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/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <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 (BFIN IJ),</a><a href="https://www.smartkarma.com/entities/elite-commercial-reit" target="_blank" data-smartkarma-citation="entities:28807:1" rel="noopener">Elite Commercial REIT (ELITE SP)</a> and OceanaGold IPO in the Philippines. </li>
<li>There were also macro insights on Indonesia and Singapore plus a sector insight on Thai banks and an index rebalancing from <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> on the LQ45 in Indonesia. </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 Bank Central Asia (BBCA IJ), BFI Finance Indonesia (BFIN IJ),Elite Commercial REIT (ELITE SP) and OceanaGold IPO in the Philippines. 
There were also macro insights on Indonesia and Singapore plus a sector insight on Thai banks and an index rebalancing from Brian Freitas on the LQ45 in Indonesia. 
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 - BCA Leads, BFIN Is Back, and Thai Banks

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)</li>
<li>700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)</li>
<li>1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)</li>
</ul>


03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)
700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)
1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)


[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com (BUKA IJ)</a> booked a slightly weaker finish to the year than expected with a slowdown in revenue growth in 4Q2023 and a miss on adjusted EBITDA breakeven.</li>
<li>The key reason was a thinning out of non-performing specialty businesses which impacted short-term revenues but will improve revenues and adjusted EBITDA. as the focus shifts to higher take-rate businesses.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak.com PT Tbk (BUKA IJ)</a> is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution on this being paramount. Valuations remain attractive.</li>
</ul>



Bukalapak.com (BUKA IJ) booked a slightly weaker finish to the year than expected with a slowdown in revenue growth in 4Q2023 and a miss on adjusted EBITDA breakeven.
The key reason was a thinning out of non-performing specialty businesses which impacted short-term revenues but will improve revenues and adjusted EBITDA. as the focus shifts to higher take-rate businesses.

Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution on this being paramount. Valuations remain attractive.


Bukalapak.com (BUKA IJ) - On the Cusp of Breakeven

<ul>
<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>, <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/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ)</a>, <a href="https://www.smartkarma.com/entities/ammb-holdings-bhd" target="_blank" data-smartkarma-citation="entities:137:1" rel="noopener">AMMB Holdings (AMM MK)</a>, and <a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a>.</li>
<li>There were also macro insights on Malaysia, Thailand, and the Philippines, a sector insight on Malaysian Banks, and a credit insight on <a href="https://www.smartkarma.com/entities/delta-dunia-makmur-tbk-pt" target="_blank" data-smartkarma-citation="entities:9334:1" rel="noopener">Delta Dunia Makmur (DOID IJ)</a>.</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 Sea Ltd (SE US), Grab Holdings (GRAB US), Cisarua Mountain Dairy (CMRY IJ), AMMB Holdings (AMM MK), and Sheng Siong (SSG SP).
There were also macro insights on Malaysia, Thailand, and the Philippines, a sector insight on Malaysian Banks, and a credit insight on Delta Dunia Makmur (DOID IJ).
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 - Sea Ltd's Scale, Cimory's Dairy Recovery, and AMMB Placement

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank</a> raised around US$4.9bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.
ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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Sea (SE US)

The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

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

Angus Mackintosh

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

Bukalapak.com (BUKA IJ) - On the Cusp of Breakeven

Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution being on being paramount....

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Sea Ltd's Scale, Cimory's Dairy Recovery, and AMMB Placement

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

Angus Mackintosh

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Week That Was in ASEAN@Smartkarma - BCA Leads, BFIN Is Back, and Thai Banks

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

Angus Mackintosh

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

​Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

Bukalapak.com (BUKA IJ) - On the Cusp of Breakeven

Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution being on being paramount....

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Sea Ltd's Scale, Cimory's Dairy Recovery, and AMMB Placement

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

Angus Mackintosh

ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On

Softbank raised around US$4.9bn via selling some of its stake in ARM Holdings (ARM US)’ US IPO. Its remaining 90% stake will be released from its...

Sumeet Singh

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...