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">I include below a brief summary of this week's eclectic mix of equity bottom up and top down and thematic insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a>. For a more a detailed summary please scroll down to the detailed section. </div>In a three-part insight series, <a href="https://www.smartkarma.com/insights/thai-strategy-2018-part-i-key-themes" target="_blank" data-smartkarma-citation="insights:15834">Thai Strategy 2018 (Part I): Key Themes</a>, <a href="https://www.smartkarma.com/insights/thai-strategy-2018-part-ii-stock-picks" target="_blank" data-smartkarma-citation="insights:15841">Thai Strategy 2018 (Part II): Stock Picks</a> and <a href="https://www.smartkarma.com/insights/thai-strategy-2018-part-iii-sector-outlook-highlights" target="_blank" data-smartkarma-citation="insights:15856">Thai Strategy 2018 (Part III): Sector Outlook &amp; Highlights</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> lays out his views on the Thai market.  In his economic insight, <a href="https://www.smartkarma.com/insights/thailand-investment-to-lift-cyclical-and-potential-growth-rates" target="_blank" data-smartkarma-citation="insights:15863">Thailand: Investment to Lift Cyclical and Potential Growth Rates</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> notes that investment was the missing ingredient in Thailand’s cyclical upswing since early 2016. However, as economic growth returns and trends higher, investment appetites are gradually returning. In <a href="https://www.smartkarma.com/insights/myanmar-tourism-memories-group-the-tourism-assets-of-yoma-go-for-rto-in-january-2018" target="_blank" data-smartkarma-citation="insights:15833">Myanmar Tourism: Memories Group. The Tourism Assets of Yoma Go for RTO in January 2018</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> looks at <a href="https://www.smartkarma.com/entities/65" target="_blank" data-smartkarma-citation="entities:65:1">Yoma Strategic Hldgs Ltd (YOMA SP)</a> 's move to take over a shell company in Singapore <a href="https://www.smartkarma.com/entities/14962" target="_blank" data-smartkarma-citation="entities:14962:1">Shc Capital Asia Ltd (SHC SP)</a> post its November rights issue.In <a href="https://www.smartkarma.com/insights/axiata-more-upbeat-at-analyst-day-as-key-subsidiaries-improve" target="_blank" data-smartkarma-citation="insights:15822">Axiata More Upbeat at Analyst Day as Key Subsidiaries Improve.</a>, our friends at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> comment on <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata (AXIATA MK)</a> post a meeting at an Analyst Day in Kuala Lumpur. The tone was quite different from the past couple of years and was decidedly more upbeat.In <a href="https://www.smartkarma.com/insights/train-on-schedule" target="_blank" data-smartkarma-citation="insights:15825">TRAIN on Schedule</a>, Philippines economist Jun Trinidad notes that with the majority Senate vote on its version of the Tax Reform for Acceleration and Inclusion Act (TRAIN), President Duterte’s economic managers are positive that Congressional approval of TRAIN can be attained within the year (Congress goes on break in mid-December), with implementation by early next year.In <a href="https://www.smartkarma.com/insights/the-philippine-congress-in-a-race-against-time" target="_blank" data-smartkarma-citation="insights:15890">The Philippine Congress in a Race Against Time</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> suggests that the passage of Budget 2018 through the Senate bodes well for the near-term prospects of the economy. In <a href="https://www.smartkarma.com/insights/singapore-broadening-of-growth-should-lift-labour-market" target="_blank" data-smartkarma-citation="insights:15891">Singapore: Broadening of Growth Should Lift Labour Market</a>, <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> suggests that while the primary engine of growth thus far in 2017 in Singapore was the manufacturing sector, there are signs that the services sector is also picking up steam, as seen in the Business Receipts Index, with external vigour feeding into domestic strength. In <a href="https://www.smartkarma.com/insights/the-autobot-update-december-a-visual-tour-to-the-motor-expo-yo" target="_blank" data-smartkarma-citation="insights:15922">The Autobot Update (December): A Visual Tour to the Motor Expo Yo!