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

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

In this festive Hari Raya week in ASEAN, we take a look at a number of macro themes and bottom-up ideas across South East Asia on Smartkarma. <h2>TOP Insights of the week in ASEAN</h2>In his insight, <a href="https://www.smartkarma.com/insights/ah-auto-sales-drive-good-financials" target="_blank" data-smartkarma-citation="insights:11706">AH: Auto Sales Drive Good Financials</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr Andrew Stotz, CFA</a> puts <a href="https://www.smartkarma.com/entities/14293" target="_blank" data-smartkarma-citation="entities:14293:1">Aapico Hitech Pcl (AH TB)</a> through his milling process and comes away with a positive view. The company’s board recently approved a US$100m investment in Sakti Global Auto Holdings Limited aimed at making AH a global player in auto parts and reduce dependency on the Thai market.In another insight, <a href="https://www.smartkarma.com/insights/apure-corn-products-make-a-sweet-recovery-update" target="_blank" data-smartkarma-citation="insights:11728">APURE: Corn Products Make a Sweet Recovery (Update)</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr Andrew Stotz, CFA</a> looks at this sweetcorn player and sees better prospects ahead for the company. APURE’s main business focused on production and export of sweetcorn products is now recovering sharply after two years of drought, which had caused corn supply shortages. In <a href="https://www.smartkarma.com/insights/thailand-will-the-military-really-cede-power" target="_blank" data-smartkarma-citation="insights:11760">Thailand: Will the Military Really Cede Power?</a>,  <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> looks at the political prospects in Thailand after the National Legislative Assembly (NLA) passed a national strategy law which helps to entrench the military and their allies in setting policies for the long term well after the military formally gives up power. The commission will be in charge of overseeing the implementation of a 20-year national development blueprint put in place by the current military government, giving little leeway to succeeding governments to pursue their own strategies.<a href="https://www.smartkarma.com/insights/mitra-adiperkasa-consolidating-department-stores-and-building-beverages-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:11585">Mitra Adiperkasa - Consolidating Department Stores and Building Beverages</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/18684" target="_blank" data-smartkarma-citation="entities:18684:1">Mitra Adiperkasa Tbk Pt (MAPI IJ)</a> after a conversation with management about the progress of its ongoing restructuring. The company is reducing its exposure to the difficult department store space, has fixed the inventory issues with MAP Active, and recently listed its food &amp; beverage division, paving the way for an acceleration of its Starbucks expansion.In <a href="https://www.smartkarma.com/insights/thailand-rising-rice-prices-a-boon-for-consumption" target="_blank" data-smartkarma-citation="insights:11779">Thailand: Rising Rice Prices a Boon for Consumption</a> <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> suggests that the recent upward move in rice prices should provide a boost for consumption, especially in the provinces. Thailand’s rice industry is looking towards more prosperous times as a combination of depleting rice stockpiles and declining foreign production due to bad weather is looking to push Thai rice exports and prices to record highs. Thai rice prices have been suppressed for a prolonged period of time due to a supply glut created by a government subsidy scheme. In his insight, <a href="https://www.smartkarma.com/insights/discover-singapore-ips-securex-ipss-sp-defending-asian-governments-from-terrorist-threats" target="_blank" data-smartkarma-citation="insights:11721">Discover Singapore: IPS Securex (IPSS SP); Defending Asian Governments from Terrorist Threats</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> takes a deep dive on integrated security solutions provider <a href="https://www.smartkarma.com/entities/15717" target="_blank" data-smartkarma-citation="entities:15717:1">IPS Securex Holdings Ltd (IPSS SP)</a>. After a dismal 2016 and likely a weak outlook for FYJune2017, 2018 should see rebound in the Singapore market and potential new contract wins in Indonesia, Malaysia and Thailand.In <a href="https://www.smartkarma.com/insights/top-three-scandals-myths-of-2017" target="_blank" data-smartkarma-citation="insights:11804">Top Three Scandals/Myths of 2017</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on <a href="https://www.smartkarma.com/entities/13889" target="_blank" data-smartkarma-citation="entities:13889:1">CP All PCL (CPALL TB)</a>, <a href="https://www.smartkarma.com/entities/11318" target="_blank" data-smartkarma-citation="entities:11318:1">Inter Far East Energy Corp (IFEC TB)</a>, <a href="https://www.smartkarma.com/entities/294" target="_blank" data-smartkarma-citation="entities:294:1">Land &amp; Houses Pub Co Ltd (LH TB)</a>, <a href="https://www.smartkarma.com/entities/16881" target="_blank" data-smartkarma-citation="entities:16881:1">BEC World Public Co Ltd (BEC TB)</a> and Land &amp; House. He digs deep into the intrigue and scandals related to the aforementioned stocks.In <a href="https://www.smartkarma.com/insights/glp-one-pe-s-preferred-play" target="_blank" data-smartkarma-citation="insights:11751">GLP: One PE’s Preferred Play?</a> , our Insight Provider <a href="https://www.smartkarma.com/profiles/263" target="_blank" data-smartkarma-citation="accounts:263">Pranav Rao</a> comments that as <a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> highlighted in his most recent note (<a href="https://www.smartkarma.com/insights/thoughts-on-global-logistic-properties-as-final-bids-prepared-fewer-bidders-not-a-good-thing" target="_blank" data-smartkarma-citation="insights:11677">Thoughts on Global Logistic Properties as Final Bids Prepared; Fewer Bidders Not a Good Thing</a>), the article in the Financial Times (<a href="https://www.ft.com/content/54c1a914-54a3-11e7-9fed-c19e2700005f" target="_blank">link</a>; paywalled) claiming that bidders had withdrawn offers for <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> due to an unfair bidding process has led to some share price volatility. However, one name that continues to be linked is Warburg Pincus ("WP"), and in this insight, we look at why GLP could be a key asset in WP's aspirations, as well as comment on how we are looking at the current situation.<a href="https://www.smartkarma.com/insights/cdlht-acquisition-spree-continues-also-announces-sgd-255-million-rights-issue" target="_blank" data-smartkarma-citation="insights:11775"></a>

