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)

Capitaland Integrated Commercial Trust (CICT SP)

<div class="content-highlight">This week's prolific offering of insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> includes an eclectic mix of equity bottom up and top down and thematic insights across the region. Please find a short summary below and scroll down for more detail.</div>In <a href="https://www.smartkarma.com/insights/the-army-democrat-alliance-challenges-thaksinite-hegemony" target="_blank" data-smartkarma-citation="insights:13918">The Army-Democrat Alliance Challenges Thaksinite Hegemony</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments in the extraordinary, almost James Bond-like exit of the former Prime Minister Yingluck Shinawatra, titular architect of the rice pledge policy and first-time car buyers' programIn <a href="https://www.smartkarma.com/insights/ipo-radar-rich-sport-the-thai-shoe-dog" target="_blank" data-smartkarma-citation="insights:13975">IPO Radar: Rich Sport, the Thai “Shoe Dog”</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> zeros in on the upcoming IPO of <a href="https://www.smartkarma.com/entities/25974" target="_blank" data-smartkarma-citation="entities:25974:1">Rich Sport PCL (RSP TB)</a> , which is the distributor for Converse's exclusive agent in Thailand with around 150 stores across the country selling the brand. In <a href="https://www.smartkarma.com/insights/thailand-s-returned-cheques" target="_blank" data-smartkarma-citation="insights:14444">Thailand’s Returned Cheques</a>, banking specialist <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> examines that latest numbers on returned cheques in Thailand, which are exceptionally low by historical standards. He believes in looking at a wide array of variables, including those that are less mainstream, which can offer even greater insights.In <a href="https://www.smartkarma.com/insights/rosy-figures-on-asian-trade-and-manufacturing" target="_blank" data-smartkarma-citation="insights:14460">Rosy Figures on Asian Trade and Manufacturing</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> comments on the continuing resurgence in trade in Asia's export-orientated economies, with Malaysia seeing a 22.1% increase in exports in August. The Philippines also saw a 9.4% increase in Exports in August. Industrial production also saw a decent increase in both the aforementioned economies. In <a href="https://www.smartkarma.com/insights/thailand-clear-timeline-to-election-established" target="_blank" data-smartkarma-citation="insights:14461">Thailand: Clear Timeline to Election Established</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> comments on the upcoming that elections which look set to take place on November 2018, after an announcement from Prime Minister Prayuth Chan-o-cha. He expects political tensions to remain high in Thailand.In <a href="https://www.smartkarma.com/insights/nok-bird-air-albatross-or-galapagos" target="_blank" data-smartkarma-citation="insights:13916">Nok (Bird) Air: Albatross or Galapagos?</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on the loss-making <a href="https://www.smartkarma.com/entities/6132" target="_blank" data-smartkarma-citation="entities:6132:1">Nok Airlines Pcl (NOK TB)</a>, which just saw its unpopular CEO Patee Sarasin resign in favor of his deputy Piya Yodmanee. He immediately announced plans to recapitalize to the tune of Bt1.7bn without committing to any timeline regarding when Nok Air would return to profitability.In <a href="https://www.smartkarma.com/insights/skirmish-on-the-supplement-aisle" target="_blank" data-smartkarma-citation="insights:13917">Skirmish on the Supplement Aisle</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> notes that Thailand has the second highest per capita consumption of drugs and supplements in the region after Singapore. He notes that the average Thai consumes double that of the average Filipino and triple the Indonesian levels.  He suggests that <a href="https://www.smartkarma.com/entities/17462" target="_blank" data-smartkarma-citation="entities:17462:1">Mega Lifesciences Pcl (MEGA TB)</a> is the best way to play this theme.In <a href="https://www.smartkarma.com/insights/investor-hotspots-for-singapore-property" target="_blank" data-smartkarma-citation="insights:14478">Investor Hotspots for Singapore Property</a>, <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> notes that optimism is running high in Singapore’s property investment sales market. Investors have snapped up more assets in value terms in the first nine months of 2017 than they did for the full-year of 2016. In his insight <a href="https://www.smartkarma.com/insights/tfg-cost-management-is-fattening-the-bottom-line" target="_blank" data-smartkarma-citation="insights:14481">TFG: Cost Management Is Fattening the Bottom Line</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/24053" target="_blank" data-smartkarma-citation="entities:24053:1">Thai Foods Group Public Company Limited (TFG TB)</a>, which operates three principal business segments—poultry, swine and feed mills. In <a href="https://www.smartkarma.com/insights/investing-for-halloween-and-loy-kratong" target="_blank" data-smartkarma-citation="insights:14020">Investing