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 past week saw insights on <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> and Optus, <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a>, <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> and <a href="https://www.smartkarma.com/entities/agung-podomoro-land-tbk-pt" target="_blank" data-smartkarma-citation="entities:16010:1" rel="noopener">Agung Podomoro Land (APLN IJ)</a>.</li>
<li>There was also a thematic insight looking at the rise of BNPL, a sector piece on APAC Luxury, and 14 stocks to own in Thailand from <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a>.</li>
<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 Southeast Asia.</li>
</ul>


The past week saw insights on Singtel (ST SP) and Optus, Jollibee Foods (JFC PM), MK Restaurants Group (M TB) and Agung Podomoro Land (APLN IJ).
There was also a thematic insight looking at the rise of BNPL, a sector piece on APAC Luxury, and 14 stocks to own in Thailand from Dr Andrew Stotz, CFA.
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 Southeast Asia.


The Week That Was in ASEAN@Smartkarma - SingTel & Optus, Jollibee Foods, and 14 Thai Stocks

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

BRI Danareksa Research

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>4W sales numbers in Feb24 were rather weak despite strong IIMS sales (+23% yoy). We expect a boost to 1Q24 sales from Lebaran.</li><li>ASII expects to launch new PHEV/BEV in the next 2 years. In 2024, ASII is looking to launch Avanza/Rush HEV, which should improve 4W sales</li><li>We slightly adjust our FY24F/FY25F numbers. Our new TP is Rp5,600 (- 1.7%), with a HOLD rating</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.

4W sales numbers in Feb24 were rather weak despite strong IIMS sales (+23% yoy). We expect a boost to 1Q24 sales from Lebaran.ASII expects to launch new PHEV/BEV in the next 2 years. In 2024, ASII is looking to launch Avanza/Rush HEV, which should improve 4W salesWe slightly adjust our FY24F/FY25F numbers. Our new TP is Rp5,600 (- 1.7%), with a HOLD ratingContent 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.

Astra International - Pinning Hopes on Lebaran and New Models

<ul><li>We just attended a discussion on EV that was hosted by several ministry representatives.</li><li>The govt is supportive of EV offering multiple incentives. We are quite surprised by the easiness in gaining TKDN 40% to obtain the incentives.</li><li>Hybrid subsides, however, are not inline with the government’s goal. This puts ASII at a disadvantage. Reiterate HOLD rating on ASII</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.

We just attended a discussion on EV that was hosted by several ministry representatives.The govt is supportive of EV offering multiple incentives. We are quite surprised by the easiness in gaining TKDN 40% to obtain the incentives.Hybrid subsides, however, are not inline with the government’s goal. This puts ASII at a disadvantage. Reiterate HOLD rating on ASIIContent 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.

Astra International (ASII) - Hybrid Incentive Are Off for Now

<ul>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US),</a><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a>, <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>.</li>
<li>There was also a macro insight on the Thai Economy and further insights on <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a>, and UNOAsia in the Philippines. </li>
<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 Southeast Asia.</li>
</ul>


The Past week saw insights on GoTo, Grab Holdings (GRAB US),Sido Muncul (SIDO IJ), Matahari Department Store, BFI Finance Indonesia (BFIN IJ) and Astra International (ASII IJ).
There was also a macro insight on the Thai Economy and further insights on Comfortdelgro Corp (CD SP), Bumrungrad Hospital Pub Co (BH TB), and UNOAsia in the Philippines. 
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 Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

<ul><li>ASII’s FY23 earnings inline with consensus (below ours), albeit with weaker 4Q23 qoq on auto</li><li>We think weaker auto segment’s in 4Q23 revenue may indicate higher discounting, yet we think it was a seasonal trend</li><li>ASII proposes dividends of Rp421/share (8% yield), which is historical high, ex-FY22. Maintain Hold rating and TP of Rp 5,700</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.

ASII’s FY23 earnings inline with consensus (below ours), albeit with weaker 4Q23 qoq on autoWe think weaker auto segment’s in 4Q23 revenue may indicate higher discounting, yet we think it was a seasonal trendASII proposes dividends of Rp421/share (8% yield), which is historical high, ex-FY22. Maintain Hold rating and TP of Rp 5,700Content 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.

Astra International - Inline FY23 Earnings, Seasonal Weaker Auto Segment in 4Q23

Indonesia

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

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The Week That Was in ASEAN@Smartkarma - SingTel & Optus, Jollibee Foods, and 14 Thai Stocks

The past week saw insights on Singtel (ST SP) and Optus, Jollibee Foods (JFC PM), MK Restaurants Group (M TB) and Agung Podomoro Land (APLN IJ).

Angus Mackintosh

Astra International - Pinning Hopes on Lebaran and New Models

ASII expects to launch new PHEV/BEV in the next 2 years. In 2024, ASII is looking to launch Avanza/Rush HEV, which should improve 4W sales

BRI Danareksa Research

Astra International (ASII) - Hybrid Incentive Are Off for Now

Hybrid subsides, however, are not inline with the government’s goal. This puts ASII at a disadvantage. Reiterate HOLD rating on ASII

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

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

Angus Mackintosh

Astra International - Inline FY23 Earnings, Seasonal Weaker Auto Segment in 4Q23

ASII proposes dividends of Rp421/share (8% yield), which is historical high, ex-FY22. Maintain Hold rating and TP of Rp 5,700

BRI Danareksa Research