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>In the past week, we saw insights on <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak'</a>s building ecosystem, <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals'</a> growing base case revenues, and <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia's</a> core diagnostic strength. </li>
<li>We also had an insight on the ongoing <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl</a> and <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> merger along with a look at <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak</a>'s expiring lock-ups.</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.
In the past week, we saw insights on Bukalapak's building ecosystem, Siloam International Hospitals' growing base case revenues, and Prodia's core diagnostic strength. 
We also had an insight on the ongoing True Corp Pcl and Total Access Communication (DTAC TB) merger along with a look at Bukalapak's expiring lock-ups.


The Week That Was in ASEAN@Smartkarma- Bukalapak Building, Siloam's Base Case, and Prodia Diagnosed

<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another 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 and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.</p>
</div><h3>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/singapore-a-step-closer-to-normalcy" target="_blank" rel="noopener"> Singapore: A Step Closer to Normalcy</a>, Economist<a href="https://www.smartkarma.com/profiles/nigel-chiang" target="_blank" rel="noopener"> Nigel Chiang</a> discusses Singapore's plan to reopen and co-exist with the COVID-19 virus. He expects headline inflation to remain relatively high due to elevated external cost pressures. </p><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/the-rising-tide-of-digital-ipos-and-m-a-in-se-asia-s-digital-game-of-thrones" target="_blank" rel="noopener"> The Rising Tide of Digital IPOs and M&amp;A in SE Asia's Digital Game of Thrones</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> provides a view on the rising tide of IPOs from the digital economy in South-East Asia plus some significant M&amp;A activity.</p><p>In<a href="https://www.smartkarma.com/insights/telekomunikasi-indonesia-tlkm-ij-the-trend-is-digital" target="_blank" rel="noopener"> Telekomunikasi Indonesia (TLKM IJ) - The Trend Is Digital</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" rel="noopener"> Telekomunikasi Indonesia (TLKM IJ)</a> after it released its 1Q2021 results, which on the face of it do not look exciting but eneath the headline numbers, there is a more compelling story.</p><p>In <a href="https://www.smartkarma.com/insights/bukalapak-leading-the-unicorn-charge-buy-emtek" target="_blank" data-smartkarma-citation="insights:53123" rel="noopener">Bukalapak - Leading the Unicorn Charge - Buy Emtek</a> ,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">  Angus Mackintosh</a> takes a closer look at Bukalapak as it plans to raise around US$800m in an IPO in Jakarta on the IDX potentially by the end of July, making it the first Indonesian unicorn to list on the local Indonesian bourse. </p><p>In<a href="https://www.smartkarma.com/insights/integra-indocabinet-tbk-pt-wood-ij-the-stars-are-aligned-for-wood" target="_blank" rel="noopener"> Integra Indocabinet Tbk PT (WOOD IJ) - The Stars Are Aligned for WOOD</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits leading Indonesian furitire manufacturer<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" rel="noopener"> Integra Indocabinet Tbk PT (WOOD IJ)</a> after it released its 1Q2021 results, where 92% of its revenues came from the US market.</p><div><div><p>In<a href="https://www.smartkarma.com/insights/ctos-digital-ipo-market-leader-strong-pe-record-and-cornerstone" target="_blank" rel="noopener"> CTOS Digital IPO - Market Leader, Strong PE Record and Cornerstone</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> provides us with his view on <a href="https://www.smartkarma.com/entities/ctos-digital-bhd" target="_blank" rel="noopener">CTOS Digital (1054055D MK)</a>, which aims to raise up to US$291m via its Malaysian IPO. In this insight, runs the deal through his ECM framework and talk about the deal dynamics. </p></div></div><p>In<a href="https://www.smartkarma.com/insights/bbl-kbank-large-passive-outflows-could-lead-to-underperformance" target="_blank" rel="noopener"> BBL / KBANK: Large Passive Outflows Could Lead to Underperformance</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> returns to look at<a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" rel="noopener"> Bangkok Bank Public (BBL TB)</a> and <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" rel="noopener">Kasikornbank PCL (KBANK TB)</a> after<a href="https://www.smartkarma.com/entities/kasikornbank-pcl-fb4c10ce-1b13-4b39-bbd2-3403aa1f9a20" target="_blank" rel="noopener"> Kasikornbank PCL (KBANK/F TB)</a> was deleted from the MSCI Standard index at the May SAIR, after failing the liquidity test.