Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>This week in StubWorld ...</p>
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<p>The board of  <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> has <a href="https://www.set.or.th/set/newsdetails.do?newsId=15985721258680&amp;language=en&amp;country=US" target="_blank" rel="noopener">approved</a> its investment in <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> up to 10% of shares out, from 7.99% currently. Gulf reckons Intouch provides a steady dividend yield; but Investors expect listed companies to focus on their core competencies, and return excess capital to shareholders, so that <em>they </em>can invest it. </p>
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<div>Preceding my comments on Intouch, <a href="https://www.smartkarma.com/entities/united-co-rusal-plc" target="_blank" data-smartkarma-citation="entities:8517:1" rel="noopener">United Co Rusal (486 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a>, are at the top of the weekly setup/unwind tables for Asia-Pacific Holdcos.</div>
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<p><em>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20</em></p>
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This week in StubWorld ...

The board of  Gulf Energy Development Public Company (GULF TB) has approved its investment in Intouch Holdings (INTUCH TB) up to 10% of shares out, from 7.99% currently. Gulf reckons Intouch provides a steady dividend yield; but Investors expect listed companies to focus on their core competencies, and return excess capital to shareholders, so that they can invest it. 


Preceding my comments on Intouch, United Co Rusal (486 HK) &amp; Kingboard Holdings (148 HK), are at the top of the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20


