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

Thematic (Sector/Industry)

<div class="content-highlight">This week's offering across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with an 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 see below for a brief summary of this week's published insights. For a fuller account, please scroll down to the detail section, which includes a new section outlining the top three picks from an insight provider. This week features picks from former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a>, which includes <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird Tbk Pt (BIRD IJ)</a>, <a href="https://www.smartkarma.com/entities/14739" target="_blank" data-smartkarma-citation="entities:14739:1">Surya Citra Media Pt Tbk (SCMA IJ)</a> and <a href="https://www.smartkarma.com/entities/23564" target="_blank" data-smartkarma-citation="entities:23564:1">PT Aneka Gas Industri (AGII IJ</a>.</div><h2>Macro, Top Down &amp; Thematic</h2>In <a href="https://www.smartkarma.com/insights/asian-manufacturers-onwards-and-upwards" target="_blank" data-smartkarma-citation="insights:17523">Asian Manufacturers - Onwards and Upwards</a>, economist <a href="https://www.smartkarma.com/profiles/1728" target="_blank" data-smartkarma-citation="accounts:1728">Sharmila Whelan</a> highlights that it is onwards and upwards for Asian manufacturers. The world economy is in a synchronized recovery. Asian domestic demand is strengthening. Asian manufacturers are benefiting from both.In <a href="https://www.smartkarma.com/insights/disinflation-an-indication-of-sluggish-economy" target="_blank" data-smartkarma-citation="insights:17407">Disinflation an Indication of Sluggish Economy</a>, insight provider <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> notes that benign price pressures reflect underlying slack in the Indonesian economy. In <a href="https://www.smartkarma.com/insights/singapore-cyclical-optimism-structural-plans-to-be-tweaked" target="_blank" data-smartkarma-citation="insights:17452">Singapore: Cyclical Optimism, Structural Plans to Be Tweaked</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> suggests that the rosy outlook for Singapore’s export-oriented remains intact, given the continued strength in the global economic cycle. However, there could be challenges on the structural front. In <a href="https://www.smartkarma.com/insights/thailand-economic-trends-to-watch-for-in-2018" target="_blank" data-smartkarma-citation="insights:17473">Thailand: Economic Trends to Watch for in 2018</a>, economist <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> notes that Thailand’s highly diversified export base will benefit from robust global demand. In <a href="https://www.smartkarma.com/insights/philippines-politics-remain-the-main-bugbear-in-the-cruising-economy" target="_blank" data-smartkarma-citation="insights:17499">Philippines: Politics Remain the Main Bugbear in the Cruising Economy</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> suggests that the Philippine economy is in fine fettle, as the government’s infrastructural agenda is well underway and will provide a medium-term boost to the economy. In <a href="https://www.smartkarma.com/insights/2018-strategy-report-confront-the-big-waves" target="_blank" data-smartkarma-citation="insights:17565">2018 Strategy Report: "Confront the Big Waves"</a>, our friends at <a href="https://www.smartkarma.com/profiles/2192" target="_blank" data-smartkarma-citation="accounts:2192">Research at Rong Viet Securities</a> note that 2018  marks the third year of the 2016-2020 Socio-Economic Development Plan which concentrates on institutional reforms and business environment improvement. Throughout the special period, the stock market, seen as the barometer of the economy, will play the leading role and reflect the above positive movement.<h2>Sector Insights</h2>In <a href="https://www.smartkarma.com/insights/telecom-review-a-primer-on-concessions-and-spectrums" target="_blank" data-smartkarma-citation="insights:17378">Telecom Review: A Primer on Concessions and Spectrums</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  takes a step back from the usual business of figuring out which stock is best and looks at how telecom concessions and other regulatory constructs evolve over time, their fees and asset ownership/transfer structures, how their different structures affect the competitive landscape.In <a href="https://www.smartkarma.com/insights/telecom-review-a-brief-background-on-sector-players" target="_blank" data-smartkarma-citation="insights:17379">Telecom Review: A Brief Background on Sector Players</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a bird's eye view of the telecom sector in Thailand and zeros in on the various players.In <a href="https://www.smartkarma.com/insights/logistics-challenges-in-singapore-retail" target="_blank" data-smartkarma-citation="insights:17322">Logistics Challenges in Singapore Retail</a>, our friend at <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> take a look at urban logistics in Singapore. Urban logistics play a critical role in ensuring smooth and efficient operations in the retail industry. However, the logistics network and resources are not optimized in the goods delivery process in