CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, and eight stocks added to the portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 24%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, and eight stocks added to the portfolio
Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 24%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, the portfolio has gained 172% versus MSCI ASEAN’s 18%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, the portfolio has gained 172% versus MSCI ASEAN’s 18%


Alpha-Centric ESG Research

Kyle Rudden

In a recently published report (<a href="https://www.smartkarma.com/insights/cop26-u-n-climate-conference-to-address-mitigation-financing-and-carbon-pricing" target="_blank" data-smartkarma-citation="insights:59779" rel="noopener">COP26: U.N. Climate Conference to Address Mitigation, Financing, and Carbon Pricing</a>) I mentioned how the COP26 international climate conference (31 October to 12 November) will have far-reaching implications for global capital markets and investing.That Insight was largely about the COP26 conference itself – background, objectives, three critical agenda items with trillions of dollars at stake, and that will influence global financial markets from today (headlines coming out of the conference) through the end of this century.That report was necessary context for this Insight and others that will follow; successively deeper dives into country-specific climate action plans, and investment themes and trading ideas around the COP26 conference and climate change in general. This is the first of those follow-up reports.Herein, I present a brief overview of investment themes and angles directly linked to the three key COP26 agenda items: 1) mitigation of global warming, 2) climate finance, and 3) the development of international carbon markets and pricing mechanisms. Themes and subthemes such as:<ul>
<li>
Climate Transition: "Green" utilities, renewable energy, cleantech, electric vehicles and other areas of smart mobility, green buildings, and related. The "buy solar, sell coal" kinds of stuff.</li>
<li>
Climate Financing: Financial sector stocks poised to benefit from climate change mitigation, reduced risk from portfolio debarbonisation, and new inflows into sustainable/ESG funds.</li>
<li>
Carbon Markets: Pure-play (or close thereto) carbon capture and storage/sequestration (CCS) stocks, plus a few financial sector overlaps (e.g., related to carbon markets, futures, etc.)</li>
</ul>

In a recently published report (COP26: U.N. Climate Conference to Address Mitigation, Financing, and Carbon Pricing) I mentioned how the COP26 international climate conference (31 October to 12 November) will have far-reaching implications for global capital markets and investing.That Insight was largely about the COP26 conference itself – background, objectives, three critical agenda items with trillions of dollars at stake, and that will influence global financial markets from today (headlines coming out of the conference) through the end of this century.That report was necessary context for this Insight and others that will follow; successively deeper dives into country-specific climate action plans, and investment themes and trading ideas around the COP26 conference and climate change in general. This is the first of those follow-up reports.Herein, I present a brief overview of investment themes and angles directly linked to the three key COP26 agenda items: 1) mitigation of global warming, 2) climate finance, and 3) the development of international carbon markets and pricing mechanisms. Themes and subthemes such as:

Climate Transition: "Green" utilities, renewable energy, cleantech, electric vehicles and other areas of smart mobility, green buildings, and related. The "buy solar, sell coal" kinds of stuff.

Climate Financing: Financial sector stocks poised to benefit from climate change mitigation, reduced risk from portfolio debarbonisation, and new inflows into sustainable/ESG funds.

Carbon Markets: Pure-play (or close thereto) carbon capture and storage/sequestration (CCS) stocks, plus a few financial sector overlaps (e.g., related to carbon markets, futures, etc.)


COP26: An Overview of Investment Themes and Catalysts Related to COP26 Conference

