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

Thematic (Sector/Industry)

<div class="content-highlight">This past 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/indonesian-economy-macroeconomic-stability-prioritised-over-all-else" target="_blank" data-smartkarma-citation="insights:22383">Indonesian Economy: Macroeconomic Stability Prioritised over All Else</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> comments on Bank Indonesia's decision to keep rates on hold at its most recent policy meeting.In <a href="https://www.smartkarma.com/insights/the-philippines-busy-times-ahead-for-congress" target="_blank" data-smartkarma-citation="insights:22395">The Philippines: Busy Times Ahead for Congress</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on recent overseas remittance numbers, the gathering pace of tax reforms and the impending passage of the Bangsamoro Basic Law (BBL).In his Insight, <a href="https://www.smartkarma.com/insights/singapore-strong-manufacturing-sector-faces-uncertainty" target="_blank" data-smartkarma-citation="insights:22452">Singapore: Strong Manufacturing Sector Faces Uncertainty</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on the dwindling non-oil domestic export numbers in the Philippines, especially for electronics. In <a href="https://www.smartkarma.com/insights/malaysian-economy-cost-of-living-once-again-a-hot-topic" target="_blank" data-smartkarma-citation="insights:22453">Malaysian Economy: Cost of Living once Again a Hot Topic</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> discusses the abolition of the GST and the introduction of the sales and service tax (SST) in Malaysia.In <a href="https://www.smartkarma.com/insights/philippines-drifting-in-to-oblivion" target="_blank" data-smartkarma-citation="insights:22501">Philippines:  Drifting into Oblivion</a>, <a href="https://www.smartkarma.com/profiles/1337" target="_blank" data-smartkarma-citation="accounts:1337">Steven Holden</a> discusses the fact that allocations in Philippines stocks hit their lowest level since 2011 as Global EM Managers scale back exposures.In <a href="https://www.smartkarma.com/insights/bangko-sentral-s-rate-hike-to-persist-while-bank-reserve-cuts-stall" target="_blank" data-smartkarma-citation="insights:22508">Bangko Sentral's Rate Hike to Persist While Bank Reserve Cuts Stall</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> discusses the monetary policy outlook in the Philippines. In his insight, <a href="https://www.smartkarma.com/insights/indonesia-s-digital-economy-notes-transcribed-jfcc-address-by-information-minister-rudiantara" target="_blank" data-smartkarma-citation="insights:22528">Indonesia's Digital Economy - Notes &amp; Transcribed JFCC Address by Information Minister Rudiantara</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> provides feedback from an address to the Jakarta Foreign Correspondents Club by Indonesia's Information Minister on the Digital Economy. <h2>Equity Bottom-up Insights</h2>In <a href="https://www.smartkarma.com/insights/link-net-quality-growth-at-a-reasonable-price" target="_blank" data-smartkarma-citation="insights:22353">Link Net- Quality Growth at a Reasonable Price</a>, <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> of <a href="https://www.smartkarma.com/companies/702" target="_blank" data-smartkarma-citation="companies:702">Reperio Capital</a> takes an in-depth look at <a href="https://www.smartkarma.com/entities/1050" target="_blank" data-smartkarma-citation="entities:1050:1">Link Net Tbk Pt (LINK IJ)</a> and takes a positive long-term view on the company. In <a href="https://www.smartkarma.com/insights/property-division-remains-the-jewel-of-keppel-corp-increasing-fve-to-sgd-8-50" target="_blank" data-smartkarma-citation="insights:22385">Property Division Remains the Jewel of Keppel Corp; Increasing FVE to SGD 8.50</a>, our friends at <a href="https://www.smartkarma.com/companies/146" target="_blank" data-smartkarma-citation="companies:146">Morningstar</a> comment on <a href="https://www.smartkarma.com/entities/12" target="_blank" data-smartkarma-citation="entities:12:1">Keppel Corp Ltd (KEP SP)</a>, where they believe the current share price weakness due to the perception of negative impact from Singapore’s recently introduced property cooling measures, presents an opportunity for long-term investors to accumulate the stock. In <a href="https://www.smartkarma.com/insights/wheelock-properties-holding-out-for-a-better-offer" target="_blank" data-smartkarma-citation="insights:22390">Wheelock Properties – Holding Out for a Better