for Halloween and Loy Kratong</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on the potential beneficiaries of these two upcoming festivals. In his insight, <a href="https://www.smartkarma.com/insights/duterte-s-political-honeymoon-cut-short" target="_blank" data-smartkarma-citation="insights:14482">Duterte’s Political Honeymoon Cut Shor</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> notes that Latest polls by the Social Weather Station (SWS) survey revealed an 18-point drop in President Duterte’s net satisfaction rating, from +66 in 2Q17 to +48 in 3Q17. in <a href="https://www.smartkarma.com/insights/mitra-pinasthika-mustika-tbk-pt-mpmx-ij-morphing-into-the-modern-world-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:14226">Mitra Pinasthika Mustika Tbk Pt (MPMX IJ) - Morphing into the Modern World</a>, Jakarta veteran <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> writes on <a href="https://www.smartkarma.com/entities/13619" target="_blank" data-smartkarma-citation="entities:13619:1">Mitra Pinasthika Mustika Tbk Pt (MPMX IJ)</a> post an update with management. The company is an interesting way to play consumption in Indonesia, with exposure to motorcycles and autos, as well as financing and leasing in that space.in <a href="https://www.smartkarma.com/insights/vms-solid-growth-in-this-info-tech-venture" target="_blank" data-smartkarma-citation="insights:14507">VMS: Solid Growth in This Info Tech Venture</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>   comments on <a href="https://www.smartkarma.com/entities/9251" target="_blank" data-smartkarma-citation="entities:9251:1">Venture Corp Ltd (VMS SP)</a> which is one of the 15 largest global electronic manufacturing service companies and provides an array of manufacturing, product design and development, engineering, and supply-chain-management services. In <a href="https://www.smartkarma.com/insights/reality-check-ix-what-has-more-upside-in-thailand-innovative-products-adders-or-deals" target="_blank" data-smartkarma-citation="insights:14108">Reality Check IX: What Has More Upside in Thailand: Innovative Products, Adders, or Deals?</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at two recent positive catalysts (TKS' linerless label technology and <a href="https://www.smartkarma.com/entities/23996" target="_blank" data-smartkarma-citation="entities:23996:1">B Grimm Power (BGRIM TB)</a> 's Bt5.6/kWh adder) and <a href="https://www.smartkarma.com/entities/18213" target="_blank" data-smartkarma-citation="entities:18213:1">Central Plaza Hotel Pcl (CENTEL TB)</a> 's failed acquisition of Dean &amp; Deluca Asia from Pace to see which of these catalysts would benefit the underlying stocks the most.In <a href="https://www.smartkarma.com/insights/asia-s-most-profitable-lender-betters-its-results" target="_blank" data-smartkarma-citation="insights:14504">Asia’s Most Profitable Lender, Betters Its Results</a>, financial specialist <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> looks at <a href="https://www.smartkarma.com/entities/20097" target="_blank" data-smartkarma-citation="entities:20097:1">Krungthai Card Pcl (KTC TB)</a> which continues with its best in Asia-Pacific profit. It just reported 4.96% return on assets (ROA) during 3Q17. In <a href="https://www.smartkarma.com/insights/too-much-of-good-thing-philippines-faces-some-hard-policy-choices" target="_blank" data-smartkarma-citation="insights:14505">Too Much of Good Thing: Philippines Faces Some Hard Policy Choices</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> notes that for the last five years he has been positive about the Philippines (starting with Asianomics Country ReportNo. 3/2012, <a href="https://www.asianomicsgroup.com/document-view.html?ref=f350e034-9dfc-4008-8f78-58891e381d71" target="_blank">All In on Noy-Noy</a>, 19th March). Economic growth accelerated to levels rarely seen in the last 40 years, but he is increasingly nervous. In his Insight, <a href="https://www.smartkarma.com/insights/esr-reit-look-past-near-term-results-the-story-is-on-inorganic-growth-trajectory" target="_blank" data-smartkarma-citation="insights:14520">ESR REIT: Look past Near-Term Results, the Story Is on Inorganic Growth Trajectory</a>, <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a> examines this industrial REIT post 3Q17 results and finds that it has been impacted by continued weakness in the industrial sector, with falling occupancies and negative rental reversions. He suggests looking past the results and focusing on its recent acquisitions.In <a href="https://www.smartkarma.com/insights/indf-agribusiness-should-remain-solid" target="_blank" data-smartkarma-citation="insights:14541">INDF: Agribusiness Should Remain Solid</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> looks at Indonesian soft commodity and consumer play <a href="https://www.smartkarma.com/entities/1053" target="_blank" data-smartkarma-citation="entities:1053:1">Indofood Sukses Makmur Tbk P (INDF IJ)</a>.  