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

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

Cross Asset Strategy

<div class="content-highlight">
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 Indonesia<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-a-plethora-of-good-news" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News</a>,  Cross-ASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back a call with<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ)</a> revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-the-unsung-hero-of-syariah" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah?</a> , Cross-ASEAN Insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In<a href="https://www.smartkarma.com/insights/metrodata-electronic-mtdl-ij-a-rare-value-play-on-indonesia-s-digitalization" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> highlights why<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ)</a> looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In<a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-enabling-and-converging-in-indonesia" target="_blank" rel="noopener"> XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" rel="noopener"> XL Axiata (EXCL IJ),</a> one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with <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> last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside),</a> CrossASEAN Insight Provider provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> post a Smartakarma webinar with the company. 
In Thailand<a href="https://www.smartkarma.com/insights/ipo-radar-nforce-secure-new-player-in-thai-cyber-security" target="_blank" rel="noopener"> IPO Radar: NForce Secure, New Player in Thai Cyber Security</a>, Thai Specialist<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> takes a look at NForce Secure, New Player in Thai Cyber Security.  
In <a href="https://www.smartkarma.com/insights/wilmar-is-a-buy-after-yka-s-listing" target="_blank" data-smartkarma-citation="insights:44228" rel="noopener">Wilmar Is A Buy After YKA’s Listing,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> revisits <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> following the successful listing of <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH).</a>
In Singapore<a href="https://www.smartkarma.com/insights/sgx-sgx-sp-market-under-rates-its-growth-potential" target="_blank" rel="noopener"> SGX (SGX SP): Market Under-Rates Its Growth Potential</a>,<a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" rel="noopener"> Victor Galliano</a> discusses why he feels<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener"> SGX (SGX SP)</a> is undervalued. 
In <a href="https://www.smartkarma.com/insights/business-dna-suksan-yasasin-of-chayo-group" target="_blank" data-smartkarma-citation="insights:44242" rel="noopener">Business DNA: Suksan Yasasin of Chayo Group,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In <a href="https://www.smartkarma.com/insights/ori-expect-flat-3q20-earnings-but-strong-recovery-in-4q20" target="_blank" data-smartkarma-citation="insights:44163" rel="noopener">ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/origin-property-pcl" target="_blank" data-smartkarma-citation="entities:26762:1" rel="noopener">Origin Property (ORI TB)</a> ahead of the company's earnings. 
In <a href="https://www.smartkarma.com/insights/com7-upgrade-super-cycle-for-iphone-users" target="_blank" data-smartkarma-citation="insights:44208" rel="noopener">COM7: Upgrade Super Cycle for iPhone Users,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
<h3>Sector and Thematic Insights</h3>
In <a href="https://www.smartkarma.com/insights/snippets-45-lobster-alliance-cp-all-goes-to-laos" target="_blank" data-smartkarma-citation="insights:42866" rel="noopener">Snippets #45: Lobster Alliance, CP All Goes to Laos,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> highlights five developments over the past week that may impact Thai equities.
In <a href="https://www.smartkarma.com/insights/sti-index-rebalance-kdcreit-included-flt-misses-out" target="_blank" data-smartkarma-citation="insights:44178" rel="noopener">STI Index Rebalance: KDCREIT Included, FLT Misses Out,</a> <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> comments on the recent FTSE STI Index rebalance.  
In<a href="https://www.smartkarma.com/insights/msci-nov20-index-rebalance-preview-asean-em-edition" target="_blank" rel="noopener"> MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
<h3>Credit Insights</h3>
In <a href="https://www.smartkarma.com/insights/kasikornbank-s-inaugural-at1-underweight-on-franchise-challenges-and-valuation" target="_blank" data-smartkarma-citation="insights:44176" rel="noopener">Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation,</a> credit specialist <a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> comments on <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a>'s inaugural AT1 bond. He suggests to Underweight <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank's (KBANK)</a> inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation.


