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

Thai Union Group (TU TB) - Enter the Chicken of the Sea

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

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The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> 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 over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
</div><h3>Equity Bottom-up Insights</h3>In<a href="https://www.smartkarma.com/insights/thai-union-group-tu-tb-enter-the-chicken-of-the-sea" target="_blank" rel="noopener"> Thai Union Group (TU TB) - Enter the Chicken of the Sea</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> takes a look this leading Thai-listed global food player in light of the prospect of an ongoing recovery. In <a href="https://www.smartkarma.com/insights/thai-beverage-thbev-imminent-risk-ahead" target="_blank" rel="noopener"> Thai Beverage (Thbev): Imminent Risk Ahead</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> revisits <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> in light of the entertainment and in-restaurant dining ban enforced by the Thai government, which may have a further negative impact on alcoholic beverage sales for the company. In Indonesia<a href="https://www.smartkarma.com/insights/bluebird-bird-flying-higher" target="_blank" rel="noopener"> BlueBird (BIRD): Flying Higher</a>,<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> revisits <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" rel="noopener">Blue Bird (BIRD IJ</a>, which he sees as benefiting from increased mobility rate in the workplace, which has improved by 50% despite the lockdown and increase in the infection cases in Indonesia. In<a href="https://www.smartkarma.com/insights/ktc-too-far-too-fast" target="_blank" rel="noopener"> KTC – Too Far Too Fast?</a>, Banking specialist<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" rel="noopener"> Daniel Tabbush</a> revisits The Thai credit card company, <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" rel="noopener">Krungthai Card (KTC TB)</a> that has been a favorite for some time but now find valuations challenging.In<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-updated-financials-and-competitive-landscape" target="_blank" rel="noopener"> PTT Oil and Retail IPO - Updated Financials and Competitive Landscape</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> revisits <a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" data-smartkarma-citation="entities:28939:1" rel="noopener">PTT Oil and Retail (OR TB)</a> ahead of the IPO. <a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" data-smartkarma-citation="entities:28939:1" rel="noopener">PTT Oil and Retail (PTTOR TB)</a> is looking to raise up to US$2bn in its IPO. In<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-thoughts-on-valuation" target="_blank" rel="noopener"> PTT Oil and Retail IPO - Thoughts on Valuation</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> returns to look at PTTOR’s valuations ahead of the IPO. In<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-attractive-valuation-with-favorable-deal-dynamics-index-inclusion" target="_blank" rel="noopener"> PTT Oil and Retail IPO - Attractive Valuation with Favorable Deal Dynamics (Index Inclusion)</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> is looking at<a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" rel="noopener"> PTT Oil and Retail (OR TB)</a>'s index inclusion and valuation at the announced price range.In Singapore<a href="https://www.smartkarma.com/insights/ifast-corp-higher-aua-growth-points-toward-significant-growth-in-4q-earnings-quantamental" target="_blank" rel="noopener"> IFast Corp: Higher AUA Growth Points Toward Significant Growth in 4Q Earnings (Quantamental)</a>, Insight provider<a href="https://www.smartkarma.com/profiles/shifara-samsudeen-acma-cgma" target="_blank" rel="noopener"> Shifara Samsudeen, ACMA, CGMA</a> reports back on iFast, which has seen its assets under administration (AUA) grow by +44.5% YoY to reach S$14.45bn as at 31st December 2020, from S$10bn in the previous year. This