StubWorld: Gulf's Questionable Stake In Intouch

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

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<p>This past week's offering of Insights across 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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma.</a></p>
</div><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/singapore-responds-to-recession-with-a-massive-fiscal-mild-monetary-stimulus" target="_blank" data-smartkarma-citation="insights:37884" rel="noopener">Singapore Responds to Recession with a Massive Fiscal &amp; Mild Monetary Stimulus,</a><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 Singapore economy post the announcement of its "Resilience Package" worth 11% of GDP. In his view, while a recession is inevitable in 1H 2020, the massive package will kick-start a strong economic recovery in 2H 2020, aided by the mild monetary easing. </p><p>In <a href="https://www.smartkarma.com/insights/start-of-systematic-screening-provides-hope-but-widodo-has-yet-to-cordon-java" target="_blank" data-smartkarma-citation="insights:37867" rel="noopener">Start of Systematic Screening Provides Hope, but Widodo Has Yet to Cordon Java,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the most important political and economic developments in Indonesia over the past week.</p><p>In <a href="https://www.smartkarma.com/insights/crossasean-strategy-indonesia-in-a-covid-19-world" target="_blank" data-smartkarma-citation="insights:37935" rel="noopener">CrossASEAN Strategy - Indonesia in a COVID-19 World</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> lays out the current state of play with COVID-19 in Indonesia and which sectors look defensive in light of the crisis. </p><p>In <a href="https://www.smartkarma.com/insights/the-downside-shock-more-like-1998-than-2008" target="_blank" data-smartkarma-citation="insights:37784" rel="noopener">The Downside Shock: More like 1998 than 2008,</a><a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr Jim Walker</a> debates the possible impact on COVID-19 and how we should assess the outlook in light of the crisis. </p><h2>Equity Bottom-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/pt-surya-citra-media-tbk-scma-ij-a-mixed-media-message" target="_blank" data-smartkarma-citation="insights:38066" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ) - A Mixed Media Message,</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 one of Indonesia's leading media companies following a call with management. </p><p>In <a href="https://www.smartkarma.com/insights/media-nusantara-citra-mncn-ij-moving-to-virtual-reality" target="_blank" data-smartkarma-citation="insights:38109" rel="noopener">Media Nusantara Citra (MNCN IJ) - Moving to Virtual Reality,</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 one of Indonesia's leading media players and comes away positively surprised. </p><p>In <a href="https://www.smartkarma.com/insights/nippon-indosari-corpindo-roti-ij-a-dominant-staple-for-hard-times" target="_blank" data-smartkarma-citation="insights:37725" rel="noopener">Nippon Indosari Corpindo (ROTI IJ) - A Dominant Staple for Hard Times,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's leading mass-market bread manufacturer and sees a relatively stable outlook.</p><p>In <a href="https://www.smartkarma.com/insights/mechanics-and-details-of-the-cp-group-tesco-deal" target="_blank" data-smartkarma-citation="insights:37622" rel="noopener">Mechanics and Details of the CP Group-Tesco Deal,</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> revisits the ongoing Tesco deal in Thailand after receiving more details from <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP All PCL (CPALL TB)</a> and finds the deal earnings accretive for CP Group. </p><p>In <a href="https://www.smartkarma.com/insights/company-visits-thai-re-and-siam-global" target="_blank" data-smartkarma-citation="insights:37352" rel="noopener">Company Visits: Thai Re and Siam Global,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> circles back after company visits to Thailand's sole listed non-life reinsurer Thai Re and the upcountry construction materials retailer Siam Global yesterday. </p><p>In <a href="https://www.smartkarma.com/insights/breadtalk-placed-for-take-out" target="_blank" data-smartkarma-citation="insights:37931" rel="noopener">BreadTalk: Placed For Take Out,</a> events specialist <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/breadtalk-group-ltd" target="_blank" data-smartkarma-citation="entities:15888:1" rel="noopener">Breadtalk (BREAD SP)</a> in light of the recent voluntary cash off for the company.</p><p>In <a href="https://www.smartkarma.com/insights/cct-cmt-and-then-came-covid" target="_blank" data-smartkarma-citation="insights:38064" rel="noopener">CCT+CMT: And Then Came COVID,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> revisits this ongoing merger in light of COVID-19. </p><p>In <a href="https://www.smartkarma.com/insights/elec-eltek-high-barrier-to-cash-offer" target="_blank" data-smartkarma-citation="insights:38088" rel="noopener">Elec &amp; Eltek: High Barrier To Cash Offer,</a> events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> comments further on the ongoing situation with this printed circuit board manufacturer. </p><p>In <a href="https://www.smartkarma.com/insights/pttgc-opportunity-to-buy-on-the-recovery-theme" target="_blank" data-smartkarma-citation="insights:38017" rel="noopener">PTTGC: Opportunity to ‘BUY’ on the Recovery Theme,</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> upgrade their recommendation to ‘BUY’ (from HOLD) on <a href="https://www.smartkarma.com/entities/ptt-global-chemical-pcl" target="_blank" data-smartkarma-citation="entities:19852:1" rel="noopener">Ptt Global Chemical (PTTGC TB)</a> but cut their target price by 30% to Bt35.</p><p>In <a href="https://www.smartkarma.com/insights/com7-temporary-store-closures-could-hit-earnings-by-14-in-worst-case" target="_blank" data-smartkarma-citation="insights:38012" rel="noopener">COM7: Temporary Store Closures Could Hit Earnings by 14% in Worst Case,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> updates us with their views on <a href="https://www.smartkarma.com/entities/com7-pcl" target="_blank" data-smartkarma-citation="entities:27411:1" rel="noopener">Com7 PCL (COM7 TB)</a> factoring in the impact of COVIV-19. </p><h2>Sector and Thematic Insights</h2><p>In this Smartkarma Original, <a href="https://www.smartkarma.com/insights/in-depth-analysis-digital-banking-strategies-across-asia" target="_blank" data-smartkarma-citation="insights:37886" rel="noopener">In-Depth Analysis: Digital Banking Strategies Across Asia,</a><a href="https://www.smartkarma.com/profiles/vincent-fernando-cfa-f29d1c28-fc02-4296-afcd-5e900f012d86" target="_blank" data-smartkarma-citation="accounts:6634" rel="noopener">Vincent Fernando, CFA</a> presents an overview of digital banking in Asia. </p><p>In <a href="https://www.smartkarma.com/insights/thailand-buybacks-show-of-strength-or-leap-of-faith" target="_blank" data-smartkarma-citation="insights:38090" rel="noopener">Thailand Buybacks - Show of Strength or Leap of Faith?</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> assesses the impact of recently announced buybacks in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/set50-rebalance-preview-early-bird-special" target="_blank" data-smartkarma-citation="insights:37948" rel="noopener">SET50 Rebalance Preview: Early Bird Special,</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 index rebalance in Thailand.</p><div><p><em>At CrossASEAN Research we strive to produce unbiased and differentiated on the ground Insights on companies, economies and stock markets across South East Asia exclusive to Smartkarma.</em></p></div><div><p><em>Our research is produced for the most part after face to face meetings but for now after conversations with company management to dig deep into the long-term vision and strategy of the companies we cover. </em></p></div><div><p><em>We offer bespoke work to our clients through Premium Services on Smartkarma. Please feel free to show your appreciation for any of our insights you find useful using the like button. It makes a difference!</em></p></div>