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 Insights
In Indonesia Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News,  Cross-ASEAN insight provider Angus Mackintosh reports back a call with Bank Mandiri Persero (BMRI IJ) revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah? , Cross-ASEAN Insight provider Angus Mackintosh sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization, Angus Mackintosh highlights why Metrodata Electronic (MTDL IJ) looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia, Angus Mackintosh revisits XL Axiata (EXCL IJ), one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with XL Axiata (EXCL IJ) last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside), CrossASEAN Insight Provider provider Nicolas Van Broekhoven revisits Sunpower Group (SPWG SP) post a Smartakarma webinar with the company. 
In Thailand IPO Radar: NForce Secure, New Player in Thai Cyber Security, Thai Specialist Athaporn Arayasantiparb, CFA takes a look at NForce Secure, New Player in Thai Cyber Security.  
In Wilmar Is A Buy After YKA’s Listing,David Blennerhassett revisits Wilmar International (WIL SP) following the successful listing of Yihai Kerry Arawana Holdings Co Ltd (YKA CH).
In Singapore SGX (SGX SP): Market Under-Rates Its Growth Potential, Victor Galliano discusses why he feels SGX (SGX SP) is undervalued. 
In Business DNA: Suksan Yasasin of Chayo Group,Dr. Andrew Stotz, CFA conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20, our friends at Country Group revisit Origin Property (ORI TB) ahead of the company's earnings. 
In COM7: Upgrade Super Cycle for iPhone Users, Country Group revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
Sector and Thematic Insights
In Snippets #45: Lobster Alliance, CP All Goes to Laos, our Thai guru Athaporn Arayasantiparb, CFA highlights five developments over the past week that may impact Thai equities.
In STI Index Rebalance: KDCREIT Included, FLT Misses Out, Brian Freitas comments on the recent FTSE STI Index rebalance.  
In MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition, Brian Freitas looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
Credit Insights
In Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation, credit specialist Hank Calenti, CFA comments on Kasikornbank PCL (KBANK TB)'s inaugural AT1 bond. He suggests to Underweight Kasikornbank's (KBANK) inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. 

