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 staples / Thematic (Sector/Industry)

<div class="content-highlight">This week's Post-Vesak Day offering of 29 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 see below for a brief summary of this week's published insights. Please scroll to the detail section for a fuller account. I also include in the detailed section an initial snapshot of a company visit to <a href="https://www.smartkarma.com/entities/18684" target="_blank" data-smartkarma-citation="entities:18684:1">Mitra Adiperkasa Tbk Pt (MAPI IJ)</a>, which continues to perform above expectations. </div>In <a href="https://www.smartkarma.com/insights/a-fruitless-game-what-history" target="_blank" data-smartkarma-citation="insights:20671">A Fruitless Game: What History?</a><a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> pulls out a classic quote in “History doesn’t repeat itself, but it rhymes.” and suggests that if we had a dollar for every time we have read these words in the last few months we would be very rich. He warns against the trap of looking for historical ‘rhymes’. There has been no historical precedent to today’s markets and, as a result, some of the market-charting devices used of old may well be worthless. In <a href="https://www.smartkarma.com/insights/thailand-s-2019-cabinet-line-up" target="_blank" data-smartkarma-citation="insights:20541">Thailand's 2019 Cabinet Line-Up</a>, our Thai guru, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> assesses what might be the most likely cabinet line-up in the next Thai government.In <a href="https://www.smartkarma.com/insights/malaysia-buoyant-economy-not-enough-to-temper-worries-of-fiscal-slippage" target="_blank" data-smartkarma-citation="insights:20591">Malaysia: Buoyant Economy Not Enough to Temper Worries of Fiscal Slippage</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> highlights his concerns on the Malaysian economy, especially the danger of a swelling fiscal deficit. In <a href="https://www.smartkarma.com/insights/asian-monetary-policy-a-case-of-diverging-fortunes" target="_blank" data-smartkarma-citation="insights:20658">Asian Monetary Policy: A Case of Diverging Fortunes</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> zeros in on the divergent monetary moves by South East Asia's two largest economies, which he sees can be attributed to differing structural concerns. In <a href="https://www.smartkarma.com/insights/spotlight-on-social-inequality-to-force-policy-rethink" target="_blank" data-smartkarma-citation="insights:20657">Spotlight on Social Inequality to Force Policy Rethink</a>, <a href="https://www.smartkarma.com/profiles/1567" target="_blank" data-smartkarma-citation="accounts:1567">Nicholas Chia</a> zeros in on social inequality in Singapore, which after a period of improvement has tilted back to a deterioration recently.  In <a href="https://www.smartkarma.com/insights/the-week-in-indonesian-politics-widodo-puts-cleric-on-staff-new-bi-gov-infra-spend-on-pace-et-al" target="_blank" data-smartkarma-citation="insights:20749">The Week in Indonesian Politics: Widodo Puts Cleric on Staff; New BI Gov; Infra Spend on Pace; Et Al</a>, political insight provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> brings us his most recent thoughts on political events in Indonesia. <h2>Equity Bottom-up Insights</h2>In <a href="https://www.smartkarma.com/insights/viva-industrial-trust-a-dpu-dilutive-merger-but-vit-unitholders-to-benefit-in-the-long-run" target="_blank" data-smartkarma-citation="insights:20546">Viva Industrial Trust - A DPU-Dilutive Merger but VIT Unitholders to Benefit in the Long Run</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> analyses the recently announced merger between <a href="https://www.smartkarma.com/entities/931" target="_blank" data-smartkarma-citation="entities:931:1">Viva Industrial Trust (VIT SP)</a> and <a href="https://www.smartkarma.com/entities/10934" target="_blank" data-smartkarma-citation="entities:10934:1">ESR-REIT (EREIT SP)</a>. In <a href="https://www.smartkarma.com/insights/singtel-weakness-in-singapore-offset-by-strength-in-australia" target="_blank" data-smartkarma-citation="insights:20587">Singtel: Weakness in Singapore Offset by Strength in Australia.