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

StubWorld: ThaiBev’s BeerCo Spin-Off One Step Closer

ThaiBev BeerCo Pre-IPO - Valuation Updates and Crystallizing Growth Potential for BeerCo

ECM Weekly (11th April 2021) - Tencent Block, WeDoctor, YiShengBio, Trip HK, Visional, Macrotech Dev

Thai Beverage (THBEV SP) - Beer Aids Recovery

ThaiBev’s Strong 1QFY21 Results Could Shift Opinions About The BeerCo Spin-Off

StubWorld: Double Stub Via ThaiBev's BeerCo IPO

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

<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> announced its 1Q2020 results last week, which saw the company beating expectations in achieving a strong rebound in profits, with a significant improvement to margins for the beer business due to cost controls. This has confounded the more skeptical commentators out there. Our channel checks with the packaging industry suggest a gradual recovery ahead.
Along with the results announcement, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> broke out the numbers for the BeerCo in some detail and outlined the company's strategy for the spin-off over the long-term. The growth potential for the BeerCo looks appealing given the company's geographical coverage and "champion" brands. It has also indicated that there may be the potential for regional acquisitions in South East Asia. 
We see the spin-off of the beer business as a positive catalyst for <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>, although this may be dampened by a holding company discount. Even taking this into account, we see significant upside for the company. More details below the fold.

Thai Beverage (THBEV SP) announced its 1Q2020 results last week, which saw the company beating expectations in achieving a strong rebound in profits, with a significant improvement to margins for the beer business due to cost controls. This has confounded the more skeptical commentators out there. Our channel checks with the packaging industry suggest a gradual recovery ahead.
Along with the results announcement, Thai Beverage (THBEV SP) broke out the numbers for the BeerCo in some detail and outlined the company's strategy for the spin-off over the long-term. The growth potential for the BeerCo looks appealing given the company's geographical coverage and "champion" brands. It has also indicated that there may be the potential for regional acquisitions in South East Asia. 
We see the spin-off of the beer business as a positive catalyst for Thai Beverage (THBEV SP), although this may be dampened by a holding company discount. Even taking this into account, we see significant upside for the company. More details below the fold. 

Thai Beverage (THBEV SP) - More Clarity With Beer