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

Small Cap Diary: Singha Hotels, PTG Energy

Indonesia Banks – Vastly Differing Tales

Gravity Works As WeWork Doesn't; Now Plan B

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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<p>The week that was in 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 and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ultrajaya-milk-ind-trading-ultj-ij-a-wholesome-performance" target="_blank" data-smartkarma-citation="insights:42810" rel="noopener">Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) - A Wholesome Performance,</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> revisits Indonesia's leading dairy player after a conversation with management. </p><p>In <a href="https://www.smartkarma.com/insights/pt-nippon-indosari-corpindo-roti-ij-roti-s-exit-from-philippines-a-positive" target="_blank" data-smartkarma-citation="insights:43102" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest mass-market bread player after its announcement it would exit the Philippines to focus on its Indonesian home market. </p><p>In <a href="https://www.smartkarma.com/insights/sido-muncul-sido-switch-competitor-and-split" target="_blank" data-smartkarma-citation="insights:43029" rel="noopener">Sido Muncul (SIDO): Switch, Competitor and Split,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Indonesian traditional medicine player <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> with an update post it recently announced stock split. </p><p>In <a href="https://www.smartkarma.com/insights/bluebird-bird-correlated-with-psbb-beneficiary-of-wfh-to-wfo-switch" target="_blank" data-smartkarma-citation="insights:43077" rel="noopener">Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Indonesia's largest taxi operator.</p><p>In <a href="https://www.smartkarma.com/insights/small-cap-diary-singha-hotels-ptg-energy" target="_blank" data-smartkarma-citation="insights:41024" rel="noopener">Small-Cap Diary: Singha Hotels, PTG Energy,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> reports back having visited two interesting companies recently, namely <a href="https://www.smartkarma.com/entities/s-hotels-resorts-pcl" target="_blank" data-smartkarma-citation="entities:28924:1" rel="noopener">S Hotels &amp; Resorts PCL (SHR TB)</a> (Singha Hotels), and <a href="https://www.smartkarma.com/entities/ptg-energy-pcl" target="_blank" data-smartkarma-citation="entities:14385:1" rel="noopener">Ptg Energy Pcl (PTG TB)</a>, the country's second-largest gas station operator.</p><p>In <a href="https://www.smartkarma.com/insights/sembcorp-marine-rights-issue-results-looks-like-a-scheme-of-introduction" target="_blank" data-smartkarma-citation="insights:43030" rel="noopener">Sembcorp Marine Rights Issue Results: Looks Like a Scheme of Introduction,</a> events specialist <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> in the wake of recent announcements. </p><div>
<span>In </span><a href="https://www.smartkarma.com/insights/capitaland-mall-and-cct-merger-circular-finally-out-looks-done" target="_blank" data-smartkarma-citation="insights:43006" rel="noopener">Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a><span> revisits this ongoing merger in Singapore. </span>
</div><div><span> </span></div><div><p>In <a href="https://www.smartkarma.com/insights/singapore-exchange-taiwan-a-standout-in-august" target="_blank" data-smartkarma-citation="insights:43185" rel="noopener">Singapore Exchange – Taiwan A Standout In August,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> circles back to <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> post its monthly numbers.  </p></div><p>In <a href="https://www.smartkarma.com/insights/jwd-entering-high-season-with-growth-drivers-from-new-projects" target="_blank" data-smartkarma-citation="insights:43045" rel="noopener">JWD: Entering High Season with Growth Drivers from New Projects,</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> revisit <a href="https://www.smartkarma.com/entities/jwd-infologistics" target="_blank" data-smartkarma-citation="entities:28438:1" rel="noopener">JWD Infologistics (JWD TB)</a> in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/global-home-improvement-player-eyes-opportunities-in-asean" target="_blank" data-smartkarma-citation="insights:43134" rel="noopener">GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage on Thai home improvement player <a href="https://www.smartkarma.com/entities/siam-global-house-pcl" target="_blank" data-smartkarma-citation="entities:19449:1" rel="noopener">Siam Global House (GLOBAL TB)</a>. </p><h3>Sector and Thematic Insights</h3><p><a href="https://www.smartkarma.com/insights/in-malaysia-heineken-vs-carlsberg-close" target="_blank" data-smartkarma-citation="insights:42940" rel="noopener">In Malaysia: Heineken Vs Carlsberg (Close),</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> revisits this pair trade, which he recommends to close. </p><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-vastly-differing-tales" target="_blank" data-smartkarma-citation="insights:43031" rel="noopener">Indonesia Banks – Vastly Differing Tales,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> compares tow Indonesian banks, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-danamon-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:135:1" rel="noopener">Bank Danamon Indonesia (BDMN IJ),</a> and finds two very different stories.</p><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-asean-vol-32" target="_blank" data-smartkarma-citation="insights:43064" rel="noopener">The Stocks to Own in ASEAN – Vol. 32,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> highlights 14 stocks in ASEAN that look interesting to him based upon our FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-thailand-vol-30" target="_blank" data-smartkarma-citation="insights:43063" rel="noopener">The Stocks to Own in Thailand – Vol. 30,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/sritex-tear-sheet-lucror-analytics-89648093-0639-4666-a47c-ac1899e8691d" target="_blank" data-smartkarma-citation="insights:43168" rel="noopener">Sritex - Tear Sheet,</a><a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> presents his credit views view on <a href="https://www.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" data-smartkarma-citation="entities:20178:1" rel="noopener">Sri Rejeki Isman (SRIL IJ)</a> (Sritex). He views Sritex as “High Risk” on the LARA scale.</p>


