Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<p>It can be easy to forget about the stand-out positives of some of Asia’s banks in the current environment, one driven by fear fueled policies and what would normally be considered pure lunacy. Indonesia has just announced another stimulus package, as has been the pattern in most regions. Where credit penetration remains low and where margins remain higher than most any other country, profit may positively surprise.</p>

It can be easy to forget about the stand-out positives of some of Asia’s banks in the current environment, one driven by fear fueled policies and what would normally be considered pure lunacy. Indonesia has just announced another stimulus package, as has been the pattern in most regions. Where credit penetration remains low and where margins remain higher than most any other country, profit may positively surprise.

Indonesia Banks – Positives Clouded, But Persist

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><strong>The week that was in ASEAN@Smartkarma</strong><strong>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 over the past week.</strong></p>
<p><strong>We add below a NEW section</strong>, <strong>which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  </strong></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/more-rune-reading-trade-balances-have-given-a-good-insight" target="_blank" data-smartkarma-citation="insights:43301" rel="noopener">More Rune Reading: Trade Balances Have Given a Good Insight,</a> Economist <a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr Jim Walker</a> looks at the relationship between trade balances and domestic demand across the region. </p><p>In <a href="https://www.smartkarma.com/insights/thailand-s-tourism-dilemma-buy-retailers-hospitals-and-select-hotels" target="_blank" data-smartkarma-citation="insights:43526" rel="noopener">Thailand's Tourism Dilemma - Buy Retailers, Hospitals, and Select Hotels,</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> examines the impact of the sharp downturn of tourism in Thailand and which sectors and companies will benefit most from an impending recovery.  </p><p>In <a href="https://www.smartkarma.com/insights/could-vietnamese-equities-be-set-for-take-off" target="_blank" data-smartkarma-citation="insights:43793" rel="noopener">Could Vietnamese Equities Be Set For Take-Off?,</a> Strategist <a href="https://www.smartkarma.com/profiles/michael-j-howell" target="_blank" data-smartkarma-citation="accounts:2312" rel="noopener">Michael J. Howell</a> zeros in on the Vietnamese market, where he sees potential for a sharp recovery. </p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/comfort-delgro-cd-staycation-expo-and-no-more-rental-relief" target="_blank" data-smartkarma-citation="insights:43391" rel="noopener">Comfort Delgro (CD): Staycation, Expo and No More Rental Relief,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Singapore's leading taxi operator <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>, as he sees potential catalysts on the horizon. </p><p>In <a href="https://www.smartkarma.com/insights/wilmar-yka-s-pricing-cheap-rump-stake" target="_blank" data-smartkarma-citation="insights:43702" rel="noopener">Wilmar: YKA's Pricing &amp; Cheap Rump Stake,</a> events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> returns to look at the listing of its China Agribusiness unit under Yihai Kerry Arawana Holdings' (YKA), which is seeing strong demand but he finds the real value in the stub value if Wilmar's other assets.</p><p>In <a href="https://www.smartkarma.com/insights/fct-placement-well-flagged-but-still-a-large-deal-to-digest" target="_blank" data-smartkarma-citation="insights:43659" rel="noopener">FCT Placement - Well Flagged but Still a Large Deal to Digest,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> revisits the deal dynamics of the <a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870:1" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> planned placement.