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

<div class="content-highlight">This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/widodo-s-generals-take-fire-anti-foreign-rhetoric-takes-toll-land-hampers-adhi-s-lrt-mrt-near" target="_blank" data-smartkarma-citation="insights:28331">Widodo's Generals Take Fire / Anti-Foreign Rhetoric Takes Toll / Land Hampers Adhi's LRT / MRT Near</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> provides his value-added views on political and economic developments in Indonesia over the last week. In <a href="https://www.smartkarma.com/insights/asia-s-external-balances-signal-safety-for-investors" target="_blank" data-smartkarma-citation="insights:28138">Asia's External Balances Signal Safety for Investors</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr Jim Walker</a> takes a close look at Asian currencies, their performance over the last year and highlights some interesting misperceptions. <h2>Equity Bottom-Up Insights</h2><div class="content-highlight">In the second company piece in a Smartkarma Originals series, <a href="https://www.smartkarma.com/insights/indonesia-property-in-search-of-the-end-of-the-rainbow-part-2-bumi-serpong-damai-bsde-ij" target="_blank" data-smartkarma-citation="insights:27582">Indonesia Property - In Search of the End of the Rainbow - Part 2 -  Bumi Serpong Damai (BSDE IJ)</a>, CrossASEAN Insight Provider<a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> looks in detail at leading township developer <a href="https://www.smartkarma.com/entities/15498" target="_blank" data-smartkarma-citation="entities:15498:1">Bumi Serpong Damai (BSDE IJ)</a>, which has exposure ranging from landed housing, shophouses, condominiums, as well as the defensive and growing buffer of nearly 20% of revenues coming from recurrent rental income. </div><a href="https://www.smartkarma.com/entities/15498" target="_blank" data-smartkarma-citation="entities:15498:1"></a>In <a href="https://www.smartkarma.com/insights/procurri-exit-declout-enter-novo-tellus-company-remains-highly-undervalued-at-4-4x-2018-ev-ebitda" target="_blank" data-smartkarma-citation="insights:28259">Procurri: Exit DeClout, Enter Novo Tellus. Company Remains Highly Undervalued at 4.4x 2018 EV/EBITDA</a>, CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/24110" target="_blank" data-smartkarma-citation="entities:24110:1">Procurri Corporation (PROC SP)</a> and finds an overhang lifted for the stock.  In <a href="https://www.smartkarma.com/insights/surya-citra-media-scma-ij-digital-revolution-in-the-spring-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:28233">Surya Citra Media (SCMA IJ) - Digital Revolution in the Spring</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> revisits this leading Indonesian media company and finds it on the cusp of a more digital future. In <a href="https://www.smartkarma.com/insights/blue-bird-bird-ij-transport-wizzard-with-a-twist-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:28290">Blue Bird (BIRD IJ) - Transport Wizzard with a Twist</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> revisits Indonesia's leading taxi company after a meeting with management and comes back with some positive newsflow. In <a href="https://www.smartkarma.com/insights/sea-ltd-further-share-re-rating-after-a-35-daily-gain-why-not" target="_blank" data-smartkarma-citation="insights:28294">Sea Ltd: Further Share Re-Rating After a 35% Daily Gain? Why Not?