Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
Cautious entry: Indonesian stocks are stabilizing. We may consider a small absolute long on a 6-12-month horizon, either on the country level or with a basket of three stocks.</li>
<li>
Absolute for now: Historically, past downside extremes in Indonesian stocks preceded positive absolute returns 6-12-months forward, but relative performance remained weak over the same time horizon.</li>
<li>
Relative later: Our framework does not support an overweight to Indonesia vs. EM or Asia Pacific until relative trend signals improve. If you're already underweight, trim it.</li>
</ul>



Cautious entry: Indonesian stocks are stabilizing. We may consider a small absolute long on a 6-12-month horizon, either on the country level or with a basket of three stocks.

Absolute for now: Historically, past downside extremes in Indonesian stocks preceded positive absolute returns 6-12-months forward, but relative performance remained weak over the same time horizon.

Relative later: Our framework does not support an overweight to Indonesia vs. EM or Asia Pacific until relative trend signals improve. If you're already underweight, trim it.


Indonesia Stabilizes: Three Stocks with Relative Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>It's a weak stub. And given <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a>'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against <a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">JAPEX (1662 JP)</a>.</li>
<li>Keswick chips away at <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
</ul>


It's a weak stub. And given Inpex Corp (1605 JP)'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against JAPEX (1662 JP).
Keswick chips away at Jardine Matheson (JM SP)'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. 

Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.


Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

Jardine Matheson Southeast Asia / Event-Driven

Jardine Matheson Southeast Asia (JCNC SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage (JCNC SP), popped ~10% today ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
<li>The record date for both is the 9th October, with payment on (or before) 2nd December. </li>
<li>JMSEA's implied stub value is around its highest-ever level. As is the simple ratio of JMSEA/<a href="https://www.smartkarma.com/entities/pt-astra-international-tbk" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>. Neither are sustainable. Borrow is (reportedly) non-existent.</li>
</ul>



Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage (JCNC SP), popped ~10% today ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.
The record date for both is the 9th October, with payment on (or before) 2nd December. 
JMSEA's implied stub value is around its highest-ever level. As is the simple ratio of JMSEA/Astra International (ASII IJ). Neither are sustainable. Borrow is (reportedly) non-existent.


Jardine Matheson Southeast Asia (JCNC SP) Pops On Toyota In-Specie & Special Div

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>PhillipCapital and UOB KayHian maintain 'buy' on United Hampshire US REIT post-FY2025 results.</li><li>Maybank and RHB analysts remain optimistic about Marco Polo Marine.</li><li>JP Morgan raises CICT target price to $2.75 after unexpected DPU growth.</li></ul>

PhillipCapital and UOB KayHian maintain 'buy' on United Hampshire US REIT post-FY2025 results.Maybank and RHB analysts remain optimistic about Marco Polo Marine.JP Morgan raises CICT target price to $2.75 after unexpected DPU growth.

Singapore Market Roundup (24-Feb-2026): PhillipCapital and UOB KayHian retain 'buy' on United

<ul><li>PhillipCapital and UOB KayHian maintain 'buy' on United Hampshire US REIT after FY2025 results.</li><li>Analysts from Maybank and RHB remain positive on Marco Polo Marine.</li><li>JP Morgan raises CICT target price to $2.75 amid unexpected DPU growth.</li></ul>

PhillipCapital and UOB KayHian maintain 'buy' on United Hampshire US REIT after FY2025 results.Analysts from Maybank and RHB remain positive on Marco Polo Marine.JP Morgan raises CICT target price to $2.75 amid unexpected DPU growth.

Singapore Market Roundup (23-Feb-2026): PhillipCapital and UOB KayHian keep 'buy' on United

Indonesia

Astra International is a leading Indonesian conglomerate with a highly diversified business portfolio across seven main segments: automotive, financial services, heavy equipment, mining, construction, agribusiness, infrastructure, information technology, and property. The company manufactures, distributes, and services vehicles, provides financial and insurance services, and is involved in palm oil plantations, logistics, and property development. It was founded in 1957 and is headquartered in Jakarta, Indonesia.

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Astra International (ASII IJ)

Indonesia Stabilizes: Three Stocks with Relative Upside

Indonesian equities are stabilizing on an absolute and relative basis. We're considering small positions and selected three relative strength stocks.

Damanick Dantes, CMT

Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Jardine Matheson Southeast Asia (JCNC SP) Pops On Toyota In-Specie & Special Div

I get JMSEA's outperformance vs Astra given the weakening rupiah, Indonesia's MSCI overhang; and JMSEA's value unlock strategy. But to what point?...

David Blennerhassett

Singapore Market Roundup (24-Feb-2026): PhillipCapital and UOB KayHian retain 'buy' on United

PhillipCapital and UOB KayHian maintain 'buy' on United Hampshire US REIT. Maybank and RHB are optimistic about Marco Polo Marine. JP Morgan raises...

Singapore Market Roundup

Singapore Market Roundup (23-Feb-2026): PhillipCapital and UOB KayHian keep 'buy' on United

PhillipCapital and UOB KayHian keep 'buy' on United Hampshire US REIT. Maybank and RHB are positive on Marco Polo Marine. JP Morgan raises CICT...

Singapore Market Roundup

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