Offer</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> comments on the recent privatisation offer for <a href="https://www.smartkarma.com/entities/3197" target="_blank" data-smartkarma-citation="entities:3197:1">Wheelock Properties (S) (WP SP)</a>. In <a href="https://www.smartkarma.com/insights/yoma-strategic-flash-note-on-1q-fy19-results" target="_blank" data-smartkarma-citation="insights:22414">Yoma Strategic - Flash Note on 1Q FY19 Results</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> comments on <a href="https://www.smartkarma.com/entities/65" target="_blank" data-smartkarma-citation="entities:65:1">Yoma Strategic Hldgs Ltd (YOMA SP)</a>'s 1Q FY19 financial results announced last week. This flash note provides a quick summary of the results and highlights some of the important developments that investors should take note.In <a href="https://www.smartkarma.com/insights/sentul-city-bksl-ij-the-next-serpong-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:22301">Sentul City (BKSL IJ) - The Next Serpong?</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> comments on <a href="https://www.smartkarma.com/entities/20589" target="_blank" data-smartkarma-citation="entities:20589:1">Sentul City (BKSL IJ)</a> following a company visits at the company's township south of Jakarta.In <a href="https://www.smartkarma.com/insights/can-razer-be-an-e-payments-giant-in-southeast-asia" target="_blank" data-smartkarma-citation="insights:22418">Can Razer Be an E-Payments Giant in Southeast Asia?</a> , Insight Provider <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a> comments on the news that Razer will tie-up with UOB bank to launch a unique e-wallet in Singapore. In <a href="https://www.smartkarma.com/insights/hdb-growth-drivers-from-customer-ecosystem-and-consumer-finance" target="_blank" data-smartkarma-citation="insights:22429">HDB - Growth Drivers from Customer Ecosystem and Consumer Finance</a>, our friends at <a href="https://www.smartkarma.com/profiles/2192" target="_blank" data-smartkarma-citation="accounts:2192">Research at Rong Viet Securities</a> comment on HCM Development J.S. Commercial Bank (HSX: HDB) which achieved impressive results with 110% Y-o-Y growth in PBT 2017 and 170% Y-o-Y growth in PBT 1Q2018. In <a href="https://www.smartkarma.com/insights/bank-tabungan-pensiunan-nasional-nice-share-rally-but-more-to-go" target="_blank" data-smartkarma-citation="insights:22432">Bank Tabungan Pensiunan Nasional: Nice Share Rally but More to Go</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a>  comments on <a href="https://www.smartkarma.com/entities/483" target="_blank" data-smartkarma-citation="entities:483:1">Bank Tabungan Pensiunan Nasional (BTPN IJ)</a> post results and continues to take a positive view on the company.  In <a href="https://www.smartkarma.com/insights/qh-dividend-play-outshines-thai-property-peers" target="_blank" data-smartkarma-citation="insights:22442">QH: Dividend Play Outshines Thai Property Peers</a>, our friends at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on <a href="https://www.smartkarma.com/entities/1388" target="_blank" data-smartkarma-citation="entities:1388:1">Quality Houses (QH TB)</a> with a BUY rating, based on a target price of Bt3.9 and derived from their target of 10.5xPE’1H19E, which represents a 50% discount to the Real Estate sector. In <a href="https://www.smartkarma.com/insights/jasamarga-jsmr-increase-awareness-launch-of-abs-higher-share-price" target="_blank" data-smartkarma-citation="insights:22406">Jasamarga (JSMR): Increase Awareness + Launch of ABS = Higher Share Price?</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> comments on <a href="https://www.smartkarma.com/entities/12747" target="_blank" data-smartkarma-citation="entities:12747:1">Jasa Marga (Persero) (JSMR IJ)</a> following a set of disappointing results. In <a href="https://www.smartkarma.com/insights/erajaya-swasembada-eraa-ij-milking-the-invasion-of-the-chinese-smartphones-in-indonesia" target="_blank" data-smartkarma-citation="insights:22411">Erajaya Swasembada (ERAA IJ) - Milking the Invasion of the Chinese Smartphones in Indonesia</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> writes on the company following a conversation with management. In <a href="https://www.smartkarma.com/insights/dairy-farm-holdings-first-half-margins-improve-a-tad-food-segment-shocks-but-beauty-surprises" target="_blank" data-smartkarma-citation="insights:22493">Dairy Farm Holdings: First Half Margins Improve a Tad; Food Segment Shocks but Beauty Surprises</a>, <a href="https://www.smartkarma.com/profiles/1914" target="_blank" data-smartkarma-citation="accounts:1914">Shilpa