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>CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.</li>
<li>This week we look at the prospects and dynamics for e-commerce in Indonesia after a down-year by value in 2023, with a heating of the competitive landscape a likely feature.</li>
<li>We also look at the IPO market for 2024, after 2023 saw several delayed listings, some of which may return to market but likely in 2H due to impending elections. </li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.
This week we look at the prospects and dynamics for e-commerce in Indonesia after a down-year by value in 2023, with a heating of the competitive landscape a likely feature.
We also look at the IPO market for 2024, after 2023 saw several delayed listings, some of which may return to market but likely in 2H due to impending elections. 


CrossASEAN Ground Zero - E-Commerce Down and What of the 2024 IPO Market?

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> raised about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Betagro (BTG TB) raised about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand.
In this note we will talk about the trading dynamics.


Betagro IPO Trading - Seems Fairly Valued

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> is looking to raise about US$460m in its Thailand IPO.  </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand. </li>
<li>Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers. </li>
</ul>



Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO.  
Betagro is an integrated agro-industrial and food business in Thailand. 
Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers. 


Betagro Pre-IPO Peer Comparison - Margins Historically Weaker than Peers, but Playing Catch Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> is looking to raise about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand. Sales continued to stage an upward trajectory, and higher ASPs, combined with a changing sales mix led to expanding profitability.</li>
<li>However, the growth in sales hadn’t been uniform across all segments and the bounce in 1H22’s profitability seems to come off a low base as well. </li>
</ul>



Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand. Sales continued to stage an upward trajectory, and higher ASPs, combined with a changing sales mix led to expanding profitability.
However, the growth in sales hadn’t been uniform across all segments and the bounce in 1H22’s profitability seems to come off a low base as well. 


Betagro Pre-IPO -Refiling Updates- Continued Their Upward Trajectory but Paid Itself Large Dividends

BA Airport Leasehold REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ba-airport-leasehold-reit" target="_blank" data-smartkarma-citation="entities:36255:1" rel="noopener">BA Airport Leasehold REIT (BAREIT TB)</a> is looking to raise up to US$173m in its Thailand IPO.</li>
<li>BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.</li>
<li>We selected an amalgamation of Thai-listed REITs to get a sense of where they trade, in their respective yield offered.</li>
</ul>



BA Airport Leasehold REIT (BAREIT TB) is looking to raise up to US$173m in its Thailand IPO.
BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
We selected an amalgamation of Thai-listed REITs to get a sense of where they trade, in their respective yield offered.


BAREIT IPO - Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.

Thailand

aCommerce Group Public Company Limited provide e-commerce services. The Company offers end to end carte e-commerce solutions for brands. aCommerce Group serves customers in Asia.

aCommerce Group (ACOM TB)

CrossASEAN Ground Zero - E-Commerce Down and What of the 2024 IPO Market?

CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus...

Angus Mackintosh

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

Betagro Pre-IPO Peer Comparison - Margins Historically Weaker than Peers, but Playing Catch Up

Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. In this note, we undertake a peer comparison with peers which the firm has...

Clarence Chu

Betagro Pre-IPO -Refiling Updates- Continued Their Upward Trajectory but Paid Itself Large Dividends

Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand.

Clarence Chu

BAREIT IPO - Maiden Airport-REIT Listing Should Garner Interest. Yield Is Better as Well.

BA Airport Leasehold REIT (BAREIT TB) is looking to raise up to US$173m in its Thailand IPO. BA Airport Leasehold REIT (BAREIT), sponsored by...

Clarence Chu