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)

Myanmar Consumer discretionary / Thematic (Sector/Industry)

This week's offering of 31 Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please see below for a brief summary of this week's published insights. Please scroll to the detail section for a fuller account.Macro InsightsIn Indonesia: Terrorism Is Back, Manu Bhaskaran analyses the consequences and forces behind the recent terrorist attacks in Indonesia.  In The Role of Investigative Journalism in Malaysia’s Surprise Elections, Charles De Trenck analyses that role that foreign investigative journalism had in the surprise result in the recent Malaysian election.In Don’t Write off the Economy Just Yet, Nicholas Chia analyses the recent Indonesian 1Q18 GDP numbers and despite the relatively sluggish number, he finds the quality of growth improving. In Asian Economic Trends - Monetary Policy, Nicholas Chia analyses recent monetary policy in light of the changing global environment. In The Philippines: In Great Shape, but What Can Go Wrong?, insight provider Manu Bhaskaran highlights that the Philippines economy clocked another impressive quarter of growth in 1Q18 with President Duterte’s infrastructure push giving a fillip to potential growth.In Hold Your Horses, Too Much Irrational Exuberance Post-Election As Anwar Is Released, Manu Bhaskaran notes that there is a mood of near-euphoria among Malaysians and many others following the victory of the reformist movement led by Pakatan Harapan in the country’s 14th general election (GE14). But, as the dust starts to settle after the election, he looks at three themes that continue to reverberate in Malaysian politics – and carry a warning not to be too carried away. In Malaysia Macro: The Price of Change (And Hope), Virgil Fernandez Esguerra gives us his analysis of the result of the recent Malaysian General Election. Equity Bottom-Up InsightsIn Discover Singapore: UG Healthcare; in Blue-Sky Scenario Trading at Only 3.8x 2020 PE, Nicolas Van Broekhoven looks at Malaysian rubber glove manufacturer Ug Healthcare Corp Ltd (UGHC SP), where he sees a potentially huge upside.In INKP: Tight Supply and Good Demand Should Remain, Dr. Andrew Stotz, CFA  works his magic on Indah Kiat Pulp &amp; Paper Tbk (INKP IJ) and takes a positive view. In Starhub's Mobile &amp; PayTV Businesses Struggling. Gains from Enterprise Services the Bright Spot. our friends at New Street Research take a look at Singapore listed Starhub Ltd (STH SP) post its 1Q18 results. In Singapore Airlines (SIA SP) Beats Consensus for FY18. Current Year Will Be Tougher., Alan Greene zeros in on Singapore Airlines Ltd (SIA SP)  post its FY18 results (Year-end March. In FNH: Resolving Bottlenecks and Riding a Sweet Trend, Dr. Andrew Stotz, CFA takes a good look at Dairy products and soft drinks player Fraser &amp; Neave Holdings Bhd (FNH MK). In Link Net - When a Seller Is Not a Seller, former Jakartan Angus Mackintosh writes in Link Net Tbk Pt (LINK IJ) following a recent placement by Lippo Group and a conversation with management. In Sea Ltd: Is Shopee Turning the Corner? Insight provider Johannes Salim, CFA writes on US-listed Sea Ltd (SE US) and gives his views on a potential turnaround in the offing post a conference call with management. In CapitaLand Commercial Trust Placement - Stepping Out of Its Comfort Zone, Marginal DPU Accretion, our own Sumeet Singh writes on Capitaland Commercial Trust (CCT SP) post its announced capital raising to make an acquisition in Germany. In AIS Growth Continues to Improve on Rising Video Demand, but Risk from Spectrum Auction Is High, our friends at New Street Research write on Advanced Info Service Pcl (ADVANC TB) and continue to favour the stock.In First Singapore REIT Merger - Viva Industrial and ESR-REIT To Merge, Travis Lundy writes on Singapore's first REIT merger. In DLG: Signed MoU for Phase 3 of Deepwater Terminal, Dr. Andrew Stotz, CFA zeros in on Dialog Group Bhd (DLG MK), which offers integrated technical services for the upstream and downstream sectors of the global oil, gas, and petrochemical industries. In BEAUTY: Gorgeous Growth and Pretty Profitability Dr. Andrew Stotz, CFA  