in <a href="https://www.smartkarma.com/insights/singapore-sterling-growth-but-focus-on-longer-term-concerns" target="_blank" data-smartkarma-citation="insights:14549">Singapore: Sterling Growth but Focus on Longer-Term Concerns</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> notes that Singapore clocked in a remarkable 3Q17, with manufacturing the primary growth driver, reflecting the high beta of the Singapore economy to global trade and investment flows. In <a href="https://www.smartkarma.com/insights/wooing-of-islamic-party-could-exacerbate-religious-tensions" target="_blank" data-smartkarma-citation="insights:14550">Wooing of Islamic Party Could Exacerbate Religious Tensions</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> examines the risks that could emanate from the UMNO party wooing Islamic party PAS ahead of the elections.In <a href="https://www.smartkarma.com/insights/scma-dire-straits-comeback-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:14497">SCMA - Dire Straits Comeback</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> suggests that <a href="https://www.smartkarma.com/entities/14739" target="_blank" data-smartkarma-citation="entities:14739:1">Surya Citra Media Pt Tbk (SCMA IJ)</a> remains the best quality media play in Indonesia but it is facing a challenging environment on audience share, as well as a steep decline in advertising budgets from major customers in 3Q17. In his insight, <a href="https://www.smartkarma.com/insights/pryce-9m-2017-net-income-up-32-yoy" target="_blank" data-smartkarma-citation="insights:14538">PRYCE 9M 2017 NET INCOME UP 32% YoY</a>, <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> circles back to <a href="https://www.smartkarma.com/entities/23216" target="_blank" data-smartkarma-citation="entities:23216:1">Pryce Corp (PPC PM)</a> in the Philippines and notes that its 9M17 net profit of PHP 942.7m, was more than they achieved for the entire FY16. in <a href="https://www.smartkarma.com/insights/thailand-dodging-a-bullet" target="_blank" data-smartkarma-citation="insights:14543">Thailand: Dodging A Bullet</a>, economist <a href="https://www.smartkarma.com/profiles/1543" target="_blank" data-smartkarma-citation="accounts:1543">Richard Iley</a> notes that the US Treasury's latest semi-annual report on currency manipulation ignored Thailand. He suggests that the authorities in Bangkok must be breathing a sigh of relief as Thailand is close meeting at least two, possibly even all three, of the criteria. in <a href="https://www.smartkarma.com/insights/thai-media-spotlight-digital-tvs-get-new-lifeline-from-license-fee-cuts" target="_blank" data-smartkarma-citation="insights:14552">Thai Media Spotlight: Digital TVs Get New Lifeline From License Fee Cuts</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> notes that after much delay, the regulator NBTC has decided to throw in a lifeline for digital TV operators by offering them a cut in license fees. For the biggest listed broadcasters such as <a href="https://www.smartkarma.com/entities/16881" target="_blank" data-smartkarma-citation="entities:16881:1">BEC World Public Co Ltd (BEC TB)</a>, they may not need this to survive, but he still thinks it is the right thing to do.In <a href="https://www.smartkarma.com/insights/tnb-it-s-got-the-power-in-malaysia" target="_blank" data-smartkarma-citation="insights:14571">TNB: It’s Got the Power in Malaysia</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> looks at <a href="https://www.smartkarma.com/entities/195" target="_blank" data-smartkarma-citation="entities:195:1">Tenaga Nasional Bhd (TNB MK)</a>, which has around 50% of the Malaysian power generation market, and a near monopoly in transmission and distribution in Peninsular Malaysia. It’s involved in generation, transmission, and distribution.In <a href="https://www.smartkarma.com/insights/matahari-department-store-initiation-high-quality-retailer-at-a-reasonable-price" target="_blank" data-smartkarma-citation="insights:14572">Matahari Department Store (Initiation)- High-Quality Retailer at a Reasonable Price</a>. <a href="https://www.smartkarma.com/companies/702" target="_blank" data-smartkarma-citation="companies:702">Reperio Capital</a> takes an in-depth look at <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">PT Matahari Department Store (LPPF IJ)</a>, Indonesia's largest department stores operator. The company is one of the most profitable retailers in the world.In <a href="https://www.smartkarma.com/insights/s-reit-weekly-what-transpired-in-the-s-reit-scene-office-reits-kick-off-slew-of-quarterly-results" target="_blank" data-smartkarma-citation="insights:14574">S-REIT Weekly: What Transpired in the S-REIT Scene - Office REITs Kick off Slew of Quarterly Results</a>, <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a> provides us with an update on newsflow reported in the media and the Singapore REIT sector. In <a href="https://www.smartkarma.com/insights/arwana-citramulia-arna-ij-increasing-headwinds-high-valuation-and-looming-downgrades" target="_blank" data-smartkarma-citation="insights:14573">Arwana Citramulia (ARNA IJ) - Increasing Headwinds, High Valuation and Looming Downgrades</a>, <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> writes on Indonesia's lowest cost tile manufacturer. Although operational performance seems to have turned a corner, he believes a bottom in the share price is further 40-60% away.