This past week's offering of Insights across 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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.
Macro InsightsIn Singapore Responds to Recession with a Massive Fiscal &amp; Mild Monetary Stimulus,Prasenjit K. Basu zeros in on the Singapore economy post the announcement of its "Resilience Package" worth 11% of GDP. In his view, while a recession is inevitable in 1H 2020, the massive package will kick-start a strong economic recovery in 2H 2020, aided by the mild monetary easing. In Start of Systematic Screening Provides Hope, but Widodo Has Yet to Cordon Java, CrossASEAN Insight Provider Kevin O’Rourke comments on the most important political and economic developments in Indonesia over the past week.In CrossASEAN Strategy - Indonesia in a COVID-19 World, CrossASEAN Insight Provider Angus Mackintosh lays out the current state of play with COVID-19 in Indonesia and which sectors look defensive in light of the crisis. In The Downside Shock: More like 1998 than 2008,Dr Jim Walker debates the possible impact on COVID-19 and how we should assess the outlook in light of the crisis. Equity Bottom-Up InsightsIn PT Surya Citra Media Tbk (SCMA IJ) - A Mixed Media Message, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading media companies following a call with management. In Media Nusantara Citra (MNCN IJ) - Moving to Virtual Reality, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading media players and comes away positively surprised. In Nippon Indosari Corpindo (ROTI IJ) - A Dominant Staple for Hard Times,Angus Mackintosh revisits Indonesia's leading mass-market bread manufacturer and sees a relatively stable outlook.In Mechanics and Details of the CP Group-Tesco Deal, our Thai guru Athaporn Arayasantiparb, CFA revisits the ongoing Tesco deal in Thailand after receiving more details from CP All PCL (CPALL TB) and finds the deal earnings accretive for CP Group. In Company Visits: Thai Re and Siam Global,Athaporn Arayasantiparb, CFA circles back after company visits to Thailand's sole listed non-life reinsurer Thai Re and the upcountry construction materials retailer Siam Global yesterday. In BreadTalk: Placed For Take Out, events specialist David Blennerhassett revisits Breadtalk (BREAD SP) in light of the recent voluntary cash off for the company.In CCT+CMT: And Then Came COVID,Sumeet Singh revisits this ongoing merger in light of COVID-19. In Elec &amp; Eltek: High Barrier To Cash Offer, events specialist David Blennerhassett comments further on the ongoing situation with this printed circuit board manufacturer. In PTTGC: Opportunity to ‘BUY’ on the Recovery Theme, our friends at Country Group upgrade their recommendation to ‘BUY’ (from HOLD) on Ptt Global Chemical (PTTGC TB) but cut their target price by 30% to Bt35.In COM7: Temporary Store Closures Could Hit Earnings by 14% in Worst Case,Country Group updates us with their views on Com7 PCL (COM7 TB) factoring in the impact of COVIV-19. Sector and Thematic InsightsIn this Smartkarma Original, In-Depth Analysis: Digital Banking Strategies Across Asia,Vincent Fernando, CFA presents an overview of digital banking in Asia. In Thailand Buybacks - Show of Strength or Leap of Faith?Brian Freitas assesses the impact of recently announced buybacks in Thailand. In SET50 Rebalance Preview: Early Bird Special,Brian Freitas looks at the upcoming index rebalance in Thailand.At CrossASEAN Research we strive to produce unbiased and differentiated on the ground Insights on companies, economies and stock markets across South East Asia exclusive to Smartkarma.Our research is produced for the most part after face to face meetings but for now after conversations with company management to dig deep into the long-term vision and strategy of the companies we cover. We offer bespoke work to our clients through Premium Services on Smartkarma. Please feel free to show your appreciation for any of our insights you find useful using the like button. It makes a difference!

