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

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

Thematic (Sector/Industry)

This week's offering from <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> includes a plethora of bottom-up equity analysis from our providers on the ground, as well as some in-depth top-down and thematic insights from across the region. I also include below some initial notes from a recent meeting with <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird Tbk Pt (BIRD IJ)</a>, which continues to focus on better utilizing its fleet and finding new booking channels, both online and offline, to get more taxis on the road. For full details please scroll down to the detailed section of this insight. <div class="content-highlight">A brief summary of this week's Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a>. For full details please scroll down.</div>In <a href="https://www.smartkarma.com/insights/philippine-telcos-recent-meetings-suggest-pldt-s-fixed-line-investments-are-starting-to-pay-off" target="_blank" data-smartkarma-citation="insights:13992">Philippine Telcos: Recent Meetings Suggest PLDT’s Fixed Line Investments Are Starting to Pay Off</a>, our friends at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> comment on the Philippine Telco companies post recent meetings and come away with a preference for <a href="https://www.smartkarma.com/entities/4215" target="_blank" data-smartkarma-citation="entities:4215:1">Philippine Long Distance Tel (TEL PM)</a> over <a href="https://www.smartkarma.com/entities/1926" target="_blank" data-smartkarma-citation="entities:1926:1">Globe Telecom Inc (GLO PM</a>).In <a href="https://www.smartkarma.com/insights/hidden-tigers-sequel-from-milk-to-malls" target="_blank" data-smartkarma-citation="insights:13536">Hidden Tigers Sequel: From Milk To Malls</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at the companies associated with the Bulakool family, including <a href="https://www.smartkarma.com/entities/1367" target="_blank" data-smartkarma-citation="entities:1367:1">Mbk Pcl (MBK TB</a>).In his insight, <a href="https://www.smartkarma.com/insights/mega-growing-in-africa-and-malaysia" target="_blank" data-smartkarma-citation="insights:14068">MEGA: Growing in Africa and Malaysia</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> looks at pharma nutritional supplement play, <a href="https://www.smartkarma.com/entities/17462" target="_blank" data-smartkarma-citation="entities:17462:1">Mega Lifesciences Pcl (MEGA TB)</a>, which operates through three segments: Brands, Distribution, and as an Original Equipment Manufacturer (OEM).In <a href="https://www.smartkarma.com/insights/singapore-blockbuster-growth-in-3q17-even-better-than-we-thought-a-week-ago" target="_blank" data-smartkarma-citation="insights:14069">Singapore: Blockbuster Growth in 3Q17 – Even Better than We Thought a Week Ago</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> comments on recent economic figures coming out from Singapore.  Headline inflation increased 0.4% YoY in Aug 2017, down slightly from +0.6% in July. Industrial production was up a staggering 19.1% YoY on Aug 17, after surging +21.2% in July 2017. In a property insight, <a href="https://www.smartkarma.com/insights/turned-around-what-s-next" target="_blank" data-smartkarma-citation="insights:14066">Turned Around, What’s Next?</a>, <a href="https://www.smartkarma.com/profiles/500" target="_blank" data-smartkarma-citation="accounts:500">TAN Kok Keong</a> notes that Singapore's private residential property price index registered a positive growth for the first time in four years. In <a href="https://www.smartkarma.com/insights/ipo-radar-do-day-dream-the-turbo-charged-snail-cream-startup" target="_blank" data-smartkarma-citation="insights:13500">IPO Radar: Do Day Dream, the Turbo-Charged Snail Cream Startup</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  notes that ever since <a href="https://www.smartkarma.com/entities/1342" target="_blank" data-smartkarma-citation="entities:1342:1">Beauty Community Pcl (BEAUTY TB)</a> did its IPO less than five years ago, it has become the holy grail for Thai cosmetic/skincare sector. With this in mind, he takes a look at <a href="https://www.smartkarma.com/entities/25886" target="_blank" data-smartkarma-citation="entities:25886:1">Do Day Dream PCL (DDD TB)</a> IPO and takes a positive view on this facial care player, whose main brand is called Snail White.In <a href="https://www.smartkarma.com/insights/s-reit-weekly-what-transpired-in-the-s-reit-scene-credit-rating-downgrades-office-positive" target="_blank" data-smartkarma-citation="insights:13866">S-REIT Weekly: What Transpired in the S-REIT Scene - Credit Rating Downgrades, Office Positive</a>, <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a> looks at developments in Singapore REIT space over the last week including S&amp;P's downgrade of <a href="https://www.smartkarma.com/entities/1077" target="_blank" data-smartkarma-citation="entities:1077:1">Capitaland Commercial Trust (CCT SP)</a>'s issuer rating from A- to BBB+.In <a href="https://www.smartkarma.com/insights/malaysia-brace-for-upside-surprises" target="_blank" data-smartkarma-citation="insights:14110">Malaysia: