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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s focus last year was offering more affordable products, which helped to increase its addressable market. FY2024 will see the rollout of a broader range of initiatives across economic segments. </li>
<li>This year Grab is rolling out more premium offerings and new initiatives, including advance bookings, family accounts, increased reviews, and new merchant features to grow revenue streams from advertising.</li>
<li>The upcoming results are likely to reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive environment, with GoTo investing more aggressively. </li>
</ul>



Grab's focus last year was offering more affordable products, which helped to increase its addressable market. FY2024 will see the rollout of a broader range of initiatives across economic segments. 
This year Grab is rolling out more premium offerings and new initiatives, including advance bookings, family accounts, increased reviews, and new merchant features to grow revenue streams from advertising.
The upcoming results are likely to reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive environment, with GoTo investing more aggressively. 


Grab Holdings (GRAB US) - Rich in Initiatives

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>In this insight we show drivers of LalaTech's +US$1bn turnaround in OpInc</li>
<li>We also evaluate which drivers are likely to generate future improvements</li>
<li>Lalatech won't repeat incredible 2021-23 CoR, OpEx performances, in our view</li>
</ul>


In this insight we show drivers of LalaTech's +US$1bn turnaround in OpInc
We also evaluate which drivers are likely to generate future improvements
Lalatech won't repeat incredible 2021-23 CoR, OpEx performances, in our view


Lalatech IPO: New Filing Shows March From Losses To Profits Between 2021 and 2023

<ul>
<li>In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results</li>
<li>Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion</li>
<li>Is this progress sustainable, defendable? Lalatech management needs to explain gains</li>
</ul>


In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results
Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion
Is this progress sustainable, defendable? Lalatech management needs to explain gains


Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

Autonomous Driving represents the perfect fusion of our love affair with automobiles and our fascination with artificial intelligence. It has been part of our collective imagination for decades, first epitomized at the 1939 New York World Fair Futurama exhibit which posited an automated highway system (AHS), sponsored by General Motors. Research on AHS conducted at The Ohio State University led to the development of the world's first partially autonomous vehicle in 1962. Fast forward half a century and the goal of achieving autonomous driving is firmly fixed in the glare of our automobile headlights. Leading automakers, as well as technology companies, are promising autonomous or at least highly autonomous automobiles within the next three years. At the forefront, <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> represented by its automotive spin-off Waymo, is in the process of launching the world's first driverless taxi service in Phoenix, Arizona. <a href="https://www.smartkarma.com/entities/18811" target="_blank" data-smartkarma-citation="entities:18811:1">General Motors Co (GM US)</a>, arguably the closest to Waymo in technology terms, has announced similar plans to launch an autonomous ride-sharing service in 2019.Not all is rosy in the autonomous driving garden, however. The sector has been plagued by high-profile defections of key staff leaving to either create their own startups or join competitors. These moves have led to equally high-profile and in some cases, embarrassing, law-suits. Other companies rush to hire talented artificial intelligence engineers has decimated the research ranks of leading universities.The safety and reliability of autonomous driving technology on our streets today has also been thrown into doubt in recent times. Just two days ago, on March 18'th, the first fatal accident involving an autonomous vehicle occurred in Phoenix Arizona, details <a href="https://electrek.co/2018/03/19/uber-self-driving-prototyp-fatal-crash-police/" target="_blank">here</a>. That vehicle was a Volvo XC90 and was part of <a href="https://www.smartkarma.com/entities/430" target="_blank" data-smartkarma-citation="entities:430:1">Uber Technologies Inc</a> self-driving test fleet in the city. According to initial reports, the vehicle was operating in autonomous mode and had a safety driver on board. While we need to await the outcome of this particular investigation, previous incidents involving other autonomous vehicles highlight some astonishing shortcomings of the technology being used on our streets today. Indeed, there are now serious questions about the viability of so-called Level 3 autonomous driving in so far as they rely on emergency intervention by a driver highly likely to have been distracted by something more exciting than monitoring an automobile driving by itself. Autonomous driving is a subject far too broad to be covered in a single Insight. Consider this a primer where we begin by examining the origins of autonomous driving, tracing its roots back to 1960s which, by no coincidence, was also the starting point for much of the research on modern-day artificial intelligence. We look at the specific factors which combined to propel autonomous driving from the AI laboratories of prestigious universities to the drawing boards of multinationals around the globe. We review the framework for the different levels of autonomous driving and highlight the fact that most auto OEM's choose to largely ignore them. We then examine in detail the aforementioned issues with Level 3 autonomous driving and reveal that the technology used in the Volvo XC90, the vehicle involved in the recent fatal accident in Phoenix, specifically warns in its user manual that it should not be used for city driving and that it cannot detect pedestrians, cyclists etc. Recognizing the seminal role that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> has played in advancing the technology, we provide an in-depth review of their self-driving initiative from its inception as a secretive Google X project to its current day incarnation as Waymo. By way of contrast, we examine the autonomous driving ambitions of one of the world's leading auto OEMs, General Motors, and provide a detailed review of their progress to date. Finally, we address the question on everybody's mind when it comes to autonomous driving - are we there yet?