The Week That Was in ASEAN@Smartkarma - Asian Digital Banking, Defensive Indo Media, and Breadmakers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<p><a href="https://www.smartkarma.com/entities/elec-eltek-int-co-ltd" target="_blank" data-smartkarma-citation="entities:2835:1" rel="noopener">Elec &amp; Eltek Int (ELEC SP)</a> designs, develops, manufactures and distributes multi-layered printed circuit boards. On 3 April, it announced a voluntary conditional cash offer of HK$18.07 ($2.33) cash per offer share from <a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a>, the controlling shareholder with a 73.63% stake. </p><div class="content-highlight"><p>The offer is conditional on the offeror receiving valid acceptances which trigger compulsory acquisition rights in both HK and Singapore. While the high acceptance threshold is a risk, our analysis suggests that the offer price is attractive for minorities. On balance, we think that Kingboard has a good chance to succeed with its latest privatisation effort. </p></div>

Elec &amp; Eltek Int (ELEC SP) designs, develops, manufactures and distributes multi-layered printed circuit boards. On 3 April, it announced a voluntary conditional cash offer of HK$18.07 ($2.33) cash per offer share from Kingboard Holdings (148 HK), the controlling shareholder with a 73.63% stake. The offer is conditional on the offeror receiving valid acceptances which trigger compulsory acquisition rights in both HK and Singapore. While the high acceptance threshold is a risk, our analysis suggests that the offer price is attractive for minorities. On balance, we think that Kingboard has a good chance to succeed with its latest privatisation effort. 

Elec & Eltek Privatisation’s High Acceptance Threshold

<p>Printed circuit board maker <a href="https://www.smartkarma.com/entities/elec-eltek-int-co-ltd" target="_blank" data-smartkarma-citation="entities:2835:1" rel="noopener">Elec &amp; Eltek Int (ELEC SP)</a> / <a href="https://www.smartkarma.com/entities/elec-eltek-international-co" target="_blank" data-smartkarma-citation="entities:28165:1" rel="noopener">Elec &amp; Eltek International Co (1151 HK)</a> was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0325/2020032401273.pdf" target="_blank" rel="noopener">halted on the 25 March</a> pending announcement pursuant to HK Code on Takeovers and Mergers.</p>
<p>This morning, major-shareholder <a href="https://www.smartkarma.com/entities/kingboard-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard Holdings (148 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0403/2020040300023.pdf" target="_blank" rel="noopener">tabled</a> a voluntary cash offer at HK$18.07/share (US$2.33), a 70.47% premium to last close on the HKEx and a 99.15% premium to the last close on the SGX. </p>
<p>A US$0.04/share dividend has been declared but Kingboard has said that the Offer Price will be reduced by the dividend.</p>
<p>The (only) condition is that acceptances are received such that it affords Kingboard to compulsorily acquire shares under the Singapore and HK Takeovers Code. Or 90% of interested shareholders tendering into the Offer. That's a high threshold. This Offer <em>may</em> not turn unconditional. </p>
<p>As always, more below the fold.</p>