Brace for Upside Surprises</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> notes that a conducive external sector, coupled with resilient domestic demand has led to the Malaysian economy posting stellar growth in 1H17. There is good reason to believe that this growth can be sustained over the course of the year.In <a href="https://www.smartkarma.com/insights/pttgc-mother-injected-assets-in-this-petrochemical-company" target="_blank" data-smartkarma-citation="insights:14109">PTTGC: Mother Injected Assets in This Petrochemical Company</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>   sees a strong 3Q17 outlook, as <a href="https://www.smartkarma.com/entities/19852" target="_blank" data-smartkarma-citation="entities:19852:1">PTT Global Chemical Pcl (PTTGC TB)</a> should run at high utilization and start recognizing revenue from acquired assets from <a href="https://www.smartkarma.com/entities/197" target="_blank" data-smartkarma-citation="entities:197:1">PTT PCL (PTT TB)</a>, while spreads should be supported by high seasonal demand for chemicals.In <a href="https://www.smartkarma.com/insights/malaysia-airports-placement-khazanah-sells-a-small-stake" target="_blank" data-smartkarma-citation="insights:14126">Malaysia Airports Placement - Khazanah Sells a Small Stake</a>, our own <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> comments on Khazanah Nasional's sale of 58.1m shares of <a href="https://www.smartkarma.com/entities/117" target="_blank" data-smartkarma-citation="entities:117:1">Malaysia Airports Hldgs Bhd (MAHB MK)</a> worth approximately US$112m. Post sale, Khazanah will still hold 33.2% of MAHB's total outstanding shares. In <a href="https://www.smartkarma.com/insights/two-outstanding-property-companies-ananda-lalin" target="_blank" data-smartkarma-citation="insights:13535">Two Outstanding Property Companies: ANANDA &amp; LALIN</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> picks out what he sees as two outstanding property companies in Thailand, namely Single Detached House (SDH) player <a href="https://www.smartkarma.com/entities/3934" target="_blank" data-smartkarma-citation="entities:3934:1">Lalin Property Pcl (LALIN TB)</a> and the new "King of the Condos" <a href="https://www.smartkarma.com/entities/12958" target="_blank" data-smartkarma-citation="entities:12958:1">Ananda Development Pcl (ANAN TB)</a>.In <a href="https://www.smartkarma.com/insights/philippines-can-duterte-face-down-rising-political-risks" target="_blank" data-smartkarma-citation="insights:14145">Philippines: Can Duterte Face Down Rising Political Risks?</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> comments on the rising backlash from President Duterte's war on drugs. In a special 2Q17 poll conducted by the Social Weather Station (SWS), 49% of respondents believe that those killed by the police are not really drug pushers. In <a href="https://www.smartkarma.com/insights/s-reit-balanced-scorecard-which-s-reit-aced-with-flying-colors" target="_blank" data-smartkarma-citation="insights:13922">S-REIT Balanced Scorecard: Which S-REIT Aced with Flying Colors?</a>, <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a> notes that the Singapore REIT (S-REIT) market has grown tremendously since its inception in 2002 and has emerged as a REIT listing hub attracting overseas assets. In <a href="https://www.smartkarma.com/insights/astra-international-reminiscences-of-the-old-days-and-current-thoughts" target="_blank" data-smartkarma-citation="insights:14130">Astra International: Reminiscences of the Old Days And Current Thoughts</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> takes a look back at <a href="https://www.smartkarma.com/entities/46" target="_blank" data-smartkarma-citation="entities:46:1">Astra International Tbk Pt (ASII IJ)</a> 's history and continues to find a company with strong corporate governance and as strong proxy for commodities and consumption in Indonesia. In <a href="https://www.smartkarma.com/insights/indonesia-gatot-s-eye-on-2019-elections-puts-pressure-on-jokowi" target="_blank" data-smartkarma-citation="insights:14146">Indonesia: Gatot’s Eye on 2019 Elections Puts Pressure on Jokowi</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> suggests that Armed Forces Commander General Gatot’s assertion that a “non-military institution” had illegally imported 5,000 firearms without President Jokowi’s knowledge appears to have been targeted at the rival State Intelligence Agency (BIN) as well as being an indirect dig at Jokowi himself. Gatot, who retires in March next year, is likely positioning himself for a run for the presidency or vice-presidency in 2019.In <a href="https://www.smartkarma.com/insights/jmart-mobile-phones-cameras-and-debt-collection" target="_blank" data-smartkarma-citation="insights:14147">JMART: Mobile Phones, Cameras, and Debt Collection</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/12053" target="_blank" data-smartkarma-citation="entities:12053:1">Jaymart Pcl (JMART TB)</a> , whose core business is retailing and wholesaling mobile phones and accessories. It trades above the Thai Info Tech sector at 17.5x FY17E PER but offers 40% EPS growth in a sector that is expected to be somewhat flat.In his insight <a