indicates a 14.8% QoQ increase from S$12.59bn as at the end of 3Q2020.In<a href="https://www.smartkarma.com/insights/tkn-shifting-vision-to-food-innovation-business" target="_blank" rel="noopener"> TKN: Shifting Vision to Food Innovation Business</a>, our friends<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a><a href="https://www.smartkarma.com/entities/taokaenoi-food-marketing-p" target="_blank" rel="noopener">Taokaenoi Food &amp; Marketing (TKN TB)</a> that is diversifying its business from seaweed to milk tea and other products. In<a href="https://www.smartkarma.com/insights/bgc-relieved-concern-on-capital-raising" target="_blank" rel="noopener"> BGC: Relieved Concern on Capital Raising</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> upgrade their rating for <a href="https://www.smartkarma.com/entities/bg-container-glass-pcl" target="_blank" data-smartkarma-citation="entities:28453:1" rel="noopener">BG Container Glass PCL (BGC TB)</a> from HOLD to BUY, with a new target price of THBt14.0 based on 14.9x FY21E PER, close to the average of the Thai packaging sector. In<a href="https://www.smartkarma.com/insights/psl-positive-outlook-for-dry-bulk-carrier-market-in-2021-22e" target="_blank" rel="noopener"> PSL: Positive Outlook for Dry Bulk Carrier Market in 2021-22E</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> expects the PSL’s earnings to turn positive in 4Q20, as the Time Charter (TC) rate is recovering back to above breakeven level owing to strong demand recovery after the pandemic and easing fleet supply glut issue. In<a href="https://www.smartkarma.com/insights/mc-expects-solid-earnings-in-fy2q21-oct-dec-20" target="_blank" rel="noopener"> MC: Expects Solid Earnings in FY2Q21 (Oct-Dec 20)</a>, our friends<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> expects<a href="https://www.smartkarma.com/entities/mc-group-pcl" target="_blank" rel="noopener"> MC Group Pcl (MC TB)</a> to report a solid net profit at THB236m in FY2Q21E (+4%YoY, +116%QoQ), driven by seasonality and growth in online channels.In<a href="https://www.smartkarma.com/insights/lh-positive-toward-2021-business-plan" target="_blank" rel="noopener"> LH: Positive Toward 2021 Business Plan</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> revisit<a href="https://www.smartkarma.com/entities/land-houses-pub-co-ltd" target="_blank" rel="noopener"> Land &amp; Houses Pub (LH TB)</a> after the release of its 2021 business plan. In<a href="https://www.smartkarma.com/insights/pttep-bright-2021-earnings-outlook-from-recovering-crude-price" target="_blank" rel="noopener"> PTTEP: Bright 2021 Earnings Outlook from Recovering Crude Price</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> revisit<a href="https://www.smartkarma.com/entities/ptt-exploration-and-production-public-company-limited" target="_blank" rel="noopener"> PTT E&amp;P (PTTEP TB)</a> after it outperformed the SET index by +15% over last two months on the back of recovering crude price, and surpassing their previous target price of THB108. <h3>Credit Insights</h3>In<a href="https://www.smartkarma.com/insights/morning-views-asia-car-inc-china-fortune-land-lippo-karawaci-sino-ocean-land" target="_blank" rel="noopener"> Morning Views Asia: Car Inc, China Fortune Land, Lippo Karawaci, Sino Ocean Land</a>, senior credit analyst<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> revisits<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" rel="noopener"> Lippo Karawaci (LPKR IJ)</a> post its recent marketing sales and<a href="https://www.smartkarma.com/entities/tower-bersama-infrastructure" target="_blank" rel="noopener"> Tower Bersama Infrastructure (TBIG IJ)</a> after its announced a US$300m bond issue. In<a href="https://www.smartkarma.com/insights/morning-views-asia-pan-brothers-702adddc-a6c0-4052-ab15-668f65271c25" target="_blank" rel="noopener"> Morning Views Asia: Pan Brothers</a>,<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> revisits<a href="https://www.smartkarma.com/entities/pan-brothers-tbk-pt" target="_blank" rel="noopener"> Pan Brothers (PBRX IJ)</a> following a recent update from Fitch reaffirming its rating.