</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  pays a visit to the Thai Motor Expo to get a first-hand view of what is gaining most attention from potential buyers.In <a href="https://www.smartkarma.com/insights/asia-frontier-tourism-vietnam-and-sri-lanka" target="_blank" data-smartkarma-citation="insights:15636">Asia Frontier Tourism ( Vietnam and Sri Lanka)</a>, our Frontiersman <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a> zeros in on Vietnam and Sri Lanka's tourism prospects. In <a href="https://www.smartkarma.com/insights/competitiveness-in-asia-who-sits-on-top-of-the-pile" target="_blank" data-smartkarma-citation="insights:15932">Competitiveness in Asia: Who Sits on Top of the Pile?</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> shines a light various indicators such as the ease of doing business, the return on capital employed (ROCE) and the market share of trade in goods and services and Foreign Direct Investment (FDI), a series of interesting trends pertaining to Asian economies’ competitiveness is unveiled. In <a href="https://www.smartkarma.com/insights/comanche-the-closest-thing-to-a-thai-microsoft" target="_blank" data-smartkarma-citation="insights:15923">Comanche: The Closest Thing to a Thai Microsoft</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> zeros in on <a href="https://www.smartkarma.com/entities/24174" target="_blank" data-smartkarma-citation="entities:24174:1">Comanche International PCL (COMAN TB)</a>, a software company with a focus on the hotel and restaurant industries. In <a href="https://www.smartkarma.com/insights/thai-british-looking-under-that-tks-hood" target="_blank" data-smartkarma-citation="insights:15945">Thai British: Looking Under That TKS Hood</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a>  visits a portfolio company of <a href="https://www.smartkarma.com/entities/12637" target="_blank" data-smartkarma-citation="entities:12637:1">Tks Technologies Pcl (TKS TB)</a>, namely Thai-British Securities Printing, which is famed for its printing of financial securities and other bank documents for giants such as <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>. In <a href="https://www.smartkarma.com/insights/singapore-residential-property-recent-negative-newsflow-leaves-more-on-the-table" target="_blank" data-smartkarma-citation="insights:15933">Singapore Residential Property: Recent Negative Newsflow Leaves More on the Table</a>, <a href="https://www.smartkarma.com/profiles/1787" target="_blank" data-smartkarma-citation="accounts:1787">Will Tan, CAIA</a>  notes that here are polarizing views on the Singapore residential market currently, with developers positive with their bullish land bids not taking a back seat despite cautionary statements from both Redas and MAS seemingly putting a spanner in the works.In <a href="https://www.smartkarma.com/insights/bank-central-asia-reaching-the-plateau-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:15816">Bank Central Asia - Reaching the Plateau - On the Ground in J-Town</a>, Jakarta Veteran <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> suggests that <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> continues to be the best quality proxy for consumer banking in Indonesia, with a leading position in mortgages and transactional banking. In <a href="https://www.smartkarma.com/insights/comfortdelgro-s-acquisition-of-uber-s-lcr-and-recent-share-price-weakness-presents-a-buy-opportunity" target="_blank" data-smartkarma-citation="insights:16003">ComfortDelgro’s Acquisition of Uber’s LCR and Recent Share Price Weakness Presents a Buy Opportunity</a>, <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a> circles back to <a href="https://www.smartkarma.com/entities/497" target="_blank" data-smartkarma-citation="entities:497">Comfortdelgro Corp Ltd (CD SP)</a> post its announcement that it will buy a stake in Uber's car leasing business.

