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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

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This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> 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 find a brief summary below, with a fuller write up in the detailed section.
This past week's highlights include three Smartkarma Originals Insights, with a deep dive on orphan stock <a href="https://www.smartkarma.com/entities/23011" target="_blank" data-smartkarma-citation="entities:23011:1">Doubledragon Properties (DD PM)</a> by <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> and <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> and individual company Insights from <a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> on <a href="https://www.smartkarma.com/entities/8550" target="_blank" data-smartkarma-citation="entities:8550:1">Pakuwon Jati (PWON IJ)</a> and <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> on <a href="https://www.smartkarma.com/entities/2312" target="_blank" data-smartkarma-citation="entities:2312:1">Alam Sutera Realty (ASRI IJ)</a> in an ongoing series on Indonesian Property. 
</div><h2>Macro Insights</h2>In his economic Insight, <a href="https://www.smartkarma.com/insights/when-job-quality-prevailed-over-headcount" target="_blank" data-smartkarma-citation="insights:28581">When Job 'Quality' Prevailed over 'Headcount'</a>, Philippines Economist <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> examines the recent encouraging employment numbers in the Philippines.  <h2>Equity Bottom-Up Insights</h2><div class="content-highlight">
In a Smartkarma Originals Insight, <a href="https://www.smartkarma.com/insights/doubledragon-properties-dd-pm-from-overhyped-to-undervalued-multi-bagger-in-the-making" target="_blank" data-smartkarma-citation="insights:28127">DoubleDragon Properties (DD PM): From Overhyped to Undervalued; Multi-Bagger in the Making?</a>, CrossASEAN Insight Providers <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a>and <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a>take a deep dive into this large-cap orphan stock and present a compelling buy case for the company.
In the third individual company Insight in this Smartkarma Originals Series, <a href="https://www.smartkarma.com/insights/indonesia-property-in-search-of-the-end-of-the-rainbow-part-3-pakuwon-jati-pwon-ij" target="_blank" data-smartkarma-citation="insights:28031">Indonesia Property - In Search of the End of the Rainbow - Part 3 - Pakuwon Jati (PWON IJ)</a>, <a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> takes a deep dive into this high-quality property developer.  
In the fourth individual company insight in this Smartkarma Originals series, <a href="https://www.smartkarma.com/insights/indonesia-property-in-search-of-the-end-of-the-rainbow-part-4-alam-sutera-realty-asri-ij" target="_blank" data-smartkarma-citation="insights:27992">Indonesia Property - In Search of the End of the Rainbow - Part 4 - Alam Sutera Realty (ASRI IJ)</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> takes a deep dive into this leading township developer.  
</div>In <a href="https://www.smartkarma.com/insights/uob-driving-bad-loans" target="_blank" data-smartkarma-citation="insights:28577">UOB – Driving Bad Loans</a>, <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> zeros in on this leading Singapore bank's loan quality and finds all may not be well despite headlines showing improvement. in <a href="https://www.smartkarma.com/insights/krung-thai-bank-not-as-cheap-as-it-looks" target="_blank" data-smartkarma-citation="insights:28582">Krung Thai Bank: Not as Cheap as It Looks</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> revisits <a href="https://www.smartkarma.com/entities/298" target="_blank" data-smartkarma-citation="entities:298:1">Krung Thai Bank Pub (KTB TB)</a> and despite originally finding the bank attractive on a number of valuation measures, now finds less to cheer about.In <a href="https://www.smartkarma.com/insights/glow-s-done-deal-as-spa-almost-completes" target="_blank" data-smartkarma-citation="insights:28604">GLOW's Done Deal As SPA (Almost) Completes</a> events specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> circles back to this ongoing takeover situation.  In <a href="https://www.smartkarma.com/insights/company-visits-berli-jucker-m-visions" target="_blank" data-smartkarma-citation="insights:28471">Company Visits: Berli Jucker, M Visions</a>, our Thai Guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> reports back following visits to the two aforementioned companies.In his insight, <a href="https://www.smartkarma.com/insights/geo-energy-gerl-sp-recovery-in-coal-price-from-4q18-bottom-continue-to-wait-for-m-a-action" target="_blank" data-smartkarma-citation="insights:28513">Geo Energy (GERL SP): Recovery in Coal Price from 4Q18 Bottom; Continue to Wait for M&amp;A Action</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> circles back to this <a href="https://www.smartkarma.com/entities/8717" target="_blank" data-smartkarma-citation="entities:8717:1">Geo Energy Resources (GERL SP)</a> which reported weak 4Q18 results late last month. in <a href="https://www.smartkarma.com/insights/keppel-infrastructure-trust-placement-scaled-down-but-large-deal-very-well-flagged-deal" target="_blank" data-smartkarma-citation="insights:28600">Keppel Infrastructure Trust Placement - Scaled Down but Large Deal; Very Well Flagged Deal</a>, <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> reports back on this recent placement. In <a href="https://www.smartkarma.com/insights/lippo-malls-reit-acquisition-of-lippo-mall-puri-announced-dilutive-rights-issue-coming" target="_blank" data-smartkarma-citation="insights:28541">Lippo Malls REIT – Acquisition of Lippo Mall Puri Announced. Dilutive Rights Issue Coming</a><a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> reports back on this Singapore listed Indonesia focused REIT following the announcement of a rights issue. <h2>Sector and Thematic Insights <a href="https://www.smartkarma.com/insights/ttw-cut-2019-2023-earnings-on-the-rise-of-depreciation-expenses" target="_blank" data-smartkarma-citation="insights:28537"></a>
</h2>in <a href="https://www.smartkarma.com/insights/snippets-20-dark-clouds-in-thai-equities" target="_blank" data-smartkarma-citation="insights:28491">Snippets #20: Dark Clouds in Thai Equities</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> highlights interesting trends/events/developments he heard this month, and highlights five which could impact Thai equities in the near term.In <a href="https://www.smartkarma.com/insights/singapore-property-february-sales-data-support-investment-thesis-on-sing-holdings" target="_blank" data-smartkarma-citation="insights:28630">Singapore Property – February Sales Data Support Investment Thesis on Sing Holdings</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> examines the most recent property sales figure coming out of Singapore.