In this festive Hari Raya week in ASEAN, we take a look at a number of macro themes and bottom-up ideas across South East Asia on Smartkarma. TOP Insights of the week in ASEANIn his insight, AH: Auto Sales Drive Good Financials, Dr Andrew Stotz, CFA puts Aapico Hitech Pcl (AH TB) through his milling process and comes away with a positive view. The company’s board recently approved a US$100m investment in Sakti Global Auto Holdings Limited aimed at making AH a global player in auto parts and reduce dependency on the Thai market.In another insight, APURE: Corn Products Make a Sweet Recovery (Update), Dr Andrew Stotz, CFA looks at this sweetcorn player and sees better prospects ahead for the company. APURE’s main business focused on production and export of sweetcorn products is now recovering sharply after two years of drought, which had caused corn supply shortages. In Thailand: Will the Military Really Cede Power?,  Jason Tan looks at the political prospects in Thailand after the National Legislative Assembly (NLA) passed a national strategy law which helps to entrench the military and their allies in setting policies for the long term well after the military formally gives up power. The commission will be in charge of overseeing the implementation of a 20-year national development blueprint put in place by the current military government, giving little leeway to succeeding governments to pursue their own strategies.Mitra Adiperkasa - Consolidating Department Stores and Building Beverages, former Jakartan Angus Mackintosh circles back to Mitra Adiperkasa Tbk Pt (MAPI IJ) after a conversation with management about the progress of its ongoing restructuring. The company is reducing its exposure to the difficult department store space, has fixed the inventory issues with MAP Active, and recently listed its food &amp; beverage division, paving the way for an acceleration of its Starbucks expansion.In Thailand: Rising Rice Prices a Boon for Consumption Jason Tan suggests that the recent upward move in rice prices should provide a boost for consumption, especially in the provinces. Thailand’s rice industry is looking towards more prosperous times as a combination of depleting rice stockpiles and declining foreign production due to bad weather is looking to push Thai rice exports and prices to record highs. Thai rice prices have been suppressed for a prolonged period of time due to a supply glut created by a government subsidy scheme. In his insight, Discover Singapore: IPS Securex (IPSS SP); Defending Asian Governments from Terrorist Threats, Nicolas Van Broekhoven takes a deep dive on integrated security solutions provider IPS Securex Holdings Ltd (IPSS SP). After a dismal 2016 and likely a weak outlook for FYJune2017, 2018 should see rebound in the Singapore market and potential new contract wins in Indonesia, Malaysia and Thailand.In Top Three Scandals/Myths of 2017, our Thai guru Athaporn Arayasantiparb, CFA comments on CP All PCL (CPALL TB), Inter Far East Energy Corp (IFEC TB), Land &amp; Houses Pub Co Ltd (LH TB), BEC World Public Co Ltd (BEC TB) and Land &amp; House. He digs deep into the intrigue and scandals related to the aforementioned stocks.In GLP: One PE’s Preferred Play? , our Insight Provider Pranav Rao comments that as Daniel Hellberg highlighted in his most recent note (Thoughts on Global Logistic Properties as Final Bids Prepared; Fewer Bidders Not a Good Thing), the article in the Financial Times (link; paywalled) claiming that bidders had withdrawn offers for Global Logistic Properties Ltd (GLP SP) due to an unfair bidding process has led to some share price volatility. However, one name that continues to be linked is Warburg Pincus ("WP"), and in this insight, we look at why GLP could be a key asset in WP's aspirations, as well as comment on how we are looking at the current situation.

The Week that Was in ASEAN@Smartkarma - Macro Themes, Security Solutions and Scandals