</a> , our friends at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> analyse the most recent numbers from <a href="https://www.smartkarma.com/entities/20" target="_blank" data-smartkarma-citation="entities:20:1">Singapore Telecommunications Limited (ST SP)</a>. In <a href="https://www.smartkarma.com/insights/accordia-golf-trust-agt-sp-buy-the-catalyst-for-dividend-normalization" target="_blank" data-smartkarma-citation="insights:20543">Accordia Golf Trust (AGT SP): BUY - The Catalyst for Dividend Normalization</a>, Insight provider <a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert</a> takes a positive view of Singapore listed <a href="https://www.smartkarma.com/entities/20224" target="_blank" data-smartkarma-citation="entities:20224:1">Accordia Golf Trust (AGT SP)</a>.  In <a href="https://www.smartkarma.com/insights/sunpower-full-force-ahead-in-green-investments-with-continued-backing-of-top-chinese-pe-funds" target="_blank" data-smartkarma-citation="insights:20654">Sunpower: Full Force Ahead in Green Investments with Continued Backing of Top Chinese PE Funds</a>, Insight Provider <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> analyses the consequences of the recently announced news that two major Chinese private equity firms will invest in <a href="https://www.smartkarma.com/entities/18395" target="_blank" data-smartkarma-citation="entities:18395:1">Sunpower Group Ltd (SPWG SP)</a>.In <a href="https://www.smartkarma.com/insights/1q18-update-the-next-philippine-cash-cow" target="_blank" data-smartkarma-citation="insights:20621">1Q18 Update - The Next Philippine Cash Cow</a>, small-mid cap specialist <a href="https://www.smartkarma.com/profiles/1763" target="_blank" data-smartkarma-citation="accounts:1763">Lloyd Moffatt</a> revisits <a href="https://www.smartkarma.com/entities/23216" target="_blank" data-smartkarma-citation="entities:23216:1">Pryce Corp (PPC PM)</a> post 1Q18 earnings and remains convinced of the positive story. In <a href="https://www.smartkarma.com/insights/sido-muncul-transforming-family-business-into-a-shareholder-friendly-listed-entity" target="_blank" data-smartkarma-citation="insights:20646">Sido Muncul: Transforming Family Business into a Shareholder Friendly Listed Entity</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> circles back to <a href="https://www.smartkarma.com/entities/6033" target="_blank" data-smartkarma-citation="entities:6033:1">Industri Jamu Dan Farmasi Sd Mncl Tbk Pt (SIDO IJ)</a> after a stellar period of performance following the entry of Affinity Capital. In <a href="https://www.smartkarma.com/insights/kawasan-industri-jababeka-caught-in-the-headlights-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:20511">Kawasan Industri Jababeka - Caught in the Headlights</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> revisits <a href="https://www.smartkarma.com/entities/7755" target="_blank" data-smartkarma-citation="entities:7755:1">Kawasan Industri Jababeka Tbk Pt (KIJA IJ)</a> after a meeting with management in Jakarta and finds a relatively bleak picture in the short term.<a href="https://www.smartkarma.com/entities/7755" target="_blank" data-smartkarma-citation="entities:7755:1"></a>In <a href="https://www.smartkarma.com/insights/philippine-national-bank-risk-of-growth-growth-of-risk-p-book-looks-too-low" target="_blank" data-smartkarma-citation="insights:20680">Philippine National Bank: Risk of Growth, Growth of Risk - P/Book Looks Too Low</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> looks for an interesting way to play the rise in consumer banking in the Philippines and sees <a href="https://www.smartkarma.com/entities/542" target="_blank" data-smartkarma-citation="entities:542:1">Punjab National Bank (PNB IN)</a> as a good way to gain exposure.In <a href="https://www.smartkarma.com/insights/mlt-placement-little-acretiveness-but-interesting-china-e-commerce-exposure" target="_blank" data-smartkarma-citation="insights:20712">MLT Placement - Little Accretion but Interesting China E-Commerce Exposure</a>, our own <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> notes that <a href="https://www.smartkarma.com/entities/16035" target="_blank" data-smartkarma-citation="entities:16035:1">Mapletree Logistics Trust (MLT SP)</a> is raising up to S$220 million to fund the acquisition of 50% interest in 11 logistic assets in China, from its sponsor MILP. In this insight, he looks at the deal, the impact to MLT, and score the deal in our ECM Framework.In <a href="https://www.smartkarma.com/insights/stubworld-genting-ptt-takara" target="_blank" data-smartkarma-citation="insights:20702">StubWorld: Genting, PTT, Takara</a>, <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> notes that <a href="https://www.smartkarma.com/entities/14210" target="_blank" data-smartkarma-citation="entities:14210:1">Genting Bhd (GENT MK)</a> is trading at a one-year low discount to NAV as concerns linger on the timing of the planned launch of 20th Century Fox World and with a high margin coffee business a key component