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 includes insights from the last two weeks across ASEAN@Smartkarma as this insight provider was on vacation. As always, it 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. Macro InsightsIn Adjusted Resource Gaps - Asia's External Balances, Dr. Jim Walker examines external balances across the region to see where fundamental strengths and weaknesses exist.In Singapore: PM Lee Signals Modest Expansion of Social Safety Nets at Rally Speech, Manu Bhaskaran examines the expansion of the impact of the social safety net in Singapore. In Thailand: Kicking the Election Can Further Down the StreetJason Tan comments on the implications of a potential delay in the election in Thailand.  In Malaysian Economy: Slow but Steady as She Goes, Nicholas Chia comments on the slowdown in the economy in 2Q18 in Malaysia. In The Philippines: Even President Duterte Struggles to Get His Way, Jun Trinidad comments on the falling overseas remittance numbers and continuing deliberations over the budget in the Philippines. In Indonesian Economy: Bank Indonesia Remains Ahead of the Curve, Nicholas Chia comments on the recent policy rate hike in Indonesia. In Philippines: Fighting for the Nation's Fiscal Soul, Jun Trinidad examines the clash of fiscal and political priorities in that country, which he does not see as irreconcilable. In Indonesia Politics Weekly: Hedging Curbs Relaxed; 2019 Budget; Widodo Lead Intact (For Now), Kevin O’Rourke comments on political developments in Indonesia over the last week. In Indonesia: Heartening Quality and Quantum of Growth, Manu Bhaskaran comments on the recently announced GDP numbers out of Indonesia and finds plenty to cheer about. In Singapore: Addressing Structural Issues with More Derring-Do, Jason Tan writes on Singapore following the release of the latest IMF report. In Thailand: Opposition in Hot Soup over Online Remarks, Manu Bhaskaran comments on the recent furore caused by political remarks made on Facebook by a member of one of the opposition parties.In The Philippines: Worries for a Faltering Economy, Nicholas Chia comments on recent slower than expected GDP numbers coming out of the Philippines.  In Mekong Delta: Flawed Democracies, Dr. Jim Walker examines the state of democracy in three of the countries in the Mekong Delta.  In India, Indonesia &amp; Philippines - Further Currency Weakness, Higher Rates To Come, Sharmila Whelan examines the potential knock-on effect from the deepening balance of payments crisis in Turkey and Pakistan.In Indonesian Politics Weekly: Uno Under Scrutiny; Amin Holds Forth; Macro Strains; Uncertainties Loom, Kevin O’Rourke provides his value-added comments on developments in Indonesian politics over the last week.  Equity-Bottom-Up InsightsIn COM7 (COM7 TB): BaNANA and Apple, but Not a Fruit Store, Dr. Andrew Stotz, CFA takes a close look at Com7 PCL (COM7 TB) in Thailand.In MacroAsia - Some Green Shoots Amongst the Complex 2Q18 Results, Lloyd Moffatt comments on aircraft maintenance player MacroAsia Corp (MAC PM) post the company's results and is encouraged by the numbers.  In CPN: Central Group's Flagship Property Arm, Athaporn Arayasantiparb, CFA comments on Cpn Retail Growth Leasehold (CPNRF TB) following some upbeat comments from the Chairman.In DRB Hicom (DRB): Proton to China, Henry Soediarko looks at the recent deal between Proton (a unit of DRB-Hicom Bhd (DRB MK)) and Geely Automobile Holdings (175 HK) which have signed a 50:50 JV agreement to assemble and market Proton's cars in China.In SUCB (SUCB MK): Expanding in Rubber Gloves and Contact Lenses, Dr. Andrew Stotz, CFA takes a close look at Supermax Corp (SUCB MK). In PTT Group: GPSC-Glow Deal Update / Getting GGC Back on Track, Athaporn Arayasantiparb, CFA zeros in on GPSC after a company visit, which has committed to doing the biggest deal in Thailand for 2018 with its plans to acquire Glow. In Netlink Trust: Below IPO Price with 5% Yield, Henry Soediarko takes a look at Netlink