Singapore. In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-primer-on-industry-regulatory-frameworks-in-tv-and-radio-broadcasting" target="_blank" data-smartkarma-citation="insights:17433">Thai Media Spotlight: Primer on Industry Regulatory Frameworks in TV and Radio Broadcasting</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  summarizes and provides details about the regulatory frameworks in TV and radio broadcasting. In this follow up insight, <a href="https://www.smartkarma.com/insights/thai-media-spotlight-major-players-in-the-industry" target="_blank" data-smartkarma-citation="insights:17466">Thai Media Spotlight: Major Players in the Industry</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> summarizes some of the key players operating in the media industry and their positioning today. In <a href="https://www.smartkarma.com/insights/sector-capsule-food-and-drink-internet-retailing-in-singapore" target="_blank" data-smartkarma-citation="insights:17441">Sector Capsule: Food and Drink Internet Retailing in Singapore</a>, our friends at <a href="https://www.smartkarma.com/companies/483" target="_blank" data-smartkarma-citation="companies:483">Euromonitor International Ltd.</a> look at this growing space. In <a href="https://www.smartkarma.com/insights/singapore-property-weekly-recap-3rd-feb-to-9th-feb-2018" target="_blank" data-smartkarma-citation="insights:17569">Singapore Property Weekly Recap (3rd Feb to 9th Feb 2018)</a>, property insight provider <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> comments on the top five pieces of news in the Singapore property sector and adds his comments. <h2>Equity Bottom-up Insights</h2>In <a href="https://www.smartkarma.com/insights/bch-bch-tb-social-security-mixed-with-upscale-health-care" target="_blank" data-smartkarma-citation="insights:17415">BCH (BCH TB): Social Security Mixed with Upscale Health Care</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/882" target="_blank" data-smartkarma-citation="entities:882:1">Bangkok Chain Hospital Pcl (BCH TB)</a> and takes a positive stance. In <a href="https://www.smartkarma.com/insights/dbs-expect-to-be-disappointed" target="_blank" data-smartkarma-citation="insights:17439">DBS – Expect to Be Disappointed</a>, <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> previewed <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22:1">DBS Group Holdings Ltd (DBS SP)</a> results and followed up with a comment in <a href="https://www.smartkarma.com/insights/dbs-within-1-of-consensus-remarkable" target="_blank" data-smartkarma-citation="insights:17533">DBS – Within 1% of Consensus, Remarkable</a>, where he states that while he has no statistical model for this, he believes the probability of this occurring naturally, is close to zero.in <a href="https://www.smartkarma.com/insights/bjc-bjc-tb-realizing-synergies-from-big-c-acquisition" target="_blank" data-smartkarma-citation="insights:17464">BJC (BJC TB): Realizing Synergies from Big C Acquisition</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/3685" target="_blank" data-smartkarma-citation="entities:3685:1">Berli Jucker Public Co Ltd (BJC TB)</a> and the impact of its acquisition of <a href="https://www.smartkarma.com/entities/16801" target="_blank" data-smartkarma-citation="entities:16801:1">Big C Supercenter Pcl (BIGC TB)</a> and takes a positive view.  In <a href="https://www.smartkarma.com/insights/astra-international-buy-with-tight-risk-point" target="_blank" data-smartkarma-citation="insights:17471">Astra International Buy with Tight Risk Point</a>, technical insight provider <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> circles back to <a href="https://www.smartkarma.com/entities/46" target="_blank" data-smartkarma-citation="entities:46:1">Astra International Tbk Pt (ASII IJ)</a> and notes the stock has held up very well (as has Indonesia) during more volatile trading in other parts of Asia and is leaning into an interesting pocket support with a fairly tight risk support pivot to work with. In <a href="https://www.smartkarma.com/insights/apure-a-pure-quality-growth-stock" target="_blank" data-smartkarma-citation="insights:17444">APURE : A Pure Quality-Growth Stock</a>, our friends at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on agricultural player <a href="https://www.smartkarma.com/entities/3689" target="_blank" data-smartkarma-citation="entities:3689:1">Agripure Holding Plc (APURE TB)</a> with a BUY rating, based on a target price of Bt2.32, and on a three-year average trading valuation at the target price of 12.2x FY18E PER. In <a href="https://www.smartkarma.com/insights/synex-synex-tb-good-efficiency-improvement-at-this-it-wholesaler" target="_blank" data-smartkarma-citation="insights:17502">SYNEX (SYNEX TB): Good Efficiency Improvement at This IT Wholesaler</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/8077" target="_blank" data-smartkarma-citation="entities:8077:1">Synnex Thailand Pcl (SYNEX TB</a>), an affiliate of <a href="https://www.smartkarma.com/entities/5337" target="_blank" data-smartkarma-citation="entities:5337:1">Synnex Technology Intl Corp (2347 TT)</a>, which is the largest IT distribution company in the Asia-Pacific region and the third largest globally.In <a href="https://www.smartkarma.com/insights/aneka-gas-industri-welding-its-future-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:17265">Aneka Gas Industri - Welding Its Future</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> suggests