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/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> post-results plus on <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>, as it completed its buybacks but it still looks inexpensive.</li>
<li>There was also a commentary on Property Guru ahead of its listing and on the single stock futures launch by <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> for <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor.</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 Grab (GRAB US) post-results plus on Jardine Matheson Holdings (JM SP), as it completed its buybacks but it still looks inexpensive.
There was also a commentary on Property Guru ahead of its listing and on the single stock futures launch by SGX (SGX SP) for Sea Ltd (SE US) and Taiwan Semiconductor.



The Week That Was in ASEAN@Smartkarma - Grab's Results, Jardine Matheson, and SGX.

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

<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.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Although the operating environment is still challenging, <a href="https://www.smartkarma.com/entities/kpj-healthcare-berhad" target="_blank" data-smartkarma-citation="entities:877:1" rel="noopener">KPJ Healthcare (KPJ MK)</a>’s recovery in financial performance is expected to continue in 2022.</li>
<li>The largest shareholder was reportedly in talk to private equity player to take KPJ Healthcare private. Emerging market hospital players are consolidating.</li>
<li>In December, the company appointed its new chief operating officer effective immediately.</li>
</ul>


Although the operating environment is still challenging, KPJ Healthcare (KPJ MK)’s recovery in financial performance is expected to continue in 2022.
The largest shareholder was reportedly in talk to private equity player to take KPJ Healthcare private. Emerging market hospital players are consolidating.
In December, the company appointed its new chief operating officer effective immediately.


KPJ Healthcare (KPJ MK): Continued Recovery; Privatization Talk to Provide Cushion for Downside Risk

<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>This week we look at <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> post a call with management plus aggressive buybacks from <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> plus update in <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> </li>
<li>We also comment on WeLab acquiring a digital bank in Indonesia and the government's ongoing stimulus measures for property and retail in Indonesia.</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.
This week we look at Link Net (LINK IJ) post a call with management plus aggressive buybacks from Jardine Matheson Holdings (JM SP) plus update in Genting Bhd (GENT MK) 
We also comment on WeLab acquiring a digital bank in Indonesia and the government's ongoing stimulus measures for property and retail in Indonesia.


The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

Indonesia

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

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Mitra Keluarga Karyasehat Tbk (MIKA IJ)

The Week That Was in ASEAN@Smartkarma - Grab's Results, Jardine Matheson, and SGX.

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

Angus Mackintosh

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

There are 2 changes to the IDX30, 5 to the LQ45, and 9 to the IDX80. There are a few large impact/flow names on the IDX30/LQ45 indices. The adds...

Brian Freitas

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

KPJ Healthcare (KPJ MK): Continued Recovery; Privatization Talk to Provide Cushion for Downside Risk

This insight has analyzed the recovery of the operation of the company as reported in Q3 results and near-term outlook amid resurgence of COVID...

Tina Banerjee

The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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52-week Range

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