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

Equity Bottom-Up

<div class="content-highlight"><h2>A summary of Insights across ASEAN@Smartkarma</h2></div>In <a href="https://www.smartkarma.com/insights/ezion-holdings-a-reminder-of-risks-facing-singapore-s-banks" target="_blank" data-smartkarma-citation="insights:13461">Ezion Holdings: A Reminder of Risks Facing Singapore’s Banks</a>, <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> highlights that the demise of    <a href="https://www.smartkarma.com/entities/8665" target="_blank" data-smartkarma-citation="entities:8665:1">Ezion Holdings Ltd (EZISP)</a> is a stark reminder that all is not well in the oil and gas service sector in Singapore.  He expects continued deterioration in credit metrics for Singapore’s banks and higher impairment costs as a result.   In <a href="https://www.smartkarma.com/insights/a-tale-of-two-retailers-homepro-vs-platinum" target="_blank" data-smartkarma-citation="insights:13058">A Tale of Two Retailers: Homepro Vs. Platinum</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> does not believe the positive retail outlook as portrayed by the government in Thailand. <a href="https://www.smartkarma.com/entities/9906" target="_blank" data-smartkarma-citation="entities:9906:1">Home Product Center Pcl (HMPRO TB)</a>, on the other hand, is having a tough time of it, as the home improvement space is more economically sensitive.In <a href="https://www.smartkarma.com/insights/malaysia-infighting-rocks-the-opposition-bloc" target="_blank" data-smartkarma-citation="insights:13480">Malaysia: Infighting Rocks the Opposition Bloc</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> highlights the political disunity amongst the opposition in Malaysia, which looks to be playing into the hands of the incumbentIn <a href="https://www.smartkarma.com/insights/emerging-asean-sideshow-to-north-asia-but-more-limted-downside" target="_blank" data-smartkarma-citation="insights:13462">Emerging ASEAN: Sideshow to North Asia but More Limited Downside</a>, Strategist <a href="https://www.smartkarma.com/profiles/250" target="_blank" data-smartkarma-citation="accounts:250">John-Paul Smith</a> outlines his view across ASEAN.In <a href="https://www.smartkarma.com/insights/tta-s-next-act-bdi-recovery-pizza-hut" target="_blank" data-smartkarma-citation="insights:13082">TTA’s Next Act: BDI Recovery...Pizza Hut?</a> , Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/20433" target="_blank" data-smartkarma-citation="entities:20433:1">Thoresen Thai Agencies Pcl (TTA TB)</a> which had been a shipping company has now branched out into energy, fertilizer, and even pizzas. In <a href="https://www.smartkarma.com/insights/negatives-mostly-factored-in-but-can-singpost-deliver-fast-enough-part-1" target="_blank" data-smartkarma-citation="insights:13488">Negatives Mostly Factored In, but Can SingPost Deliver Fast Enough (Part 1)?</a> , insight provider <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a> notes that SingPost’s <a href="https://www.smartkarma.com/entities/150" target="_blank" data-smartkarma-citation="entities:150:1">Singapore Post Ltd (SPOST SP)</a> 's share price is at a three-year low, and much of the price movement has been explained in the latest results and my article last year <a href="https://www.smartkarma.com/insights/sloth-vs-ninja-king-kong-awaits" target="_blank" data-smartkarma-citation="insights:7058">Sloth Vs Ninja; King Kong Awaits</a>.In <a href="https://www.smartkarma.com/insights/malaysian-telcos-report-a-better-2q-but-competition-remains-intense-and-gains-may-be-temporary" target="_blank" data-smartkarma-citation="insights:13379">Malaysian Telcos Report a Better 2Q but Competition Remains Intense and Gains May Be Temporary.</a> , our friends at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> note the better performance from the Malaysian Telecoms companies but see this as a temporary respite before competitive pressures resume. In <a href="https://www.smartkarma.com/insights/asean-5-watch-for-renewed-currency-volatilities-as-vulnerabilities-are-triggered" target="_blank" data-smartkarma-citation="insights:13517">ASEAN-5: Watch for Renewed Currency Volatilities as Vulnerabilities Are Triggered</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> notes that Currency volatility across the ASEAN-5 economies has been remarkably subdued in 1H17 with the real effective exchange rate stable. In his insight, <a href="https://www.smartkarma.com/insights/malaysia-infighting-rocks-the-opposition-bloc" target="_blank" data-smartkarma-citation="insights:13480">Malaysia: Infighting Rocks the Opposition Bloc</a>   <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> circles back to the Philippines and assesses the latest impeachment move. In <a href="https://www.smartkarma.com/insights/mapletree-logistics-trust-placement-a-dpu-accretive-deal" target="_blank" data-smartkarma-citation="insights:13569">Mapletree Logistics Trust Placement: A DPU Accretive Deal</a>, our own <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> looks at the recently announced fundraising by <a href="https://www.smartkarma.com/entities/16035" target="_blank" data-smartkarma-citation="entities:16035:1">Mapletree Logistics Trust (MLT SP)</a>.In <a href="https://www.smartkarma.com/insights/should-genting-s-voracious-global-appetite-for-expansion-trigger-a-blinking-caution-light" target="_blank" data-smartkarma-citation="insights:13574">Should Genting’s Voracious Global Appetite for Expansion Trigger a Blinking Caution Light?</a>, insight provider <a href="https://www.smartkarma.com/profiles/1005" target="_blank" data-smartkarma-citation="accounts:1005">Howard J Klein</a> takes a close look at <a href="https://www.smartkarma.com/entities/14210" target="_blank" data-smartkarma-citation="entities:14210:1">Genting Bhd (GENT MK)</a> and analyses the prospects of global gaming giant's expansion and development projects. In <a href="https://www.smartkarma.com/insights/matahari-putra-prima-turnaround-timeline-uncertain" target="_blank" data-smartkarma-citation="insights:13578">Matahari Putra Prima: Turnaround Timeline Uncertain</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> writes on Hypermarket operator <a href="https://www.smartkarma.com/entities/18045" target="_blank" data-smartkarma-citation="entities:18045:1">PT Matahari Putra Prima (MPPA IJ)</a> and asks whether there is a recovery in the offing post a conversation with management.In <a href="https://www.smartkarma.com/insights/aneka-gas-industri-jumping-jack-flash-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:13474">Aneka Gas Industri - Jumping Jack Flash</a>, Jakarta veteran <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 call with management and finds a more positive picture ahead after a disappointing 2Q17, which saw an under-par performance from the company's retail business (mainly sells bottled gas) to workshops and SMEs.In <a href="https://www.smartkarma.com/insights/myanmar-3-fundamental-questions-about-the-rakhine-crisis" target="_blank" data-smartkarma-citation="insights:13595">Myanmar: 3 Fundamental Questions About The Rakhine Crisis</a>, <a href="https://www.smartkarma.com/profiles/827" target="_blank" data-smartkarma-citation="accounts:827">Aparajita Verma</a> looks at the Rohingya crisis in Myanmar. The UN now estimates that some 300,000 Rohingya refugees have fled from Myanmar to Bangladesh. He looks at the impact on investments into the country. In <a href="https://www.smartkarma.com/insights/arwana-citra-mulia-digitally-remastered-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:10714">Arwana Citra Mulia - Digitally Remastered</a>, <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a>, provides an update on <a href="https://www.smartkarma.com/entities/17042" target="_blank" data-smartkarma-citation="entities:17042:1">Arwana Citramulia Tbk Pt (ARNA IJ)</a> , which is Indonesia's lowest cost tile manufacturer. The company has a relatively slow 2Q17, predominantly due to shuts downs over the Lebaran holiday season. In <a href="https://www.smartkarma.com/insights/singapore-primary-home-sales-increased-12-m-o-m-in-aug-17" target="_blank" data-smartkarma-citation="insights:13602">Singapore Primary Home Sales Increased 12% M-O-M on Aug 17</a>, <a href="https://www.smartkarma.com/profiles/1644" target="_blank" data-smartkarma-citation="accounts:1644">Vivienne Zhou Jinmiao</a> takes a look at the latest set of figures. Singapore private residential primary home sales registered the second consecutive month of increase in August 2017. In <a href="https://www.smartkarma.com/insights/comfortdelgro-s-drivers-update-and-sbs-failure-to-win-new-train-line-signal-share-price-pressures" target="_blank" data-smartkarma-citation="insights:13647">ComfortDelgro’s Drivers’ Update and SBS’ Failure to Win New Train Line Signal Share Price Pressures</a>, insight provider <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a> noted that over 2,000 ComfortDelgro taxi hirers are keen to join rival taxi operators partnering with Grab after the private-hire company offered rental rebates to entice them to switch over.