that leading Indonesian industrial gas player <a href="https://www.smartkarma.com/entities/23564" target="_blank" data-smartkarma-citation="entities:23564:1">PT Aneka Gas Industri (AGII IJ)</a> remains an interesting proxy for exposure to key growth areas of the Indonesian economy, including infrastructure, consumption, SMEs, industrialization, and hospitals. In <a href="https://www.smartkarma.com/insights/japfa-comfeed-attractively-valued-agriculture-play" target="_blank" data-smartkarma-citation="insights:17490">Japfa Comfeed: Attractively-Valued Agriculture Play</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a>  writes on <a href="https://www.smartkarma.com/entities/8258" target="_blank" data-smartkarma-citation="entities:8258:1">Japfa Comfeed Indonesia Tbk Pt (JPFA IJ)</a> post a conference call with the IR of the company. It revealed that the company is a leading play on growing protein consumption in Indonesia.In <a href="https://www.smartkarma.com/insights/keeping-intouch" target="_blank" data-smartkarma-citation="insights:17508">Keeping Intouch</a>, <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> zeros in on <a href="https://www.smartkarma.com/entities/17638" target="_blank" data-smartkarma-citation="entities:17638:1">Intouch Holdings Pcl (INTUCH TB)</a> and suggests that from a  long-term viewpoint, Intouch is cheap, be it on a discount to NAV, on a simple Intouch/AIS ratio or in terms of the dividend spread.In <a href="https://www.smartkarma.com/insights/delta-dunia-makmur-boys-from-the-blackstuff-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:17064">Delta Dunia Makmur - Boys from the Blackstuff</a>, former <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> takes a look at this less well-appreciated mining contractor.  <a href="https://www.smartkarma.com/entities/9334" target="_blank" data-smartkarma-citation="entities:9334:1">Delta Dunia Makmur Tbk Pt (DOID IJ)</a> provides an interesting alternative investment well-known commodity plays such as the larger cap coal miners and <a href="https://www.smartkarma.com/entities/698" target="_blank" data-smartkarma-citation="entities:698:1">United Tractors Tbk Pt (UNTR IJ</a>. In <a href="https://www.smartkarma.com/insights/ttw-ttw-tb-tapping-the-burmese-tap-water-market" target="_blank" data-smartkarma-citation="insights:17535">TTW (TTW TB): Tapping the Burmese Tap Water Market</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> zeros in on <a href="https://www.smartkarma.com/entities/13100" target="_blank" data-smartkarma-citation="entities:13100:1">TTW Pcl (TTW TB)</a>.  He suggests that continued demand from Thai food exporters, along with industrial manufacturers, as well as private customers is driving demand for tap water, TTW’s main business. In <a href="https://www.smartkarma.com/insights/noble-group-official-debt-restructuring-in-motion-part-ii" target="_blank" data-smartkarma-citation="insights:17532">Noble Group: Official Debt Restructuring In Motion Part II</a>, <a href="https://www.smartkarma.com/companies/751" target="_blank" data-smartkarma-citation="companies:751">Bondcritic</a> takes another look at <a href="https://www.smartkarma.com/entities/378" target="_blank" data-smartkarma-citation="entities:378:1">Noble Group Ltd (NOBL SP)</a>  in follow-up to their report dated 30th January 2018, after Noble Group released more details on its restructuring. In <a href="https://www.smartkarma.com/insights/beauty-beauty-tb-beautiful-growth-abroad" target="_blank" data-smartkarma-citation="insights:17571">BEAUTY (BEAUTY TB): Beautiful Growth Abroad</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a close look at <a href="https://www.smartkarma.com/entities/1342" target="_blank" data-smartkarma-citation="entities:1342:1">Beauty Community Pcl (BEAUTY TB)</a>, a manufacturer and retailer of cosmetics and skincare products, which are sold under the brand names of Beauty Buffet, Beauty Cottage, Girly Girl and Made in Nature. In <a href="https://www.smartkarma.com/insights/snc-16-drop-in-sg-a-cause-2017-bottom-line-growth" target="_blank" data-smartkarma-citation="insights:17536">SNC: 16% Drop in SG&amp;A Cause 2017 Bottom Line Growth</a>, <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> comment on <a href="https://www.smartkarma.com/entities/5814" target="_blank" data-smartkarma-citation="entities:5814:1">Snc Former Pcl (SNC TB)</a> 's results, where it reported 4Q17 recurring EPS of Bt0.42, up by +60% YoY and +73% QoQ. The FY2017 recurring EPS was Bt1.41 (+1.1% YoY) and were 10% better than their forecast.<h2>Smartkarma Insight</h2>In <a href="https://www.smartkarma.com/insights/smartkarma-s-sentiment-distribution-indicator" target="_blank" data-smartkarma-citation="insights:17518">Smartkarma's Sentiment Distribution Indicator</a>, the inimitable <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> notes that one of the interesting data analytics that he has noticed at Smartkama's site is the Sentiment Distribution indicator. This is basically a monthly tally of the bullish or bearish reports. Unlike the traditional sell-side research, which tends to be predominantly bullish, Smartkarma's research in the past one year has been relatively "better balanced" with about 65% of the reports that were bullish and 35% that were bearish. However, the bearish sentiment distribution of Smartkarma reached its one year low in January 2018 at 30.7%.