Printed circuit board maker Elec &amp; Eltek Int (ELEC SP) / Elec &amp; Eltek International Co (1151 HK) was halted on the 25 March pending announcement pursuant to HK Code on Takeovers and Mergers.
This morning, major-shareholder Kingboard Holdings (148 HK) tabled a voluntary cash offer at HK$18.07/share (US$2.33), a 70.47% premium to last close on the HKEx and a 99.15% premium to the last close on the SGX. 
A US$0.04/share dividend has been declared but Kingboard has said that the Offer Price will be reduced by the dividend.
The (only) condition is that acceptances are received such that it affords Kingboard to compulsorily acquire shares under the Singapore and HK Takeovers Code. Or 90% of interested shareholders tendering into the Offer. That's a high threshold. This Offer may not turn unconditional. 
As always, more below the fold.

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<p>This past week's offering of Insights across 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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma.</a><strong>This week you can also find some of our top picks in ASEAN below the fold. </strong></p>
</div><h2>Macro Insights</h2><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/crossasean-strategy-life-after-gojek-and-the-land-of-digital-banking" target="_blank" data-smartkarma-citation="insights:37570" rel="noopener">CrossASEAN Strategy - Life After Gojek and the Land of Digital Banking,</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> comments on the completion of the latest funding round by Gojek and looks to how local Indonesian banks are progressing with their own digital banking initiatives.</p></div><p>In <a href="https://www.smartkarma.com/insights/start-of-systematic-screening-provides-hope-but-widodo-has-yet-to-cordon-java" target="_blank" data-smartkarma-citation="insights:37867" rel="noopener">Start of Systematic Screening Provides Hope, but Widodo Has Yet to Cordon Java,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the key political and economic developments over the past week in Indonesia. </p><h2>Equity Bottom-Up Insights</h2><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/semen-indonesia-persero-tbk-smgr-ij-fortress-mentality" target="_blank" data-smartkarma-citation="insights:37823" rel="noopener">Semen Indonesia Persero Tbk (SMGR IJ) - Fortress Mentality,</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 Indonesia's largest cement producer following a call with management. </p></div><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-industrial-proxy-with-strong-credentials" target="_blank" data-smartkarma-citation="insights:37643" rel="noopener">AKR Corporindo (AKRA IJ) - Industrial Proxy with Strong Credentials,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's leading chemical and fuel distributor, which has started to see increased contributions from its Surabaya Industrial Estate. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/singapore-air-s-massive-rights-issue" target="_blank" data-smartkarma-citation="insights:37857" rel="noopener">Singapore Air's Massive Rights Issue,</a> events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> comments on <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)'</a>s recently announced rights issue. </p></div><p>In <a href="https://www.smartkarma.com/insights/elec-eltek-a-exit-delisting-offer" target="_blank" data-smartkarma-citation="insights:37796" rel="noopener">Elec &amp; Eltek: An Exit/Delisting Offer?,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> comments on this HK and Singapore listed Printed Circuit Board maker in light of a pending announcement. </p><p>In <a href="https://www.smartkarma.com/insights/btw-warrants-expensive-a-month-ago-even-richer-now-so-better-to-bail" target="_blank" data-smartkarma-citation="insights:37830" rel="noopener">BTS Warrants - Expensive a Month Ago, Even Richer Now So Better to Bail,</a> events specialist <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits BTS Warrants and suggests it is time to sell. </p><p>In <a href="https://www.smartkarma.com/insights/investor-pressures-likely-overrated-in-grab-gojek-merger-talks" target="_blank" data-smartkarma-citation="insights:37628" rel="noopener">Investor Pressures Likely Overrated In Grab-Gojek Merger Talks,</a><a href="https://www.smartkarma.com/profiles/valerie-law-cfa" target="_blank" data-smartkarma-citation="accounts:803" rel="noopener">Valerie Law, CFA</a> discusses these rather unlikely merger talks. The Grab-Gojek merger has been widely discussed. In this report, she presents a few arguments as to why it is unlikely to happen in the near-term. This report is rated 'bearish' based on the low probability of a merger.