</p><p><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-short-term-catalysts-are-not-attractive" target="_blank" data-smartkarma-citation="insights:43675" rel="noopener">SCG Packaging IPO: Short-Term Catalysts Are Not Attractive,</a><a href="https://www.smartkarma.com/profiles/supun-walpola" target="_blank" data-smartkarma-citation="accounts:1650" rel="noopener">Supun Walpola</a> take an initial look at this upcoming Thai packaging IPO and finds it unattractive short-term. </p><p>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-risks-rewards-attractive-at-the-higher-end-of-the-ipo-price-range" target="_blank" data-smartkarma-citation="insights:43751" rel="noopener">SCG Packaging IPO: Risks-Rewards Attractive at the Higher-End of the IPO Price Range,</a><a href="https://www.smartkarma.com/profiles/supun-walpola" target="_blank" data-smartkarma-citation="accounts:1650" rel="noopener">Supun Walpola</a> revisits this major Thai packaging IPO, with a more positive tone. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-banks-down-but-coming-back" target="_blank" data-smartkarma-citation="insights:43744" rel="noopener">Thai Banks: Down But Coming Back,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> takes a look at Thai Banks in light of a gradual opening-up by the country to foreign tourists, albeit in a small way short term. </p><p> In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-collapse-or-redemption" target="_blank" data-smartkarma-citation="insights:42462" rel="noopener">Thai Media Spotlight: Collapse or Redemption?,</a> out 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 Thai Media sector in light of the COVID-19 recovery in the country.</p><p>In <a href="https://www.smartkarma.com/insights/ipo-stalker-sisb-s-pandemic-is-sri-trang-gloves-profits" target="_blank" data-smartkarma-citation="insights:42035" rel="noopener">IPO Stalker: SISB's Pandemic Is Sri Trang Gloves' Profits</a>, <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> reports back having met with management from two recently IPO'd companies, namely <a href="https://www.smartkarma.com/entities/sisb-pcl" target="_blank" data-smartkarma-citation="entities:27425:1" rel="noopener">SISB Public Company Limited (SISB TB)</a> (the country's only listed school) and <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-public-company-limited" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves (STGT TB)</a>, the world's third-largest rubber glove producer and the hottest IPO on the SET in 2020. </p><div><div id="ember7971"><div id="ember7972"><p>In a Smartkarma Original,<a href="https://www.smartkarma.com/insights/asia-dividend-forecasting-the-rise-and-fall-of-dividends-across-asian-companies" target="_blank" data-smartkarma-citation="insights:43022" rel="noopener"> Asia Dividend Forecasting | The Rise and Fall of Dividends Across Asian Companies,</a><a href="https://www.smartkarma.com/profiles/ankit-agrawal-cfa" target="_blank" data-smartkarma-citation="accounts:4555" rel="noopener">Ankit Agrawal, CFA,</a> bring us a quantitative approach for identifying Asian companies that are likely to raise/cut dividends. </p></div></div></div><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/jababeka-trade-war-beneficiary-with-time-on-its-side" target="_blank" data-smartkarma-citation="insights:43636" rel="noopener">Jababeka: Trade War Beneficiary with Time on Its Side,</a><a href="https://www.smartkarma.com/profiles/derek-silva" target="_blank" data-smartkarma-citation="accounts:13468" rel="noopener">Derek Silva</a> provides a view from a credit perspective on <a href="https://www.smartkarma.com/entities/kawasan-industri-jababeka-tbk-pt" target="_blank" data-smartkarma-citation="entities:7755:1" rel="noopener">Kawasan Industri Jababeka (KIJA IJ)</a>. </p><p>In <a href="https://www.smartkarma.com/insights/gajah-tunggal-tear-sheet-lucror-analytics-2e687246-c77c-4d11-8a86-0d019a4b61c1" target="_blank" data-smartkarma-citation="insights:43788" rel="noopener">Gajah Tunggal - Tear Sheet</a>, <a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> provides a top-down credit view on one of Indonesia's largest tyre manufacturers. </p><p>In <a href="https://www.smartkarma.com/insights/alam-sutera-event-flash-tender-offer-for-2021-and-2022-notes-lucror-analytics" target="_blank" data-smartkarma-citation="insights:43760" rel="noopener">Alam Sutera - Event Flash - Tender Offer For 2021 And 2022 Notes</a>, credit specialist <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> revisits this Indonesian property developer in light of a tender offer for its 2021 and 2022 Notes. <a href="https://www.smartkarma.com/entities/alam-sutera-realty-tbk-pt" target="_blank" data-smartkarma-citation="entities:2312:1" rel="noopener"></a></p>


