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 in ASEAN@Smartkarma - Astra & UNTR Are Cheap, Indonesian Autos, and SCB X

Siam Commercial Bank (SCB TB) - Let the Games Begin

BANKING SECTOR : Small Lending Growth in May

Thailand Tourism - Accelerating Tourist Arrivals; U/G To Positive

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/siam-commercial-bank-scb-x" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">SCB X</a> has been a slightly disappointing performer since its restructuring under a new holding company to allow for a reallocation of capital towards growing tech areas.</li>
<li>A key overhang has been its sizable planned investment into leading Thai crypto exchange BitKub but the due diligence for this has been extended signalling a potential cancellation. </li>
<li>The bank's core business is recovering with loan growth recovering and credit costs coming down plus strong growth in digital banking reducing costs. Valuations are attractive on 0.7x FY22E PBV.</li>
</ul>



SCB X has been a slightly disappointing performer since its restructuring under a new holding company to allow for a reallocation of capital towards growing tech areas.
A key overhang has been its sizable planned investment into leading Thai crypto exchange BitKub but the due diligence for this has been extended signalling a potential cancellation. 
The bank's core business is recovering with loan growth recovering and credit costs coming down plus strong growth in digital banking reducing costs. Valuations are attractive on 0.7x FY22E PBV.


SCB X (SCB TB) - The Song Remains the Same