Krishnan</a> comments on the company following 1H18 results. In <a href="https://www.smartkarma.com/insights/thailand-s-hp-value-opportunity" target="_blank" data-smartkarma-citation="insights:22463">Thailand's HP Value Opportunity</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> zeros in on <a href="https://www.smartkarma.com/entities/297" target="_blank" data-smartkarma-citation="entities:297:1">Thanachart Capital (TCAP TB)</a> and takes a positive view. He suggests that fundamental trends at <a href="https://www.smartkarma.com/entities/297" target="_blank" data-smartkarma-citation="entities:297:1">Thanachart Capital (TCAP TB)</a> are benign and stand out within Thailand’s somewhat heated banking universe. In <a href="https://www.smartkarma.com/insights/sathorn-series-i-tmb-s-partialdivestment-the-laos-flood-spillover" target="_blank" data-smartkarma-citation="insights:22473">Sathorn Series I: TMB's PartialDivestment &amp; The Laos Flood Spillover</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at <a href="https://www.smartkarma.com/entities/8090" target="_blank" data-smartkarma-citation="entities:8090:1">TMB Bank PCL (TMB TB)</a> following the announcement that TMB agreed to sell 65% stake of its asset management arm TMBAM to Prudential ( See <a href="https://www.smartkarma.com/insights/mckinsey-on-asian-insurance" target="_blank" data-smartkarma-citation="insights:22343">McKinsey on Asian Insurance</a>) for Bt2bn, according to Khao Hoon. In <a href="https://www.smartkarma.com/insights/ascendas-reit-s-u-k-deal-juxtaposes-regional-markets-for-last-mile-industrial-real-estate" target="_blank" data-smartkarma-citation="insights:22496">Ascendas Reit's U.K. Deal Juxtaposes Regional Markets for Last Mile Industrial Real Estate</a>, <a href="https://www.smartkarma.com/profiles/2859" target="_blank" data-smartkarma-citation="accounts:2859">Avi Dalfen</a> comments on the company's recent foray into the UK market. In <a href="https://www.smartkarma.com/insights/puradelta-lestari-dmas-ij-thriving-on-autos-and-retail-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:22470">Puradelta Lestari (DMAS IJ) - Thriving on Autos and Retail</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> comments on this leading Industrial estate player and finds deep value in the stock.  <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/my-top-picks-for-the-2018-thailand-focus-conference" target="_blank" data-smartkarma-citation="insights:22397">My Top Picks for the 2018 Thailand Focus Conference</a>, <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> shares his top choices at this upcoming conference in Bangkok. In <a href="https://www.smartkarma.com/insights/asean-cement-s-cast-of-woes-is-brimming-over-yet-value-is-surfacing" target="_blank" data-smartkarma-citation="insights:22373">ASEAN Cement's Cast of Woes Is Brimming Over…Yet Value Is Surfacing</a>, <a href="https://www.smartkarma.com/companies/568" target="_blank" data-smartkarma-citation="companies:568">River Valley Asset Management</a> lays out his views on the ASEAN cement industry. In <a href="https://www.smartkarma.com/insights/battle-of-the-beauties-the-emerging-cosmetics-industry-in-thailand" target="_blank" data-smartkarma-citation="insights:22428">Battle of the Beauties: The Emerging Cosmetics Industry in Thailand</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a close look at the cosmetics space in Thailand. In <a href="https://www.smartkarma.com/insights/bay-city-philippines-business-beyond-leisure" target="_blank" data-smartkarma-citation="insights:22478">Bay City, Philippines: Business Beyond Leisure</a>, our friends at <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> comment on the Bay City Development in the Philippines. In <a href="https://www.smartkarma.com/insights/singapore-property-weekly-recap-7th-jul-to-13th-jul-enbloc-offices-gls-and-new-launches" target="_blank" data-smartkarma-citation="insights:22503">Singapore Property Weekly Recap (7th Jul to 13th Jul) - Enbloc, Offices, GLS and New Launches</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> comments on the most important news coming out of the property market in Singapore and provides us with his value-added commentary. In <a href="https://www.smartkarma.com/insights/ikea-wannabes-a-quick-look-at-the-thai-furniture-industry-players" target="_blank" data-smartkarma-citation="insights:22523">IKEA Wannabes: A Quick Look at the Thai Furniture Industry Players</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> seeks out those companies which may seek to emulate IKEA in Thailand.

