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

PAP Retains Power, but Faces the Largest Opposition Contingent Since Independence

Sea Ltd (SE US) - Gaming Its Way to the Top

Singapore's Twin Surpluses: How Much Is Too Much?

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

<div class="content-highlight">
<p>This past 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 and credit insights.</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><h2>Macro Insights</h2><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/pap-retains-power-but-faces-the-largest-opposition-contingent-since-independence" target="_blank" data-smartkarma-citation="insights:41151" rel="noopener">PAP Retains Power, but Faces the Largest Opposition Contingent Since Independence,</a> Cross ASEAN Cheif Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> comments on last week's election in Singapore. </p></div><p>In <a href="https://www.smartkarma.com/insights/singapore-s-twin-surpluses-how-much-is-too-much" target="_blank" data-smartkarma-citation="insights:41001" rel="noopener">Singapore's Twin Surpluses: How Much Is Too Much?,</a> CrossASEAN's Cheif Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> comments on Singapore's standout current account and fiscal surpluses. </p><h2>Equity Bottom-Up Insights</h2><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/sea-ltd-se-us-gaming-its-way-to-the-top" target="_blank" data-smartkarma-citation="insights:41095" rel="noopener">Sea Ltd (SE US) - Gaming Its Way to the Top,</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> zeros in on South East Asia's leading e-commerce and gaming player as the company continues to hit new highs. </p></div><div></div><p>In <a href="https://www.smartkarma.com/insights/bca-most-roa-to-claw-back" target="_blank" data-smartkarma-citation="insights:41078" rel="noopener">BCA – Most ROA to Claw Back,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> revisits Indonesia's leading private bank and assesses the impact of COVID-19 so far with a focus on <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> versus its local and regional peers. </p><p>In <a href="https://www.smartkarma.com/insights/company-visits-ktc-taokaenoi-treading-water" target="_blank" data-smartkarma-citation="insights:38947" rel="noopener">Company Visits: KTC, Taokaenoi (Treading Water),</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> provides feedback from recent company visits to <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> and <a href="https://www.smartkarma.com/entities/taokaenoi-food-marketing-p" target="_blank" data-smartkarma-citation="entities:24015:1" rel="noopener">Taokaenoi Food &amp; Marketing (TKN TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/epg-one-of-the-most-solid-polymer-convertor-in-the-downstream-sector" target="_blank" data-smartkarma-citation="insights:41073" rel="noopener">EPG: One of the Most Solid Polymer Convertor in the Downstream Sector,</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> zero in on <a href="https://www.smartkarma.com/entities/eastern-polymer-group-public-company-limited" target="_blank" data-smartkarma-citation="entities:15907:1" rel="noopener">Eastern Polymer Group (EPG TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/dohome-fastest-growing-home-improvement-player-in-thailand" target="_blank" data-smartkarma-citation="insights:41081" rel="noopener">DOHOME: Fastest Growing Home-Improvement Player in Thailand,</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 <a href="https://www.smartkarma.com/entities/dohome-pcl" target="_blank" data-smartkarma-citation="entities:27331:1" rel="noopener">Dohome PCL (DOHOME TB)</a> with a HOLD rating based on a target price of Bt12.5. </p><p>In <a href="https://www.smartkarma.com/insights/rbf-recent-jump-in-share-price-leads-to-overvaluation" target="_blank" data-smartkarma-citation="insights:41116" rel="noopener">RBF: Recent Jump in Share Price Leads to Overvaluation</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> initiates coverage on RBF with a SELL recommendation based on a target price of Bt8.70, implying a downside of 13% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/valuation-is-approaching-an-expensive-zone" target="_blank" data-smartkarma-citation="insights:41122" rel="noopener">Valuation Is Approaching an Expensive Zone</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> downgrade <a href="https://www.smartkarma.com/entities/com7-pcl" target="_blank" data-smartkarma-citation="entities:27411:1" rel="noopener">Com7 PCL (COM7 TB)</a> to a HOLD rating after rolling over 2021E target price to Bt29.30.</p><p>In <a href="https://www.smartkarma.com/insights/tfg-weak-2q20e-but-strong-outlook-in-medium-to-long-term" target="_blank" data-smartkarma-citation="insights:41137" rel="noopener">TFG: Weak 2Q20E but Strong Outlook in Medium to Long Term,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain a BUY rating on <a href="https://www.smartkarma.com/entities/thai-foods-group-public-company-limited" target="_blank" data-smartkarma-citation="entities:24053:1" rel="noopener">Thai Foods Group Public Company (TFG TB)</a> with a new 2021E target price at Bt5.95.</p><h2>Sector and Thematic Insights</h2><div class="content-highlight"><p>In this thematic insight, <a href="https://www.smartkarma.com/insights/banks-credit-risk-cratering" target="_blank" data-smartkarma-citation="insights:40997" rel="noopener">Banks – Credit Risk, Cratering,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on credit risk for banks across the region. </p></div>


This past 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 and credit insights.
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.
Macro InsightsIn PAP Retains Power, but Faces the Largest Opposition Contingent Since Independence, Cross ASEAN Cheif Economist Prasenjit K. Basu comments on last week's election in Singapore. In Singapore's Twin Surpluses: How Much Is Too Much?, CrossASEAN's Cheif Economist Prasenjit K. Basu comments on Singapore's standout current account and fiscal surpluses. Equity Bottom-Up InsightsIn Sea Ltd (SE US) - Gaming Its Way to the Top, Crossasean insight Provider Angus Mackintosh zeros in on South East Asia's leading e-commerce and gaming player as the company continues to hit new highs. In BCA – Most ROA to Claw Back, banking specialist Daniel Tabbush revisits Indonesia's leading private bank and assesses the impact of COVID-19 so far with a focus on Bank Central Asia (BBCA IJ) versus its local and regional peers. In Company Visits: KTC, Taokaenoi (Treading Water),Athaporn Arayasantiparb, CFA provides feedback from recent company visits to Krungthai Card (KTC TB) and Taokaenoi Food &amp; Marketing (TKN TB).In EPG: One of the Most Solid Polymer Convertor in the Downstream Sector, our friends at Country Group zero in on Eastern Polymer Group (EPG TB).In DOHOME: Fastest Growing Home-Improvement Player in Thailand,Country Group initiate coverage on Dohome PCL (DOHOME TB) with a HOLD rating based on a target price of Bt12.5. In RBF: Recent Jump in Share Price Leads to OvervaluationDr Andrew Stotz, CFA initiates coverage on RBF with a SELL recommendation based on a target price of Bt8.70, implying a downside of 13% from the current price. In Valuation Is Approaching an Expensive Zone our friends at Country Group downgrade Com7 PCL (COM7 TB) to a HOLD rating after rolling over 2021E target price to Bt29.30.In TFG: Weak 2Q20E but Strong Outlook in Medium to Long Term,Country Group maintain a BUY rating on Thai Foods Group Public Company (TFG TB) with a new 2021E target price at Bt5.95.Sector and Thematic InsightsIn this thematic insight, Banks – Credit Risk, Cratering, banking specialist Daniel Tabbush zeros in on credit risk for banks across the region. 

Thai Foods Group Public Company Limited (TFG TB)

The Week that Was in ASEAN@Smartkarma - PAP Retains Power, Rising Sea Ltd, and Cratering Credit Risk