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">The week's offering in <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> includes an eclectic mix of bottom up and top down and thematic insights from across the region. </div>Please find below a short summary of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a>. For a fuller summary please scroll down to the detail section.In <a href="https://www.smartkarma.com/insights/vietnam-s-tourism-sector-come-for-boom-in-int-l-visits-stay-for-domestic-growth-maybe-gaming" target="_blank" data-smartkarma-citation="insights:13767">Vietnam’s Tourism Sector: Come for Boom In Int’l Visits, Stay for Domestic Growth (&amp; Maybe Gaming)</a>, <a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> takes a positive slant on the Vietnamese Tourism sector, where he sees continuing strength from international and especially Chinese tourists. In <a href="https://www.smartkarma.com/insights/maxis-4g-network-drives-growth" target="_blank" data-smartkarma-citation="insights:13868">MAXIS: 4G Network Drives Growth</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946:1">Maxis Bhd (MAXIS MK</a>, which has the largest mobile revenue market share in Malaysia, standing at about 40%.In her insight <a href="https://www.smartkarma.com/insights/genting-malaysia-berhad-an-attractive-investment-despite-negative-fcf-rising-financial-leverage" target="_blank" data-smartkarma-citation="insights:13853">Genting Malaysia Berhad: An Attractive Investment Despite Negative FCF &amp; Rising Financial Leverage</a>, <a href="https://www.smartkarma.com/profiles/1364" target="_blank" data-smartkarma-citation="accounts:1364">Nandini Vijayaraghavan, CFA</a> takes a close look at <a href="https://www.smartkarma.com/entities/3141" target="_blank" data-smartkarma-citation="entities:3141:1">Genting Malaysia Bhd (GENM MK)</a> and finds it an attractive prospect.In <a href="https://www.smartkarma.com/insights/what-do-tech-firms-in-singapore-look-for" target="_blank" data-smartkarma-citation="insights:13889">What Do Tech Firms in Singapore Look For?</a>, our friends at <a href="https://www.smartkarma.com/companies/884" target="_blank" data-smartkarma-citation="companies:884">Jones Lang Lasalle</a> note that in an era where technology is disrupting a wide spectrum of industries and offering new and efficient solutions for everyday work processes, the growth of technology companies has been phenomenal. And so have the needs in their real estate requirements.In <a href="https://www.smartkarma.com/insights/malaysia-pm-najib-making-progress-in-clearing-way-for-victory-in-elections-or-so-it-seems" target="_blank" data-smartkarma-citation="insights:13913">Malaysia: PM Najib Making Progress in Clearing Way for Victory in Elections – or so It Seems</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> assesses PM Najib's chances of securing an election victory in the upcoming elections. In <a href="https://www.smartkarma.com/insights/indonesia-getting-tougher-on-tax-evaders" target="_blank" data-smartkarma-citation="insights:13914">Indonesia Getting Tougher on Tax Evaders</a>, insight provider <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> examines the latest set of regulations to catch tax dodgers in Indonesia. In his insight, <a href="https://www.smartkarma.com/insights/ptba-coal-player-with-a-solid-balance-sheet" target="_blank" data-smartkarma-citation="insights:13911">PTBA: Coal Player with a Solid Balance Sheet</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a look at coal miner <a href="https://www.smartkarma.com/entities/1189" target="_blank" data-smartkarma-citation="entities:1189:1">Tambang Batubara Bukit Asam (PTBA IJ)</a>. In <a href="https://www.smartkarma.com/insights/matahari-department-store-can-local-knowledge-win-the-game-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:13787">Matahari Department Store - Can Local Knowledge Win the Game?