of a forthcoming IPO, <a href="https://www.smartkarma.com/entities/197" target="_blank" data-smartkarma-citation="entities:197:1">PTT PCL (PTT TB)</a> is more than just an oil ETF.In <a href="https://www.smartkarma.com/insights/ictsi-1q18-update-uncertainty-hits-market-sentiment" target="_blank" data-smartkarma-citation="insights:20757">ICTSI - 1Q18 Update -Uncertainty Hits Market Sentiment</a>, our friends at <a href="https://www.smartkarma.com/companies/180" target="_blank" data-smartkarma-citation="companies:180">Drewry Maritime Financial Research</a> revisit <a href="https://www.smartkarma.com/entities/20001" target="_blank" data-smartkarma-citation="entities:20001:1">Intl Container Term Svcs Inc (ICT PM)</a> in the Philippines post a lacklustre set of results. In <a href="https://www.smartkarma.com/insights/aneka-gas-burning-for-infrastructure-and-industry-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:20663">Aneka Gas - Burning for Infrastructure and Industry</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> revisits <a href="https://www.smartkarma.com/entities/23564" target="_blank" data-smartkarma-citation="entities:23564:1">PT Aneka Gas Industri (AGII IJ)</a> post a conversation with management, which confirmed a strong recovery in its retail and medical gas businesses, which began in 4Q17 but also from a pick-up in demand from consumption-related customers.In <a href="https://www.smartkarma.com/insights/beauty-community-blemished-by-quality-rumours-after-slower-1q" target="_blank" data-smartkarma-citation="insights:20785">Beauty Community: Blemished by Quality Rumours After Slower 1Q</a>, <a href="https://www.smartkarma.com/profiles/345" target="_blank" data-smartkarma-citation="accounts:345">Vaibhav Saharan</a> reports back on <a href="https://www.smartkarma.com/entities/1342" target="_blank" data-smartkarma-citation="entities:1342:1">Beauty Community Pcl (BEAUTY TB)</a> post a rumour the unsafe chemicals have been used in its products and he also addresses a poor set if 1Q18 results. In <a href="https://www.smartkarma.com/insights/pcsgh-auto-parts-maker-in-sweet-spot-to-exploit-electric-vehicle-trend" target="_blank" data-smartkarma-citation="insights:20566">PCSGH: Auto-Parts Maker in Sweet Spot to Exploit Electric-Vehicle Trend</a>, our friends at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> initiate coverage on <a href="https://www.smartkarma.com/entities/11203" target="_blank" data-smartkarma-citation="entities:11203:1">Pcs Machine Group Holding Pc (PCSGH TB)</a> with a BUY rating and a 2018E target price of Bt9.70 at 19.0xPE’18E, which is its five-year trading average.In <a href="https://www.smartkarma.com/insights/sarana-menara-nusantra-towr-ij-q1-2018-results-review" target="_blank" data-smartkarma-citation="insights:20575">Sarana Menara Nusantra TOWR:IJ Q1 2018 Results Review</a>, <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> from <a href="https://www.smartkarma.com/companies/702" target="_blank" data-smartkarma-citation="companies:702">Reperio Capital</a> circles in on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> post its 1Q18 numbers and continues to take a positive view on the company. <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/thai-hotel-battle-rap-erawan-vs-centel" target="_blank" data-smartkarma-citation="insights:20496">Thai Hotel Battle Rap: Erawan Vs CENTEL</a>, our Thai guru casts his eye over two hotel stocks in Thailand, <a href="https://www.smartkarma.com/entities/11290" target="_blank" data-smartkarma-citation="entities:11290:1">Erawan Group (ERW TB)</a> and <a href="https://www.smartkarma.com/entities/18213" target="_blank" data-smartkarma-citation="entities:18213:1">Central Plaza Hotel Pcl (CENTEL TB)</a>, and concludes that good hotel stocks rarely come cheap. In <a href="https://www.smartkarma.com/insights/telecom-review-true-says-no-to-1800mhz-now-what" target="_blank" data-smartkarma-citation="insights:20610">Telecom Review: True Says No to 1800MHz, Now What?</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> zeros in on the Thai spectrum auction, where <a href="https://www.smartkarma.com/entities/8" target="_blank" data-smartkarma-citation="entities:8:1">True Corp Pcl (TRUE TB)</a> has back away from the bidding. In <a href="https://www.smartkarma.com/insights/sathorn-series-e-new-wave-of-bank-mergers" target="_blank" data-smartkarma-citation="insights:20693">Sathorn Series E: New Wave of Bank Mergers?