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>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> post results along with an interesting trade idea on <a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public (BBL TB)</a>.</li>
<li>We also had two insights on <a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> IPO, commentary on <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> plans to delist plus some other new-economy developments.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Sea Ltd (SE US) and Grab (GRAB US) post results along with an interesting trade idea on Bangkok Bank Public (BBL TB).
We also had two insights on Farm Fresh Berhad (FF MY) IPO, commentary on Singapore Press Holdings (SPH SP) plans to delist plus some other new-economy developments.


The Week That Was in ASEAN @Smartkarma - Rough for Sea Ltd, Grab's Tumble, and Farm Fresh IPO

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public</a> has underperformed <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL</a> over the short-term and over the last year as well. The price ratio is now trading at the low end of the recent range.</li>
<li>The number of NVDRs issued on <a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public (BBL TB)</a> have continued to decrease while increasing 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>. </li>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public (BBL TB)</a> trades cheaper than <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a> and there could outperform in the short-term.</li>
</ul>



Bangkok Bank Public has underperformed Kasikornbank PCL over the short-term and over the last year as well. The price ratio is now trading at the low end of the recent range.
The number of NVDRs issued on Bangkok Bank Public (BBL TB) have continued to decrease while increasing on Kasikornbank PCL (KBANK TB). 

Bangkok Bank Public (BBL TB) trades cheaper than Kasikornbank PCL (KBANK TB) and there could outperform in the short-term.


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>We are launching coverage of <a href="https://www.smartkarma.com/entities/destiny-investment-token" target="_blank" data-smartkarma-citation="entities:35642:1" rel="noopener">Destiny Investment Token (DESTINY CURNCY)</a> (DESTINY) which will be classified as an investment token in Thailand.</li>
<li>At 2.99%, the 2-year callable tokens are not attractive, in our view.</li>
<li>The on-going COVID-19 will pose a risk that the conditional THB1bn box office (for additional 2.01% return) will not be easily achievable.</li>
</ul>


We are launching coverage of Destiny Investment Token (DESTINY CURNCY) (DESTINY) which will be classified as an investment token in Thailand.
At 2.99%, the 2-year callable tokens are not attractive, in our view.
The on-going COVID-19 will pose a risk that the conditional THB1bn box office (for additional 2.01% return) will not be easily achievable.


Destiny Investment Token: Destined Only for the Fans

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising.</li>
<li>Over the past 6-months, Thailand weights have increased by 0.29%, with 6.5% of the funds in our analysis adding exposure, though managers remain underweight and underinvested.</li>
<li>CP ALL PCL is the most widely held stock, but recent fund activity has favoured Central Pattana Pub, Bangkok Dusit Medical Services and Asian Sea.</li>
</ul>


The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising.
Over the past 6-months, Thailand weights have increased by 0.29%, with 6.5% of the funds in our analysis adding exposure, though managers remain underweight and underinvested.
CP ALL PCL is the most widely held stock, but recent fund activity has favoured Central Pattana Pub, Bangkok Dusit Medical Services and Asian Sea.


Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank (SCB TB)</a>recently published a solid set of results reflecting the gradual recovery of its core banking business and increasing digitalisation of its customers base.</li>
<li>The real excitement will come with the formation of SCBX, involving the reallocation of excess capital, which will be invested in adjacent lending and high-growth technology businesses.</li>
<li>
<a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank (SCB TB)</a>trades at a slight premium to peers on 0.92x FY2022E PBV but has the potential to generate higher returns, which should lead to further re-rating.</li>
</ul>



Siam Commercial Bank (SCB TB)recently published a solid set of results reflecting the gradual recovery of its core banking business and increasing digitalisation of its customers base.
The real excitement will come with the formation of SCBX, involving the reallocation of excess capital, which will be invested in adjacent lending and high-growth technology businesses.

Siam Commercial Bank (SCB TB)trades at a slight premium to peers on 0.92x FY2022E PBV but has the potential to generate higher returns, which should lead to further re-rating.


Siam Commercial Bank (SCB TB) - Let the Games Begin

Thailand

Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand.  The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen; and representative offices in Shanghai, Beijing, and Kunmin.

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Kasikornbank PCL (KBANK TB)

The Week That Was in ASEAN @Smartkarma - Rough for Sea Ltd, Grab's Tumble, and Farm Fresh IPO

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

BBL/KBANK: Time for a Bounce

BBL TB has underperformed KBANK TB and the price ratio is currently trading at the lower end of the recent range. There could be a short-term...

Brian Freitas

Destiny Investment Token: Destined Only for the Fans

We are launching coverage of Thailand's Destiny Investment Token. At 2.99%, the 2-year callable tokens are not attractive without a recourse to the...

Bondcritic

The Thailand Turnaround

The long-term decline in Thailand allocations among Asia Ex-Japan funds appears to be stabilising. We analyse the shift in sentiment among investors.

Steven Holden

Siam Commercial Bank (SCB TB) - Let the Games Begin

Siam Commercial Bank trades at a slight premium to peers on 0.9x FY2022E PBV but has the potential to generate higher returns with the formation of...

Angus Mackintosh

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