</p><p>In <a href="https://www.smartkarma.com/insights/gojek-gets-additional-funding-indonesia-food-authority-disapproves-of-rumoured-merger-deal-with-grab" target="_blank" data-smartkarma-citation="insights:37727" rel="noopener">Gojek Gets Additional Funding-Indonesia Food Authority Disapproves of Rumoured Merger Deal with Grab,</a><a href="https://www.smartkarma.com/profiles/aqila-ali" target="_blank" data-smartkarma-citation="accounts:1652" rel="noopener">Aqila Ali</a> also discusses the potential for a Grab-Gojek merger. </p><p>In <a href="https://www.smartkarma.com/insights/keppel-corp-tactical-buy-level-with-macro-heavy-cycle" target="_blank" data-smartkarma-citation="insights:37721" rel="noopener">Keppel Corp Tactical Buy Level with Macro Heavy Cycle,</a> technical analysis specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> works his magic on <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp Ltd (KEP SP).</a></p><p>In <a href="https://www.smartkarma.com/insights/advanc-the-best-mobile-operator-in-thailand" target="_blank" data-smartkarma-citation="insights:37751" rel="noopener">ADVANC: The Best Mobile Operator in Thailand</a> our friend <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage of <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> with a BUY rating, based on a target price of Bt236.5, which is derived from a DCF methodology (WACC of 10.7% and terminal growth of 2%). </p><p>In <a href="https://www.smartkarma.com/insights/shr-world-class-resorts-at-a-deeply-discounted-price" target="_blank" data-smartkarma-citation="insights:37797" rel="noopener">SHR: World Class Resorts at a Deeply Discounted Price,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage of <a href="https://www.smartkarma.com/entities/s-hotels-resorts-pcl" target="_blank" data-smartkarma-citation="entities:28924:1" rel="noopener">S Hotels &amp; Resorts PCL (SHR TB)</a> with a BUY rating and a 2020E target price of Bt2.60.</p><p>In <a href="https://www.smartkarma.com/insights/bgc-stable-yield-play" target="_blank" data-smartkarma-citation="insights:37861" rel="noopener">BGC: Stable Yield Play,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage of <a href="https://www.smartkarma.com/entities/bg-container-glass-pcl" target="_blank" data-smartkarma-citation="entities:28453:1" rel="noopener">BG Container Glass PCL (BGC TB)</a> with a BUY rating, based on a target price of Bt11.0.</p><h2>Sector and Thematic Insights</h2><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/potential-trade-ideas-asia-pacific-companies-that-may-access-capital-markets" target="_blank" data-smartkarma-citation="insights:37862" rel="noopener">Potential Trade Ideas - Asia-Pacific Companies that May Access Capital Markets,</a><a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a> screens the Asia Pacific region for companies that may need to raise new capital as they brush with debt covenants as a result of the current COVID-19 crisis.</p></div><h2>Credit Insights</h2><p>In <a href="https://www.smartkarma.com/insights/first-pacific-earnings-flash-fy-2019-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:37803" rel="noopener">First Pacific - Earnings Flash - FY 2019 Results,</a> our friends at credit specialists <a href="https://www.smartkarma.com/companies/lucror-analytics" target="_blank" data-smartkarma-citation="companies:1350" rel="noopener">Lucror Analytics</a> report back on <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> post its recent results.</p><div><p><strong><em>At CrossASEAN Research we strive to produce unbiased and differentiated on the ground Insights on companies, economies and stock markets across South East Asia exclusive to Smartkarma.</em></strong></p></div><div><p><strong><em>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. </em></strong></p></div><div><p><strong><em>We offer bespoke work, company visits and tailor-made trips across South East Asia to our clients through Premium Services on Smartkarma. Please feel free to show your appreciation for any of our insights you find useful using the like button. It makes a difference!</em></strong></p></div>


