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/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> in Thailand, as a beneficiary of tourism recovery plus on <a href="https://www.smartkarma.com/entities/supermax-corp-bhd" target="_blank" data-smartkarma-citation="entities:12883:1" rel="noopener">Supermax Corp</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri</a>, and <a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada (Harita Nickel).</a>
</li>
<li>There was also a macro insight on the Philippines, with exposure falling to record lows for active PMs, and a sector piece on S-REITS in light of rising interest rates.</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 Berli Jucker in Thailand, as a beneficiary of tourism recovery plus on Supermax Corp, Halcyon Agri, and PT Trimegah Bangun Persada (Harita Nickel).

There was also a macro insight on the Philippines, with exposure falling to record lows for active PMs, and a sector piece on S-REITS in light of rising interest rates.


The Week That Was in ASEAN@Smartkarma - Berli Jucker and Tourism, Harita Nickel IPO, and S-REITS

<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/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> post spectacular results, and <a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a>, which also beat considerably, and on <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>. </li>
<li>Last week also saw insights on <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a>, <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>, and the Singapore Healthcare Sector. </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 Sea Ltd (SE US) post spectacular results, and PT Nippon Indosari Corpindo (ROTI IJ), which also beat considerably, and on Prodia (PRDA IJ). 
Last week also saw insights on Olam Group (OLG SP), Sabana Industrial REIT (SSREIT SP), Halcyon Agri (HACL SP), Oishi Group PCL (OISHI TB), and the Singapore Healthcare Sector. 


The Week That Was in ASEAN@Smartkarma - Sea Ltd's Blindside Win, ROTI's Freshly Baked, and Prodia

<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 first week of 2023 saw insights on <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International</a>, which continues to be a global Tourism recovery play, and <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card</a>, as it sees credit costs creeping up.</li>
<li>We also saw a macro piece looking at the stalling of the convergence of Malaysia's per-capita income with developed economies and whether its decline can be thwarted. </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 first week of 2023 saw insights on Minor International, which continues to be a global Tourism recovery play, and Krungthai Card, as it sees credit costs creeping up.
We also saw a macro piece looking at the stalling of the convergence of Malaysia's per-capita income with developed economies and whether its decline can be thwarted. 


The Week That Was in ASEAN@Smartkarma - Minor Is Major, Krung Thai Card's Creep, and Halcyon Agri

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Bumi Resources Minerals Tbk / Event-Driven

<ul>
<li>The review period for the LQ45 Index ended on 30 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals Tbk (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/surya-esa-perkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:14326:1" rel="noopener">Surya Esa Perkasa (ESSA IJ)</a>,<a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener"> Saratoga Investama Sedaya (SRTG IJ)</a>, <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a> and <a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Mitratel (MTEL IJ)</a>. </li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/wijaya-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:1877:1" rel="noopener">PT Wijaya Karya (Persero) Tbk (WIKA IJ)</a>, <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a>, <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>, <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA 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>


The review period for the LQ45 Index ended on 30 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
Potential adds are Bumi Resources Minerals Tbk (BRMS IJ), Surya Esa Perkasa (ESSA IJ), Saratoga Investama Sedaya (SRTG IJ), Adaro Minerals (ADMR IJ) and Mitratel (MTEL IJ). 
Potential deletions are PT Wijaya Karya (Persero) Tbk (WIKA IJ), Erajaya Swasembada (ERAA IJ), Media Nusantara Citra (MNCN IJ), Chandra Asri Petrochemical (TPIA IJ) and HM Sampoerna (HMSP IJ). 


LQ45 Index Rebalance Preview (Jan): Few Weeks to Implementation

<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/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>, the performance of Asian IPOs from 2022, the ongoing <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> and <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger.</li>
<li>There was also a commentary on the upcoming Ohmyhome IPO in Singapore and an initiation on Thai Property firm <a href="https://www.smartkarma.com/entities/sansiri-public-co-ltd" target="_blank" data-smartkarma-citation="entities:12201:1" rel="noopener">Sansiri Public (SIRI TB).</a> We also had credit research on <a href="https://www.smartkarma.com/entities/kawasan-industri-jababeka-tbk-pt" target="_blank" data-smartkarma-citation="entities:7755:1" rel="noopener">Jababeka</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 Bukalapak (BUKA IJ), the performance of Asian IPOs from 2022, the ongoing Total Access Communication (DTAC TB) and True Corp Pcl (TRUE TB) merger.
There was also a commentary on the upcoming Ohmyhome IPO in Singapore and an initiation on Thai Property firm Sansiri Public (SIRI TB). We also had credit research on Jababeka.


The Christmas Week That Was in ASEAN@Smartkarma - Bukalapak Standing Firm, 2022 IPOs, and Alfamart

Indonesia

PT Bank MNC Internasional TBK, also known as MNC Bank, provides an integrated banking products and services to both corporate and consumer markets. The Bank focuses on consumer and retail banking, including credit card, remittance, cash management, payrolls and many others. MNC Bank is supported by branch & cash offices, payment points & automated teller machines (ATMs) throughout Indonesia.

PT Bank Capital Indonesia Tbk provides commercial banking services.

