein: Amazon launches new supply chain solution for China merchants (+/-/-)
JD/2618 HK: Richard Liu Qiangdong responds to article written by internal employee (+/+)
772 HK/700 HK: Yuewen will acquire Tencent Comics business line and related IP for 600 million RMB. (+/+) 


[Blue Lotus Daily - TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<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 Tbk PT (GOTO IJ)</a> announced on Monday a partnership with TikTok  which would combine former’s e-commerce biz Tokopedia with TikTok Shop Indonesia.</li>
<li>TikTok was forced to close its e-commerce services in Indonesia following regulations banning online shopping on social media platforms in September citing protection of smaller merchants and data privacy.</li>
<li>It seems TikTok will certainly be a winner if the deal is approved but surprised at GoTo’s move to retain a minority stake given e-commerce business is nearing profits.</li>
</ul>



GoTo Gojek Tokopedia Tbk PT (GOTO IJ) announced on Monday a partnership with TikTok  which would combine former’s e-commerce biz Tokopedia with TikTok Shop Indonesia.
TikTok was forced to close its e-commerce services in Indonesia following regulations banning online shopping on social media platforms in September citing protection of smaller merchants and data privacy.
It seems TikTok will certainly be a winner if the deal is approved but surprised at GoTo’s move to retain a minority stake given e-commerce business is nearing profits.


GoTo: Thoughts on the New Tokopedia/TikTok Partnership

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core...

Angus Mackintosh

Comfortdelgro (CD): The Chinese Is Back

Comfortdelgro enjoys new revenue stream that allows upside participation in the number of rides, and longer visa-free stay for Chinese tourists in...

Henry Soediarko

The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

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

Angus Mackintosh

[Blue Lotus Daily - TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

Amazon introduces a supply chain solution for Chinese merchants, Richard Liu Qiangdong responds to an internal article, and Yuewen acquires...

Blue Lotus Research Institute

GoTo: Thoughts on the New Tokopedia/TikTok Partnership

GoTo's move to sell a majority stake in Tokopedia at a time the business is nearing positive EBITDA has surprised us, and we think TikTok will...

Shifara Samsudeen, ACMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core...

Angus Mackintosh

Comfortdelgro (CD): The Chinese Is Back

Comfortdelgro enjoys new revenue stream that allows upside participation in the number of rides, and longer visa-free stay for Chinese tourists in...

Henry Soediarko

The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

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

Angus Mackintosh

[Blue Lotus Daily - TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

​Amazon introduces a supply chain solution for Chinese merchants, Richard Liu Qiangdong responds to an internal article, and Yuewen acquires...

Blue Lotus Research Institute

GoTo: Thoughts on the New Tokopedia/TikTok Partnership

GoTo's move to sell a majority stake in Tokopedia at a time the business is nearing positive EBITDA has surprised us, and we think TikTok will...

Shifara Samsudeen, ACMA, CGMA

Amazon introduces a supply chain solution for Chinese merchants, Richard Liu Qiangdong responds to an internal article, and Yuewen acquires...