This week's prolific offering of insights across ASEAN@Smartkarma includes an eclectic mix of equity bottom up and top down and thematic insights across the region. Please find a short summary below and scroll down for more detail.In The Army-Democrat Alliance Challenges Thaksinite Hegemony, our Thai guru Athaporn Arayasantiparb, CFA comments in the extraordinary, almost James Bond-like exit of the former Prime Minister Yingluck Shinawatra, titular architect of the rice pledge policy and first-time car buyers' programIn IPO Radar: Rich Sport, the Thai “Shoe Dog”, Athaporn Arayasantiparb, CFA zeros in on the upcoming IPO of Rich Sport PCL (RSP TB) , which is the distributor for Converse's exclusive agent in Thailand with around 150 stores across the country selling the brand. In Thailand’s Returned Cheques, banking specialist Daniel Tabbush examines that latest numbers on returned cheques in Thailand, which are exceptionally low by historical standards. He believes in looking at a wide array of variables, including those that are less mainstream, which can offer even greater insights.In Rosy Figures on Asian Trade and Manufacturing, Nicholas Chia comments on the continuing resurgence in trade in Asia's export-orientated economies, with Malaysia seeing a 22.1% increase in exports in August. The Philippines also saw a 9.4% increase in Exports in August. Industrial production also saw a decent increase in both the aforementioned economies. In Thailand: Clear Timeline to Election Established, Manu Bhaskaran comments on the upcoming that elections which look set to take place on November 2018, after an announcement from Prime Minister Prayuth Chan-o-cha. He expects political tensions to remain high in Thailand.In Nok (Bird) Air: Albatross or Galapagos?, Athaporn Arayasantiparb, CFA comments on the loss-making Nok Airlines Pcl (NOK TB), which just saw its unpopular CEO Patee Sarasin resign in favor of his deputy Piya Yodmanee. He immediately announced plans to recapitalize to the tune of Bt1.7bn without committing to any timeline regarding when Nok Air would return to profitability.In Skirmish on the Supplement Aisle, Thai guru Athaporn Arayasantiparb, CFA notes that Thailand has the second highest per capita consumption of drugs and supplements in the region after Singapore. He notes that the average Thai consumes double that of the average Filipino and triple the Indonesian levels.  He suggests that Mega Lifesciences Pcl (MEGA TB) is the best way to play this theme.In Investor Hotspots for Singapore Property, Jones Lang Lasalle notes that optimism is running high in Singapore’s property investment sales market. Investors have snapped up more assets in value terms in the first nine months of 2017 than they did for the full-year of 2016. In his insight TFG: Cost Management Is Fattening the Bottom Line, Dr. Andrew Stotz, CFA works his magic on Thai Foods Group Public Company Limited (TFG TB), which operates three principal business segments—poultry, swine and feed mills. In Investing for Halloween and Loy Kratong, Athaporn Arayasantiparb, CFA comments on the potential beneficiaries of these two upcoming festivals. In his insight, Duterte’s Political Honeymoon Cut Shor, Nicholas Chia notes that Latest polls by the Social Weather Station (SWS) survey revealed an 18-point drop in President Duterte’s net satisfaction rating, from +66 in 2Q17 to +48 in 3Q17. in Mitra Pinasthika Mustika Tbk Pt (MPMX IJ) - Morphing into the Modern World, Jakarta veteran Angus Mackintosh writes on Mitra Pinasthika Mustika Tbk Pt (MPMX IJ) post an update with management. The company is an interesting way to play consumption in Indonesia, with exposure to motorcycles and autos, as well as financing and leasing in that space.in VMS: Solid Growth in This Info Tech Venture, Dr. Andrew Stotz, CFA   comments on Venture Corp Ltd (VMS SP) which is one of the 15 largest global electronic manufacturing service companies and provides an array of manufacturing, product design and development, engineering, and supply-chain-management services. In Reality Check IX: What Has More Upside in Thailand: Innovative Products, Adders, or Deals?, Athaporn Arayasantiparb, CFA looks at two recent positive catalysts (TKS' linerless label technology