</a>, Jakarta veteran <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circles back to take a look at Indonesia's largest department store operator <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">PT Matahari Department Store (LPPF IJ)</a> and finds signs of recovery in the offing though this will not likely take place in earnest until 2018. In <a href="https://www.smartkarma.com/insights/real-lending-rate-signals-warnings-now-flashing-in-india-and-indonesia" target="_blank" data-smartkarma-citation="insights:13921">Real Lending Rate Signals: Warnings Now Flashing in India and Indonesia</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> uses the Austrian theory underlying the calculation of real lending rates using the growth rate of nominal GDP as the deflator to look for turning points in the region's economies. In <a href="https://www.smartkarma.com/insights/asian-seafoods-these-days-even-shrimps-need-an-oem" target="_blank" data-smartkarma-citation="insights:13570">Asian Seafoods: These Days, Even Shrimps Need an OEM</a>, our 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 <a href="https://www.smartkarma.com/entities/19827" target="_blank" data-smartkarma-citation="entities:19827:1">Asian Seafoods Coldstorage (ASIAN TB)</a>, which professes to the OEM of seafood.In his latest <a href="https://www.smartkarma.com/insights/asian-monetary-policy-outlook-2bb24ce7-a3f5-47ce-a4fb-4f249300cb8c" target="_blank" data-smartkarma-citation="insights:13956">Asian Monetary Policy Outlook</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> notes that the shift in the US Federal Reserve Bank’s policy will have ramifications for Asian monetary policy. In light of this shift and the general tightening stance being adopted by major central banks around the world, he examines the outlook for monetary policy in Asia.In <a href="https://www.smartkarma.com/insights/erw-continued-expansion-in-budget-hotels" target="_blank" data-smartkarma-citation="insights:13985">ERW: Continued Expansion in Budget Hotels</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/11290" target="_blank" data-smartkarma-citation="entities:11290:1">Erawan Group (ERW TB)</a>, which should benefit from strong Thai tourism growth which doubled during the last six years to 33m tourists in 2016. In <a href="https://www.smartkarma.com/insights/genting-singapore-plc-share-price-reflects-probable-foray-into-japan" target="_blank" data-smartkarma-citation="insights:13971">Genting Singapore Plc: Share Price Reflects Probable Foray Into Japan</a>, <a href="https://www.smartkarma.com/profiles/1364" target="_blank" data-smartkarma-citation="accounts:1364">Nandini Vijayaraghavan, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/439" target="_blank" data-smartkarma-citation="entities:439:1">Genting Singapore Plc (GENS SP)</a> , which is a 52.84% subsidiary of Malaysia-based <a href="https://www.smartkarma.com/entities/14210" target="_blank" data-smartkarma-citation="entities:14210:1">Genting Bhd (GENT MK)</a> and the second largest integrated resort (IR) after Marina Bay Sands (MBS) in the regulatorily imposed duopolistic Singapore market.In his technical insight,  <a href="https://www.smartkarma.com/insights/genting-malaysia-6-1-sell-nearing-buy-target" target="_blank" data-smartkarma-citation="insights:14013">Genting Malaysia 6.1 Sell Nearing Buy Target</a>, <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> works his technical magic on <a href="https://www.smartkarma.com/entities/3141" target="_blank" data-smartkarma-citation="entities:3141:1">Genting Malaysia Bhd (GENM MK)</a> and finds it is getting close to a correction point. In <a href="https://www.smartkarma.com/insights/sector-capsule-car-rental-in-thailand" target="_blank" data-smartkarma-citation="insights:13982">Sector Capsule: Car Rental in Thailand</a>, <a href="https://www.smartkarma.com/profiles/1031" target="_blank" data-smartkarma-citation="accounts:1031">Yu Mitsuhashi</a> from <a href="https://www.smartkarma.com/companies/483" target="_blank" data-smartkarma-citation="companies:483">Euromonitor International Ltd.</a> looks at the state of the car rental market in Thailand. In <a href="https://www.smartkarma.com/insights/banpu-on-track-to-become-a-diversified-energy-player" target="_blank" data-smartkarma-citation="insights:14016">BANPU: On Track to Become a Diversified Energy Player</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> looks at <a href="https://www.smartkarma.com/entities/15363" target="_blank" data-smartkarma-citation="entities:15363:1">Banpu Public Co Ltd (BANPU TB)</a>, which is executing on its strategy to go from a coal company to a diversified energy company.

