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

<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">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 and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div><h3>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/singapore-snag-in-succession-points-to-deeper-weaknesses-in-political-system" target="_blank" rel="noopener"> Singapore: Snag in Succession Points to Deeper Weaknesses in Political System</a>,<a href="https://www.smartkarma.com/profiles/manu-bhaskaran" target="_blank" rel="noopener"> Manu Bhaskaran</a> discusses the recent hiccup with succession plans in Singapore and the political consequences. </p><h3>Equity Bottom Up</h3><p>In <a href="https://www.smartkarma.com/insights/grab-biting-the-bullet-with-a-spac-listing" target="_blank" rel="noopener">Grab - Biting the Bullet with a SPAC Listing?</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> reports back on<a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" rel="noopener"> Grab (0967655D SP)</a> as it looks to be going ahead with a SPAC listing through Altimeter Capital in the US. </p><p>In<a href="https://www.smartkarma.com/insights/siloam-international-hospital-silo-ij-a-quickening-metabolism" target="_blank" rel="noopener"> Siloam International Hospital (SILO IJ) - A Quickening Metabolism</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" rel="noopener"> Siloam International Hospital (SILO IJ)</a> after the company released a very solid set of FY2020 numbers. </p><p>In <a href="https://www.smartkarma.com/insights/airport-of-thailand-aot-3rd-wave-is-a-charm" target="_blank" data-smartkarma-citation="insights:50212" rel="noopener">Airport of Thailand (AOT): 3rd Wave Is a Charm</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> discusses the outlook for <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> in light of rising COVID-19 cases in Thailand.</p><p>In <a href="https://www.smartkarma.com/insights/thaibev-beerco-pre-ipo-valuation-updates-and-crystallizing-growth-potential-for-beerco" target="_blank" data-smartkarma-citation="insights:50198" rel="noopener">ThaiBev BeerCo Pre-IPO - Valuation Updates and Crystallizing Growth Potential for BeerCo</a>, <a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a> updates on the progress on this upcoming IPO and looks at the valuations for <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> in light of the impending spin-off. </p><p>In<a href="https://www.smartkarma.com/insights/chib-better-capitalisation-liquidity-efficiency-offset-asset-quality-concerns" target="_blank" rel="noopener"> CHIB: Better Capitalisation, Liquidity &amp; Efficiency Offset Asset Quality Concerns</a>,<a href="https://www.smartkarma.com/profiles/paul-hollingworth" target="_blank" rel="noopener"> Paul Hollingworth</a> reports back on<a href="https://www.smartkarma.com/entities/china-banking-corporation" target="_blank" rel="noopener"> China Banking (CHIB PM)</a> after its FY20/19 results show strong fundamental trends.</p><p>In<a href="https://www.smartkarma.com/insights/vng-vinagame-the-only-tech-unicorn-in-vietnam" target="_blank" rel="noopener"> VNG (VinaGame): The Only Tech Unicorn In Vietnam</a>,<a href="https://www.smartkarma.com/profiles/alec-tseung" target="_blank" rel="noopener"> Alec Tseung</a> discusses<a href="https://www.smartkarma.com/entities/vinagame-corp" target="_blank" rel="noopener"> Vinagame Corp (0113477D VN)</a> and sees exciting prospects ahead.  </p><p>In <a href="https://www.smartkarma.com/insights/singapore-exchange-into-merlion-s-mouth" target="_blank" data-smartkarma-citation="insights:50177" rel="noopener">Singapore Exchange – Into Merlion’s Mouth</a>, <a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> takes a look at <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> in light of its recent plans to allow SPAC listings but does not see this as any sort of panacea.</p><h3>Sector and Thematic </h3><p>In<a href="https://www.smartkarma.com/insights/quiddity-m-a-guide-2021-thailand" target="_blank" rel="noopener"> Quiddity M&amp;A Guide 2021: Thailand</a>,<a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" rel="noopener"> David Blennerhassett</a> provides an updated guide on Mergers and acquisitions of public companies in Thailand. </p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/indika-energy-earnings-flash-fy-2020-results-lucror-analytics" target="_blank" rel="noopener"> Indika Energy - Earnings Flash - FY 2020 Results - Lucror Analytics</a>, credit specialist<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> revisits<a href="https://www.smartkarma.com/entities/indika-energy-tbk-pt" target="_blank" rel="noopener"> Indika Energy (INDY IJ)</a> after its FY 2020 results came in weaker than expected. He expects the company will have a  better performance in FY2021.</p><p>In<a href="https://www.smartkarma.com/insights/morning-views-asia-china-aoyuan-property-cifi-holdings-lippo-karawaci-sirtex-medical" target="_blank" rel="noopener"> Morning Views Asia: China Aoyuan Property, CIFI Holdings, Lippo Karawaci, Sirtex Medical</a>,<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> provides an update on<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" rel="noopener"> Lippo Karawaci (LPKR IJ)</a> after the company reported a strong set of Q1/21 marketing sales. </p>