The week that was in ASEAN@Smartkarmais 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 over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  
Macro InsightsIn More Rune Reading: Trade Balances Have Given a Good Insight, Economist Dr Jim Walker looks at the relationship between trade balances and domestic demand across the region. In Thailand's Tourism Dilemma - Buy Retailers, Hospitals, and Select Hotels, CrossASEAN Insight Provider Angus Mackintosh examines the impact of the sharp downturn of tourism in Thailand and which sectors and companies will benefit most from an impending recovery.  In Could Vietnamese Equities Be Set For Take-Off?, Strategist Michael J. Howell zeros in on the Vietnamese market, where he sees potential for a sharp recovery. Equity Bottom-Up InsightsIn Comfort Delgro (CD): Staycation, Expo and No More Rental Relief, CrossASEAN Insight Provider Henry Soediarko revisits Singapore's leading taxi operator Comfortdelgro Corp (CD SP), as he sees potential catalysts on the horizon. In Wilmar: YKA's Pricing &amp; Cheap Rump Stake, events specialist David Blennerhassett returns to look at the listing of its China Agribusiness unit under Yihai Kerry Arawana Holdings' (YKA), which is seeing strong demand but he finds the real value in the stub value if Wilmar's other assets.In FCT Placement - Well Flagged but Still a Large Deal to Digest,Sumeet Singh revisits the deal dynamics of the Frasers Centrepoint Trust (FCT SP) planned placement.In SCG Packaging IPO: Short-Term Catalysts Are Not Attractive,Supun Walpola take an initial look at this upcoming Thai packaging IPO and finds it unattractive short-term. In SCG Packaging IPO: Risks-Rewards Attractive at the Higher-End of the IPO Price Range,Supun Walpola revisits this major Thai packaging IPO, with a more positive tone. Sector and Thematic InsightsIn Thai Banks: Down But Coming Back,Brian Freitas takes a look at Thai Banks in light of a gradual opening-up by the country to foreign tourists, albeit in a small way short term.  In Thai Media Spotlight: Collapse or Redemption?, out Thai guru Athaporn Arayasantiparb, CFA revisits the Thai Media sector in light of the COVID-19 recovery in the country.In IPO Stalker: SISB's Pandemic Is Sri Trang Gloves' Profits, Athaporn Arayasantiparb, CFA reports back having met with management from two recently IPO'd companies, namely SISB Public Company Limited (SISB TB) (the country's only listed school) and Sri Trang Gloves (STGT TB), the world's third-largest rubber glove producer and the hottest IPO on the SET in 2020. In a Smartkarma Original, Asia Dividend Forecasting | The Rise and Fall of Dividends Across Asian Companies,Ankit Agrawal, CFA, bring us a quantitative approach for identifying Asian companies that are likely to raise/cut dividends. Credit InsightsIn Jababeka: Trade War Beneficiary with Time on Its Side,Derek Silva provides a view from a credit perspective on Kawasan Industri Jababeka (KIJA IJ). In Gajah Tunggal - Tear Sheet, Leonard Law, CFA provides a top-down credit view on one of Indonesia's largest tyre manufacturers. In Alam Sutera - Event Flash - Tender Offer For 2021 And 2022 Notes, credit specialist Trung Nguyen revisits this Indonesian property developer in light of a tender offer for its 2021 and 2022 Notes. 

The NEW Week that Was in ASEAN@Smartkarma - Thailand'sToursim Dilemma, Thai Banks, and Wilmar's Stub

