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

<ul>
<li>In this edition, we look at MY DIY Thailand's plans for an IPO, PropertyGuru's latest results, and the increase in M&amp;A activity in the Indonesian fibre-optic space.</li>
<li>We also look at the implications of GoTo's exit from Vietnam, as it increasingly focuses on profitability in its home market and Singapore.</li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


In this edition, we look at MY DIY Thailand's plans for an IPO, PropertyGuru's latest results, and the increase in M&amp;A activity in the Indonesian fibre-optic space.
We also look at the implications of GoTo's exit from Vietnam, as it increasingly focuses on profitability in its home market and Singapore.
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - MR DIY Thailand IPO, PropertyGuru, Fibre Battles, and GoTo

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with the growing use of AI tools. </li>
<li>The company also seeks to become an AI Native Telco whilst also pursuing a separate AI business through its tie-up with <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, and building a data centre edge through BDx.</li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ)</a> is also optimistic about its home broadband business projecting 2m subscribers by 2028. Valuations remain attractive relative to peers, especially given ISAT's growth outlook. </li>
</ul>



Indosat (ISAT IJ) remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with the growing use of AI tools. 
The company also seeks to become an AI Native Telco whilst also pursuing a separate AI business through its tie-up with NVIDIA, and building a data centre edge through BDx.

Indosat Tbk PT (ISAT IJ) is also optimistic about its home broadband business projecting 2m subscribers by 2028. Valuations remain attractive relative to peers, especially given ISAT's growth outlook. 


Indosat (ISAT IJ) - Streaming Ahead with AI

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

XLSMART Telecom Sejahtera / Equity Bottom-Up

<ul><li>EXCL posted revenue of IDR8.6 tn in 2Q24, up +2.1% QoQ/+4.8% YoY.</li><li>The relatively moderate quarterly top-line growth was primarily due to soft performance in the data &amp; digital services segment (93.1% contribution to total revenue), which grew by +2.5% QoQ/+6.9% YoY.</li><li>On a 6-month basis, revenue stood at IDR17.0 tn (+8.2% YoY) in 1H24, slightly below our/consensus estimates at 48.7%/48.9%, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EXCL posted revenue of IDR8.6 tn in 2Q24, up +2.1% QoQ/+4.8% YoY.The relatively moderate quarterly top-line growth was primarily due to soft performance in the data &amp; digital services segment (93.1% contribution to total revenue), which grew by +2.5% QoQ/+6.9% YoY.On a 6-month basis, revenue stood at IDR17.0 tn (+8.2% YoY) in 1H24, slightly below our/consensus estimates at 48.7%/48.9%, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EXCL IJ - EXCL’s 1H24 Performance: Keeping the Ball Rolling

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>EXCL’s 1H24 solid NP of Rp1tr (57.5%yoy) was inline, driven by topline growth due to stellar mgmt. execution amid steady EBITDA margin.</li><li>EXCL grew its subscribers (2Q24: +900k net adds) with an upward ARPU trajectory based on strategic allocation of its capex to ex-Java.</li><li>We maintain our BUY rating on EXCL for its growth sustainability with a TP of Rp3,300. Brewing catalysts could unlock significant value.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EXCL’s 1H24 solid NP of Rp1tr (57.5%yoy) was inline, driven by topline growth due to stellar mgmt. execution amid steady EBITDA margin.EXCL grew its subscribers (2Q24: +900k net adds) with an upward ARPU trajectory based on strategic allocation of its capex to ex-Java.We maintain our BUY rating on EXCL for its growth sustainability with a TP of Rp3,300. Brewing catalysts could unlock significant value.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

XL Axiata - Inline Earnings on Robust Operational; Potential Catalysts Ahead

Thematic (Sector/Industry)

<ul><li>Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.</li><li>We expect Starlink to play a complementary role in Indonesia’s remote areas, but shall offer inferior overall value to residential customers.</li><li>We maintain OW as the sector’s outlook remains constructive; ISAT is our top pick on the strongest earnings potential in 2Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.We expect Starlink to play a complementary role in Indonesia’s remote areas, but shall offer inferior overall value to residential customers.We maintain OW as the sector’s outlook remains constructive; ISAT is our top pick on the strongest earnings potential in 2Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Telco: Selective Competition and Limited Starlink Threat Imply a Constructive Outlook

Indonesia

XLSMART Telecom Sejahtera Tbk PT provides a wide range of mobile telecommunications services in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

XLSMART Telecom Sejahtera (EXCL IJ)

CrossASEAN Ground Zero - MR DIY Thailand IPO, PropertyGuru, Fibre Battles, and GoTo

In this edition, we look at MY DIY Thailand's plans for an IPO, PropertyGuru's latest results, and the increase in M&A activity in the Indonesian...

Angus Mackintosh

Indosat (ISAT IJ) - Streaming Ahead with AI

Indosat remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with...

Angus Mackintosh

EXCL IJ - EXCL’s 1H24 Performance: Keeping the Ball Rolling

The relatively moderate quarterly top-line growth was primarily due to soft performance in the data & digital services segment (93.1% contribution...

MNC Sekuritas

XL Axiata - Inline Earnings on Robust Operational; Potential Catalysts Ahead

EXCL’s 1H24 solid NP of Rp1tr (57.5%yoy) was inline, driven by topline growth due to stellar mgmt. execution amid steady EBITDA margin.

BRI Danareksa Research

Telco: Selective Competition and Limited Starlink Threat Imply a Constructive Outlook

Our survey reveals that TSEL’s launch of TSEL Lite and non-Lite packs is targeted toward select segments; hence a marginal impact on IOH/XL.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)