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

The Week That Was in ASEAN@Smartkarma - Grab Deep Dive, Philippines REITs, and Indonesia Convergence

Telekomunikasi Indonesia (TLKM IJ) - Dancing with the Digital Economy

The Week that Was in ASEAN@Smartkarma - Sea Ltd's Runway, Telkom's Digital Edge, and Astra Intl

XL Axiata (EXCL IJ) - Rising Through The Cloud

XL Axiata (EXCL IJ) - High-Speed Digital Enabler

XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia

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

Equity Bottom-Up

<section class="figure"><p><a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> announced a strong set of 1H2021 numbers with especially positive results in 2Q2021, with revenue +8% QoQ, due to a vibrant Lebaran period and an improving pricing environment. EBITDA in 2Q2021 also improved QoQ, with EBITDA margins above 50% in 2Q2021. Net profit saw an even more solid +23% QoQ rise in 2Q2021.</p>
<p>94% of service revenues came from data in 1H2021, with smartphone penetration across its subscriber base of 91%, the highest in the industry in Indonesia. </p>
<p>Data revenue in 2Q2021 grew by high-single digits QoQ reflecting a better pricing environment, continuing work and school from home, and a recovery in the underlying economy.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"></figure></section><p><a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> sees increasing demand for fixed broadband services and has confirmed that it will look to take a controlling stake in <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, which will provide it with an additional nationwide fiberoptic network to grow its convergence business and for the expansion of its 5G network. </p>
<p>The company has already started to offer a fully-converged service through Satu Fibre, offering mobile and fixed broadband in one package. It already has nearly 600,000 homes passed and is generating strong ARPUs from these customers.</p>
<p><a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> remains our top pick amongst the Indonesian telcos for its leading and most focused exposure to data. It is also ahead of its peers in offering truly converged services.</p>
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XL Axiata (EXCL IJ) announced a strong set of 1H2021 numbers with especially positive results in 2Q2021, with revenue +8% QoQ, due to a vibrant Lebaran period and an improving pricing environment. EBITDA in 2Q2021 also improved QoQ, with EBITDA margins above 50% in 2Q2021. Net profit saw an even more solid +23% QoQ rise in 2Q2021.
94% of service revenues came from data in 1H2021, with smartphone penetration across its subscriber base of 91%, the highest in the industry in Indonesia. 
Data revenue in 2Q2021 grew by high-single digits QoQ reflecting a better pricing environment, continuing work and school from home, and a recovery in the underlying economy.
XL Axiata (EXCL IJ) sees increasing demand for fixed broadband services and has confirmed that it will look to take a controlling stake in Link Net (LINK IJ), which will provide it with an additional nationwide fiberoptic network to grow its convergence business and for the expansion of its 5G network. 
The company has already started to offer a fully-converged service through Satu Fibre, offering mobile and fixed broadband in one package. It already has nearly 600,000 homes passed and is generating strong ARPUs from these customers.
XL Axiata (EXCL IJ) remains our top pick amongst the Indonesian telcos for its leading and most focused exposure to data. It is also ahead of its peers in offering truly converged services.




XL Axiata

XL Axiata (EXCL IJ) - The Convergent