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 - Sea Ltd's Changing Tide, GoTo's Synergies, and Thai Hotels

SEA EConomy - A Squall in 2022 with Rough Seas Ahead

SEA Lock-Up - Tencent Is once Again About to Be Free to Trim Its US$8bn Stake

Sea Ltd (SE US) - Navigating Challenging Waters With Sails Set

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. </li>
<li>The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. </li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.</li>
</ul>



Sea Ltd results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. 
The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. 

Sea Ltd suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.


Sea Ltd (SE US) - Turning Tides Present a Different Wave