</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> discusses the potential for a new wave of bank mergers in Thailand in the wake of Barclays acquisition of Standard Chartered. In <a href="https://www.smartkarma.com/insights/sector-capsule-premium-beauty-and-personal-care-in-indonesia" target="_blank" data-smartkarma-citation="insights:20677">Sector Capsule: Premium Beauty and Personal Care in Indonesia</a>, our friends at <a href="https://www.smartkarma.com/companies/483" target="_blank" data-smartkarma-citation="companies:483">Euromonitor International Ltd.</a> take a bird's eye view of the beauty and personal care market in Indonesia. In <a href="https://www.smartkarma.com/insights/sector-capsule-100-home-delivery-takeaway-in-indonesia" target="_blank" data-smartkarma-citation="insights:20688">Sector Capsule: 100% Home Delivery/Takeaway in Indonesia</a>, <a href="https://www.smartkarma.com/companies/483" target="_blank" data-smartkarma-citation="companies:483">Euromonitor International Ltd.</a> take a top-down view of the home delivery and takeaway market in Indonesia. In <a href="https://www.smartkarma.com/insights/indo-strategy-what-if-em-contagion-unravels" target="_blank" data-smartkarma-citation="insights:20605">Indo Strategy: What If EM Contagion Unravels?</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> lays out his views on the prospects for the Indonesian market.  In times of fluid Rupiah situation like now, he takes the Rupiah as the leading indicator over the stock market, not the other way around.  In <a href="https://www.smartkarma.com/insights/singapore-property-weekly-recap-18th-may-to-25th-may-2018" target="_blank" data-smartkarma-citation="insights:20726">Singapore Property Weekly Recap (18th May to 25th May 2018)</a>, property insight provider <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> identifies the most important property news this week and gives us his value added.In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-a-riskier-or-bolder-strategy" target="_blank" data-smartkarma-citation="insights:20730">Thai Media Spotlight: A Riskier(...or Bolder) Strategy</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> circles back to the media sector and identifies some curious trends likely to manifest themselves in 2H18.

This week's Post-Vesak Day offering of 29 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. I also include in the detailed section an initial snapshot of a company visit to Mitra Adiperkasa Tbk Pt (MAPI IJ), which continues to perform above expectations. In A Fruitless Game: What History?Dr. Jim Walker pulls out a classic quote in “History doesn’t repeat itself, but it rhymes.” and suggests that if we had a dollar for every time we have read these words in the last few months we would be very rich. He warns against the trap of looking for historical ‘rhymes’. There has been no historical precedent to today’s markets and, as a result, some of the market-charting devices used of old may well be worthless. In Thailand's 2019 Cabinet Line-Up, our Thai guru, Athaporn Arayasantiparb, CFA assesses what might be the most likely cabinet line-up in the next Thai government.In Malaysia: Buoyant Economy Not Enough to Temper Worries of Fiscal Slippage, Manu Bhaskaran highlights his concerns on the Malaysian economy, especially the danger of a swelling fiscal deficit. In Asian Monetary Policy: A Case of Diverging Fortunes, Manu Bhaskaran zeros in on the divergent monetary moves by South East Asia's two largest economies, which he sees can be attributed to differing structural concerns. In Spotlight on Social Inequality to Force Policy Rethink, Nicholas Chia zeros in on social inequality in Singapore, which after a period of improvement has tilted back to a deterioration recently.  In The Week in Indonesian Politics: Widodo Puts Cleric on Staff; New BI Gov; Infra Spend on Pace; Et Al, political insight provider Kevin O’Rourke brings us his most recent thoughts on political events in Indonesia. Equity Bottom-up InsightsIn Viva Industrial Trust - A DPU-Dilutive Merger but VIT Unitholders to Benefit in the Long Run, Royston Foo analyses the recently announced merger between Viva Industrial Trust (VIT SP) and ESR-REIT (EREIT SP). In Singtel: Weakness in Singapore Offset by Strength in Australia. , our friends at New Street Research analyse the most recent numbers from Singapore Telecommunications Limited (ST SP). In Accordia Golf Trust (AGT SP): BUY - The Catalyst for Dividend Normalization, Insight provider Curtis Lehnert takes a positive view of Singapore listed Accordia Golf Trust (AGT SP).  