PT Bank China Construction Bank Indonesia Tbk provides banking and related services. The Bank also provides interbank transaction services that includes import/export transactions, funds transfer, foreign currency transactions, and bank guarantees.

Bank China Construction Bank Indonesia (MCOR IJ)

PT. Bank Agris Tbk provide financing services. The Bank offers investment products, working capital loans, consumer credit, product trade finance and remittance services.

PT Bank QNB Indonesia Tbk operates a commercial bank. The Company acquires deposits from the general public and uses those funds to originate a variety of loans.

PT Bank Bumi Arta Tbk provides commercial banking services.

PT Bank Panin Syariah tbk. provides Islamic banking services. The Bank offers conventional banking services such as savings account, credit cards, financing, and investment services as well as full Islamic banking services in compliance with Shariah law. Bank Panin Syariah serves businesses and personal clients throughout Indonesia.

Bank Dinar Indonesia Tbk PT provides banking services, incorporated in Indonesia.

PT Bank Artha Graha Internasional provides general commercial banking services.

PT Bank Pembangunan Daerah Banten Tbk provides commercial banking services.  The Bank has branch offices located in major cities in Indonesia.

Penns Woods Bancorp, Inc. is a bank holding company of Jersey Shore State Bank. The Company provides a variety of commercial and consumer banking services to individual, business, public, and institutional customers.  Penns Woods operates a network of offices in north central Pennsylvania.

Public Financial Holdings Ltd, through its subsidiaries, operates in the deposit taking, personal and commercial lending, credit card, mortgage financing, stockbroking, and property investment businesses.  The Company also provides financing to purchasers of taxis and public light buses, leases taxis, and trades taxi cabs and taxi licenses.

Ames National Corporation is a multi-bank holding corporation.  The Banks offer commercial banking, personal banking, agricultural lending and deposit account services along with trust services and Internet banking services.  Ames affiliates have locations throughout the state of Iowa.

The Kita-Nippon Bank, Ltd. is a regional bank based in Tohoku area.  The Bank provides banking services such as deposits, loans, and foreign exchange transactions.  The Kita-Nippon Bank also provides financial services such as leasing, credit cards, and letter of credit, and develops computer software.

National Bankshares, Inc. is a holding company for the National Bank of Blacksburg.  The Bank attracts deposits from the general public and use these funds to originate commercial, real estate, and consumer loans.  National Bankshares operates in Montgomery, Giles, Carroll,Tazewell, and Grayson counties in Virginia, and Mercer county West Virginia.

Tsukuba Bank, Ltd. provides commercial and personal banking services. The Bank offers personal and business checking, savings accounts, mortgages, issues credit card, and business loans for customers. Tsukuba Bank serves customers in Japan.

FIDEA Holdings Co.Ltd. is a holding company established through the merger of Shonai Bank and Hokuto Bank.  The group Companies provide general banking services including deposits, loans, foreign exchange, leasing, and credit cards.

The Towa Bank Ltd is a regional bank that mainly operates in Saitama, Gunma, and Tochigi prefectures.  The Bank provides banking services such as deposits, loans, and exchange transactions.  Towa Bank also provides other financial services including leasing and credit cards.

Secure Trust Bank PLC accepts deposits and offers retail banking services.  The Company offers automobile and retail point of sale financing, and personal unsecured lending.

Al-Arafah Islami Bank Limited provides commercial and consumer banking, trade finance, and other related custody and clearing services in Bangladesh. The company provides current, short notice, savings, term, monthly and termed Hajj, foreign currency, pension; marriage savings investment schemes; savings bonds; and various deposit schemes, as well as credit cards. It also offers investment products for the agricultural, industrial, business, foreign trade, construction and housing, and transportation sectors; hire purchase services; and Masque and Madrasa, village and small, small enterprise, and consumer investment schemes. In addition, the company is involved in the provision of foreign trade services; micro, small, and medium enterprises banking services; share trading services and margin facilities; and issue management, underwriting, investment counseling, portfolio management, corporate advisory, depository, and merger and acquisition services, as well as software development, implementation, and service business. Further, it offers ATM and safe deposit locker, as well as mobile, agent, and Internet banking services. The company operates through 129 branches. Al-Arafah Islami Bank Limited was founded in 1995 and is headquartered in Dhaka, Bangladesh.

PT Bank Neo Commerce Tbk is a full service commercial bank based in Indonesia.

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PT Bank Neo Commerce (BBYB IJ)

The Week That Was in ASEAN@Smartkarma - Berli Jucker and Tourism, Harita Nickel IPO, and S-REITS

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 Ltd's Blindside Win, ROTI's Freshly Baked, and Prodia

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 - Minor Is Major, Krung Thai Card's Creep, and Halcyon Agri

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

Angus Mackintosh

LQ45 Index Rebalance Preview (Jan): Few Weeks to Implementation

We filter stocks that have a possibility of becoming adds/deletes for the LQ45 Index in Jan. The impact on the deletes will be higher, plus there...

Brian Freitas

The Christmas Week That Was in ASEAN@Smartkarma - Bukalapak Standing Firm, 2022 IPOs, and Alfamart

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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