writes on leading cosmetics player Beauty Community Pcl (BEAUTY TB) in Thailand, where he takes a positive view. In CSSC: Supplying the World’s Top Tire Makers, Dr. Andrew Stotz, CFA works his magic on China Sunsine Chemical Holdings Ltd. (CSSC SP)  and takes a positive view on valuations.In Grab's Growing Pains, our Thai guru Athaporn Arayasantiparb, CFA writes in the very different state of play for Grab in Thailand, where its future may be a lot more uncertain than in the other ASEAN markets in which it operates.In WICE: Fall in Margin and Rising in SG&amp;A Caused YoY Earnings Drop, Country Group look at WICE Logistics PCL (WICE TB) post some disappointing 1Q18 results. In TWPC: 1Q18 to Be the Bottom of the Year, Country Group writes on starch maker  Thai Wah Public Company Limited (TWPC TB) post its 1Q18 results, which came in under par. In PM: 1Q18 Earnings Trimmed Due to a Surge in SG&amp;A and a Fall in Margins, Country Group report back on Premier Marketing Pcl (PM TB) post 1Q18 results.  In ARROW: 1Q18 Is the Lowest in Twelve Quarters and Ready to Turnaround, Country Group analyses 1Q18 results from the Arrow Syndicate Pcl (ARROW TB), which were disappointing.Country Group writes on more 1Q18 results in Thailand in the following Insights: 1) APURE: Delay on the Shipment to Customers in the First Two Months. 2) FTE: Disappointing Performance in 1Q18.  3) PK: Falling Profit Due to High Operating Leverage.  4) INOX: Strong 1Q18 Result with Solid Outlook.  5) CCET: Fall in Sales and Margins Entailed the First Loss in Five Years .6) BR: Disappointing 1Q18 but Long Term View Still IntactSector and Thematic InsightsIn his banking insight Asian Banks – Margin Disparity Favors Asean, Daniel Tabbush writes on the subject on Net Interest Margins, where ASEAN banks steal the show. In a regular series of Insights, Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Apr'18, Lloyd Moffatt notably in this edition highlights some very interesting insider buying across his small universe in Asia. In What to Buy in Malaysia as the Market Reopens, Prasenjit K. Basu highlights his top picks in Malaysia post the recent general election. He would recommend being Overweight Malaysia, using any sell-off as a buying opportunity. In Asia Frontier Capital Travel Report: Laos, Scott Osheroff reveals his insights after a trip to Laos in April in order to meet with companies and an official of the local stock market regulator. In Singapore Primary Home Sales Inched up 2% in April 2018, Vivienne Zhou Jinmiao looks at the recent primary home sales in Singapore. In Singapore Property - Collective Sale Activities Hint At A Shift in Landbanking Strategy, Royston Foo notes that the collective sale market in Singapore continues to perform strongly. In Singapore Property - Muted Share Price Reaction to Collective Sales. What Could Be the Next Driver?, property insight provider Royston Foo highlights that since the beginning of this current collective sale cycle in 1H 2017, developers have spent a total of S$16.4 bn replenishing their land bank. In Sector Capsule: Fast Food in the Philippines, our friends at Euromonitor International Ltd. take a bird's eye view of the fast food industry in the Philippines. In Sector Capsule: Fast Food in Thailand, Euromonitor International Ltd. takes a top-down view of the fast food industry in Thailand. In Mid-Year Thai Strategy Review (2018), Athaporn Arayasantiparb, CFA  suggests that since we are now roughly half-year through 2018, we thought it was a good time to highlight the key adjustments and reiteration of those themes laid out at the start of the year.In Indonesia Property - Harnessing the E-Commerce Boom in Indonesia, former Jakartan Angus Mackintosh reports back after attending the 2018 Jones Lang Lasalle Indonesia Real Estate Forum in Jakarta. The central focus of the conference and panels was on how e-commerce is driving the take-up and makeup of office space in Jakarta. 

China Sunsine Chemical Holdings Ltd (CSSC SP)

Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)

Bualuang Office Leasehold Real Estate Investment Trust

The Week that Was in ASEAN@Smartkarma - Discover Sing, Beauty, and the Indonesian E-Commerce Boom