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

IPO Radar: CRC (Part 2), Valuation and Risks

Vietnam: Still Primed for Investment Grade

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

<h2>Macro Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/more-demos-due-minister-stabbed-tax-shortfall-discord-re-labor-law-amendments-overhang" target="_blank" data-smartkarma-citation="insights:33058" rel="noopener">More Demos Due / Minister Stabbed / Tax Shortfall / Discord Re Labor Law / Amendments Overhang,</a> <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the most important political and economic developments in Indonesia over the past week. </p>
<p>In <a href="https://www.smartkarma.com/insights/asian-resilience-lies-in-its-structural-strength" target="_blank" data-smartkarma-citation="insights:32963" rel="noopener">Asian Resilience - Lies In Its Structural Strength,</a><a href="https://www.smartkarma.com/profiles/sharmila-whelan" target="_blank" data-smartkarma-citation="accounts:1728" rel="noopener">Sharmila Whelan</a> looks at recent economic numbers coming out of Asia and asseses the longer term economic outlook, which she sees as positive. </p>
<p>In <a href="https://www.smartkarma.com/insights/vietnam-primed-for-investment-grade" target="_blank" data-smartkarma-citation="insights:32676" rel="noopener">Vietnam: Still Primed for Investment Grade</a>, credit specialist <a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" data-smartkarma-citation="accounts:1226" rel="noopener">Warut Promboon</a> zeros in on Vietnam and sees upward momentum with its credit rating, despite Moody's recent downgrade review, which he feels shoud be ignored.</p>
<h2>Equity Bottom-Up Insights</h2>
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<p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-bbri-ij-digitalising-the-masses-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:32974" rel="noopener">Bank Rakyat (BBRI IJ) - Digitalising the Masses</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> takes a close look at this leading Indonesian microlender and finds it a compelling story. </p>
<p>In <a href="https://www.smartkarma.com/insights/ipo-radar-crc-part-i-thai-department-store-behemoth" target="_blank" data-smartkarma-citation="insights:32962" rel="noopener">IPO Radar: CRC (Part I), Thai Department Store Behemoth,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> takes a first look at the potential upcoming IPO of Central Retail.</p>
<p>In a second insight, <a href="https://www.smartkarma.com/insights/ipo-radar-crc-part-2-valuation-and-risks" target="_blank" data-smartkarma-citation="insights:32985" rel="noopener">IPO Radar: CRC (Part 2), Valuation and Risks, </a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> zeros in on the valuation of Central Retail. </p>
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<p>In <a href="https://www.smartkarma.com/insights/stubworld-ayala-re-tests-new-lows" target="_blank" data-smartkarma-citation="insights:32944" rel="noopener">StubWorld: Ayala Re-Tests New Lows,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> examines the widening NAV discount of <a href="https://www.smartkarma.com/entities/ayala-corporation" target="_blank" data-smartkarma-citation="entities:1474:1" rel="noopener">Ayala Corporation (AC PM)</a> and finds it quite compelling. </p>
<p>In <a href="https://www.smartkarma.com/insights/cimb-group-cimb-mk-lack-of-catalysts-keep-us-on-the-sidelines" target="_blank" data-smartkarma-citation="insights:32842" rel="noopener">Cimb Group (CIMB MK): Lack Of Catalysts Keep Us On The Sidelines,</a><a href="https://www.smartkarma.com/profiles/emile-farsoun" target="_blank" data-smartkarma-citation="accounts:4470" rel="noopener">Emile Farsoun</a> writes on this Malaysian lender and sees its valuation as full give relatively low returns. </p>
<p>In <a href="https://www.smartkarma.com/insights/ictsi-south-america-growth-push-done-to-a-turn" target="_blank" data-smartkarma-citation="insights:33021" rel="noopener">ICTSI: South America Growth Push Done to a Turn,</a> <a href="https://www.smartkarma.com/companies/drewry-maritime-financial-research" target="_blank" data-smartkarma-citation="companies:180" rel="noopener">Drewry Maritime Financial Research</a> revisit this Philippines based global container terminal player. </p>
<p>In <a href="https://www.smartkarma.com/insights/bgrim-thai-spp-leader-with-consistent-growth-prospects" target="_blank" data-smartkarma-citation="insights:32980" rel="noopener">BGRIM: Thai SPP Leader with Consistent Growth Prospects</a>, our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage of <a href="https://www.smartkarma.com/entities/b-grimm-pcl" target="_blank" data-smartkarma-citation="entities:23996:1" rel="noopener">B Grimm Power (BGRIM TB)</a> with a BUY rating, based on a 2020E target price of Bt48, derived from discounted cash flow valuation (6.9% WACC and 1% TG). </p>
<h2>Sector and Thematic Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/battle-of-the-banks-bbl-vs-kbank" target="_blank" data-smartkarma-citation="insights:33084" rel="noopener">Battle of the Banks - BBL Vs. KBANK</a>, event driven specialist <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> revisits the pair trade of <a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public (BBL TB) </a>versus <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a> and find an interesting divergence in valuations. </p>

Macro Insights
In More Demos Due / Minister Stabbed / Tax Shortfall / Discord Re Labor Law / Amendments Overhang, Kevin O’Rourke comments on the most important political and economic developments in Indonesia over the past week. 
In Asian Resilience - Lies In Its Structural Strength,Sharmila Whelan looks at recent economic numbers coming out of Asia and asseses the longer term economic outlook, which she sees as positive. 
In Vietnam: Still Primed for Investment Grade, credit specialist Warut Promboon zeros in on Vietnam and sees upward momentum with its credit rating, despite Moody's recent downgrade review, which he feels shoud be ignored.
Equity Bottom-Up Insights

In Bank Rakyat (BBRI IJ) - Digitalising the Masses, CrossASEAN Insight Provider Angus Mackintosh takes a close look at this leading Indonesian microlender and finds it a compelling story. 
In IPO Radar: CRC (Part I), Thai Department Store Behemoth,Athaporn Arayasantiparb, CFA takes a first look at the potential upcoming IPO of Central Retail.
In a second insight, IPO Radar: CRC (Part 2), Valuation and Risks, Athaporn Arayasantiparb, CFA zeros in on the valuation of Central Retail. 

In StubWorld: Ayala Re-Tests New Lows,David Blennerhassett examines the widening NAV discount of Ayala Corporation (AC PM) and finds it quite compelling. 
In Cimb Group (CIMB MK): Lack Of Catalysts Keep Us On The Sidelines,Emile Farsoun writes on this Malaysian lender and sees its valuation as full give relatively low returns. 
In ICTSI: South America Growth Push Done to a Turn, Drewry Maritime Financial Research revisit this Philippines based global container terminal player. 
In BGRIM: Thai SPP Leader with Consistent Growth Prospects, our friends at Country Group initiate coverage of B Grimm Power (BGRIM TB) with a BUY rating, based on a 2020E target price of Bt48, derived from discounted cash flow valuation (6.9% WACC and 1% TG). 
Sector and Thematic Insights
In Battle of the Banks - BBL Vs. KBANK, event driven specialist Brian Freitas revisits the pair trade of Bangkok Bank Public (BBL TB) versus Kasikornbank PCL (KBANK TB) and find an interesting divergence in valuations. 

Vietnam Government International Bond (VIETNM GOVT)

The Week That Was in ASEAN@Smartkarma - Digital Microlending, Central Retail, and Ayala Corp