This week's offering across ASEAN@Smartkarma is filled with an 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 see below for a brief summary of this week's published insights. For a fuller account, please scroll down to the detail section, which includes a new section outlining the top three picks from an insight provider. This week features picks from former Jakartan Angus Mackintosh, which includes Blue Bird Tbk Pt (BIRD IJ), Surya Citra Media Pt Tbk (SCMA IJ) and PT Aneka Gas Industri (AGII IJ.Macro, Top Down &amp; ThematicIn Asian Manufacturers - Onwards and Upwards, economist Sharmila Whelan highlights that it is onwards and upwards for Asian manufacturers. The world economy is in a synchronized recovery. Asian domestic demand is strengthening. Asian manufacturers are benefiting from both.In Disinflation an Indication of Sluggish Economy, insight provider Nicholas Chia notes that benign price pressures reflect underlying slack in the Indonesian economy. In Singapore: Cyclical Optimism, Structural Plans to Be Tweaked, Manu Bhaskaran suggests that the rosy outlook for Singapore’s export-oriented remains intact, given the continued strength in the global economic cycle. However, there could be challenges on the structural front. In Thailand: Economic Trends to Watch for in 2018, economist Jason Tan notes that Thailand’s highly diversified export base will benefit from robust global demand. In Philippines: Politics Remain the Main Bugbear in the Cruising Economy, Manu Bhaskaran suggests that the Philippine economy is in fine fettle, as the government’s infrastructural agenda is well underway and will provide a medium-term boost to the economy. In 2018 Strategy Report: "Confront the Big Waves", our friends at Research at Rong Viet Securities note that 2018  marks the third year of the 2016-2020 Socio-Economic Development Plan which concentrates on institutional reforms and business environment improvement. Throughout the special period, the stock market, seen as the barometer of the economy, will play the leading role and reflect the above positive movement.Sector InsightsIn Telecom Review: A Primer on Concessions and Spectrums, our Thai guru Athaporn Arayasantiparb, CFA  takes a step back from the usual business of figuring out which stock is best and looks at how telecom concessions and other regulatory constructs evolve over time, their fees and asset ownership/transfer structures, how their different structures affect the competitive landscape.In Telecom Review: A Brief Background on Sector Players, Athaporn Arayasantiparb, CFA takes a bird's eye view of the telecom sector in Thailand and zeros in on the various players.In Logistics Challenges in Singapore Retail, our friend at Jones Lang Lasalle take a look at urban logistics in Singapore. Urban logistics play a critical role in ensuring smooth and efficient operations in the retail industry. However, the logistics network and resources are not optimized in the goods delivery process in Singapore. In Thai Media Spotlight: Primer on Industry Regulatory Frameworks in TV and Radio Broadcasting, Thai guru Athaporn Arayasantiparb, CFA  summarizes and provides details about the regulatory frameworks in TV and radio broadcasting. In this follow up insight, Thai Media Spotlight: Major Players in the Industry, Athaporn Arayasantiparb, CFA summarizes some of the key players operating in the media industry and their positioning today. In Sector Capsule: Food and Drink Internet Retailing in Singapore, our friends at Euromonitor International Ltd. look at this growing space. In Singapore Property Weekly Recap (3rd Feb to 9th Feb 2018), property insight provider Royston Foo comments on the top five pieces of news in the Singapore property sector and adds his comments. Equity Bottom-up InsightsIn BCH (BCH TB): Social Security Mixed with Upscale Health Care, Dr. Andrew Stotz, CFA works his magic on Bangkok Chain Hospital Pcl (BCH TB) and takes a positive stance. In DBS – Expect to Be Disappointed, Daniel Tabbush previewed DBS Group Holdings Ltd (DBS SP) results and followed up with a comment in DBS – Within 1% of Consensus, Remarkable, where he states that while he has no statistical model for this, he believes the probability of this occurring naturally, is close to zero.in BJC (BJC TB): Realizing Synergies from Big C Acquisition, Dr. Andrew Stotz, CFA takes a look at Berli Jucker Public Co Ltd (BJC TB) and the impact of its acquisition of Big C Supercenter Pcl (BIGC TB) and takes a positive view.  