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

Jollibee's (JFC PM) Acquisition of Coffee Bean -  Value Buy in Asia's 'Hot' Coffee Segment

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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.</p>
<p>This past week's offering reveals an example of the breadth and depth of what is on offer on Smartkarma across ASEAN, with an in-depth <strong>Smartkarma Original</strong> on Indonesian smartphone retailer <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener"><strong>Erajaya Swasembada (ERAA IJ</strong>)</a> from CrossASEAN Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener"><strong>Henry Soediarko,</strong> </a>a high conviction buy call on <strong><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-perser" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Perser (BBNI IJ)</a></strong> from banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush, </a>an update following a company visit to <a href="https://www.smartkarma.com/entities/semen-indonesia-persero-tbk" target="_blank" data-smartkarma-citation="entities:11161:1" rel="noopener"><strong>Semen Indonesia Persero Tbk (SMGR IJ)</strong></a> from CrossASEAN Insight Provider <strong><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a></strong>, and a collaborative sector piece on tobacco in Indonesia and India from <strong><a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a></strong> and <a href="https://www.smartkarma.com/profiles/pranav-bhavsar" target="_blank" data-smartkarma-citation="accounts:3191" rel="noopener"><strong>Pranav Bhavsar</strong></a>. </p>
</div><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/modern-monetary-theory-plan-a-cubed" target="_blank" data-smartkarma-citation="insights:31037" rel="noopener">Modern Monetary Theory: Plan A-Cubed</a>, <a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr. Jim Walker</a> lays out his view on the changing (increasingly ugly?) face of global monetary policy.</p><p>In <a href="https://www.smartkarma.com/insights/prabowo-changes-tack-pertamina-s-offshore-blowout-adverse-water-bill-may-pass-tollroad-tenders" target="_blank" data-smartkarma-citation="insights:31337" rel="noopener">Prabowo Changes Tack / Pertamina's Offshore Blowout / Adverse Water Bill May Pass / Tollroad Tenders,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the most important political and economic developments in Indonesia over the past week.</p><h2>Equity Bottom-Up Insights</h2><div class="content-highlight"><p>In this<strong> Smartkarma Original</strong>, <a href="https://www.smartkarma.com/insights/erajaya-eraa-growing-sustainable-smartphone-demand-in-indonesia-on-the-ground-findings" target="_blank" data-smartkarma-citation="insights:30542" rel="noopener">Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia,</a><strong>CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a></strong> takes a deep dive into the Indonesian smartphone retailer <strong><a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a></strong> and finds an exciting proxy to the huge consumer appetite for smartphones and online activity in Indonesia. </p></div><p>In <a href="https://www.smartkarma.com/insights/bni-misunderstood-by-market" target="_blank" data-smartkarma-citation="insights:31308" rel="noopener">BNI – Misunderstood by Market?,</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 this leading State-owned Indonesian Bank and finds an exciting, yet appreciated, growth story.</p><p>In <a href="https://www.smartkarma.com/insights/semen-indonesia-smgr-ij-bedding-down-with-lafarge-holcim-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:31094" rel="noopener">Semen Indonesia (SMGR IJ) - Bedding Down with Lafarge Holcim,</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> takes a close look at this leading Indonesian Cement producer, as it seeks to exploit synergies from the acquisition of Lafarge Holcim Indonesia. </p><p>In <a href="https://www.smartkarma.com/insights/agm-yoma-yoma-sp-keeping-the-myanmar-dream-alive-pun-family-asks-shareholders-to-remain-patient" target="_blank" data-smartkarma-citation="insights:31281" rel="noopener">AGM Yoma (YOMA SP): Keeping the Myanmar Dream Alive; Pun Family Asks Shareholders to Remain Patient</a>, <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits this Singapore listed Myanmar play after attending the