This past 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 Indonesian Economy: Macroeconomic Stability Prioritised over All Else, Nicholas Chia comments on Bank Indonesia's decision to keep rates on hold at its most recent policy meeting.In The Philippines: Busy Times Ahead for Congress, Manu Bhaskaran comments on recent overseas remittance numbers, the gathering pace of tax reforms and the impending passage of the Bangsamoro Basic Law (BBL).In his Insight, Singapore: Strong Manufacturing Sector Faces Uncertainty, Manu Bhaskaran comments on the dwindling non-oil domestic export numbers in the Philippines, especially for electronics. In Malaysian Economy: Cost of Living once Again a Hot Topic, Nicholas Chia discusses the abolition of the GST and the introduction of the sales and service tax (SST) in Malaysia.In Philippines:  Drifting into Oblivion, Steven Holden discusses the fact that allocations in Philippines stocks hit their lowest level since 2011 as Global EM Managers scale back exposures.In Bangko Sentral's Rate Hike to Persist While Bank Reserve Cuts Stall, Jun Trinidad discusses the monetary policy outlook in the Philippines. In his insight, Indonesia's Digital Economy - Notes &amp; Transcribed JFCC Address by Information Minister Rudiantara, Kevin O’Rourke provides feedback from an address to the Jakarta Foreign Correspondents Club by Indonesia's Information Minister on the Digital Economy. Equity Bottom-up InsightsIn Link Net- Quality Growth at a Reasonable Price, Marc Melendez, CFA of Reperio Capital takes an in-depth look at Link Net Tbk Pt (LINK IJ) and takes a positive long-term view on the company. In Property Division Remains the Jewel of Keppel Corp; Increasing FVE to SGD 8.50, our friends at Morningstar comment on Keppel Corp Ltd (KEP SP), where they believe the current share price weakness due to the perception of negative impact from Singapore’s recently introduced property cooling measures, presents an opportunity for long-term investors to accumulate the stock. In Wheelock Properties – Holding Out for a Better Offer, Royston Foo comments on the recent privatisation offer for Wheelock Properties (S) (WP SP). In Yoma Strategic - Flash Note on 1Q FY19 Results, Royston Foo comments on Yoma Strategic Hldgs Ltd (YOMA SP)'s 1Q FY19 financial results announced last week. This flash note provides a quick summary of the results and highlights some of the important developments that investors should take note.In Sentul City (BKSL IJ) - The Next Serpong?, former Jakartan Angus Mackintosh comments on Sentul City (BKSL IJ) following a company visits at the company's township south of Jakarta.In Can Razer Be an E-Payments Giant in Southeast Asia? , Insight Provider Valerie Law, CFA comments on the news that Razer will tie-up with UOB bank to launch a unique e-wallet in Singapore. In HDB - Growth Drivers from Customer Ecosystem and Consumer Finance, our friends at Research at Rong Viet Securities comment on HCM Development J.S. Commercial Bank (HSX: HDB) which achieved impressive results with 110% Y-o-Y growth in PBT 2017 and 170% Y-o-Y growth in PBT 1Q2018. In Bank Tabungan Pensiunan Nasional: Nice Share Rally but More to Go, Johannes Salim, CFA  comments on Bank Tabungan Pensiunan Nasional (BTPN IJ) post results and continues to take a positive view on the company.  