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

Thematic (Sector/Industry)

<div class="content-highlight">This week's offering in <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> in in eclectic mix of equity bottom up and macro, strategy and thematic insights across the regions. I include a short summary below. For more detail, please scroll down to the detail section.</div>In <a href="https://www.smartkarma.com/insights/ratch-power-is-the-new-oil" target="_blank" data-smartkarma-citation="insights:14804">RATCH: Power Is the New Oil</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a close look at the power industry in Thailand and pinpoints the main drivers for demand, both now and in the future, including electric vehicles. He hones in on <a href="https://www.smartkarma.com/entities/15338" target="_blank" data-smartkarma-citation="entities:15338:1">Ratchaburi Elec Gen Hodg Pub (RATCH TB)</a>,In <a href="https://www.smartkarma.com/insights/ict-gains-from-global-trade-recovery" target="_blank" data-smartkarma-citation="insights:14820">ICT: Gains from Global Trade Recovery</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> looks at Philippines listed but geographically diversified container terminal player <a href="https://www.smartkarma.com/entities/20001" target="_blank" data-smartkarma-citation="entities:20001:1">Intl Container Term Svcs Inc (ICT PM)</a>. In <a href="https://www.smartkarma.com/insights/compelling-case-to-buy-malaysia" target="_blank" data-smartkarma-citation="insights:14824">Compelling Case to Buy Malaysia</a>, technical analyst <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> works his magic on the Malaysian market. Malaysia is a market he has held as an underperform but it is now starting to see correlated signs of life.In <a href="https://www.smartkarma.com/insights/malaysia-budget-2018-a-buffet-of-handouts-with-a-keen-eye-on-ge14" target="_blank" data-smartkarma-citation="insights:14826">Malaysia Budget 2018: A Buffet of Handouts with a Keen Eye on GE14</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> zeros in on the 2018 Malaysian Budget. He notes that the national budget dispensed numerous handouts and subsidies as the government moved to shore up political support before elections in 2018.In <a href="https://www.smartkarma.com/insights/s-reit-weekly-what-transpired-in-the-s-reit-scene-mit-ventures-into-us-data-centres" target="_blank" data-smartkarma-citation="insights:14645">S-REIT Weekly: What Transpired in the S-REIT Scene - MIT Ventures into US Data Centres</a>, <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a> takes us through news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community. in <a href="https://www.smartkarma.com/insights/greener-buildings-for-healthier-workers" target="_blank" data-smartkarma-citation="insights:14835">Greener Buildings for Healthier Workers</a>, our friends at <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> examine the increasing prevalent demand for greener buildings, both in terms of what they consume and the ways the occupants benefit..in <a href="https://www.smartkarma.com/insights/thailand-post-cremation-politics-back-in-the-spotlight" target="_blank" data-smartkarma-citation="insights:14842">Thailand: Post-Cremation, Politics Back in the Spotlight</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> looks at the prospects for the Thai Economy post the late King's cremation. The end of the mourning period for the late King Bhumibol means that most Thais will begin to resume a normal way of life.In <a href="https://www.smartkarma.com/insights/bvsc-vietnam-strategic-report-economic-and-stock-market-outlook" target="_blank" data-smartkarma-citation="insights:14829">BVSC Vietnam Strategic Report: Economic and Stock Market Outlook</a>, our friends at <a href="https://www.smartkarma.com/companies/844" target="_blank" data-smartkarma-citation="companies:844">BAOVIET Securities</a> outline their views and strategy on the stock market and the economy in Vietnam. In <a href="https://www.smartkarma.com/insights/history-s-burdens-only-suu-kyi-can-untie-them-but-will-the-world-let-her" target="_blank" data-smartkarma-citation="insights:13751">History’s Burdens: Only Suu Kyi Can Untie Them, but Will the World Let Her?</a><a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> takes a detailed look at wherever Myanmar stands a chance at achieving successful nationhood. In <a href="https://www.smartkarma.com/insights/the-autobot-update-november-thai-car-exports-in-new-heights" target="_blank" data-smartkarma-citation="insights:14508">The Autobot Update (November): Thai Car Exports in New Heights!</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> notes that the Thai auto industry continues its boom, with exports driving the growth. Exports of autos this year should reach 850,000 vehicles, 40% more than domestic sales. He zeroes in on <a href="https://www.smartkarma.com/entities/11778" target="_blank" data-smartkarma-citation="entities:11778:1">Somboon Advance Technology P (SAT TB)</a> and <a href="https://www.smartkarma.com/entities/14293" target="_blank" data-smartkarma-citation="entities:14293:1">Aapico Hitech Pcl (AH TB)</a>, as interesting ways to play this boom. In <a href="https://www.smartkarma.com/insights/matahari-department-store-low-and-rally-cycle" target="_blank" data-smartkarma-citation="insights:14931">Matahari Department Store Low and Rally Cycle</a>, technical analyst <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> notes that <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">PT Matahari Department Store (LPPF IJ)</a> has been on his radar, as oversold readings and brewing divergences matured. In <a href="https://www.smartkarma.com/insights/matahari-department-store-key-takeaways-from-the-call" target="_blank" data-smartkarma-citation="insights:14993">Matahari Department Store: Key Takeaways from the Call</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> outlines his thoughts on <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">PT Matahari Department Store (LPPF IJ)</a> after dialling into the 3Q17 results call.  in <a href="https://www.smartkarma.com/insights/uob-s-higher-npls-credit-costs-should-not-surprise" target="_blank" data-smartkarma-citation="insights:15002">UOB’s Higher NPLs, Credit Costs Should Not Surprise</a>, <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> notes that <a href="https://www.smartkarma.com/entities/113" target="_blank" data-smartkarma-citation="entities:113:1">United Overseas Bank Ltd (UOB SP)</a> higher bad loans and impairment costs should not surprise. This is related to the stressed oil and gas service sector, and it comes during a quarter of higher oil prices.