The week's offering in ASEAN@Smartkarma includes an eclectic mix of bottom up and top down and thematic insights from across the region. Please find below a short summary of Insights across ASEAN@Smartkarma. For a fuller summary please scroll down to the detail section.In Vietnam’s Tourism Sector: Come for Boom In Int’l Visits, Stay for Domestic Growth (&amp; Maybe Gaming), Daniel Hellberg takes a positive slant on the Vietnamese Tourism sector, where he sees continuing strength from international and especially Chinese tourists. In MAXIS: 4G Network Drives Growth, Dr. Andrew Stotz, CFA works his magic on Maxis Bhd (MAXIS MK, which has the largest mobile revenue market share in Malaysia, standing at about 40%.In her insight Genting Malaysia Berhad: An Attractive Investment Despite Negative FCF &amp; Rising Financial Leverage, Nandini Vijayaraghavan, CFA takes a close look at Genting Malaysia Bhd (GENM MK) and finds it an attractive prospect.In What Do Tech Firms in Singapore Look For?, our friends at Jones Lang Lasalle note that in an era where technology is disrupting a wide spectrum of industries and offering new and efficient solutions for everyday work processes, the growth of technology companies has been phenomenal. And so have the needs in their real estate requirements.In Malaysia: PM Najib Making Progress in Clearing Way for Victory in Elections – or so It Seems, Manu Bhaskaran assesses PM Najib's chances of securing an election victory in the upcoming elections. In Indonesia Getting Tougher on Tax Evaders, insight provider Jason Tan examines the latest set of regulations to catch tax dodgers in Indonesia. In his insight, PTBA: Coal Player with a Solid Balance Sheet, Dr. Andrew Stotz, CFA takes a look at coal miner Tambang Batubara Bukit Asam (PTBA IJ). In Matahari Department Store - Can Local Knowledge Win the Game?, Jakarta veteran Angus Mackintosh circles back to take a look at Indonesia's largest department store operator PT Matahari Department Store (LPPF IJ) and finds signs of recovery in the offing though this will not likely take place in earnest until 2018. In Real Lending Rate Signals: Warnings Now Flashing in India and Indonesia, Dr. Jim Walker uses the Austrian theory underlying the calculation of real lending rates using the growth rate of nominal GDP as the deflator to look for turning points in the region's economies. In Asian Seafoods: These Days, Even Shrimps Need an OEM, our Thai guru Athaporn Arayasantiparb, CFA takes a close look at Asian Seafoods Coldstorage (ASIAN TB), which professes to the OEM of seafood.In his latest Asian Monetary Policy Outlook, Manu Bhaskaran notes that the shift in the US Federal Reserve Bank’s policy will have ramifications for Asian monetary policy. In light of this shift and the general tightening stance being adopted by major central banks around the world, he examines the outlook for monetary policy in Asia.In ERW: Continued Expansion in Budget Hotels, Dr. Andrew Stotz, CFA works his magic on Erawan Group (ERW TB), which should benefit from strong Thai tourism growth which doubled during the last six years to 33m tourists in 2016. In Genting Singapore Plc: Share Price Reflects Probable Foray Into Japan, Nandini Vijayaraghavan, CFA takes a look at Genting Singapore Plc (GENS SP) , which is a 52.84% subsidiary of Malaysia-based Genting Bhd (GENT MK) and the second largest integrated resort (IR) after Marina Bay Sands (MBS) in the regulatorily imposed duopolistic Singapore market.In his technical insight,  Genting Malaysia 6.1 Sell Nearing Buy Target, Thomas Schroeder works his technical magic on Genting Malaysia Bhd (GENM MK) and finds it is getting close to a correction point. In Sector Capsule: Car Rental in Thailand, Yu Mitsuhashi from Euromonitor International Ltd. looks at the state of the car rental market in Thailand. In BANPU: On Track to Become a Diversified Energy Player, Dr. Andrew Stotz, CFA looks at Banpu Public Co Ltd (BANPU TB), which is executing on its strategy to go from a coal company to a diversified energy company. 

The Week that Was in ASEAN@Smartkarma - Tourism, Seafood, and Gaming