In QH: Dividend Play Outshines Thai Property Peers, our friends at Country Group initiate coverage on Quality Houses (QH TB) with a BUY rating, based on a target price of Bt3.9 and derived from their target of 10.5xPE’1H19E, which represents a 50% discount to the Real Estate sector. In Jasamarga (JSMR): Increase Awareness + Launch of ABS = Higher Share Price?, Henry Soediarko comments on Jasa Marga (Persero) (JSMR IJ) following a set of disappointing results. In Erajaya Swasembada (ERAA IJ) - Milking the Invasion of the Chinese Smartphones in Indonesia, Angus Mackintosh writes on the company following a conversation with management. In Dairy Farm Holdings: First Half Margins Improve a Tad; Food Segment Shocks but Beauty Surprises, Shilpa Krishnan comments on the company following 1H18 results. In Thailand's HP Value Opportunity, Paul Hollingworth zeros in on Thanachart Capital (TCAP TB) and takes a positive view. He suggests that fundamental trends at Thanachart Capital (TCAP TB) are benign and stand out within Thailand’s somewhat heated banking universe. In Sathorn Series I: TMB's PartialDivestment &amp; The Laos Flood Spillover, Thai guru Athaporn Arayasantiparb, CFA looks at TMB Bank PCL (TMB TB) following the announcement that TMB agreed to sell 65% stake of its asset management arm TMBAM to Prudential ( See McKinsey on Asian Insurance) for Bt2bn, according to Khao Hoon. In Ascendas Reit's U.K. Deal Juxtaposes Regional Markets for Last Mile Industrial Real Estate, Avi Dalfen comments on the company's recent foray into the UK market. In Puradelta Lestari (DMAS IJ) - Thriving on Autos and Retail, Angus Mackintosh comments on this leading Industrial estate player and finds deep value in the stock.  Sector and Thematic InsightsIn My Top Picks for the 2018 Thailand Focus Conference, Lloyd Moffatt shares his top choices at this upcoming conference in Bangkok. In ASEAN Cement's Cast of Woes Is Brimming Over…Yet Value Is Surfacing, River Valley Asset Management lays out his views on the ASEAN cement industry. In Battle of the Beauties: The Emerging Cosmetics Industry in Thailand, Athaporn Arayasantiparb, CFA takes a close look at the cosmetics space in Thailand. In Bay City, Philippines: Business Beyond Leisure, our friends at Jones Lang Lasalle comment on the Bay City Development in the Philippines. In Singapore Property Weekly Recap (7th Jul to 13th Jul) - Enbloc, Offices, GLS and New Launches, Royston Foo comments on the most important news coming out of the property market in Singapore and provides us with his value-added commentary. In IKEA Wannabes: A Quick Look at the Thai Furniture Industry Players, Athaporn Arayasantiparb, CFA seeks out those companies which may seek to emulate IKEA in Thailand. 

The Week that Was in ASEAN@Smartkarma - Toll Roads, Exploding Smartphone Growth, and ASEAN Cement

Thailand

Quality Houses Hotel and Residence Freehold and Leasehold Property Fund is a closed-end fund incorporated in Thailand. The Fund's objective is to achieve good returns. The Fund invests in Centre Point Hotel and Residence Petchburi Project, Centre Point Hotel and Residence Sukhumvit Project & Centre Point Hotel and Residence Langsuan Project.

Quality Houses Hotel And Residence Freehold And Leasehold Property Fund (QHHR TB)

Quality Houses Hotel And Residence Freehold And Leasehold Property Fund

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The Week that Was in ASEAN@Smartkarma - Toll Roads, Exploding Smartphone Growth, and ASEAN Cement

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

Angus Mackintosh