I include below a brief summary of this week's eclectic mix of equity bottom up and top down and thematic insights across ASEAN@Smartkarma. For a more a detailed summary please scroll down to the detailed section. In a three-part insight series, Thai Strategy 2018 (Part I): Key Themes, Thai Strategy 2018 (Part II): Stock Picks and Thai Strategy 2018 (Part III): Sector Outlook &amp; Highlights, our Thai guru Athaporn Arayasantiparb, CFA lays out his views on the Thai market.  In his economic insight, Thailand: Investment to Lift Cyclical and Potential Growth Rates, Jason Tan notes that investment was the missing ingredient in Thailand’s cyclical upswing since early 2016. However, as economic growth returns and trends higher, investment appetites are gradually returning. In Myanmar Tourism: Memories Group. The Tourism Assets of Yoma Go for RTO in January 2018, Nicolas Van Broekhoven looks at Yoma Strategic Hldgs Ltd (YOMA SP) 's move to take over a shell company in Singapore Shc Capital Asia Ltd (SHC SP) post its November rights issue.In Axiata More Upbeat at Analyst Day as Key Subsidiaries Improve., our friends at New Street Research comment on Axiata (AXIATA MK) post a meeting at an Analyst Day in Kuala Lumpur. The tone was quite different from the past couple of years and was decidedly more upbeat.In TRAIN on Schedule, Philippines economist Jun Trinidad notes that with the majority Senate vote on its version of the Tax Reform for Acceleration and Inclusion Act (TRAIN), President Duterte’s economic managers are positive that Congressional approval of TRAIN can be attained within the year (Congress goes on break in mid-December), with implementation by early next year.In The Philippine Congress in a Race Against Time, Manu Bhaskaran suggests that the passage of Budget 2018 through the Senate bodes well for the near-term prospects of the economy. In Singapore: Broadening of Growth Should Lift Labour Market, Jason Tan suggests that while the primary engine of growth thus far in 2017 in Singapore was the manufacturing sector, there are signs that the services sector is also picking up steam, as seen in the Business Receipts Index, with external vigour feeding into domestic strength. In The Autobot Update (December): A Visual Tour to the Motor Expo Yo!, our Thai guru Athaporn Arayasantiparb, CFA  pays a visit to the Thai Motor Expo to get a first-hand view of what is gaining most attention from potential buyers.In Asia Frontier Tourism ( Vietnam and Sri Lanka), our Frontiersman Dylan Waller zeros in on Vietnam and Sri Lanka's tourism prospects. In Competitiveness in Asia: Who Sits on Top of the Pile?, Manu Bhaskaran shines a light various indicators such as the ease of doing business, the return on capital employed (ROCE) and the market share of trade in goods and services and Foreign Direct Investment (FDI), a series of interesting trends pertaining to Asian economies’ competitiveness is unveiled. In Comanche: The Closest Thing to a Thai Microsoft, Athaporn Arayasantiparb, CFA zeros in on Comanche International PCL (COMAN TB), a software company with a focus on the hotel and restaurant industries. In Thai British: Looking Under That TKS Hood, Athaporn Arayasantiparb, CFA  visits a portfolio company of Tks Technologies Pcl (TKS TB), namely Thai-British Securities Printing, which is famed for its printing of financial securities and other bank documents for giants such as Siam Commercial Bank Pub Co (SCB TB). In Singapore Residential Property: Recent Negative Newsflow Leaves More on the Table, Will Tan, CAIA  notes that here are polarizing views on the Singapore residential market currently, with developers positive with their bullish land bids not taking a back seat despite cautionary statements from both Redas and MAS seemingly putting a spanner in the works.In Bank Central Asia - Reaching the Plateau - On the Ground in J-Town, Jakarta Veteran Angus Mackintosh suggests that Bank Central Asia Tbk Pt (BBCA IJ) continues to be the best quality proxy for consumer banking in Indonesia, with a leading position in mortgages and transactional banking. In ComfortDelgro’s Acquisition of Uber’s LCR and Recent Share Price Weakness Presents a Buy Opportunity, Valerie Law, CFA circles back to Comfortdelgro Corp Ltd (CD SP) post its announcement that it will buy a stake in Uber's car leasing business. 

Airports Corporation Of Viet Nam (ACV VN)

The Week that Was in ASEAN@Smartkarma - Thailand, Tourism, and Competitiveness