company's AGM. </p><p>In <a href="https://www.smartkarma.com/insights/jollibee-s-jfc-pm-acquisition-of-coffee-bean-value-buy-in-asia-s-hot-coffee-segment" target="_blank" data-smartkarma-citation="insights:31289" rel="noopener">Jollibee's (JFC PM) Acquisition of Coffee Bean -  Value Buy in Asia's 'Hot' Coffee Segment,</a> consumer specialist <a href="https://www.smartkarma.com/profiles/devi-subhakesan" target="_blank" data-smartkarma-citation="accounts:1913" rel="noopener">Devi Subhakesan</a> discusses <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)'</a>s latest acquisition of Coffee Bean &amp; Tea Leaf, which propels its reach beyond Asia. </p><p>In <a href="https://www.smartkarma.com/insights/ptt-global-chemical-buy-target-and-upside-hurdles" target="_blank" data-smartkarma-citation="insights:31223" rel="noopener">PTT Global Chemical Buy Target and Upside Hurdles,</a><a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> works his technical magic on this Thai listed chemical player. He suggests the <a href="https://www.smartkarma.com/entities/ptt-global-chemical-pcl" target="_blank" data-smartkarma-citation="entities:19852:1" rel="noopener">PTT Global Chemical (PTTGC TB)</a> bear cycle is maturing to the point where intermediate trend signals are leaning into a cycle low.</p><h2>Sector and Thematic Insights</h2><div class="content-highlight"><p><strong><a href="https://www.smartkarma.com/insights/tobacco-sector-best-of-india-and-indonesia" target="_blank" data-smartkarma-citation="insights:31155" rel="noopener">Tobacco Sector: Best of India and Indonesia</a></strong>is a<strong> Joint Insight</strong> between <strong><a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a></strong> and <strong><a href="https://www.smartkarma.com/profiles/pranav-bhavsar" target="_blank" data-smartkarma-citation="accounts:3191" rel="noopener">Pranav Bhavsar</a></strong> comparing the tobacco sectors of Indonesia and India, which are both heavy smoking countries, and presenting their top choices for investors. India and Indonesia are two of the top five tobacco consuming country in the world, each with a very different market structure and dynamics. In this insight, they aim to capture a brief summary of both markets and conclude which of the three top tobacco players <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>, <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">Hm Sampoerna (HMSP IJ)</a> or <a href="https://www.smartkarma.com/entities/gudang-garam-tbk-pt" target="_blank" data-smartkarma-citation="entities:722:1" rel="noopener">Gudang Garam (GGRM IJ)</a> deserves to be in your Asian portfolio.</p></div><p>In <a href="https://www.smartkarma.com/insights/mckinsey-on-asian-banks" target="_blank" data-smartkarma-citation="insights:30044" rel="noopener">McKinsey on Asian Banks,</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> reflects on Thai banks having read a book called Banking in Asia by 12 guys from McKinsey and he distils five interesting lessons and how these principles may be applied in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/malaysia-telcos-slightly-weak-trends-in-1q19-but-we-remain-broadly-positive-telenor-deal-is-key" target="_blank" data-smartkarma-citation="insights:30573" rel="noopener">Malaysia Telcos: Slightly Weak Trends in 1Q19 but We Remain Broadly Positive. Telenor Deal Is Key,</a> our friends at <a href="https://www.smartkarma.com/companies/new-street-research" target="_blank" data-smartkarma-citation="companies:151" rel="noopener">New Street Research</a> present their views on the Malaysian Telecom Sector post some weak trends showing in 1Q19 results. </p><p>In <a href="https://www.smartkarma.com/insights/singapore-real-deals-issue-6-a-refreshed-icon" target="_blank" data-smartkarma-citation="insights:31266" rel="noopener">Singapore Real Deals (Issue 6): A Refreshed Icon,</a><a href="https://www.smartkarma.com/profiles/anni-kum" target="_blank" data-smartkarma-citation="accounts:1786" rel="noopener">Anni Kum</a> puts out a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. This week’s issue is a review of One Pearl Bank (OPB) by <a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" data-smartkarma-citation="entities:55:1" rel="noopener">Capitaland Ltd (CAPL SP)</a>.</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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.