Nbn Trust (NETLINK SP), which is a unique play on Singapore's Smart Nation initiative. In Sea Ltd: Nice Monetization Progress but No Signs of EBITDA Turnaround (Yet), Johannes Salim, CFA revisits Sea Ltd (SE US), which is one of the biggest e-commerce retailers in Indonesia through Shopee.com. In Dividend Cut on Heightened Capex Guidance - What Is the New Normal for Asia Pay TV, Lloyd Moffatt circles back to Asian Pay Television Trust (APTT SP) following the company's results. In IPO Stalker: SHREIT Clarifies Its Expansion Plans, Thai guru Athaporn Arayasantiparb, CFA comments on Strategic Hospitality Freeho (SHREIT TB) following a meeting with the company. in Best World (BEST): 1H, License to Sell in China on the 2H, and Relative Value Idea,  Henry Soediarko comments on skincare player Best World International (BEST SP) 's 1H18 results and its transition to a franchise model in China. In RHB Bank Placement - Probably More Selldown in the Coming Months, Toh Zhen Zhou comments on the recent placement by the company.  In Homepro Struggles Against High Base Effects, Thai guru Athaporn Arayasantiparb, CFA comments on Thailand's largest home improvement retailer. In SQ: After the Storm Comes a Calm, our friends at Country Group comment in mining player Sahakol Equipment (SQ TB) post the loss of two projects and a subsequent significant cut to forecasts. In PTL (PTL TB): Profitability Recovery in Stable Growth Market, Dr. Andrew Stotz, CFA works his magic on this plastic film manufacturer.  In CAB (CAB MK): Focus on Premium Beer and Cider Brands, Dr. Andrew Stotz, CFA takes a close look at Carlsberg Brewery Malaysia (CAB MK). In Xurpas (X): Internet Access for Emerging Market, Henry Soediarko comments on Philippine  Xurpas Inc (X PM), Henry Soediarko takes a look at internet player Xurpas Inc (X PM). Sector and Thematic InsightsIn Small Cap Diary: WHAUP &amp; AIMIRT, Athaporn Arayasantiparb, CFA discusses power company Wha Utilities And Power (WHAUP TB) and the first listed REIT in Thailand called AIMIRT or AIM Industrial Growth Freehold &amp; Leasehold REIT. In Singapore Property Weekly Recap (18th Aug to 24th Aug) – New Public Housing Initiatives, Royston Foo looks at the most important news from the Singapore property sector over the last week and provides his value-added commentary. In Disruption Diaries: Confessions of a Freshly-Converted Online Grocery Shopaholic, Shilpa Krishnan examines that rise of online in Singapore and the repercussions for incumbent players. In Hunting for Net-Nets in Singapore, Lloyd Moffatt looks for opportunities in the small-cap universe in Singapore after recent corrections in share prices. In Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - Jul'18, Lloyd Moffatt comments on small-cap movers across the region. In Singapore Property – Developers’ Sales Data for July (The Good, The Bad and The Unknown), property specialist Royston Foo comments on the latest URA sales data in Singapore. In Jakarta, Jokowi and the Impact of Infrastructure, our friends at Jones Lang Lasalle comment on the impact from improvements in infrastructure in Jakarta. In Singapore Does U-Turn for E-Payment Landscape - Consolidation Soon, Valerie Law, CFA comments on the changing shape of the e-payments landscape in Singapore. In A Turkish Tumble in Thailand, Athaporn Arayasantiparb, CFA comments on the possible knock-on effect from the Turkish currency crisis. In Singapore Primary Home Sales Surged 164% in July 2018, Vivienne Zhou Jinmiao comments on the recent surge in property sales in the month of July. In The Aftermath of the Cooling Measures, TAN Kok Keong comments on the implications of the unexpected and recently announced cooling measures directed against the Singapore property market. 

CPN Retail Growth Leasehold REIT (CPNREIT TB)

Strategic Hospitality Freehold and Leasehold REIT (SHREIT TB)

Strategic Hospitality Freehold and Leasehold REIT

The Week that Was in ASEAN@Smartkarma - External Balances, Premium Beer, and Cooling Property