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

<div class="content-highlight">
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>Macro Insights</h3>In <a href="https://www.smartkarma.com/insights/vietnam-in-robust-health-despite-transient-threat-of-us-s301-action" target="_blank" data-smartkarma-citation="insights:43795" rel="noopener">Vietnam in Robust Health Despite Transient Threat of US S301 Action,</a> CrossASEAN Chief Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> zeros IN on the Vietnamese economy, which has been a key beneficiary of trade diversion from China. In <a href="https://www.smartkarma.com/insights/asian-exports-covid-best-is-behind" target="_blank" data-smartkarma-citation="insights:44020" rel="noopener">Asian Exports &amp; COVID - Best Is Behind,</a><a href="https://www.smartkarma.com/profiles/sharmila-whelan" target="_blank" data-smartkarma-citation="accounts:1728" rel="noopener">Sharmila Whelan</a> looks at the prospects for Asian Exports and sees a less attractive outlook ahead. <h3>Equity Bottom-Up Insights</h3>In Indonesia,<a href="https://www.smartkarma.com/insights/media-nusantara-citra-mncn-ij-no-credit-given-for-metamorphosis" target="_blank" rel="noopener"> Media Nusantara Citra (MNCN IJ) - No Credit Given for Metamorphosis</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> examines an aggressive sell-off in<a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" rel="noopener"> Media Nusantara Citra (MNCN IJ)</a> share price, despite announcing a reasonable set of 2Q2020 results, with especially strong growth coming from its digital advertising through RCTI+ and its YouTube Multichannel Network (MCN), which now has a staggering 101m subscribers.  In <a href="https://www.smartkarma.com/insights/indomobil-sukses-internasional-imas-ij-emerging-transport-monolith" target="_blank" data-smartkarma-citation="insights:43927" rel="noopener">Indomobil Sukses Internasional (IMAS IJ) Emerging Transport Monolith?,</a> CrossASEAN insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits <a href="https://www.smartkarma.com/entities/indomobil-sukses-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:11738:1" rel="noopener">Indomobil Sukses Internasional (IMAS IJ),</a> which is making meaningful progress towards being a leader in automotive and transport.In <a href="https://www.smartkarma.com/insights/bank-mestika-dharma-september-quarter-reversals-surge" target="_blank" data-smartkarma-citation="insights:44089" rel="noopener">Bank Mestika Dharma – September Quarter Reversals Surge,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on this small Indonesian lender, which is one of the first to report earnings and reported an improvement and reversal of credit costs. In <a href="https://www.smartkarma.com/insights/ammb-top-decile-ph-score-and-vfm-asset" target="_blank" data-smartkarma-citation="insights:44065" rel="noopener">AMMB: Top Decile PH Score™ and VFM Asset,</a><a href="https://www.smartkarma.com/profiles/paul-hollingworth" target="_blank" data-smartkarma-citation="accounts:2554" rel="noopener">Paul Hollingworth</a> zeros in on this Malaysia lender were he find a promising outlook and attractive valuations under his model.<a href="https://www.smartkarma.com/entities/ammb-holdings-bhd" target="_blank" data-smartkarma-citation="entities:137:1" rel="noopener"></a>In Singapore,<a href="https://www.smartkarma.com/insights/trade-ideas-for-singapore-reits-implications-from-cct-cmt-merger" target="_blank" rel="noopener"> Trade Ideas for Singapore REITs - Implications from CCT+CMT Merger</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> takes a look at the long drawn out merger of CCT+CMT finally approved with minimal resistance, with the little there was coming mostly from CCT holders, the combined entity will add to the bunch of listed REITs which offer a mix of office and retail exposure. In <a href="https://www.smartkarma.com/insights/mr-diy-ipo-store-expansion-still-going-strong-undemanding-valuation" target="_blank" data-smartkarma-citation="insights:43929" rel="noopener">MR DIY IPO - Store Expansion Still Going Strong, Undemanding Valuation,</a> IPO specialist <a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a> revisits this IPO looking at its growth prospects and valuation. In Malaysia,<a href="https://www.smartkarma.com/insights/mr-d-i-y-group-ipo-valuation-insights" target="_blank" rel="noopener"> Mr. D.I.Y. Group IPO: Valuation Insights</a>,<a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" rel="noopener"> Arun George</a> provides a view on why he believes that an attractive valuation and solid cornerstone support makes <a href="https://www.smartkarma.com/entities/mr-d-i-y-group" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR D.I.Y. Group (MRDIY MK)</a> IPO tempting at the proposed price. In Malaysia,<a href="https://www.smartkarma.com/insights/mr-diy-ipo-quality-homes" target="_blank" rel="noopener"> MR DIY IPO: Quality Homes</a>,<a