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)

In the week of Hari Raya Idul Adha, we saw a number of interesting insights, both equity bottom up and top down and thematic. At the start of the week, <a href="https://www.smartkarma.com/entities/1047" target="_blank" data-smartkarma-citation="entities:1047:1">Singapore Exchange Ltd (SGX SP)</a> hosted a research conference with Smartkarma in Singapore, including <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> as a keynote speaker. The event was well attended with around 180 delegates participating, with some interesting panelists in including Hugh Young of Aberdeen Asset Management and Adrian Teng, Group Finance Director of <a href="https://www.smartkarma.com/entities/347" target="_blank" data-smartkarma-citation="entities:347:1">Jardine Cycle &amp; Carriage Ltd (JCNC SP)</a> amongst others.<a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> 's key note speech at the conference was entitled "Reinventing Singapore's Growth Engines", where he presented a very positive picture for not only Singapore but also South East Asia as a whole. This uncharacteristically bullish view (he stated that he has "never been more optimistic") is driven his projections of a weaker <a href="https://www.smartkarma.com/entities/22821" target="_blank" data-smartkarma-citation="entities:22821:1">USD</a>, along with a cyclical and structural growth recovery, aided by strategically strong demographics. <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> upgraded Singapore to overweight in his June Strategy report. For a full recount of his key note address, please scroll to the bottom of this report.<div class="content-highlight"><h2>A summary of this week's insights in ASEAN@Smartkarma</h2></div>In <a href="https://www.smartkarma.com/insights/thailand-watch-the-downside-risks" target="_blank" data-smartkarma-citation="insights:13139">Thailand: Watch the Downside Risks</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> notes that the Thai economy extended its remarkable run, growing by a sterling 3.7% in 2Q17, driven primarily by exports but also complemented by private sector activity.In his insight, <a href="https://www.smartkarma.com/insights/tech-upswing-supports-export-oriented-economies" target="_blank" data-smartkarma-citation="insights:13144">Tech Upswing Supports Export-Oriented Economies</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> notes that manufacturing output surged in July 2017, driven mainly by a booming electronics sector but growth was evident across the board and even in sectors that have been underperforming, such as transport engineering. Jason suggests that we could see an outsized boom in economic growth in the 3Q17 GDP figures.In <a href="https://www.smartkarma.com/insights/malaysia-government-raises-pressure-on-the-opposition" target="_blank" data-smartkarma-citation="insights:13145">Malaysia: Government Raises Pressure on the Opposition</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> highlights a pick up in Investigations into past scandals, with a Royal Commission of Inquiry (RCI) investigating foreign exchange losses incurred by Bank Negara Malaysia (BNM) during the prime ministership of Dr. Mahathir Mohamed. In <a href="https://www.smartkarma.com/insights/the-philippines-chinks-in-duterte-s-armour" target="_blank" data-smartkarma-citation="insights:13166">The Philippines: Chinks in Duterte’s Armour</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> examines recent events which may dent the Philippine President's popularity. In his insight, <a href="https://www.smartkarma.com/insights/micro-mechanics-riding-the-global-semiconductor-cycle-solid-fy17-results" target="_blank" data-smartkarma-citation="insights:13175">Micro-Mechanics: Riding the Global Semiconductor Cycle; Solid FY17 Results</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/19384" target="_blank" data-smartkarma-citation="entities:19384:1">Micro Mechanics (Holdings) Ltd (MMH SP)</a> after the release of the company's 1H17 results. In the third in a series of insights, <a href="https://www.smartkarma.com/insights/world-war-three-part-3-demographics-baked-in-the-cake" target="_blank" data-smartkarma-citation="insights:13048">World War Three: Part 3 - Demographics Baked in the Cake</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> continues to examine the threat to developed nations from worsening demographics and aging populations.  In Asia, an entirely different picture emerges, one that makes it the most important growth story of the next half century. In <a href="https://www.smartkarma.com/insights/sathorn-series-b-kbank-goes-to-indonesia" target="_blank" data-smartkarma-citation="insights:13188">Sathorn Series B: KBANK Goes to Indonesia</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> discusses <a href="https://www.smartkarma.com/entities/293" target="_blank" data-smartkarma-citation="entities:293:1">Kasikornbank Pcl (KBANK TB)</a> 's acquisition of a 10% stake in Indonesia’s Maspion bank.In <a href="https://www.smartkarma.com/insights/asean-outlook-four-themes-from-2q17-gdp-figures" target="_blank" data-smartkarma-citation="insights:13212">ASEAN Outlook: Four Themes from 2Q17 GDP Figures</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> takes a look back and 1H economic figures in ASEAN and identifies four key themes.In <a href="https://www.smartkarma.com/insights/yangzijiang-placement-management-s-good-track-record-should-translate-into-accretive-acquisitions" target="_blank" data-smartkarma-citation="insights:13223">Yangzijiang Placement - Management’s Good Track Record Should Translate into Accretive Acquisitions</a>, our own <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> looks at <a href="https://www.smartkarma.com/entities/660" target="_blank" data-smartkarma-citation="entities:660:1">Yangzijiang Shipbuilding (YZJSGD SP)</a> which is raising US$157m through the issuance of 137m primary shares.In <a href="https://www.smartkarma.com/insights/singapore-myanmar-investco-placement" target="_blank" data-smartkarma-citation="insights:13239">Singapore Myanmar InvestCo - Placement</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> comments on the recently announced placement through CLSA of up to 15,411,600 new shares at S$0.48 each.<div class="content-highlight">Contact: angus.mackintosh@smartkarma.com</div>