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<p>The week that was in 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 over the past week.</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><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ultrajaya-milk-ind-trading-ultj-ij-a-wholesome-performance" target="_blank" data-smartkarma-citation="insights:42810" rel="noopener">Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) - A Wholesome Performance,</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 leading dairy player after a conversation with management. </p><p>In <a href="https://www.smartkarma.com/insights/pt-nippon-indosari-corpindo-roti-ij-roti-s-exit-from-philippines-a-positive" target="_blank" data-smartkarma-citation="insights:43102" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive,</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 largest mass-market bread player after its announcement it would exit the Philippines to focus on its Indonesian home market. </p><p>In <a href="https://www.smartkarma.com/insights/sido-muncul-sido-switch-competitor-and-split" target="_blank" data-smartkarma-citation="insights:43029" rel="noopener">Sido Muncul (SIDO): Switch, Competitor and Split,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Indonesian traditional medicine player <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> with an update post it recently announced stock split. </p><p>In <a href="https://www.smartkarma.com/insights/bluebird-bird-correlated-with-psbb-beneficiary-of-wfh-to-wfo-switch" target="_blank" data-smartkarma-citation="insights:43077" rel="noopener">Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Indonesia's largest taxi operator.</p><p>In <a href="https://www.smartkarma.com/insights/small-cap-diary-singha-hotels-ptg-energy" target="_blank" data-smartkarma-citation="insights:41024" rel="noopener">Small-Cap Diary: Singha Hotels, PTG Energy,</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> reports back having visited two interesting companies recently, namely <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> (Singha Hotels), and <a href="https://www.smartkarma.com/entities/ptg-energy-pcl" target="_blank" data-smartkarma-citation="entities:14385:1" rel="noopener">Ptg Energy Pcl (PTG TB)</a>, the country's second-largest gas station operator.</p><p>In <a href="https://www.smartkarma.com/insights/sembcorp-marine-rights-issue-results-looks-like-a-scheme-of-introduction" target="_blank" data-smartkarma-citation="insights:43030" rel="noopener">Sembcorp Marine Rights Issue Results: Looks Like a Scheme of Introduction,</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 <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> in the wake of recent announcements. </p><div>
<span>In </span><a href="https://www.smartkarma.com/insights/capitaland-mall-and-cct-merger-circular-finally-out-looks-done" target="_blank" data-smartkarma-citation="insights:43006" rel="noopener">Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a><span> revisits this ongoing merger in Singapore. </span>
</div><div><span> </span></div><div><p>In <a href="https://www.smartkarma.com/insights/singapore-exchange-taiwan-a-standout-in-august" target="_blank" data-smartkarma-citation="insights:43185" rel="noopener">Singapore Exchange – Taiwan A Standout In August,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> circles back to <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> post its monthly numbers.  </p></div><p>In <a href="https://www.smartkarma.com/insights/jwd-entering-high-season-with-growth-drivers-from-new-projects" target="_blank" data-smartkarma-citation="insights:43045" rel="noopener">JWD: Entering High Season with Growth Drivers from New Projects,</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> revisit <a href="https://www.smartkarma.com/entities/jwd-infologistics" target="_blank" data-smartkarma-citation="entities:28438:1" rel="noopener">JWD Infologistics (JWD TB)</a> in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/global-home-improvement-player-eyes-opportunities-in-asean" target="_blank" data-smartkarma-citation="insights:43134" rel="noopener">GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage on Thai home improvement player <a href="https://www.smartkarma.com/entities/siam-global-house-pcl" target="_blank" data-smartkarma-citation="entities:19449:1" rel="noopener">Siam Global House (GLOBAL TB)</a>. </p><h3>Sector and Thematic Insights</h3><p><a href="https://www.smartkarma.com/insights/in-malaysia-heineken-vs-carlsberg-close" target="_blank" data-smartkarma-citation="insights:42940" rel="noopener">In Malaysia: Heineken Vs Carlsberg (Close),</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 this pair trade, which he recommends to close. </p><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-vastly-differing-tales" target="_blank" data-smartkarma-citation="insights:43031" rel="noopener">Indonesia Banks – Vastly Differing Tales,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> compares tow Indonesian banks, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-danamon-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:135:1" rel="noopener">Bank Danamon Indonesia (BDMN IJ),</a> and finds two very different stories.</p><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-asean-vol-32" target="_blank" data-smartkarma-citation="insights:43064" rel="noopener">The Stocks to Own in ASEAN – Vol. 32,</a><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> highlights 14 stocks in ASEAN that look interesting to him based upon our FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-thailand-vol-30" target="_blank" data-smartkarma-citation="insights:43063" rel="noopener">The Stocks to Own in Thailand – Vol. 30,</a><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> highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/sritex-tear-sheet-lucror-analytics-89648093-0639-4666-a47c-ac1899e8691d" target="_blank" data-smartkarma-citation="insights:43168" rel="noopener">Sritex - Tear Sheet,</a><a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> presents his credit views view on <a href="https://www.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" data-smartkarma-citation="entities:20178:1" rel="noopener">Sri Rejeki Isman (SRIL IJ)</a> (Sritex). He views Sritex as “High Risk” on the LARA scale.</p>