Autonomous Driving represents the perfect fusion of our love affair with automobiles and our fascination with artificial intelligence. It has been part of our collective imagination for decades, first epitomized at the 1939 New York World Fair Futurama exhibit which posited an automated highway system (AHS), sponsored by General Motors. Research on AHS conducted at The Ohio State University led to the development of the world's first partially autonomous vehicle in 1962. Fast forward half a century and the goal of achieving autonomous driving is firmly fixed in the glare of our automobile headlights. Leading automakers, as well as technology companies, are promising autonomous or at least highly autonomous automobiles within the next three years. At the forefront, Alphabet Inc Cl C (GOOG US) represented by its automotive spin-off Waymo, is in the process of launching the world's first driverless taxi service in Phoenix, Arizona. General Motors Co (GM US), arguably the closest to Waymo in technology terms, has announced similar plans to launch an autonomous ride-sharing service in 2019.Not all is rosy in the autonomous driving garden, however. The sector has been plagued by high-profile defections of key staff leaving to either create their own startups or join competitors. These moves have led to equally high-profile and in some cases, embarrassing, law-suits. Other companies rush to hire talented artificial intelligence engineers has decimated the research ranks of leading universities.The safety and reliability of autonomous driving technology on our streets today has also been thrown into doubt in recent times. Just two days ago, on March 18'th, the first fatal accident involving an autonomous vehicle occurred in Phoenix Arizona, details here. That vehicle was a Volvo XC90 and was part of Uber Technologies Inc self-driving test fleet in the city. According to initial reports, the vehicle was operating in autonomous mode and had a safety driver on board. While we need to await the outcome of this particular investigation, previous incidents involving other autonomous vehicles highlight some astonishing shortcomings of the technology being used on our streets today. Indeed, there are now serious questions about the viability of so-called Level 3 autonomous driving in so far as they rely on emergency intervention by a driver highly likely to have been distracted by something more exciting than monitoring an automobile driving by itself. Autonomous driving is a subject far too broad to be covered in a single Insight. Consider this a primer where we begin by examining the origins of autonomous driving, tracing its roots back to 1960s which, by no coincidence, was also the starting point for much of the research on modern-day artificial intelligence. We look at the specific factors which combined to propel autonomous driving from the AI laboratories of prestigious universities to the drawing boards of multinationals around the globe. We review the framework for the different levels of autonomous driving and highlight the fact that most auto OEM's choose to largely ignore them. We then examine in detail the aforementioned issues with Level 3 autonomous driving and reveal that the technology used in the Volvo XC90, the vehicle involved in the recent fatal accident in Phoenix, specifically warns in its user manual that it should not be used for city driving and that it cannot detect pedestrians, cyclists etc. Recognizing the seminal role that Alphabet Inc Cl C (GOOG US) has played in advancing the technology, we provide an in-depth review of their self-driving initiative from its inception as a secretive Google X project to its current day incarnation as Waymo. By way of contrast, we examine the autonomous driving ambitions of one of the world's leading auto OEMs, General Motors, and provide a detailed review of their progress to date. Finally, we address the question on everybody's mind when it comes to autonomous driving - are we there yet?

<ul>
<li>
<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> recently posted another set of positive results, with another quarter of positive adjusted EBITDA. We conducted a follow-up call to explore the outlook for 2024. </li>
<li>The company announced both a US$500m Buyback and the potential for improving margins in its deliveries business plus several new initiatives to drive growth in 2024 and beyond. </li>
<li>Grab Financial continue to grow its loan book through lending to drivers and merchants, which should help to improve margins plus its high-margin advertising income is becoming increasingly important.</li>
</ul>



Grab Holdings (GRAB US) recently posted another set of positive results, with another quarter of positive adjusted EBITDA. We conducted a follow-up call to explore the outlook for 2024. 
The company announced both a US$500m Buyback and the potential for improving margins in its deliveries business plus several new initiatives to drive growth in 2024 and beyond. 
Grab Financial continue to grow its loan book through lending to drivers and merchants, which should help to improve margins plus its high-margin advertising income is becoming increasingly important.


United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Grab Holdings (GRAB US) - Rich in Initiatives

Grab's 1Q2024 results will reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive...

Angus Mackintosh

Lalatech IPO: New Filing Shows March From Losses To Profits Between 2021 and 2023

We doubt Lalatech will be able to repeat anything like the dramatic improvements in CoR and OpEx the company showed between 2021 and 2023.

Tracking Traffic

Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

For us, the most urgent questions for Lalatech still revolve around its "incredible" progress on cost control and how the company will successfully...

Tracking Traffic

Autonomous Driving- Are We There Yet?

I find it fascinating to read this again, almost six years to the day since I published it. I intend to publish an update on this topic in the...

William Keating

Grab Holdings (GRAB US) - 2024 Set Up

Grab Holdings recently posted another set of positive results, with another quarter of positive adjusted EBITDA. We conducted a follow-up call to...

Angus Mackintosh

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