href="https://www.smartkarma.com/insights/assessing-the-implications-of-phoenix-petroleums-entry-to-philippines-lpg-market-on-pryce-corp" target="_blank" data-smartkarma-citation="insights:14113">Assessing the Implications of Phoenix Petroleums Entry to Philippines LPG Market on Pryce Corp</a>, <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> circles back to Philippine LPG player <a href="https://www.smartkarma.com/entities/23216" target="_blank" data-smartkarma-citation="entities:23216:1">Pryce Corp (PPC PM)</a> after the news that <a href="https://www.smartkarma.com/entities/23121" target="_blank" data-smartkarma-citation="entities:23121:1">Phoenix Petroleum Philippines (PNX PM)</a> acquired <a href="https://www.smartkarma.com/entities/9903" target="_blank" data-smartkarma-citation="entities:9903:1">Petronas Dagangan Bhd (PETD MK)</a>’s LPG business in the Philippines. Lloyd reviews the transaction, the operational performance of Petronas LPG as well as assessing the implications for Phoenix Petroleum and the LPG market.In <a href="https://www.smartkarma.com/insights/insiders-buying-in-malaysia" target="_blank" data-smartkarma-citation="insights:14149">Insiders Buying in Malaysia</a>, our friends at <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> note that while sentiment for Malaysian assets has been weak for the last three years, JLL’s preliminary data for 3Q17 signals a turnaround. There has been a pick-up in investment sales in 3Q17, a recovery in underlying Malaysian retail sales and signs of prices recovery in residential property.In <a href="https://www.smartkarma.com/insights/astra-international-transformer-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:13928">Astra International - Transformer</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> writes on the company following a meeting with management at its Sunter headquarters. In <a href="https://www.smartkarma.com/insights/thailand-export-oriented-economy-cruising-politics-febrile-monetary-policy-on-ice" target="_blank" data-smartkarma-citation="insights:14162">Thailand: Export-Oriented Economy Cruising, Politics Febrile, Monetary Policy on Ice</a>, insight provider <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> notes that buoyant external demand has driven the economic upswing, with domestic demand gradually firming up as well in the form of rising private consumption and investment. In <a href="https://www.smartkarma.com/insights/tta-turning-ships-and-baking-pizza" target="_blank" data-smartkarma-citation="insights:14182">TTA: Turning Ships and Baking Pizza</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/20433" target="_blank" data-smartkarma-citation="entities:20433:1">Thoresen Thai Agencies Pcl (TTA TB)</a> which recently acquired Pizza Hut’s Thai operations (to be concluded in 2H17), which should serve as investment diversification due to the non-cyclical nature of this business. In <a href="https://www.smartkarma.com/insights/m-improved-cost-control-at-growing-hot-pot-chain" target="_blank" data-smartkarma-citation="insights:14216">M: Improved Cost Control at Growing Hot-Pot Chain</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a close look at <a href="https://www.smartkarma.com/entities/17689" target="_blank" data-smartkarma-citation="entities:17689:1">MK Restaurants Group PCL (M TB)</a> in Thailand and finds it an attractive proposition with operating margins continuing to expand YoY in 2Q17 due to more products being manufactured in-house, a reduction in outsourced material purchases and enabling better cost controls.In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-the-rise-of-workpoint" target="_blank" data-smartkarma-citation="insights:13406">Thai Media Spotlight: The Rise of Workpoint</a>, our man in Thailand <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> suggests that for as long as he can remember, <a href="https://www.smartkarma.com/entities/16881" target="_blank" data-smartkarma-citation="entities:16881:1">BEC World Public Co Ltd (BEC TB)</a> has always been the most valuable media company in Thailand. That is until now, with <a href="https://www.smartkarma.com/entities/7419" target="_blank" data-smartkarma-citation="entities:7419:1">Workpoint Entertainment Pcl (WORK TB)</a>, which operates the third largest channel in Thailand and is a leader in the game show segment, now surpassing the company's market value. He does however still see a lot of value left in <a href="https://www.smartkarma.com/entities/16881" target="_blank" data-smartkarma-citation="entities:16881:1">BEC World Public Co Ltd (BEC TB)</a>, notwithstanding the recent declines in earnings.In <a href="https://www.smartkarma.com/insights/bvsc-vietnam-q3-macro-update-and-stock-updates" target="_blank" data-smartkarma-citation="insights:12311">BVSC Vietnam: Q3 Macro Update and Stock Updates</a>, our friends at <a href="https://www.smartkarma.com/companies/844" target="_blank" data-smartkarma-citation="companies:844">BAOVIET Securities</a> provide us with an update on the Vietnamese economy, which is on track to deliver growth of around 6.5% in 2017, slightly higher than Baoviet's previous forecast.  The strength of economic growth bodes well for stock market performance for the remainder of this year.