In Sunpower: Full Force Ahead in Green Investments with Continued Backing of Top Chinese PE Funds, Insight Provider Nicolas Van Broekhoven analyses the consequences of the recently announced news that two major Chinese private equity firms will invest in Sunpower Group Ltd (SPWG SP).In 1Q18 Update - The Next Philippine Cash Cow, small-mid cap specialist Lloyd Moffatt revisits Pryce Corp (PPC PM) post 1Q18 earnings and remains convinced of the positive story. In Sido Muncul: Transforming Family Business into a Shareholder Friendly Listed Entity, Henry Soediarko circles back to Industri Jamu Dan Farmasi Sd Mncl Tbk Pt (SIDO IJ) after a stellar period of performance following the entry of Affinity Capital. In Kawasan Industri Jababeka - Caught in the Headlights, former Jakartan Angus Mackintosh revisits Kawasan Industri Jababeka Tbk Pt (KIJA IJ) after a meeting with management in Jakarta and finds a relatively bleak picture in the short term.In Philippine National Bank: Risk of Growth, Growth of Risk - P/Book Looks Too Low, Paul Hollingworth looks for an interesting way to play the rise in consumer banking in the Philippines and sees Punjab National Bank (PNB IN) as a good way to gain exposure.In MLT Placement - Little Accretion but Interesting China E-Commerce Exposure, our own Ke Yan, CFA, FRM notes that Mapletree Logistics Trust (MLT SP) is raising up to S$220 million to fund the acquisition of 50% interest in 11 logistic assets in China, from its sponsor MILP. In this insight, he looks at the deal, the impact to MLT, and score the deal in our ECM Framework.In StubWorld: Genting, PTT, Takara, David Blennerhassett notes that Genting Bhd (GENT MK) is trading at a one-year low discount to NAV as concerns linger on the timing of the planned launch of 20th Century Fox World and with a high margin coffee business a key component of a forthcoming IPO, PTT PCL (PTT TB) is more than just an oil ETF.In ICTSI - 1Q18 Update -Uncertainty Hits Market Sentiment, our friends at Drewry Maritime Financial Research revisit Intl Container Term Svcs Inc (ICT PM) in the Philippines post a lacklustre set of results. In Aneka Gas - Burning for Infrastructure and Industry, Angus Mackintosh revisits PT Aneka Gas Industri (AGII IJ) post a conversation with management, which confirmed a strong recovery in its retail and medical gas businesses, which began in 4Q17 but also from a pick-up in demand from consumption-related customers.In Beauty Community: Blemished by Quality Rumours After Slower 1Q, Vaibhav Saharan reports back on Beauty Community Pcl (BEAUTY TB) post a rumour the unsafe chemicals have been used in its products and he also addresses a poor set if 1Q18 results. In PCSGH: Auto-Parts Maker in Sweet Spot to Exploit Electric-Vehicle Trend, our friends at Country Group initiate coverage on Pcs Machine Group Holding Pc (PCSGH TB) with a BUY rating and a 2018E target price of Bt9.70 at 19.0xPE’18E, which is its five-year trading average.In Sarana Menara Nusantra TOWR:IJ Q1 2018 Results Review, Marc Melendez, CFA from Reperio Capital circles in on Sarana Menara Nusantara Pt (TOWR IJ) post its 1Q18 numbers and continues to take a positive view on the company. Sector and Thematic InsightsIn Thai Hotel Battle Rap: Erawan Vs CENTEL, our Thai guru casts his eye over two hotel stocks in Thailand, Erawan Group (ERW TB) and Central Plaza Hotel Pcl (CENTEL TB), and concludes that good hotel stocks rarely come cheap. In Telecom Review: True Says No to 1800MHz, Now What?, Thai guru Athaporn Arayasantiparb, CFA zeros in on the Thai spectrum auction, where True Corp Pcl (TRUE TB) has back away from the bidding. In Sathorn Series E: New Wave of Bank Mergers?, Athaporn Arayasantiparb, CFA discusses the potential for a new wave of bank mergers in Thailand in the wake of Barclays acquisition of Standard Chartered. In Sector Capsule: Premium Beauty and Personal Care in Indonesia, our friends at Euromonitor International Ltd. take a bird's eye view of the beauty and personal care market in Indonesia. In Sector Capsule: 100% Home Delivery/Takeaway in Indonesia, Euromonitor International Ltd. take a top-down view of the home delivery and takeaway market in Indonesia. In Indo Strategy: What If EM Contagion Unravels?, Johannes Salim, CFA lays out his views on the prospects for the Indonesian market.  In times of fluid Rupiah situation like now, he takes the Rupiah as the leading indicator over the stock market, not the other way around.  In Singapore Property Weekly Recap (18th May to 25th May 2018), property insight provider Royston Foo identifies the most important property news this week and gives us his value added.In Thai Media Spotlight: A Riskier(...or Bolder) Strategy, Athaporn Arayasantiparb, CFA circles back to the media sector and identifies some curious trends likely to manifest themselves in 2H18. 

The Week that Was in ASEAN@Smartkarma - Fiscal Slippage, Indonesian Industry, Thai Hotels