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 Digital IPOs, Bukalapak, and Bangkok Bank

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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

The next 6-12 months are likely to see a rising tide of IPOs of Unicorns from South-East Asia in a race to market through a mixture of SPAC listings and straightforward IPOs.  Companies including <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>, Traveloka, Carousell, and Tiket.com plan to list through SPACs.
Others are looking for a more traditional route, with Goto Group opting for a dual listing in Jakarta and the US but Bukalapak is likely to be the first unicorn to list in Jakarta.
The trends in the Indian ecosystem are often mirrored in South-East Asia and especially in Indonesia given similar demographics. There have also been a number of start-ups in Indonesia started by Indians taking the lead from Indian start-ups.
The online grocery market is also seeing a lot more focus, with <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> through Lazada recently invested US$400m Vietnamese retail leader Masan Corp’s online grocery business There has also been increased activity in this space in Indonesia.
Indonesia has also seen ongoing investments from large listed local companies into the online space as they seek to increase digital exposure.
There is also an ongoing race to get exposure in digital banking with a number of smaller banks being taken over with the aim of transforming them into pure digital players. There are now a total of 15 banks that have declared their intention to become digital banks outlined within.
We also see logistics and digital travel as other areas with candidates for IPOs or SPAC listings for companies such as Traveloka and Tiket.com.

The next 6-12 months are likely to see a rising tide of IPOs of Unicorns from South-East Asia in a race to market through a mixture of SPAC listings and straightforward IPOs.  Companies including Grab, Traveloka, Carousell, and Tiket.com plan to list through SPACs.
Others are looking for a more traditional route, with Goto Group opting for a dual listing in Jakarta and the US but Bukalapak is likely to be the first unicorn to list in Jakarta.
The trends in the Indian ecosystem are often mirrored in South-East Asia and especially in Indonesia given similar demographics. There have also been a number of start-ups in Indonesia started by Indians taking the lead from Indian start-ups.
The online grocery market is also seeing a lot more focus, with Alibaba Group (BABA US) through Lazada recently invested US$400m Vietnamese retail leader Masan Corp’s online grocery business There has also been increased activity in this space in Indonesia.
Indonesia has also seen ongoing investments from large listed local companies into the online space as they seek to increase digital exposure.
There is also an ongoing race to get exposure in digital banking with a number of smaller banks being taken over with the aim of transforming them into pure digital players. There are now a total of 15 banks that have declared their intention to become digital banks outlined within.
We also see logistics and digital travel as other areas with candidates for IPOs or SPAC listings for companies such as Traveloka and Tiket.com. 

Bank Tabungan Pensiunan Nasional (BTPN IJ)

The Rising Tide of Digital IPOs and M&A in SE Asia's Digital Game of Thrones