This week's offering from ASEAN@Smartkarma includes a plethora of bottom-up equity analysis from our providers on the ground, as well as some in-depth top-down and thematic insights from across the region. I also include below some initial notes from a recent meeting with Blue Bird Tbk Pt (BIRD IJ), which continues to focus on better utilizing its fleet and finding new booking channels, both online and offline, to get more taxis on the road. For full details please scroll down to the detailed section of this insight. A brief summary of this week's Insights across ASEAN@Smartkarma. For full details please scroll down.In Philippine Telcos: Recent Meetings Suggest PLDT’s Fixed Line Investments Are Starting to Pay Off, our friends at New Street Research comment on the Philippine Telco companies post recent meetings and come away with a preference for Philippine Long Distance Tel (TEL PM) over Globe Telecom Inc (GLO PM).In Hidden Tigers Sequel: From Milk To Malls, our Thai guru Athaporn Arayasantiparb, CFA takes a look at the companies associated with the Bulakool family, including Mbk Pcl (MBK TB).In his insight, MEGA: Growing in Africa and Malaysia, Dr. Andrew Stotz, CFA looks at pharma nutritional supplement play, Mega Lifesciences Pcl (MEGA TB), which operates through three segments: Brands, Distribution, and as an Original Equipment Manufacturer (OEM).In Singapore: Blockbuster Growth in 3Q17 – Even Better than We Thought a Week Ago, Jason Tan comments on recent economic figures coming out from Singapore.  Headline inflation increased 0.4% YoY in Aug 2017, down slightly from +0.6% in July. Industrial production was up a staggering 19.1% YoY on Aug 17, after surging +21.2% in July 2017. In a property insight, Turned Around, What’s Next?, TAN Kok Keong notes that Singapore's private residential property price index registered a positive growth for the first time in four years. In IPO Radar: Do Day Dream, the Turbo-Charged Snail Cream Startup, our Thai guru Athaporn Arayasantiparb, CFA  notes that ever since Beauty Community Pcl (BEAUTY TB) did its IPO less than five years ago, it has become the holy grail for Thai cosmetic/skincare sector. With this in mind, he takes a look at Do Day Dream PCL (DDD TB) IPO and takes a positive view on this facial care player, whose main brand is called Snail White.In S-REIT Weekly: What Transpired in the S-REIT Scene - Credit Rating Downgrades, Office Positive, Will Tan, CAIA looks at developments in Singapore REIT space over the last week including S&amp;P's downgrade of Capitaland Commercial Trust (CCT SP)'s issuer rating from A- to BBB+.In Malaysia: Brace for Upside Surprises, Manu Bhaskaran notes that a conducive external sector, coupled with resilient domestic demand has led to the Malaysian economy posting stellar growth in 1H17. There is good reason to believe that this growth can be sustained over the course of the year.In PTTGC: Mother Injected Assets in This Petrochemical Company, Dr. Andrew Stotz, CFA   sees a strong 3Q17 outlook, as PTT Global Chemical Pcl (PTTGC TB) should run at high utilization and start recognizing revenue from acquired assets from PTT PCL (PTT TB), while spreads should be supported by high seasonal demand for chemicals.In Malaysia Airports Placement - Khazanah Sells a Small Stake, our own Toh Zhen Zhou comments on Khazanah Nasional's sale of 58.1m shares of Malaysia Airports Hldgs Bhd (MAHB MK) worth approximately US$112m. Post sale, Khazanah will still hold 33.2% of MAHB's total outstanding shares. In Two Outstanding Property Companies: ANANDA &amp; LALIN, Athaporn Arayasantiparb, CFA picks out what he sees as two outstanding property companies in Thailand, namely Single Detached House (SDH) player Lalin Property Pcl (LALIN TB) and the new "King of the Condos" Ananda Development Pcl (ANAN TB).In Philippines: Can Duterte Face Down Rising Political Risks?, Jason Tan comments on the rising backlash from President Duterte's war on drugs. In a special 2Q17 poll conducted by the Social Weather Station (SWS), 49% of respondents believe that those killed by the police are not really drug pushers. In S-REIT Balanced Scorecard: Which S-REIT Aced with Flying Colors?, Will Tan, CAIA notes that the