In Astra International Buy with Tight Risk Point, technical insight provider Thomas Schroeder circles back to Astra International Tbk Pt (ASII IJ) and notes the stock has held up very well (as has Indonesia) during more volatile trading in other parts of Asia and is leaning into an interesting pocket support with a fairly tight risk support pivot to work with. In APURE : A Pure Quality-Growth Stock, our friends at Country Group initiate coverage on agricultural player Agripure Holding Plc (APURE TB) with a BUY rating, based on a target price of Bt2.32, and on a three-year average trading valuation at the target price of 12.2x FY18E PER. In SYNEX (SYNEX TB): Good Efficiency Improvement at This IT Wholesaler, Dr. Andrew Stotz, CFA works his magic on Synnex Thailand Pcl (SYNEX TB), an affiliate of Synnex Technology Intl Corp (2347 TT), which is the largest IT distribution company in the Asia-Pacific region and the third largest globally.In Aneka Gas Industri - Welding Its Future, former Jakartan Angus Mackintosh suggests that leading Indonesian industrial gas player PT Aneka Gas Industri (AGII IJ) remains an interesting proxy for exposure to key growth areas of the Indonesian economy, including infrastructure, consumption, SMEs, industrialization, and hospitals. In Japfa Comfeed: Attractively-Valued Agriculture Play, Johannes Salim, CFA  writes on Japfa Comfeed Indonesia Tbk Pt (JPFA IJ) post a conference call with the IR of the company. It revealed that the company is a leading play on growing protein consumption in Indonesia.In Keeping Intouch, David Blennerhassett zeros in on Intouch Holdings Pcl (INTUCH TB) and suggests that from a  long-term viewpoint, Intouch is cheap, be it on a discount to NAV, on a simple Intouch/AIS ratio or in terms of the dividend spread.In Delta Dunia Makmur - Boys from the Blackstuff, former Angus Mackintosh takes a look at this less well-appreciated mining contractor.  Delta Dunia Makmur Tbk Pt (DOID IJ) provides an interesting alternative investment well-known commodity plays such as the larger cap coal miners and United Tractors Tbk Pt (UNTR IJ. In TTW (TTW TB): Tapping the Burmese Tap Water Market, Dr. Andrew Stotz, CFA zeros in on TTW Pcl (TTW TB).  He suggests that continued demand from Thai food exporters, along with industrial manufacturers, as well as private customers is driving demand for tap water, TTW’s main business. In Noble Group: Official Debt Restructuring In Motion Part II, Bondcritic takes another look at Noble Group Ltd (NOBL SP)  in follow-up to their report dated 30th January 2018, after Noble Group released more details on its restructuring. In BEAUTY (BEAUTY TB): Beautiful Growth Abroad, Dr. Andrew Stotz, CFA takes a close look at Beauty Community Pcl (BEAUTY TB), a manufacturer and retailer of cosmetics and skincare products, which are sold under the brand names of Beauty Buffet, Beauty Cottage, Girly Girl and Made in Nature. In SNC: 16% Drop in SG&amp;A Cause 2017 Bottom Line Growth, Country Group comment on Snc Former Pcl (SNC TB) 's results, where it reported 4Q17 recurring EPS of Bt0.42, up by +60% YoY and +73% QoQ. The FY2017 recurring EPS was Bt1.41 (+1.1% YoY) and were 10% better than their forecast.Smartkarma InsightIn Smartkarma's Sentiment Distribution Indicator, the inimitable Douglas Kim notes that one of the interesting data analytics that he has noticed at Smartkama's site is the Sentiment Distribution indicator. This is basically a monthly tally of the bullish or bearish reports. Unlike the traditional sell-side research, which tends to be predominantly bullish, Smartkarma's research in the past one year has been relatively "better balanced" with about 65% of the reports that were bullish and 35% that were bearish. However, the bearish sentiment distribution of Smartkarma reached its one year low in January 2018 at 30.7%.