This week's offering in ASEAN@Smartkarma in in eclectic mix of equity bottom up and macro, strategy and thematic insights across the regions. I include a short summary below. For more detail, please scroll down to the detail section.In RATCH: Power Is the New Oil, Thai guru Athaporn Arayasantiparb, CFA takes a close look at the power industry in Thailand and pinpoints the main drivers for demand, both now and in the future, including electric vehicles. He hones in on Ratchaburi Elec Gen Hodg Pub (RATCH TB),In ICT: Gains from Global Trade Recovery, Dr. Andrew Stotz, CFA looks at Philippines listed but geographically diversified container terminal player Intl Container Term Svcs Inc (ICT PM). In Compelling Case to Buy Malaysia, technical analyst Thomas Schroeder works his magic on the Malaysian market. Malaysia is a market he has held as an underperform but it is now starting to see correlated signs of life.In Malaysia Budget 2018: A Buffet of Handouts with a Keen Eye on GE14, Manu Bhaskaran zeros in on the 2018 Malaysian Budget. He notes that the national budget dispensed numerous handouts and subsidies as the government moved to shore up political support before elections in 2018.In S-REIT Weekly: What Transpired in the S-REIT Scene - MIT Ventures into US Data Centres, Will Tan, CAIA takes us through news flow reported in the media and updates on the Singapore REIT (S-REIT) sector, along with a recap on notable research by the Smartkarma community. in Greener Buildings for Healthier Workers, our friends at Jones Lang Lasalle examine the increasing prevalent demand for greener buildings, both in terms of what they consume and the ways the occupants benefit..in Thailand: Post-Cremation, Politics Back in the Spotlight, Manu Bhaskaran looks at the prospects for the Thai Economy post the late King's cremation. The end of the mourning period for the late King Bhumibol means that most Thais will begin to resume a normal way of life.In BVSC Vietnam Strategic Report: Economic and Stock Market Outlook, our friends at BAOVIET Securities outline their views and strategy on the stock market and the economy in Vietnam. In History’s Burdens: Only Suu Kyi Can Untie Them, but Will the World Let Her?Prasenjit K. Basu takes a detailed look at wherever Myanmar stands a chance at achieving successful nationhood. In The Autobot Update (November): Thai Car Exports in New Heights!, Athaporn Arayasantiparb, CFA notes that the Thai auto industry continues its boom, with exports driving the growth. Exports of autos this year should reach 850,000 vehicles, 40% more than domestic sales. He zeroes in on Somboon Advance Technology P (SAT TB) and Aapico Hitech Pcl (AH TB), as interesting ways to play this boom. In Matahari Department Store Low and Rally Cycle, technical analyst Thomas Schroeder notes that PT Matahari Department Store (LPPF IJ) has been on his radar, as oversold readings and brewing divergences matured. In Matahari Department Store: Key Takeaways from the Call, Johannes Salim, CFA outlines his thoughts on PT Matahari Department Store (LPPF IJ) after dialling into the 3Q17 results call.  in UOB’s Higher NPLs, Credit Costs Should Not Surprise, Daniel Tabbush notes that United Overseas Bank Ltd (UOB SP) higher bad loans and impairment costs should not surprise. This is related to the stressed oil and gas service sector, and it comes during a quarter of higher oil prices.

The Week That Was in ASEAN@Smartkarma - Terminals, Budgets and Autobots