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 inisghts 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</a>, <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a>, <a href="https://www.smartkarma.com/entities/bangkok-chain-hospital-pcl" target="_blank" data-smartkarma-citation="entities:882:1" rel="noopener">Bangkok Chain Hospital</a>, and <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services</a>, Cinema XXI IPO, and <a href="https://www.smartkarma.com/entities/vale-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:19226:1" rel="noopener">Vale Indonesia (INCO)</a>.</li>
<li>The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. </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 inisghts on Sumber Alfaria Trijaya, Siloam International Hospitals, Bangkok Chain Hospital, and Bangkok Dusit Medical Services, Cinema XXI IPO, and Vale Indonesia (INCO).
The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. 


The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

<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/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>'s Ongoing Initiatives towards profitability, <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>'s moves towards a Big C Retail IPO, Inducement's strong bulk performance, and <a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a>.</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/thai-foods-group-public-company-limited" target="_blank" data-smartkarma-citation="entities:24053:1" rel="noopener">Thai Foods Group</a>, <a href="https://www.smartkarma.com/entities/charoen-pokphand-foods-public-company-limited" target="_blank" data-smartkarma-citation="entities:16131:1" rel="noopener">CP FOODS</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</a>, Singapore-listed Tourism&amp; Hospitality, and a credit insight on <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ).</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 GoTo's Ongoing Initiatives towards profitability, Berli Jucker's moves towards a Big C Retail IPO, Inducement's strong bulk performance, and Indo Tambangraya Megah (ITMG IJ).
There were also insights on Thai Foods Group, CP FOODS, Mitra Keluarga Karyasehat, Singapore-listed Tourism&amp; Hospitality, and a credit insight on Medco Energi (MEDC IJ).



The Week That Was in ASEAN@Smartkarma - GoTo's Initiatives, Berli Jucker & Big C IPO, and Indocement

Equity Bottom-Up

Indocement Tunggal Prakarsa / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement</a> overperformed the overall Indonesian cement market in 1Q2023 in terms of growth, especially in the bulk market, where it also benefited from the contribution from its Maros plant. </li>
<li>The company kept costs under control with 100% use of DMO coal during 1Q2023 despite the lower use of alternative fuels due to heavy rains and margins consequently improved. </li>
<li>There is still some lingering cost pressure from gypsum and kraft paper but these are expected to subside by 2H2023, with Indocement's volumes expected to increase +15-20% as demand recovers.</li>
</ul>



Indocement overperformed the overall Indonesian cement market in 1Q2023 in terms of growth, especially in the bulk market, where it also benefited from the contribution from its Maros plant. 
The company kept costs under control with 100% use of DMO coal during 1Q2023 despite the lower use of alternative fuels due to heavy rains and margins consequently improved. 
There is still some lingering cost pressure from gypsum and kraft paper but these are expected to subside by 2H2023, with Indocement's volumes expected to increase +15-20% as demand recovers.


<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/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/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ)</a>, SCG Chemicals IPO, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>, and Flash Coffee. </li>
<li>There were also macro insights on Thailand post last week's election results plus related investment strategy and a price looking at the tapering of Thailand's inflation.  </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 XL Axiata (EXCL IJ), Cisarua Mountain Dairy (CMRY IJ), SCG Chemicals IPO, Jardine Matheson Holdings (JM SP), and Flash Coffee. 
There were also macro insights on Thailand post last week's election results plus related investment strategy and a price looking at the tapering of Thailand's inflation.  


The Week That Was in ASEAN@Smartkarma - XL Axiata's Convergence Push, Cimory & GT, SCG Chemicals IPO

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Bumi Resources Minerals Tbk / Event-Driven

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/panin-financial-tbk-pt" target="_blank" data-smartkarma-citation="entities:19472:1" rel="noopener">Panin Financial (PNLF IJ)</a>, <a href="https://www.smartkarma.com/entities/energi-mega-persada-tbk-pt" target="_blank" data-smartkarma-citation="entities:17534:1" rel="noopener">Energi Mega Persada (ENRG IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a>, <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero (BBTN IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>. </li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.
Potential adds are Adaro Minerals (ADMR IJ), Bumi Resources Minerals (BRMS IJ), Panin Financial (PNLF IJ), Energi Mega Persada (ENRG IJ), Transcoal Pacific (TCPI IJ) and Pertamina Geothermal Energy (PGEO).
Potential deletions are Japfa Comfeed Indonesia (JPFA IJ), Indocement Tunggal Prakarsa (INTP IJ), Timah Persero (TINS IJ), Bank Tabungan Negara Persero (BBTN IJ) and Chandra Asri Petrochemical (TPIA IJ). 


LQ45 Index Rebalance Preview (July): Identifying Potential Changes

Indonesia

PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials. Through its subsidiaries, the Company also manufactures and processes ready-mix cement as well as owns and manages properties and hotels.

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Indocement Tunggal Prakarsa (INTP IJ)

The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

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

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo's Initiatives, Berli Jucker & Big C IPO, and Indocement

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

Angus Mackintosh

Indocement (INTP IJ) - A Bulky Take Off

Indocement overperformed the overall Indonesian cement market in 1Q2023 in terms of growth, especially in the bulk market. 2H2023 is expected to...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - XL Axiata's Convergence Push, Cimory & GT, SCG Chemicals IPO

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

Angus Mackintosh

LQ45 Index Rebalance Preview (July): Identifying Potential Changes

There could be 5 changes to the LQ45 in July. Given emphasis on liquidity, the impact on the deletes is higher than on the adds. Historically, the...

Brian Freitas

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