A summary of Insights across ASEAN@SmartkarmaIn Ezion Holdings: A Reminder of Risks Facing Singapore’s Banks, Daniel Tabbush highlights that the demise of    Ezion Holdings Ltd (EZISP) is a stark reminder that all is not well in the oil and gas service sector in Singapore.  He expects continued deterioration in credit metrics for Singapore’s banks and higher impairment costs as a result.   In A Tale of Two Retailers: Homepro Vs. Platinum, our Thai guru Athaporn Arayasantiparb, CFA does not believe the positive retail outlook as portrayed by the government in Thailand. Home Product Center Pcl (HMPRO TB), on the other hand, is having a tough time of it, as the home improvement space is more economically sensitive.In Malaysia: Infighting Rocks the Opposition Bloc, Jason Tan highlights the political disunity amongst the opposition in Malaysia, which looks to be playing into the hands of the incumbentIn Emerging ASEAN: Sideshow to North Asia but More Limited Downside, Strategist John-Paul Smith outlines his view across ASEAN.In TTA’s Next Act: BDI Recovery...Pizza Hut? , Thai guru Athaporn Arayasantiparb, CFA takes a look at Thoresen Thai Agencies Pcl (TTA TB) which had been a shipping company has now branched out into energy, fertilizer, and even pizzas. In Negatives Mostly Factored In, but Can SingPost Deliver Fast Enough (Part 1)? , insight provider Valerie Law, CFA notes that SingPost’s Singapore Post Ltd (SPOST SP) 's share price is at a three-year low, and much of the price movement has been explained in the latest results and my article last year Sloth Vs Ninja; King Kong Awaits.In Malaysian Telcos Report a Better 2Q but Competition Remains Intense and Gains May Be Temporary. , our friends at New Street Research note the better performance from the Malaysian Telecoms companies but see this as a temporary respite before competitive pressures resume. In ASEAN-5: Watch for Renewed Currency Volatilities as Vulnerabilities Are Triggered, Manu Bhaskaran notes that Currency volatility across the ASEAN-5 economies has been remarkably subdued in 1H17 with the real effective exchange rate stable. In his insight, Malaysia: Infighting Rocks the Opposition Bloc   Jason Tan circles back to the Philippines and assesses the latest impeachment move. In Mapletree Logistics Trust Placement: A DPU Accretive Deal, our own Ke Yan, CFA, FRM looks at the recently announced fundraising by Mapletree Logistics Trust (MLT SP).In Should Genting’s Voracious Global Appetite for Expansion Trigger a Blinking Caution Light?, insight provider Howard J Klein takes a close look at Genting Bhd (GENT MK) and analyses the prospects of global gaming giant's expansion and development projects. In Matahari Putra Prima: Turnaround Timeline Uncertain, Johannes Salim, CFA writes on Hypermarket operator PT Matahari Putra Prima (MPPA IJ) and asks whether there is a recovery in the offing post a conversation with management.In Aneka Gas Industri - Jumping Jack Flash, Jakarta veteran Angus Mackintosh revisits PT Aneka Gas Industri (AGII IJ) post a call with management and finds a more positive picture ahead after a disappointing 2Q17, which saw an under-par performance from the company's retail business (mainly sells bottled gas) to workshops and SMEs.In Myanmar: 3 Fundamental Questions About The Rakhine Crisis, Aparajita Verma looks at the Rohingya crisis in Myanmar. The UN now estimates that some 300,000 Rohingya refugees have fled from Myanmar to Bangladesh. He looks at the impact on investments into the country. In Arwana Citra Mulia - Digitally Remastered, Angus Mackintosh, provides an update on Arwana Citramulia Tbk Pt (ARNA IJ) , which is Indonesia's lowest cost tile manufacturer. The company has a relatively slow 2Q17, predominantly due to shuts downs over the Lebaran holiday season. In Singapore Primary Home Sales Increased 12% M-O-M on Aug 17, Vivienne Zhou Jinmiao takes a look at the latest set of figures. Singapore private residential primary home sales registered the second consecutive month of increase in August 2017. In ComfortDelgro’s Drivers’ Update and SBS’ Failure to Win New Train Line Signal Share Price Pressures, insight provider Valerie Law, CFA noted that over 2,000 ComfortDelgro taxi hirers are keen to join rival taxi operators partnering with Grab after the private-hire company offered rental rebates to entice them to switch over. 

The Week that Was in ASEAN@Smartkarma - Retailers, Pizza, and It's a Gas

Samator Indo Gas

The Week that Was in ASEAN@Smartkarma - Retailers, Pizza, and It's a Gas