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-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a>, <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, and <a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> IPO</li>
<li>There was also a macro insight on Singapore, a screen on Indonesian banks, and a piece looking at the increasing importance of sustainability in Singapore.</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 South-East Asia.</li>
</ul>


The past week saw insights on Bank Negara Indonesia (BBNI IJ), XL Axiata (EXCL IJ), Golden Energy &amp; Resources (GER SP), and VNG (VinaGame) (VNG US) IPO
There was also a macro insight on Singapore, a screen on Indonesian banks, and a piece looking at the increasing importance of sustainability in Singapore.
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 Week That Was in ASEAN@Smartkarma - Bank Negara Indonesia, XL Axiata Leading Data, and VNG.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>For the first three weeks of August, the STI declined 6.5% in-line with the FTSE China A50 Index losing 6.6%, before the STI retraced 2.5% of those losses to finish the month down 4.2%.</li><li>Singapore stocks booked net institutional inflows of S$408 million and net retail inflows of S$600 million over the month.</li><li>As tabled above, Singapore Telecommunications (Singtel) booked S$163 million of net retail inflows in August, taking the accumulated net retail inflows for the first eight months of 2023 to S$201 million.</li></ul>

For the first three weeks of August, the STI declined 6.5% in-line with the FTSE China A50 Index losing 6.6%, before the STI retraced 2.5% of those losses to finish the month down 4.2%.Singapore stocks booked net institutional inflows of S$408 million and net retail inflows of S$600 million over the month.As tabled above, Singapore Telecommunications (Singtel) booked S$163 million of net retail inflows in August, taking the accumulated net retail inflows for the first eight months of 2023 to S$201 million.

Institutions & Individual Investors Net Buyers of Singapore Stocks in August 

<ul><li>Share buybacks by primary listed companies 18 - 24 Aug 2023 UOB led the share buyback consideration tally, buying back 360,000 shares at an average price of S$27.93 per share, followed by Sembcorp Industries which bought back 1,095,000 shares at an average price of S$5.35 per share.</li><li>Between Aug 17 and Aug 23, QAF joint group managing director and executive director Lin Kejian acquired 1,586,000 shares at an average price of S$0.80 per share.</li></ul>

Share buybacks by primary listed companies 18 - 24 Aug 2023 UOB led the share buyback consideration tally, buying back 360,000 shares at an average price of S$27.93 per share, followed by Sembcorp Industries which bought back 1,095,000 shares at an average price of S$5.35 per share.Between Aug 17 and Aug 23, QAF joint group managing director and executive director Lin Kejian acquired 1,586,000 shares at an average price of S$0.80 per share.

QAF, JEP and Sinostar PEC directors acquire more stocks over the week

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener"><strong>Intouch Holdings (INTUCH TB)</strong></a> plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. </li>
<li>Preceding my comments on Intouch are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Intouch Holdings (INTUCH TB) plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. 
Preceding my comments on Intouch are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Intouch "Cheap" As Thaksin Returns

<ul><li>Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions through to Aug 17, with S$256 million of net institutional inflow, while 21 primary-listed companies conducting buybacks with a total consideration of S$36 million.</li><li>On Aug 15, QAF joint group managing director and executive director Lin Kejian acquired 450,000 shares at an average price of S$0.79 per share.</li></ul>

Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions through to Aug 17, with S$256 million of net institutional inflow, while 21 primary-listed companies conducting buybacks with a total consideration of S$36 million.On Aug 15, QAF joint group managing director and executive director Lin Kejian acquired 450,000 shares at an average price of S$0.79 per share.

Wilmar’s Kuok Khoon Hong acquires 9 million shares

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

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Singtel (ST SP)

The Week That Was in ASEAN@Smartkarma - Bank Negara Indonesia, XL Axiata Leading Data, and VNG.

The past week saw insights on Bank Negara Indonesia, XL Axiata, Golden Energy & Resources , and VNG (VinaGame) IPO, a macro insight on Singapore,...

Angus Mackintosh

Institutions & Individual Investors Net Buyers of Singapore Stocks in August

For the first three weeks of August, the STI declined 6.5% in-line with the FTSE China A50 Index losing 6.6%, before the STI retraced 2.5% of...

Singapore Exchange Ltd (SGX)

QAF, JEP and Sinostar PEC directors acquire more stocks over the week

Share buybacks by primary listed companies 18 - 24 Aug 2023 UOB led the share buyback consideration tally, buying back 360,000 shares at an...

Singapore Exchange Ltd (SGX)

StubWorld: Intouch "Cheap" As Thaksin Returns

The negative implied stub and NAV discount are arguably close to the long-term averages. Strange things happen in Thailand. And Thaksin's return...

David Blennerhassett

Wilmar’s Kuok Khoon Hong acquires 9 million shares

Share buybacks by primary listed companies 11 - 17 Aug 2023 Institutions were net buyers of Singapore stocks over the five trading sessions...

Singapore Exchange Ltd (SGX)

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