The week that was in 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 over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
Equity Bottom-up InsightsIn Thai Union Group (TU TB) - Enter the Chicken of the Sea, CrossASEAN insight provider Angus Mackintosh takes a look this leading Thai-listed global food player in light of the prospect of an ongoing recovery. In  Thai Beverage (Thbev): Imminent Risk Ahead, CrossASEAN insight provider Henry Soediarko revisits Thai Beverage (THBEV SP) in light of the entertainment and in-restaurant dining ban enforced by the Thai government, which may have a further negative impact on alcoholic beverage sales for the company. In Indonesia BlueBird (BIRD): Flying Higher, Henry Soediarko revisits Blue Bird (BIRD IJ, which he sees as benefiting from increased mobility rate in the workplace, which has improved by 50% despite the lockdown and increase in the infection cases in Indonesia. In KTC – Too Far Too Fast?, Banking specialist Daniel Tabbush revisits The Thai credit card company, Krungthai Card (KTC TB) that has been a favorite for some time but now find valuations challenging.In PTT Oil and Retail IPO - Updated Financials and Competitive Landscape, Zhen Zhou, Toh revisits PTT Oil and Retail (OR TB) ahead of the IPO. PTT Oil and Retail (PTTOR TB) is looking to raise up to US$2bn in its IPO. In PTT Oil and Retail IPO - Thoughts on Valuation, Zhen Zhou, Toh returns to look at PTTOR’s valuations ahead of the IPO. In PTT Oil and Retail IPO - Attractive Valuation with Favorable Deal Dynamics (Index Inclusion), Zhen Zhou, Toh is looking at PTT Oil and Retail (OR TB)'s index inclusion and valuation at the announced price range.In Singapore IFast Corp: Higher AUA Growth Points Toward Significant Growth in 4Q Earnings (Quantamental), Insight provider Shifara Samsudeen, ACMA, CGMA reports back on iFast, which has seen its assets under administration (AUA) grow by +44.5% YoY to reach S$14.45bn as at 31st December 2020, from S$10bn in the previous year. This indicates a 14.8% QoQ increase from S$12.59bn as at the end of 3Q2020.In TKN: Shifting Vision to Food Innovation Business, our friends Country GroupTaokaenoi Food &amp; Marketing (TKN TB) that is diversifying its business from seaweed to milk tea and other products. In BGC: Relieved Concern on Capital Raising, Country Group upgrade their rating for BG Container Glass PCL (BGC TB) from HOLD to BUY, with a new target price of THBt14.0 based on 14.9x FY21E PER, close to the average of the Thai packaging sector. In PSL: Positive Outlook for Dry Bulk Carrier Market in 2021-22E, Country Group expects the PSL’s earnings to turn positive in 4Q20, as the Time Charter (TC) rate is recovering back to above breakeven level owing to strong demand recovery after the pandemic and easing fleet supply glut issue. In MC: Expects Solid Earnings in FY2Q21 (Oct-Dec 20), our friends Country Group expects MC Group Pcl (MC TB) to report a solid net profit at THB236m in FY2Q21E (+4%YoY, +116%QoQ), driven by seasonality and growth in online channels.In LH: Positive Toward 2021 Business Plan, Country Group revisit Land &amp; Houses Pub (LH TB) after the release of its 2021 business plan. In PTTEP: Bright 2021 Earnings Outlook from Recovering Crude Price, Country Group revisit PTT E&amp;P (PTTEP TB) after it outperformed the SET index by +15% over last two months on the back of recovering crude price, and surpassing their previous target price of THB108. Credit InsightsIn Morning Views Asia: Car Inc, China Fortune Land, Lippo Karawaci, Sino Ocean Land, senior credit analyst Trung Nguyen revisits Lippo Karawaci (LPKR IJ) post its recent marketing sales and Tower Bersama Infrastructure (TBIG IJ) after its announced a US$300m bond issue. In Morning Views Asia: Pan Brothers, Trung Nguyen revisits Pan Brothers (PBRX IJ) following a recent update from Fitch reaffirming its rating. 

The Week That Was in ASEAN@Smartkarma - Thai Union, Bluebird Taxi, and Cement