Singapore REIT (S-REIT) market has grown tremendously since its inception in 2002 and has emerged as a REIT listing hub attracting overseas assets. In Astra International: Reminiscences of the Old Days And Current Thoughts, Johannes Salim, CFA takes a look back at Astra International Tbk Pt (ASII IJ) 's history and continues to find a company with strong corporate governance and as strong proxy for commodities and consumption in Indonesia. In Indonesia: Gatot’s Eye on 2019 Elections Puts Pressure on Jokowi, Manu Bhaskaran suggests that Armed Forces Commander General Gatot’s assertion that a “non-military institution” had illegally imported 5,000 firearms without President Jokowi’s knowledge appears to have been targeted at the rival State Intelligence Agency (BIN) as well as being an indirect dig at Jokowi himself. Gatot, who retires in March next year, is likely positioning himself for a run for the presidency or vice-presidency in 2019.In JMART: Mobile Phones, Cameras, and Debt Collection, Dr. Andrew Stotz, CFA takes a look at Jaymart Pcl (JMART TB) , whose core business is retailing and wholesaling mobile phones and accessories. It trades above the Thai Info Tech sector at 17.5x FY17E PER but offers 40% EPS growth in a sector that is expected to be somewhat flat.In his insight Assessing the Implications of Phoenix Petroleums Entry to Philippines LPG Market on Pryce Corp, Lloyd Moffatt circles back to Philippine LPG player Pryce Corp (PPC PM) after the news that Phoenix Petroleum Philippines (PNX PM) acquired Petronas Dagangan Bhd (PETD MK)’s LPG business in the Philippines. Lloyd reviews the transaction, the operational performance of Petronas LPG as well as assessing the implications for Phoenix Petroleum and the LPG market.In Insiders Buying in Malaysia, our friends at Jones Lang Lasalle note that while sentiment for Malaysian assets has been weak for the last three years, JLL’s preliminary data for 3Q17 signals a turnaround. There has been a pick-up in investment sales in 3Q17, a recovery in underlying Malaysian retail sales and signs of prices recovery in residential property.In Astra International - Transformer, former Jakartan Angus Mackintosh writes on the company following a meeting with management at its Sunter headquarters. In Thailand: Export-Oriented Economy Cruising, Politics Febrile, Monetary Policy on Ice, insight provider Manu Bhaskaran notes that buoyant external demand has driven the economic upswing, with domestic demand gradually firming up as well in the form of rising private consumption and investment. In TTA: Turning Ships and Baking Pizza, Dr. Andrew Stotz, CFA works his magic on Thoresen Thai Agencies Pcl (TTA TB) which recently acquired Pizza Hut’s Thai operations (to be concluded in 2H17), which should serve as investment diversification due to the non-cyclical nature of this business. In M: Improved Cost Control at Growing Hot-Pot Chain, Dr. Andrew Stotz, CFA takes a close look at MK Restaurants Group PCL (M TB) in Thailand and finds it an attractive proposition with operating margins continuing to expand YoY in 2Q17 due to more products being manufactured in-house, a reduction in outsourced material purchases and enabling better cost controls.In Thai Media Spotlight: The Rise of Workpoint, our man in Thailand Athaporn Arayasantiparb, CFA suggests that for as long as he can remember, BEC World Public Co Ltd (BEC TB) has always been the most valuable media company in Thailand. That is until now, with Workpoint Entertainment Pcl (WORK TB), which operates the third largest channel in Thailand and is a leader in the game show segment, now surpassing the company's market value. He does however still see a lot of value left in BEC World Public Co Ltd (BEC TB), notwithstanding the recent declines in earnings.In BVSC Vietnam: Q3 Macro Update and Stock Updates, our friends at BAOVIET Securities provide us with an update on the Vietnamese economy, which is on track to deliver growth of around 6.5% in 2017, slightly higher than Baoviet's previous forecast.  The strength of economic growth bodes well for stock market performance for the remainder of this year.

The Week that Was in ASEAN@Smartkarma - Beauty, Mobile Phones, and Media