and B Grimm Power (BGRIM TB) 's Bt5.6/kWh adder) and Central Plaza Hotel Pcl (CENTEL TB) 's failed acquisition of Dean &amp; Deluca Asia from Pace to see which of these catalysts would benefit the underlying stocks the most.In Asia’s Most Profitable Lender, Betters Its Results, financial specialist Daniel Tabbush looks at Krungthai Card Pcl (KTC TB) which continues with its best in Asia-Pacific profit. It just reported 4.96% return on assets (ROA) during 3Q17. In Too Much of Good Thing: Philippines Faces Some Hard Policy Choices, Dr. Jim Walker notes that for the last five years he has been positive about the Philippines (starting with Asianomics Country ReportNo. 3/2012, All In on Noy-Noy, 19th March). Economic growth accelerated to levels rarely seen in the last 40 years, but he is increasingly nervous. In his Insight, ESR REIT: Look past Near-Term Results, the Story Is on Inorganic Growth Trajectory, Will Tan, CAIA examines this industrial REIT post 3Q17 results and finds that it has been impacted by continued weakness in the industrial sector, with falling occupancies and negative rental reversions. He suggests looking past the results and focusing on its recent acquisitions.In INDF: Agribusiness Should Remain Solid, Dr. Andrew Stotz, CFA looks at Indonesian soft commodity and consumer play Indofood Sukses Makmur Tbk P (INDF IJ).  in Singapore: Sterling Growth but Focus on Longer-Term Concerns, Manu Bhaskaran notes that Singapore clocked in a remarkable 3Q17, with manufacturing the primary growth driver, reflecting the high beta of the Singapore economy to global trade and investment flows. In Wooing of Islamic Party Could Exacerbate Religious Tensions, Nicholas Chia examines the risks that could emanate from the UMNO party wooing Islamic party PAS ahead of the elections.In SCMA - Dire Straits Comeback, Angus Mackintosh suggests that Surya Citra Media Pt Tbk (SCMA IJ) remains the best quality media play in Indonesia but it is facing a challenging environment on audience share, as well as a steep decline in advertising budgets from major customers in 3Q17. In his insight, PRYCE 9M 2017 NET INCOME UP 32% YoY, Lloyd Moffatt circles back to Pryce Corp (PPC PM) in the Philippines and notes that its 9M17 net profit of PHP 942.7m, was more than they achieved for the entire FY16. in Thailand: Dodging A Bullet, economist Richard Iley notes that the US Treasury's latest semi-annual report on currency manipulation ignored Thailand. He suggests that the authorities in Bangkok must be breathing a sigh of relief as Thailand is close meeting at least two, possibly even all three, of the criteria. in Thai Media Spotlight: Digital TVs Get New Lifeline From License Fee Cuts, Athaporn Arayasantiparb, CFA notes that after much delay, the regulator NBTC has decided to throw in a lifeline for digital TV operators by offering them a cut in license fees. For the biggest listed broadcasters such as BEC World Public Co Ltd (BEC TB), they may not need this to survive, but he still thinks it is the right thing to do.In TNB: It’s Got the Power in Malaysia, Dr. Andrew Stotz, CFA looks at Tenaga Nasional Bhd (TNB MK), which has around 50% of the Malaysian power generation market, and a near monopoly in transmission and distribution in Peninsular Malaysia. It’s involved in generation, transmission, and distribution.In Matahari Department Store (Initiation)- High-Quality Retailer at a Reasonable Price. Reperio Capital takes an in-depth look at PT Matahari Department Store (LPPF IJ), Indonesia's largest department stores operator. The company is one of the most profitable retailers in the world.In S-REIT Weekly: What Transpired in the S-REIT Scene - Office REITs Kick off Slew of Quarterly Results, Will Tan, CAIA provides us with an update on newsflow reported in the media and the Singapore REIT sector. In Arwana Citramulia (ARNA IJ) - Increasing Headwinds, High Valuation and Looming Downgrades, Lloyd Moffatt writes on Indonesia's lowest cost tile manufacturer. Although operational performance seems to have turned a corner, he believes a bottom in the share price is further 40-60% away.

Mapletree North Asia Commercial Trust (MAGIC SP)

The Week that Was in ASEAN@Smartkarma - Converse, Returned Cheques, and Advertising