The week that was in 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 and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
Macro InsightsIn Singapore: Snag in Succession Points to Deeper Weaknesses in Political System, Manu Bhaskaran discusses the recent hiccup with succession plans in Singapore and the political consequences. Equity Bottom UpIn Grab - Biting the Bullet with a SPAC Listing?, CrossASEAN Insight Provider Angus Mackintosh reports back on Grab (0967655D SP) as it looks to be going ahead with a SPAC listing through Altimeter Capital in the US. In Siloam International Hospital (SILO IJ) - A Quickening Metabolism, CrossASEAN insight provider Angus Mackintosh revisits Siloam International Hospital (SILO IJ) after the company released a very solid set of FY2020 numbers. In Airport of Thailand (AOT): 3rd Wave Is a Charm, CrossASEAN Insight Provider Henry Soediarko discusses the outlook for Airports of Thailand (AOT TB) in light of rising COVID-19 cases in Thailand.In ThaiBev BeerCo Pre-IPO - Valuation Updates and Crystallizing Growth Potential for BeerCo, Zhen Zhou, Toh updates on the progress on this upcoming IPO and looks at the valuations for Thai Beverage (THBEV SP) in light of the impending spin-off. In CHIB: Better Capitalisation, Liquidity &amp; Efficiency Offset Asset Quality Concerns, Paul Hollingworth reports back on China Banking (CHIB PM) after its FY20/19 results show strong fundamental trends.In VNG (VinaGame): The Only Tech Unicorn In Vietnam, Alec Tseung discusses Vinagame Corp (0113477D VN) and sees exciting prospects ahead.  In Singapore Exchange – Into Merlion’s Mouth, Thomas J. Monaco takes a look at SGX (SGX SP) in light of its recent plans to allow SPAC listings but does not see this as any sort of panacea.Sector and Thematic In Quiddity M&amp;A Guide 2021: Thailand, David Blennerhassett provides an updated guide on Mergers and acquisitions of public companies in Thailand. Credit InsightsIn Indika Energy - Earnings Flash - FY 2020 Results - Lucror Analytics, credit specialist Trung Nguyen revisits Indika Energy (INDY IJ) after its FY 2020 results came in weaker than expected. He expects the company will have a  better performance in FY2021.In Morning Views Asia: China Aoyuan Property, CIFI Holdings, Lippo Karawaci, Sirtex Medical, Trung Nguyen provides an update on Lippo Karawaci (LPKR IJ) after the company reported a strong set of Q1/21 marketing sales. 

The Week That Was in ASEAN@Smartkarma - Grab's SPAC Plans, Indonesia Hospitals, and ThaiBev

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

Private Capital Markets

<ul>
<li>Underpinned by strong economic growth and a growing population, Southeast Asia has been one of the hottest emerging markets for investors in recent years</li>
<li>This is especially the case for the largest economy in the region, Indonesia, where there has been a significant increase in venture investments and their valuations</li>
<li>Vietnam is also becoming an increasingly interesting place to tap into the growth potential of the region, given its strong economic growth outlook, and at a more reasonable valuation</li>
<li>The article looks to introduce the only tech unicorn currently in the country – VNG</li>
</ul>


Underpinned by strong economic growth and a growing population, Southeast Asia has been one of the hottest emerging markets for investors in recent years
This is especially the case for the largest economy in the region, Indonesia, where there has been a significant increase in venture investments and their valuations
Vietnam is also becoming an increasingly interesting place to tap into the growth potential of the region, given its strong economic growth outlook, and at a more reasonable valuation
The article looks to introduce the only tech unicorn currently in the country – VNG


VNG (VinaGame): The Only Tech Unicorn In Vietnam

United States

VNG Limited operates a digital infrastructure and technology platform. The Company offers products mobile games, communications and media, fintech, and cloud-based platforms. VNG serves customers worldwide.

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VNG (VNG US)

The Week That Was in ASEAN@Smartkarma - Grab's SPAC Plans, Indonesia Hospitals, and ThaiBev

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...

Angus Mackintosh

VNG (VinaGame): The Only Tech Unicorn In Vietnam

VNG filed for a US listing last week. The investment thesis of the company remains more or less the same as what we highlighted in this note.

Alec Tseung

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