The Week that Was in ASEAN@ Smartkarma - Asian Manufacturing, Thai Media, and Beauty

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

You know how movies like to show you the present-day episodes and then they later rewind back to a prequel of how it all started. Well, this is something like that. While it is true that MCorp Review has probably mentioned some of these guys in the Thai-Coons and Big Brother series before, we never really put them in the same place. It's a little like talking about the Starks in isolation of the Lannisters in Game of Thrones, so we're gonna let them do their fist bumps here, even if it means…

You know how movies like to show you the present-day episodes and then they later rewind back to a prequel of how it all started. Well, this is something like that. While it is true that MCorp Review has probably mentioned some of these guys in the Thai-Coons and Big Brother series before, we never really put them in the same place. It's a little like talking about the Starks in isolation of the Lannisters in Game of Thrones, so we're gonna let them do their fist bumps here, even if it means…

Telecom Review: A Brief Background on Sector Players

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

Over the next five years, a lot of things will continue to change. In this review, we highlight five possible trends and two Thai stocks each that would benefit (or be adversely affected) by them, namely: 1) an ageing society; 2) higher concentration of wealth; 3) driverless cars for ride hailing; 4) increasing fintech adoption by incumbents; and 5) a decline in both labor cost and commodity prices.We may have discussed most of these themes before, though we've never put them in one place. As they say in investing, gotta watch where the puck is going, not where it is.

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

Thailand

International Engineering PCL focuses on providing renewable energy.The Company operates PV solar farms and solid-waste to energy plants. The Company also specializes in information technology and communication and digital media.

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