This week's offering of 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 find a brief summary below, with a fuller write up in the detailed section.
This past week's highlights include three Smartkarma Originals Insights, with a deep dive on orphan stock Doubledragon Properties (DD PM) by Nicolas Van Broekhoven and Lloyd Moffatt and individual company Insights from Jessica Irene on Pakuwon Jati (PWON IJ) and Angus Mackintosh on Alam Sutera Realty (ASRI IJ) in an ongoing series on Indonesian Property. 
Macro InsightsIn his economic Insight, When Job 'Quality' Prevailed over 'Headcount', Philippines Economist Jun Trinidad examines the recent encouraging employment numbers in the Philippines.  Equity Bottom-Up Insights
In a Smartkarma Originals Insight, DoubleDragon Properties (DD PM): From Overhyped to Undervalued; Multi-Bagger in the Making?, CrossASEAN Insight Providers Nicolas Van Broekhovenand Lloyd Moffatttake a deep dive into this large-cap orphan stock and present a compelling buy case for the company.
In the third individual company Insight in this Smartkarma Originals Series, Indonesia Property - In Search of the End of the Rainbow - Part 3 - Pakuwon Jati (PWON IJ), Jessica Irene takes a deep dive into this high-quality property developer.  
In the fourth individual company insight in this Smartkarma Originals series, Indonesia Property - In Search of the End of the Rainbow - Part 4 - Alam Sutera Realty (ASRI IJ), CrossASEAN Insight Provider Angus Mackintosh takes a deep dive into this leading township developer.  
In UOB – Driving Bad Loans, Daniel Tabbush zeros in on this leading Singapore bank's loan quality and finds all may not be well despite headlines showing improvement. in Krung Thai Bank: Not as Cheap as It Looks, Paul Hollingworth revisits Krung Thai Bank Pub (KTB TB) and despite originally finding the bank attractive on a number of valuation measures, now finds less to cheer about.In GLOW's Done Deal As SPA (Almost) Completes events specialist David Blennerhassett circles back to this ongoing takeover situation.  In Company Visits: Berli Jucker, M Visions, our Thai Guru Athaporn Arayasantiparb, CFA reports back following visits to the two aforementioned companies.In his insight, Geo Energy (GERL SP): Recovery in Coal Price from 4Q18 Bottom; Continue to Wait for M&amp;A Action, Nicolas Van Broekhoven circles back to this Geo Energy Resources (GERL SP) which reported weak 4Q18 results late last month. in Keppel Infrastructure Trust Placement - Scaled Down but Large Deal; Very Well Flagged Deal, Sumeet Singh reports back on this recent placement. In Lippo Malls REIT – Acquisition of Lippo Mall Puri Announced. Dilutive Rights Issue ComingRoyston Foo reports back on this Singapore listed Indonesia focused REIT following the announcement of a rights issue. Sector and Thematic Insights 
in Snippets #20: Dark Clouds in Thai Equities, Athaporn Arayasantiparb, CFA highlights interesting trends/events/developments he heard this month, and highlights five which could impact Thai equities in the near term.In Singapore Property – February Sales Data Support Investment Thesis on Sing Holdings, Royston Foo examines the most recent property sales figure coming out of Singapore. 

Lippo Malls Indonesia Retail Trust (LMRT SP)

Global Power Synergy Company Ltd (GPSC TB)

The Week that Was in ASEAN@Smartkarma - Doubledragon, Indonesian Property, and UOB's Bad Loans