In the week of Hari Raya Idul Adha, we saw a number of interesting insights, both equity bottom up and top down and thematic. At the start of the week, Singapore Exchange Ltd (SGX SP) hosted a research conference with Smartkarma in Singapore, including Dr. Jim Walker as a keynote speaker. The event was well attended with around 180 delegates participating, with some interesting panelists in including Hugh Young of Aberdeen Asset Management and Adrian Teng, Group Finance Director of Jardine Cycle &amp; Carriage Ltd (JCNC SP) amongst others.Dr. Jim Walker 's key note speech at the conference was entitled "Reinventing Singapore's Growth Engines", where he presented a very positive picture for not only Singapore but also South East Asia as a whole. This uncharacteristically bullish view (he stated that he has "never been more optimistic") is driven his projections of a weaker USD, along with a cyclical and structural growth recovery, aided by strategically strong demographics. Dr. Jim Walker upgraded Singapore to overweight in his June Strategy report. For a full recount of his key note address, please scroll to the bottom of this report.A summary of this week's insights in ASEAN@SmartkarmaIn Thailand: Watch the Downside Risks, Jason Tan notes that the Thai economy extended its remarkable run, growing by a sterling 3.7% in 2Q17, driven primarily by exports but also complemented by private sector activity.In his insight, Tech Upswing Supports Export-Oriented Economies, Jason Tan notes that manufacturing output surged in July 2017, driven mainly by a booming electronics sector but growth was evident across the board and even in sectors that have been underperforming, such as transport engineering. Jason suggests that we could see an outsized boom in economic growth in the 3Q17 GDP figures.In Malaysia: Government Raises Pressure on the Opposition, Manu Bhaskaran highlights a pick up in Investigations into past scandals, with a Royal Commission of Inquiry (RCI) investigating foreign exchange losses incurred by Bank Negara Malaysia (BNM) during the prime ministership of Dr. Mahathir Mohamed. In The Philippines: Chinks in Duterte’s Armour, Manu Bhaskaran examines recent events which may dent the Philippine President's popularity. In his insight, Micro-Mechanics: Riding the Global Semiconductor Cycle; Solid FY17 Results, Nicolas Van Broekhoven revisits Micro Mechanics (Holdings) Ltd (MMH SP) after the release of the company's 1H17 results. In the third in a series of insights, World War Three: Part 3 - Demographics Baked in the Cake, Dr. Jim Walker continues to examine the threat to developed nations from worsening demographics and aging populations.  In Asia, an entirely different picture emerges, one that makes it the most important growth story of the next half century. In Sathorn Series B: KBANK Goes to Indonesia, our Thai guru Athaporn Arayasantiparb, CFA discusses Kasikornbank Pcl (KBANK TB) 's acquisition of a 10% stake in Indonesia’s Maspion bank.In ASEAN Outlook: Four Themes from 2Q17 GDP Figures, Manu Bhaskaran takes a look back and 1H economic figures in ASEAN and identifies four key themes.In Yangzijiang Placement - Management’s Good Track Record Should Translate into Accretive Acquisitions, our own Toh Zhen Zhou looks at Yangzijiang Shipbuilding (YZJSGD SP) which is raising US$157m through the issuance of 137m primary shares.In Singapore Myanmar InvestCo - Placement, Henry Soediarko comments on the recently announced placement through CLSA of up to 15,411,600 new shares at S$0.48 each.Contact: angus.mackintosh@smartkarma.com

The Week that Was in ASEAN@Smartkarma - Bulls, Demographics and World War Three