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

Link Net (LINK IJ) - Moving into Pole Position

Link Net (LINK:IJ)- New Subscriber Growth Strategy Working. The Company Is Undervalued.

Link Net (LINK IJ) - Ahead on Poles and Subscribers

Link Net Tbk Pt (LINK IJ) - Entertaining and Connecting the Home Crowd

Link Net Tbk Pt (LINK IJ) - 1Q2020 Big on Subscribers but at a Higher Cost

Link Net (LINK IJ) - Lifting a Long-Term Overhang

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

<div class="content-highlight"><p><a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net Tbk Pt (LINK IJ)</a> announced its 1H2020 today and subsequently held an analyst call. The key focus of the call was on the long-awaited renewal of its agreement with State Electricity company PLN to carry the company's fibre on its poles. At the same time. <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net Tbk Pt (LINK IJ)</a> announced that it will migrate to its own poles over the next two years to avoid the risk of future escalation of fees and to be financed by debt.</p></div><p><a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net Tbk Pt (LINK IJ)</a> confirmed today that it has extended its agreement with PLN for usage of its poles to carry its fibre until 2022 but at a cost. The terms of the agreement involve a revenue share of 3.6% of <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net Tbk Pt (LINK IJ)'</a>s top-line versus a previous revenue share of 1.8%.</p><p>This is a fixed number no matter how much of the network is carried by PLN. Currently, Link Net carries around 50% of its fibre on its own network but will look to increase to 100% over the next two years. </p><p>In order to achieve this target, the company outlined planned Capex of IDR3tn between 2020-2022 to be financed internally and through bank borrowings of IDR1.8-2.0tn in 2020 rising to IDR3.0-3.5tn in 2021. </p><div class="content-highlight"><p><a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net Tbk Pt (LINK IJ)</a> looks cheap on most measures on a forward FY21E PER of  5.4x and EV/EBITDA of 3.5x FY21E. The resolution of this lingering overhang with a longer-term solution should be a positive tailwind. </p></div>

Link Net Tbk Pt (LINK IJ) announced its 1H2020 today and subsequently held an analyst call. The key focus of the call was on the long-awaited renewal of its agreement with State Electricity company PLN to carry the company's fibre on its poles. At the same time. Link Net Tbk Pt (LINK IJ) announced that it will migrate to its own poles over the next two years to avoid the risk of future escalation of fees and to be financed by debt.Link Net Tbk Pt (LINK IJ) confirmed today that it has extended its agreement with PLN for usage of its poles to carry its fibre until 2022 but at a cost. The terms of the agreement involve a revenue share of 3.6% of Link Net Tbk Pt (LINK IJ)'s top-line versus a previous revenue share of 1.8%.This is a fixed number no matter how much of the network is carried by PLN. Currently, Link Net carries around 50% of its fibre on its own network but will look to increase to 100% over the next two years. In order to achieve this target, the company outlined planned Capex of IDR3tn between 2020-2022 to be financed internally and through bank borrowings of IDR1.8-2.0tn in 2020 rising to IDR3.0-3.5tn in 2021. Link Net Tbk Pt (LINK IJ) looks cheap on most measures on a forward FY21E PER of  5.4x and EV/EBITDA of 3.5x FY21E. The resolution of this lingering overhang with a longer-term solution should be a positive tailwind. 

Link Net Tbk Pt (LINK IJ) - Summer Migration at Last