This past week's offering reveals an example of the breadth and depth of what is on offer on Smartkarma across ASEAN, with an in-depth Smartkarma Original on Indonesian smartphone retailer Erajaya Swasembada (ERAA IJ) from CrossASEAN Provider Henry Soediarko, a high conviction buy call on Bank Negara Indonesia Perser (BBNI IJ) from banking specialist Daniel Tabbush, an update following a company visit to Semen Indonesia Persero Tbk (SMGR IJ) from CrossASEAN Insight Provider Angus Mackintosh, and a collaborative sector piece on tobacco in Indonesia and India from Jessica Irene and Pranav Bhavsar. 
Macro InsightsIn Modern Monetary Theory: Plan A-Cubed, Dr. Jim Walker lays out his view on the changing (increasingly ugly?) face of global monetary policy.In Prabowo Changes Tack / Pertamina's Offshore Blowout / Adverse Water Bill May Pass / Tollroad Tenders, CrossASEAN Insight Provider Kevin O’Rourke comments on the most important political and economic developments in Indonesia over the past week.Equity Bottom-Up InsightsIn this Smartkarma Original, Erajaya (ERAA): Growing Sustainable Smartphone Demand in Indonesia,CrossASEAN Insight Provider Henry Soediarko takes a deep dive into the Indonesian smartphone retailer Erajaya Swasembada (ERAA IJ) and finds an exciting proxy to the huge consumer appetite for smartphones and online activity in Indonesia. In BNI – Misunderstood by Market?, banking specialist Daniel Tabbush revisits this leading State-owned Indonesian Bank and finds an exciting, yet appreciated, growth story.In Semen Indonesia (SMGR IJ) - Bedding Down with Lafarge Holcim, CrossASEAN Insight Provider Angus Mackintosh takes a close look at this leading Indonesian Cement producer, as it seeks to exploit synergies from the acquisition of Lafarge Holcim Indonesia. In AGM Yoma (YOMA SP): Keeping the Myanmar Dream Alive; Pun Family Asks Shareholders to Remain Patient, Nicolas Van Broekhoven revisits this Singapore listed Myanmar play after attending the company's AGM. In Jollibee's (JFC PM) Acquisition of Coffee Bean -  Value Buy in Asia's 'Hot' Coffee Segment, consumer specialist Devi Subhakesan discusses Jollibee Foods (JFC PM)'s latest acquisition of Coffee Bean &amp; Tea Leaf, which propels its reach beyond Asia. In PTT Global Chemical Buy Target and Upside Hurdles,Thomas Schroeder works his technical magic on this Thai listed chemical player. He suggests the PTT Global Chemical (PTTGC TB) bear cycle is maturing to the point where intermediate trend signals are leaning into a cycle low.Sector and Thematic InsightsTobacco Sector: Best of India and Indonesiais a Joint Insight between Jessica Irene and Pranav Bhavsar comparing the tobacco sectors of Indonesia and India, which are both heavy smoking countries, and presenting their top choices for investors. India and Indonesia are two of the top five tobacco consuming country in the world, each with a very different market structure and dynamics. In this insight, they aim to capture a brief summary of both markets and conclude which of the three top tobacco players ITC Ltd (ITC IN), Hm Sampoerna (HMSP IJ) or Gudang Garam (GGRM IJ) deserves to be in your Asian portfolio.In McKinsey on Asian Banks, our Thai guru Athaporn Arayasantiparb, CFA reflects on Thai banks having read a book called Banking in Asia by 12 guys from McKinsey and he distils five interesting lessons and how these principles may be applied in Thailand. In Malaysia Telcos: Slightly Weak Trends in 1Q19 but We Remain Broadly Positive. Telenor Deal Is Key, our friends at New Street Research present their views on the Malaysian Telecom Sector post some weak trends showing in 1Q19 results. In Singapore Real Deals (Issue 6): A Refreshed Icon,Anni Kum puts out a fortnightly property digest that takes you through the peculiarities of Singapore's real estate market. This week’s issue is a review of One Pearl Bank (OPB) by Capitaland Ltd (CAPL SP).

The Week that Was in ASEAN@Smartkarma - Smartphones, Indonesian Cement, and Tobacco