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

ASEAN as Epicentre of the Covid Crisis: Malaysia Worst Off, Indonesia Improving

What Are The Bond Markets Really Saying About The Slowing World Economy?

The Week That Was in ASEAN@Smartkarma - Online Groceries, BCA's Consumers, and Astra's Recovery

Mitra Adiperkasa (MAPI IJ) - Mercury Rising

Bank Negara Indonesia (BBNI IJ) - The Happening

Astra International (ASII IJ) - Digitally Remastered in a Cyclical Recovery

Gravity Works As WeWork Doesn't; Now Plan B

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

Multiple Countries / Cross Asset Strategy

Indonesia hit another record-breaking day of new COVID-19 cases with  21,095 new cases today, another new record. Jakarta saw cases spike +33.7% to 9,271 and account for around a third of national cases.
The country has imposed micro restrictions (PPKN MIkro) to avoid a significant impact on the economy.  
The spike in numbers is certainly a concern and we continue to monitor developments closely but looking at the last outbreak after the Christmas holiday period, we would expect a peak relatively soon and looking at India as an example, the decline in new cases can also be equally rapid.
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We do expect to see a continuing rose in investment spending and especially from the government, coupled with a gradual improvement in consumption growth, which will help the recovery in the economy although this may be impacted by the most recent spike in cases. 
We remain constructive on the recovery but will keep a close eye on this ongoing outbreak but we remain constructive and would buy into market weakness.
Major banks banks are flush with liquidity, with loan to deposit ratios at near term historical lows, credits cost are starting to come down, and funding cost are also knocking on historical lows.
We also like <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> as a play on the recovery through its auto and financing business, together with its commodity exposure plus growing interest in growing its exposure to the digital economy. We also like selective retailers and healthcare stocks.

Indonesia hit another record-breaking day of new COVID-19 cases with  21,095 new cases today, another new record. Jakarta saw cases spike +33.7% to 9,271 and account for around a third of national cases.
The country has imposed micro restrictions (PPKN MIkro) to avoid a significant impact on the economy.  
The spike in numbers is certainly a concern and we continue to monitor developments closely but looking at the last outbreak after the Christmas holiday period, we would expect a peak relatively soon and looking at India as an example, the decline in new cases can also be equally rapid.

We do expect to see a continuing rose in investment spending and especially from the government, coupled with a gradual improvement in consumption growth, which will help the recovery in the economy although this may be impacted by the most recent spike in cases. 
We remain constructive on the recovery but will keep a close eye on this ongoing outbreak but we remain constructive and would buy into market weakness.
Major banks banks are flush with liquidity, with loan to deposit ratios at near term historical lows, credits cost are starting to come down, and funding cost are also knocking on historical lows.
We also like Astra International (ASII IJ) as a play on the recovery through its auto and financing business, together with its commodity exposure plus growing interest in growing its exposure to the digital economy. We also like selective retailers and healthcare stocks.

Indonesia Strategy - Rolling the Dice on COVID-19?