<a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" rel="noopener"></a></p><p>In<a href="https://www.smartkarma.com/insights/monde-nissin-ipo-trading-the-run-begins" target="_blank" rel="noopener"> Monde Nissin IPO Trading: The Run Begins</a>,<a href="https://www.smartkarma.com/profiles/oshadhi-kumarasiri" target="_blank" rel="noopener"> Oshadhi Kumarasiri</a> reports back on<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" rel="noopener"> Monde Nissin Corp (MONDE PM)</a> after it had a relatively subdued start on its market debut, despite offering exposure to the fast-growing alternative meat market in Europe and the US at a discounted valuation, and being the Philippines' largest-ever IPO.</p><p>In<a href="https://www.smartkarma.com/insights/scgp-growing-through-m-p-as-plan-but-stock-is-expensive" target="_blank" rel="noopener"> SCGP: Growing Through M&amp;P as Plan but Stock Is Expensive</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> revisits<a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" rel="noopener"> SCG Packaging Public Company Limited (SCGP TB)</a> after they announced the signing of a share purchase agreement to acquire an 85% stake in Deltalab, S.L. ( “Deltalab” ), a medical supplies and labware specialist located in Spain. </p><p>In<a href="https://www.smartkarma.com/insights/ori-solid-quarterly-presales-momentum" target="_blank" rel="noopener"> ORI: Solid Quarterly Presales Momentum</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintain a BUY rating for<a href="https://www.smartkarma.com/entities/origin-property-pcl" target="_blank" rel="noopener"> Origin Property (ORI TB)</a> after the company reported 2Q2021 presales of Bt8bn (+22%YoY, +4.2%QoQ), supported by ready to move projects and three new projects launched in 2Q2021, despite the 3rd wave of COVID-19 in Thailand, and beating market expectations.</p><h3>Sector and Thematic </h3><p>In<a href="https://www.smartkarma.com/insights/indonesian-lockdown-on-the-ground" target="_blank" rel="noopener"> Indonesian Lockdown: On the Ground</a>,<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> discusses a number of stocks that may benefit from the recent mobility measures in Indonesia. </p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/spv77-siri-hub-investment-digital-token-thailand-s-first-debt-token" target="_blank" rel="noopener"> SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token</a>,<a href="https://www.smartkarma.com/companies/bondcritic" target="_blank" rel="noopener"> Bondcritic</a> provides an initial view on<a href="https://www.smartkarma.com/entities/siri-hub-investment-digital-tokens" target="_blank" rel="noopener"> Siri Hub Investment Digital Tokens (SIRIHUB TB CURNCY)</a>, Thailand’s first investment token. </p><p>In<a href="https://www.smartkarma.com/insights/morning-views-asia-indika-energy-ca2a4dfd-b145-4da6-8b1f-a8f1edc3e0ea" target="_blank" rel="noopener"> Morning Views Asia: Indika Energy</a>, credit specialist<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> comments on <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a>,<a href="https://www.smartkarma.com/entities/indika-energy-tbk-pt" target="_blank" rel="noopener"> Indika Energy (INDY IJ)</a>, and <a href="https://www.smartkarma.com/entities/agung-podomoro-land-tbk-pt" target="_blank" data-smartkarma-citation="entities:16010:1" rel="noopener">Agung Podomoro Land (APLN IJ)</a>. </p><p>In<a href="https://www.smartkarma.com/insights/morning-views-asia-alam-sutera-realty-evergrande-real-estate-group" target="_blank" rel="noopener"> Morning Views Asia: Alam Sutera Realty, Evergrande Real Estate Group</a>,<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> provides his views on<a href="https://www.smartkarma.com/entities/alam-sutera-realty-tbk-pt" target="_blank" rel="noopener"> Alam Sutera Realty (ASRI IJ)</a> after S&amp;P and Moody's issued positive rating statements on the back of<a href="https://www.smartkarma.com/entities/alam-sutera-realty-tbk-pt" target="_blank" rel="noopener"> Alam Sutera Realty (ASRI IJ)</a>'s improving liquidity risk profile. </p>