</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> circles back to <a href="https://www.smartkarma.com/entities/8509" target="_blank" data-smartkarma-citation="entities:8509:1">Sea Ltd (SE US)</a> after the post-results call with management. In <a href="https://www.smartkarma.com/insights/bank-danamon-goes-ex-rights" target="_blank" data-smartkarma-citation="insights:28296">Bank Danamon Goes Ex-Rights</a>, <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> circles back to the ongoing merger between <a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia (BDMN IJ)</a> and <a href="https://www.smartkarma.com/entities/218" target="_blank" data-smartkarma-citation="entities:218:1">Mitsubishi Ufj Financial (8306 JP)</a>. In <a href="https://www.smartkarma.com/insights/bimb-market-gives-thumbs-up-to-results" target="_blank" data-smartkarma-citation="insights:28344">BIMB: Market Gives Thumbs-Up to Results</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> takes a close look at this Malaysian Bank. <a href="https://www.smartkarma.com/entities/9102" target="_blank" data-smartkarma-citation="entities:9102:1">Bimb Holdings (BIMB MK)</a> or BHB commands two subsidiaries, Bank Islam and Takaful Malaysia.In <a href="https://www.smartkarma.com/insights/golden-land-less-an-offer-more-a-consolidation-of-interests" target="_blank" data-smartkarma-citation="insights:28206">Golden Land: Less An Offer, More A Consolidation Of Interests</a>, event-driven specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> revisits this ongoing takeover situation. In <a href="https://www.smartkarma.com/insights/ho-bee-land-4q-earnings-hit-by-unexpected-tax-provision" target="_blank" data-smartkarma-citation="insights:28219">Ho Bee Land – 4Q Earnings Hit by Unexpected Tax Provision</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> revisits the company post recent results. In <a href="https://www.smartkarma.com/insights/synex-new-smartphone-launches-help-drive-earnings-momentum-in-2019" target="_blank" data-smartkarma-citation="insights:28244">SYNEX: New Smartphone Launches Help Drive Earnings Momentum in 2019</a>, our friend at <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/8077" target="_blank" data-smartkarma-citation="entities:8077:1">Synnex Thailand (SYNEX TB)</a> following recent numbers. In <a href="https://www.smartkarma.com/insights/prm-thai-largest-tanker-fleets-assured-of-consistent-growth" target="_blank" data-smartkarma-citation="insights:28262">PRM: Thai Largest Tanker Fleets Assured of Consistent Growth</a>, <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiates coverage on <a href="https://www.smartkarma.com/entities/27955" target="_blank" data-smartkarma-citation="entities:27955:1">Prima Marine PCL (PRM TB)</a> with a BUY rating. <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/indo-snippets-second-presidential-debate-bnli-pnbn-this-time-is-real" target="_blank" data-smartkarma-citation="insights:28304">INDO Snippets: Second Presidential Debate, BNLI &amp; PNBN - This Time Is Real?</a>, CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> provides us with substantive and significant on the ground chatter that may potentially have a meaningful impact on the Indonesian Equity Market. This week she comments on the second presidential debate, <a href="https://www.smartkarma.com/entities/728" target="_blank" data-smartkarma-citation="entities:728:1">Bank Permata (BNLI IJ)</a> stake sale rumours, as well as ANZ's potential disposal of its stake in <a href="https://www.smartkarma.com/entities/727" target="_blank" data-smartkarma-citation="entities:727:1">Bank Pan Indonesia (PNBN IJ)</a>. In <a href="https://www.smartkarma.com/insights/jakarta-trip-on-the-ground-insight-feb-2019" target="_blank" data-smartkarma-citation="insights:28286">Jakarta Trip - On the Ground Insight Feb 2019</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> provides us with his value-added on the ground comments following a trip to Jakarta. In <a href="https://www.smartkarma.com/insights/singapore-real-deals-issue-4-purpose-built-workers-accommodation-an-alternative-asset-class" target="_blank" data-smartkarma-citation="insights:28339">Singapore Real Deals (Issue 4): Purpose Built Workers Accommodation, an Alternative Asset Class</a>, <a href="https://www.smartkarma.com/profiles/1786" target="_blank" data-smartkarma-citation="accounts:1786">Anni Kum</a> puts out her fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In this issue, she examines Singapore’s Purpose Built Workers Accommodation (PBWA) industry landscape in light of the nation’s foreign workforce policy.