href="https://www.smartkarma.com/profiles/shifara-samsudeen-acma-cgma" target="_blank" rel="noopener"> Shifara Samsudeen</a> takes an initial look at Malaysia's home improvement retailer Mr. D.I.Y.  which has filed for an IPO which will raise approximately RM1.5bn (US$362m), the largest listing in three years in Malaysia. The company has set the price at RM1.60 per share and is expected to list the IPO on the 14th of October.In <a href="https://www.smartkarma.com/insights/mr-diy-ipo-inexpensive-valuation-compared-to-peers-despite-better-growth-profile" target="_blank" data-smartkarma-citation="insights:44019" rel="noopener">MR DIY IPO: Inexpensive Valuation Compared to Peers Despite Better Growth Profile,</a><a href="https://www.smartkarma.com/profiles/shifara-samsudeen-acma-cgma" target="_blank" data-smartkarma-citation="accounts:3297" rel="noopener">Shifara Samsudeen,</a> provides us with her views on this upcoming Malaysian IPO. In Thailand,<a href="https://www.smartkarma.com/insights/kerry-express-best-inc-two-approaches-to-ecommerce-logistics-growth-in-se-asia" target="_blank" rel="noopener"> Kerry Express &amp; Best Inc: Two Approaches to ECommerce Logistics Growth in SE Asia</a> examines the different approaches pursued in eCommerce fulfillment in SE Asia by the upcoming IPO<a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" rel="noopener"> Kerry Express Thailand (KEX TB)</a> and by<a href="https://www.smartkarma.com/entities/best-inc" target="_blank" rel="noopener"> BEST Inc (BEST US). </a>In <a href="https://www.smartkarma.com/insights/bgrim-positive-sentiments-from-joining-hands-with-pea-encom" target="_blank" data-smartkarma-citation="insights:43897" rel="noopener">BGRIM: Positive Sentiments from Joining Hands with PEA ENCOM,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> expect the cooperation with PEA ENCOM will help <a href="https://www.smartkarma.com/entities/b-grimm-pcl" target="_blank" data-smartkarma-citation="entities:23996:1" rel="noopener">B Grimm Power (BGRIM TB)</a> to expand the SPP (Small Power Producer) client base and have synergy benefits of up to THB1.0bn from cost-saving and service efficiency. <h3>Sector and Thematic</h3>In<a href="https://www.smartkarma.com/insights/indonesia-banks-positives-clouded-but-persist" target="_blank" rel="noopener"> Indonesia Banks – Positives Clouded, But Persist</a>, banking specialist<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" rel="noopener"> Daniel Tabbush</a> discusses why the country's credit penetration remains low and margins remain higher than almost any other country. Due to the ill-conceived interruption of economies and a more conservative bank system due to the financial crisis in 1997, credit growth is now lower in Indonesia than in most other Asian-Pacific countries. In Thailand,<a href="https://www.smartkarma.com/insights/silicon-stories-m-if-you-can-t-beat-them-join-them" target="_blank" rel="noopener"> Silicon Stories M: If You Can't Beat Them, Join Them</a>, Thai specialist<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/bank-of-ayudhya-pcl" target="_blank" data-smartkarma-citation="entities:136:1" rel="noopener">Bank Of Ayudhya (BAY TB)</a>,  which has realized that it is easier to partner with Internet startups than build businesses from scratch. In <a href="https://www.smartkarma.com/insights/sti-index-rebalance-in-the-race-to-replace-cct-finally-some-daylight-emerges" target="_blank" data-smartkarma-citation="insights:43862" rel="noopener">STI Index Rebalance: In the Race to Replace CCT, Finally Some Daylight Emerges,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> looks at the upcoming Singapore STI Index rebalancing. <h3>Credit Insights</h3>In<a href="https://www.smartkarma.com/insights/thai-bank-capital-constraints-debt-capital-issuance-needs-and-potential-impacts" target="_blank" rel="noopener"> Thai Bank Capital Constraints, Debt Capital Issuance Needs, and Potential Impact,</a> Credit Specialist<a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" rel="noopener"> Hank Calenti, CFA</a> discusses the potential for further capital issuance by Thai banks following<a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" rel="noopener"> Bangkok Bank Public (BBL TB)</a>'s recent bond issue. In <a href="https://www.smartkarma.com/insights/thai-bank-capital-and-chronic-covid-19-sensitivity" target="_blank" data-smartkarma-citation="insights:44011" rel="noopener">Thai Bank Capital and Chronic COVID-19 Sensitivity,</a><a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> dives into the potential scenarios for Thai Banks should COVID-19 loan relief decay become chronic. In Indonesia,<a href="https://www.smartkarma.com/insights/the-plight-of-the-garuda" target="_blank" rel="noopener"> The Plight of the Garuda</a>, Credit Specialist<a href="https://www.smartkarma.com/profiles/derek-silva" target="_blank" rel="noopener"> Derek Silva</a>,  examines Garuda's financial condition, which is now becoming critical.