The week that was in 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 and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Equity Bottom-Up InsightsIn Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) - A Wholesome Performance, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's leading dairy player after a conversation with management. In PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive,Angus Mackintosh revisits Indonesia's largest mass-market bread player after its announcement it would exit the Philippines to focus on its Indonesian home market. In Sido Muncul (SIDO): Switch, Competitor and Split, CrossASEAN Insight Provider Henry Soediarko revisits Indonesian traditional medicine player Sido Muncul (SIDO IJ) with an update post it recently announced stock split. In Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch, CrossASEAN Insight Provider Henry Soediarko revisits Indonesia's largest taxi operator.In Small-Cap Diary: Singha Hotels, PTG Energy, our Thai guru Athaporn Arayasantiparb, CFA reports back having visited two interesting companies recently, namely S Hotels &amp; Resorts PCL (SHR TB) (Singha Hotels), and Ptg Energy Pcl (PTG TB), the country's second-largest gas station operator.In Sembcorp Marine Rights Issue Results: Looks Like a Scheme of Introduction, events specialist Travis Lundy revisits Sembcorp Marine (SMM SP) in the wake of recent announcements. 
In Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.Travis Lundy revisits this ongoing merger in Singapore. 
 In Singapore Exchange – Taiwan A Standout In August,Brian Freitas circles back to SGX (SGX SP) post its monthly numbers.  In JWD: Entering High Season with Growth Drivers from New Projects, our friends at Country Group revisit JWD Infologistics (JWD TB) in Thailand. In GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN,Country Group initiate coverage on Thai home improvement player Siam Global House (GLOBAL TB). Sector and Thematic InsightsIn Malaysia: Heineken Vs Carlsberg (Close), CrossASEAN Insight Provider Angus Mackintosh revisits this pair trade, which he recommends to close. In Indonesia Banks – Vastly Differing Tales, banking specialist Daniel Tabbush compares tow Indonesian banks, Bank Central Asia (BBCA IJ) and Bank Danamon Indonesia (BDMN IJ), and finds two very different stories.In The Stocks to Own in ASEAN – Vol. 32,Dr Andrew Stotz, CFA highlights 14 stocks in ASEAN that look interesting to him based upon our FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.In The Stocks to Own in Thailand – Vol. 30,Dr Andrew Stotz, CFA highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof. Credit InsightsIn Sritex - Tear Sheet,Leonard Law, CFA presents his credit views view on Sri Rejeki Isman (SRIL IJ) (Sritex). He views Sritex as “High Risk” on the LARA scale.

Capitaland Integrated Commercial Trust (CICT SP)

PT Nippon Indosari Corpindo Tbk. (ROTI) (ROTI IJ)

The Week that Was in ASEAN@Smartkarma - Indonesian Dairy, Bank Central Asia, and Thai Picks