Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

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

<ul>
<li>PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). </li>
<li>Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren't strictly comparable between 2020 and 2025. </li>
<li>Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. </li>
</ul>


PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). 
Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren't strictly comparable between 2020 and 2025. 
Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. 


Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Thematic (Sector/Industry)

<ul>
<li>In April a Chinese buyer made an offer for Ross Beaty controlled <a href="https://www.smartkarma.com/entities/lumina-gold-corp" target="_blank" data-smartkarma-citation="entities:43346:1" rel="noopener">Lumina Gold (LUM CN)</a>, an Ecuador gold project. </li>
<li>One of our top picks <a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a> surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.</li>
<li>Copper prices have remained resilient despite ongoing "USA vs the World" trade war.</li>
</ul>


In April a Chinese buyer made an offer for Ross Beaty controlled Lumina Gold (LUM CN), an Ecuador gold project. 
One of our top picks Solaris Resources (SLS CN) surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.
Copper prices have remained resilient despite ongoing "USA vs the World" trade war.


Junior Copper Miners: Ecuador Sees M&A Action by China

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Equity Bottom-Up

PT Adi Sarana Armada Tbk is a company that is engaged in the integrated technology-based of people and goods mobility ecosystem that serves the retail, corporate, and other public segments through three main business pillars: 1) Transportation (Vehicle Lease, Autopool, and Driver); 2) End-to-end Logistics (ASSA Logistics and Express Delivery – Anteraja); and 3) Used Vehicle Ecosystem (Auction – JBA and Online-to-Offline Used Car Dealer – Caroline) under subsidiary PT Autopedia Sukses Lestari Tbk.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada</a> has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.  </li>
<li>All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023. </li>
<li>Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA's mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent. </li>
</ul>



Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.  
All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023. 
Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA's mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent. 


Adi Sarana Armada (ASSA IJ) - Indonesia's Leading Logistics and Mobility Ecosystem

Cisarua Mountain Dairy / Equity Bottom-Up

PT Cisarua Mountain Dairy TBK produces diary products. The Company offers milk and yogurt. Cisarua Mountain Dairy serves customer in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ)</a> booked a strong start to the year, with sales growing +12% YoY, but dairy was down while premium foods drove higher revenues.  </li>
<li>The company continues to drive growth through general trade and Miss Cimory, with plans to continue increasing its reach through more affordable products in both dairy and premium consumer foods.</li>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a>'s strategy to shift the emphasis toward home consumption for consumer foods and an increasing emphasis on affordable products will help to underpin long-term sustainable growth. Valuations attractive. </li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) booked a strong start to the year, with sales growing +12% YoY, but dairy was down while premium foods drove higher revenues.  
The company continues to drive growth through general trade and Miss Cimory, with plans to continue increasing its reach through more affordable products in both dairy and premium consumer foods.

Cisarua Mountain Dairy's strategy to shift the emphasis toward home consumption for consumer foods and an increasing emphasis on affordable products will help to underpin long-term sustainable growth. Valuations attractive. 


Cisarua Mountain Dairy (CMRY IJ) - Assuringly Diverse Protein Provider

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a> booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions. </li>
<li>The bank booked loan growth across its key segments, with corporate, SME, and consumer lending driving growth, with its transactional banking continuing to grow as it expands its customer base.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>'s digital offerings continue to be a core driver for both business and consumer banking, as well as for onboarding new customers. Valuations are attractive versus history. </li>
</ul>



Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in provisions. 
The bank booked loan growth across its key segments, with corporate, SME, and consumer lending driving growth, with its transactional banking continuing to grow as it expands its customer base.

Bank Central Asia's digital offerings continue to be a core driver for both business and consumer banking, as well as for onboarding new customers. Valuations are attractive versus history. 


Bank Central Asia (BBCA IJ) - Thriving Through Transactions

CrossASEAN Research
Insights across South East Asia

Junior Copper Miners: Ecuador Sees M&A Action by China

Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Nicolas Van Broekhoven

Adi Sarana Armada (ASSA IJ) - Indonesia's Leading Logistics and Mobility Ecosystem

Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle...

Angus Mackintosh

Cisarua Mountain Dairy (CMRY IJ) - Assuringly Diverse Protein Provider

Cimory's strategy to shift the emphasis toward home consumption for consumer foods with more emphasis on affordable products in dairy will underpin...

Angus Mackintosh

Bank Central Asia (BBCA IJ) - Thriving Through Transactions

Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in...

Angus Mackintosh

Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

​PM Lawrence Wong led PAP to a bigger victory, winning 87 of 97 seats and 65.6% of votes, giving him a stronger mandate for policy-making. WP (a...

Prasenjit K. Basu

Junior Copper Miners: Ecuador Sees M&A Action by China

​Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Nicolas Van Broekhoven

Adi Sarana Armada (ASSA IJ) - Indonesia's Leading Logistics and Mobility Ecosystem

Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle...

Angus Mackintosh

Cisarua Mountain Dairy (CMRY IJ) - Assuringly Diverse Protein Provider

Cimory's strategy to shift the emphasis toward home consumption for consumer foods with more emphasis on affordable products in dairy will underpin...

Angus Mackintosh

Bank Central Asia (BBCA IJ) - Thriving Through Transactions

Bank Central Asia booked a strong set of numbers in 1Q2025, driven by strong loan growth and healthy growth in CASA and despite an increase in...

Angus Mackintosh

PM Lawrence Wong led PAP to a bigger victory, winning 87 of 97 seats and 65.6% of votes, giving him a stronger mandate for policy-making. WP (a...

Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...