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.  
Macro InsightsIn Vietnam in Robust Health Despite Transient Threat of US S301 Action, CrossASEAN Chief Economist Prasenjit K. Basu zeros IN on the Vietnamese economy, which has been a key beneficiary of trade diversion from China. In Asian Exports &amp; COVID - Best Is Behind,Sharmila Whelan looks at the prospects for Asian Exports and sees a less attractive outlook ahead. Equity Bottom-Up InsightsIn Indonesia, Media Nusantara Citra (MNCN IJ) - No Credit Given for Metamorphosis, CrossASEAN insight provider Angus Mackintosh examines an aggressive sell-off in Media Nusantara Citra (MNCN IJ) share price, despite announcing a reasonable set of 2Q2020 results, with especially strong growth coming from its digital advertising through RCTI+ and its YouTube Multichannel Network (MCN), which now has a staggering 101m subscribers.  In Indomobil Sukses Internasional (IMAS IJ) Emerging Transport Monolith?, CrossASEAN insight Provider Angus Mackintosh revisits Indomobil Sukses Internasional (IMAS IJ), which is making meaningful progress towards being a leader in automotive and transport.In Bank Mestika Dharma – September Quarter Reversals Surge, banking specialist Daniel Tabbush zeros in on this small Indonesian lender, which is one of the first to report earnings and reported an improvement and reversal of credit costs. In AMMB: Top Decile PH Score™ and VFM Asset,Paul Hollingworth zeros in on this Malaysia lender were he find a promising outlook and attractive valuations under his model.In Singapore, Trade Ideas for Singapore REITs - Implications from CCT+CMT Merger, Sumeet Singh takes a look at the long drawn out merger of CCT+CMT finally approved with minimal resistance, with the little there was coming mostly from CCT holders, the combined entity will add to the bunch of listed REITs which offer a mix of office and retail exposure. In MR DIY IPO - Store Expansion Still Going Strong, Undemanding Valuation, IPO specialist Zhen Zhou, Toh revisits this IPO looking at its growth prospects and valuation. In Malaysia, Mr. D.I.Y. Group IPO: Valuation Insights, Arun George provides a view on why he believes that an attractive valuation and solid cornerstone support makes MR D.I.Y. Group (MRDIY MK) IPO tempting at the proposed price. In Malaysia, MR DIY IPO: Quality Homes, Shifara Samsudeen takes an initial look at Malaysia's home improvement retailer Mr. D.I.Y.  which has filed for an IPO which will raise approximately RM1.5bn (US$362m), the largest listing in three years in Malaysia. The company has set the price at RM1.60 per share and is expected to list the IPO on the 14th of October.In MR DIY IPO: Inexpensive Valuation Compared to Peers Despite Better Growth Profile,Shifara Samsudeen, provides us with her views on this upcoming Malaysian IPO. In Thailand, Kerry Express &amp; Best Inc: Two Approaches to ECommerce Logistics Growth in SE Asia examines the different approaches pursued in eCommerce fulfillment in SE Asia by the upcoming IPO Kerry Express Thailand (KEX TB) and by BEST Inc (BEST US). In BGRIM: Positive Sentiments from Joining Hands with PEA ENCOM, our friends at Country Group expect the cooperation with PEA ENCOM will help B Grimm Power (BGRIM TB) to expand the SPP (Small Power Producer) client base and have synergy benefits of up to THB1.0bn from cost-saving and service efficiency. Sector and ThematicIn Indonesia Banks – Positives Clouded, But Persist, banking specialist Daniel Tabbush discusses why the country's credit penetration remains low and margins remain higher than almost any other country. Due to the ill-conceived interruption of economies and a more conservative bank system due to the financial crisis in 1997, credit growth is now lower in Indonesia than in most other Asian-Pacific countries. In Thailand, Silicon Stories M: If You Can't Beat Them, Join Them, Thai specialist Athaporn Arayasantiparb, CFA takes a look at Bank Of Ayudhya (BAY TB),  which has realized that it is easier to partner with Internet startups than build businesses from scratch. In STI Index Rebalance: In the Race to Replace CCT, Finally Some Daylight Emerges,Brian Freitas looks at the upcoming Singapore STI Index rebalancing. Credit InsightsIn Thai Bank Capital Constraints, Debt Capital Issuance Needs, and Potential Impact, Credit Specialist Hank Calenti, CFA discusses the potential for further capital issuance by Thai banks following Bangkok Bank Public (BBL TB)'s recent bond issue. In Thai Bank Capital and Chronic COVID-19 Sensitivity,Hank Calenti, CFA dives into the potential scenarios for Thai Banks should COVID-19 loan relief decay become chronic. In Indonesia, The Plight of the Garuda, Credit Specialist Derek Silva,  examines Garuda's financial condition, which is now becoming critical. 

The NEW Week that Was in ASEAN@Smartkarma - Omnibus Laws, Credit Costs, and Mr DIY

Singapore

Sembcorp Industries is a Singaporean state-owned energy and urban development company. It provides sustainable energy solutions, including renewable power (solar, wind, energy storage) and conventional energy (gas and related services), alongside integrated urban solutions such as industrial parks, water, and waste management. The company is headquartered in Singapore and was founded in 1998.

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Sembcorp Industries (SCI SP)

The Stocks to Own in ASEAN – Vol. 40

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The Stocks to Own in ASEAN – Vol. 40

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, and eight stocks...

A. Stotz Investment Research

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The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

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The NEW Week that Was in ASEAN@Smartkarma includes a curation of the past week's insights across SE Asia together with value-added commentary on...

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