This week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.Macro InsightsIn Widodo's Generals Take Fire / Anti-Foreign Rhetoric Takes Toll / Land Hampers Adhi's LRT / MRT Near, CrossASEAN Insight Provider Kevin O’Rourke provides his value-added views on political and economic developments in Indonesia over the last week. In Asia's External Balances Signal Safety for Investors, Dr Jim Walker takes a close look at Asian currencies, their performance over the last year and highlights some interesting misperceptions. Equity Bottom-Up InsightsIn the second company piece in a Smartkarma Originals series, Indonesia Property - In Search of the End of the Rainbow - Part 2 -  Bumi Serpong Damai (BSDE IJ), CrossASEAN Insight ProviderAngus Mackintosh looks in detail at leading township developer Bumi Serpong Damai (BSDE IJ), which has exposure ranging from landed housing, shophouses, condominiums, as well as the defensive and growing buffer of nearly 20% of revenues coming from recurrent rental income. In Procurri: Exit DeClout, Enter Novo Tellus. Company Remains Highly Undervalued at 4.4x 2018 EV/EBITDA, CrossASEAN Insight provider Nicolas Van Broekhoven revisits Procurri Corporation (PROC SP) and finds an overhang lifted for the stock.  In Surya Citra Media (SCMA IJ) - Digital Revolution in the Spring, Angus Mackintosh revisits this leading Indonesian media company and finds it on the cusp of a more digital future. In Blue Bird (BIRD IJ) - Transport Wizzard with a Twist, Angus Mackintosh revisits Indonesia's leading taxi company after a meeting with management and comes back with some positive newsflow. In Sea Ltd: Further Share Re-Rating After a 35% Daily Gain? Why Not?, Johannes Salim, CFA circles back to Sea Ltd (SE US) after the post-results call with management. In Bank Danamon Goes Ex-Rights, Travis Lundy circles back to the ongoing merger between Bank Danamon Indonesia (BDMN IJ) and Mitsubishi Ufj Financial (8306 JP). In BIMB: Market Gives Thumbs-Up to Results, Paul Hollingworth takes a close look at this Malaysian Bank. Bimb Holdings (BIMB MK) or BHB commands two subsidiaries, Bank Islam and Takaful Malaysia.In Golden Land: Less An Offer, More A Consolidation Of Interests, event-driven specialist David Blennerhassett revisits this ongoing takeover situation. In Ho Bee Land – 4Q Earnings Hit by Unexpected Tax Provision, Royston Foo revisits the company post recent results. In SYNEX: New Smartphone Launches Help Drive Earnings Momentum in 2019, our friend at Country Group comment on Synnex Thailand (SYNEX TB) following recent numbers. In PRM: Thai Largest Tanker Fleets Assured of Consistent Growth, Country Group initiates coverage on Prima Marine PCL (PRM TB) with a BUY rating. Sector and Thematic InsightsIn INDO Snippets: Second Presidential Debate, BNLI &amp; PNBN - This Time Is Real?, CrossASEAN Insight provider Jessica Irene provides us with substantive and significant on the ground chatter that may potentially have a meaningful impact on the Indonesian Equity Market. This week she comments on the second presidential debate, Bank Permata (BNLI IJ) stake sale rumours, as well as ANZ's potential disposal of its stake in Bank Pan Indonesia (PNBN IJ). In Jakarta Trip - On the Ground Insight Feb 2019, CrossASEAN Insight Provider Henry Soediarko provides us with his value-added on the ground comments following a trip to Jakarta. In Singapore Real Deals (Issue 4): Purpose Built Workers Accommodation, an Alternative Asset Class, Anni Kum puts out her fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. In this issue, she examines Singapore’s Purpose Built Workers Accommodation (PBWA) industry landscape in light of the nation’s foreign workforce policy.

The Week that Was in ASEAN@Smartkarma - Asian Currencies, Indonesian Media, and Shopee

Thailand

Prima Marine Public Company Limited operates as a marine vessel management firm. The Company offers oil-tanker, crude oil, liquefied petrochemicals, and petroleum products transportation services. Prima Marine also provides shipbuilding, shipping, and storage services. Prima Marine serves customers in the Asia Pacific region.

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The Week that Was in ASEAN@Smartkarma - Asian Currencies, Indonesian Media, and Shopee

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights...

Angus Mackintosh