The week that was in ASEAN@Smartkarma is filled with another 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 and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.
Macro InsightsIn Singapore: A Step Closer to Normalcy, Economist Nigel Chiang discusses Singapore's plan to reopen and co-exist with the COVID-19 virus. He expects headline inflation to remain relatively high due to elevated external cost pressures. Equity Bottom UpIn The Rising Tide of Digital IPOs and M&amp;A in SE Asia's Digital Game of Thrones, CrossASEAN insight provider Angus Mackintosh provides a view on the rising tide of IPOs from the digital economy in South-East Asia plus some significant M&amp;A activity.In Telekomunikasi Indonesia (TLKM IJ) - The Trend Is Digital, Angus Mackintosh circles back to  Telekomunikasi Indonesia (TLKM IJ) after it released its 1Q2021 results, which on the face of it do not look exciting but eneath the headline numbers, there is a more compelling story.In Bukalapak - Leading the Unicorn Charge - Buy Emtek ,  Angus Mackintosh takes a closer look at Bukalapak as it plans to raise around US$800m in an IPO in Jakarta on the IDX potentially by the end of July, making it the first Indonesian unicorn to list on the local Indonesian bourse. In Integra Indocabinet Tbk PT (WOOD IJ) - The Stars Are Aligned for WOOD, Angus Mackintosh revisits leading Indonesian furitire manufacturer Integra Indocabinet Tbk PT (WOOD IJ) after it released its 1Q2021 results, where 92% of its revenues came from the US market.In CTOS Digital IPO - Market Leader, Strong PE Record and Cornerstone, Sumeet Singh provides us with his view on CTOS Digital (1054055D MK), which aims to raise up to US$291m via its Malaysian IPO. In this insight, runs the deal through his ECM framework and talk about the deal dynamics. In BBL / KBANK: Large Passive Outflows Could Lead to Underperformance, Brian Freitas returns to look at Bangkok Bank Public (BBL TB) and Kasikornbank PCL (KBANK TB) after Kasikornbank PCL (KBANK/F TB) was deleted from the MSCI Standard index at the May SAIR, after failing the liquidity test.In Monde Nissin IPO Trading: The Run Begins, Oshadhi Kumarasiri reports back on Monde Nissin Corp (MONDE PM) after it had a relatively subdued start on its market debut, despite offering exposure to the fast-growing alternative meat market in Europe and the US at a discounted valuation, and being the Philippines' largest-ever IPO.In SCGP: Growing Through M&amp;P as Plan but Stock Is Expensive, Country Group revisits SCG Packaging Public Company Limited (SCGP TB) after they announced the signing of a share purchase agreement to acquire an 85% stake in Deltalab, S.L. ( “Deltalab” ), a medical supplies and labware specialist located in Spain. In ORI: Solid Quarterly Presales Momentum, Country Group maintain a BUY rating for Origin Property (ORI TB) after the company reported 2Q2021 presales of Bt8bn (+22%YoY, +4.2%QoQ), supported by ready to move projects and three new projects launched in 2Q2021, despite the 3rd wave of COVID-19 in Thailand, and beating market expectations.Sector and Thematic In Indonesian Lockdown: On the Ground, Henry Soediarko discusses a number of stocks that may benefit from the recent mobility measures in Indonesia. Credit InsightsIn SPV77 / Siri Hub Investment Digital Token: Thailand’s First Debt Token, Bondcritic provides an initial view on Siri Hub Investment Digital Tokens (SIRIHUB TB CURNCY), Thailand’s first investment token. In Morning Views Asia: Indika Energy, credit specialist Trung Nguyen comments on Lippo Karawaci (LPKR IJ), Indika Energy (INDY IJ), and Agung Podomoro Land (APLN IJ). In Morning Views Asia: Alam Sutera Realty, Evergrande Real Estate Group, Trung Nguyen provides his views on Alam Sutera Realty (ASRI IJ) after S&amp;P and Moody's issued positive rating statements on the back of Alam Sutera Realty (ASRI IJ)'s improving liquidity risk profile. 

The Week That Was in ASEAN@Smartkarma - SEA Digital IPOs, Bukalapak, and Bangkok Bank

Indonesia

PT Mustika Ratu Tbk manufactures, trades, and distributes herbal and traditional cosmetics and health drinks, baby products, and other related activities.

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Mustika Ratu (MRAT IJ)

The Week That Was in ASEAN@Smartkarma- Bukalapak Building, Siloam's Base Case, and Prodia Diagnosed

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 - SEA Digital IPOs, Bukalapak, and Bangkok Bank

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...

Angus Mackintosh

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