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 past week saw insights on <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a>, <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP),</a> and <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>.</li>
<li>There were also macro insights on Malaysia, Singapore, and Indonesia plus insights on <a href="https://www.smartkarma.com/entities/citicore-renewable-energy" target="_blank" data-smartkarma-citation="entities:40676:1" rel="noopener">Citicore Renewable Energy</a> IPO, Singapore banks and CrossASEAN Ground Zero on Food Panda, GoTo, and PropertyGuru.</li>
<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 Southeast Asia.</li>
</ul>


The past week saw insights on Kalbe Farma (KLBF IJ), Grab Holdings (GRAB US), Philippine Stock Exchange (PSE PM), Best World International (BEST SP), and PropertyGuru (PGRU US).
There were also macro insights on Malaysia, Singapore, and Indonesia plus insights on Citicore Renewable Energy IPO, Singapore banks and CrossASEAN Ground Zero on Food Panda, GoTo, and PropertyGuru.
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 Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Kalbe Farma, Grab Holdings, and Philippine StockExchange

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1" rel="noopener">Modec Inc (6269 JP)</a> prices its US$535 million secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a>. <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals (6600 HK)</a>, <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a>, <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a>, <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Modec Inc (6269 JP) prices its US$535 million secondary offering.
Event-Driven developments: Shanghai Henlius Biotech (2696 HK), Hong Kong Television Network (1137 HK). Sciclone Pharmaceuticals (6600 HK), Kfc Holdings Japan (9873 JP), Best World International (BEST SP), PropertyGuru (PGRU US). 


Weekly Deals Digest (26 May) - Henlius, HKTV, SciClone, KFC, Best World, PropertyGuru, Modec

<ul>
<li>This week we look at the sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes at <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo.</a>
</li>
<li>We also look at Lazada's latest capital raising, aCommerce's results, and <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>, which slipped back into the red in 1Q2024. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes at GoTo.

We also look at Lazada's latest capital raising, aCommerce's results, and PropertyGuru (PGRU US), which slipped back into the red in 1Q2024. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Food Panda Sale, Lazada Fundraising, ACommerce, and PropertyGuru's Loss

<ul>
<li>CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.</li>
<li>This week we look at the changing fortunes of Fintech, as BNPL continues to show promise and P2P sinks deeper into difficult territory, exemplified by Investree's troubles. </li>
<li>We also examine PropertyGuru's results, which reveal its vulnerability to markets and we look at Indonesia's increasingly competitive logistics space, with a return to offline activity changing market focus. </li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.
This week we look at the changing fortunes of Fintech, as BNPL continues to show promise and P2P sinks deeper into difficult territory, exemplified by Investree's troubles. 
We also examine PropertyGuru's results, which reveal its vulnerability to markets and we look at Indonesia's increasingly competitive logistics space, with a return to offline activity changing market focus. 


Cross ASEAN Ground Zero - BNPL Is the New P2P, PropertyGuru's Vulnerability, and Difficult Logistics

<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/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>, <a href="https://www.smartkarma.com/entities/moya-holdings-asia-ltd" target="_blank" data-smartkarma-citation="entities:2293:1" rel="noopener">Moya Holdings Asia (MHAL SP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>, as well as <a href="https://www.smartkarma.com/entities/tisco-financial-group-pcl" target="_blank" data-smartkarma-citation="entities:296:1" rel="noopener">Tisco Financial</a>, and <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International</a>.</li>
<li>There was also macro commentary on the Philippines plus we look at <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia</a> at a 5-year low, and <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</a> post strong results.</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 PropertyGuru (PGRU US), Moya Holdings Asia (MHAL SP), and Singapore Medical (SMG SP), as well as Tisco Financial, and Minor International.
There was also macro commentary on the Philippines plus we look at Ace Hardware Indonesia at a 5-year low, and BFI Finance Indonesia post strong results.


The Week that Was in ASEAN@Smartkarma - PropertyGuru Lock-Ups, Moya Holdings Delisting, and TISCO.

Singapore

PropertyGuru Group Limited operates as a property technology company. The Company offers tools and digital property marketplaces for agents, developers and property seekers to access and manage real estate data. PropertyGuru Group serves customers worldwide.

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PropertyGuru (PGRU US)

The Week That Was in ASEAN@Smartkarma - Kalbe Farma, Grab Holdings, and Philippine StockExchange

The past week saw insights on Kalbe Farma (KLBF IJ), Grab Holdings (GRAB US), Philippine Stock Exchange (PSE PM), Best World International (BEST...

Angus Mackintosh

Weekly Deals Digest (26 May) - Henlius, HKTV, SciClone, KFC, Best World, PropertyGuru, Modec

Last week, notable developments occurred in Event-Driven (Henlius, HKTV, SciClone, KFC, Best World, PropertyGuru) and ECM (Modec).

Arun George

CrossASEAN Ground Zero - Food Panda Sale, Lazada Fundraising, ACommerce, and PropertyGuru's Loss

This week we look at the sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes...

Angus Mackintosh

Cross ASEAN Ground Zero - BNPL Is the New P2P, PropertyGuru's Vulnerability, and Difficult Logistics

This week we look at the changing fortunes of Fintech, as BNPL continues to show promise and P2P sinks deeper into difficult territory, exemplified...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - PropertyGuru Lock-Ups, Moya Holdings Delisting, and TISCO.

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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