ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was That Was in ASEAN@Smartkarma - CP Axtra's Gaff, Berli Jucker, and ITMG's Value

CP ALL (CPALL TB) - Caught in a Force Seven Gale

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, CPALL, and Grab Holdings

Berli Jucker (BJC TB) - Big C on the Turn

Berli Jucker (BJC TB) - Big C's Tourism Factor

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

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<li>
<a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a> has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project with a related party. </li>
<li>Investing in malls is part of CP Axtra's business although its major focus is on its retail business which includes wholesale under Makro and its Lotus hypermarket and supermarket businesses.  </li>
<li>The sell-off looks overdone but has been clouded by the sale of shares in parent <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL</a> by its vice-chairman ahead of the announcement raising further governance concerns. </li>
</ul>



CP Axtra (CPAXT TB) has seen a heavy impact on its share price following an announcement it would invest THB12-15bn in a mixed-use property project with a related party. 
Investing in malls is part of CP Axtra's business although its major focus is on its retail business which includes wholesale under Makro and its Lotus hypermarket and supermarket businesses.  
The sell-off looks overdone but has been clouded by the sale of shares in parent CP ALL by its vice-chairman ahead of the announcement raising further governance concerns. 


CP AXTRA (CPAXTRA TB) - Governance Concerns over Property Investment