This past week's offering of Insights across 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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.This week you can also find some of our top picks in ASEAN below the fold. 
Macro InsightsIn CrossASEAN Strategy - Life After Gojek and the Land of Digital Banking, CrossASEAN Insight Provider Angus Mackintosh comments on the completion of the latest funding round by Gojek and looks to how local Indonesian banks are progressing with their own digital banking initiatives.In Start of Systematic Screening Provides Hope, but Widodo Has Yet to Cordon Java, CrossASEAN Insight Provider Kevin O’Rourke comments on the key political and economic developments over the past week in Indonesia. Equity Bottom-Up InsightsIn Semen Indonesia Persero Tbk (SMGR IJ) - Fortress Mentality, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's largest cement producer following a call with management. In AKR Corporindo (AKRA IJ) - Industrial Proxy with Strong Credentials,Angus Mackintosh revisits Indonesia's leading chemical and fuel distributor, which has started to see increased contributions from its Surabaya Industrial Estate. In Singapore Air's Massive Rights Issue, events specialist David Blennerhassett comments on Singapore Airlines (SIA SP)'s recently announced rights issue. In Elec &amp; Eltek: An Exit/Delisting Offer?,David Blennerhassett comments on this HK and Singapore listed Printed Circuit Board maker in light of a pending announcement. In BTS Warrants - Expensive a Month Ago, Even Richer Now So Better to Bail, events specialist Travis Lundy revisits BTS Warrants and suggests it is time to sell. In Investor Pressures Likely Overrated In Grab-Gojek Merger Talks,Valerie Law, CFA discusses these rather unlikely merger talks. The Grab-Gojek merger has been widely discussed. In this report, she presents a few arguments as to why it is unlikely to happen in the near-term. This report is rated 'bearish' based on the low probability of a merger.In Gojek Gets Additional Funding-Indonesia Food Authority Disapproves of Rumoured Merger Deal with Grab,Aqila Ali also discusses the potential for a Grab-Gojek merger. In Keppel Corp Tactical Buy Level with Macro Heavy Cycle, technical analysis specialist Thomas Schroeder works his magic on Keppel Corp Ltd (KEP SP).In ADVANC: The Best Mobile Operator in Thailand our friend Country Group initiate coverage of Advanced Info Service (ADVANC TB) with a BUY rating, based on a target price of Bt236.5, which is derived from a DCF methodology (WACC of 10.7% and terminal growth of 2%). In SHR: World Class Resorts at a Deeply Discounted Price,Country Group initiate coverage of S Hotels &amp; Resorts PCL (SHR TB) with a BUY rating and a 2020E target price of Bt2.60.In BGC: Stable Yield Play,Country Group initiate coverage of BG Container Glass PCL (BGC TB) with a BUY rating, based on a target price of Bt11.0.Sector and Thematic InsightsIn Potential Trade Ideas - Asia-Pacific Companies that May Access Capital Markets,Zhen Zhou, Toh screens the Asia Pacific region for companies that may need to raise new capital as they brush with debt covenants as a result of the current COVID-19 crisis.Credit InsightsIn First Pacific - Earnings Flash - FY 2019 Results, our friends at credit specialists Lucror Analytics report back on First Pacific Co (142 HK) post its recent results.At CrossASEAN Research we strive to produce unbiased and differentiated on the ground Insights on companies, economies and stock markets across South East Asia exclusive to Smartkarma.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 offer bespoke work, company visits and tailor-made trips across South East Asia to our clients through Premium Services on Smartkarma. Please feel free to show your appreciation for any of our insights you find useful using the like button. It makes a difference!

The Week That Was in ASEAN@Smartkarma - Gojek Riding High, Indonesian Cement, and SIA

Hong Kong

Kingboard Holdings Ltd, through its subsidiaries, manufactures laminates, copper foil, glass fabric, glass yarn, bleached kraft paper, printed circuit boards, and chemicals.

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