The week that was in 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 over the past week.
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
Equity Bottom-Up InsightsIn Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) - A Wholesome Performance, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's leading dairy player after a conversation with management. In PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive,Angus Mackintosh revisits Indonesia's largest mass-market bread player after its announcement it would exit the Philippines to focus on its Indonesian home market. In Sido Muncul (SIDO): Switch, Competitor and Split, CrossASEAN Insight Provider Henry Soediarko revisits Indonesian traditional medicine player Sido Muncul (SIDO IJ) with an update post it recently announced stock split. In Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch, CrossASEAN Insight Provider Henry Soediarko revisits Indonesia's largest taxi operator.In Small-Cap Diary: Singha Hotels, PTG Energy, our Thai guru Athaporn Arayasantiparb, CFA reports back having visited two interesting companies recently, namely S Hotels &amp; Resorts PCL (SHR TB) (Singha Hotels), and Ptg Energy Pcl (PTG TB), the country's second-largest gas station operator.In Sembcorp Marine Rights Issue Results: Looks Like a Scheme of Introduction, events specialist Travis Lundy revisits Sembcorp Marine (SMM SP) in the wake of recent announcements. 
In Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.Travis Lundy revisits this ongoing merger in Singapore. 
 In Singapore Exchange – Taiwan A Standout In August,Brian Freitas circles back to SGX (SGX SP) post its monthly numbers.  In JWD: Entering High Season with Growth Drivers from New Projects, our friends at Country Group revisit JWD Infologistics (JWD TB) in Thailand. In GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN,Country Group initiate coverage on Thai home improvement player Siam Global House (GLOBAL TB). Sector and Thematic InsightsIn Malaysia: Heineken Vs Carlsberg (Close), CrossASEAN Insight Provider Angus Mackintosh revisits this pair trade, which he recommends to close. In Indonesia Banks – Vastly Differing Tales, banking specialist Daniel Tabbush compares tow Indonesian banks, Bank Central Asia (BBCA IJ) and Bank Danamon Indonesia (BDMN IJ), and finds two very different stories.In The Stocks to Own in ASEAN – Vol. 32,Dr Andrew Stotz, CFA highlights 14 stocks in ASEAN that look interesting to him based upon our FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.In The Stocks to Own in Thailand – Vol. 30,Dr Andrew Stotz, CFA highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof. Credit InsightsIn Sritex - Tear Sheet,Leonard Law, CFA presents his credit views view on Sri Rejeki Isman (SRIL IJ) (Sritex). He views Sritex as “High Risk” on the LARA scale.

The Week that Was in ASEAN@Smartkarma - Indonesian Dairy, Bank Central Asia, and Thai Picks

Equity Bottom-Up

<p>There are vast differences with how <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-danamon-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:135:1" rel="noopener">Bank Danamon Indonesia (BDMN IJ)</a> are faring in the current environment. Much of this will be due balance sheet structure, and especially liability distribution. But there are other factors that support profitability at BCA well beyond its loan or deposit mix: operating costs. BCA is typically considered one of the best-managed banks in Asia or the world and the contrast to domestic peer BDMI may be another reminder. </p>

There are vast differences with how Bank Central Asia (BBCA IJ) and Bank Danamon Indonesia (BDMN IJ) are faring in the current environment. Much of this will be due balance sheet structure, and especially liability distribution. But there are other factors that support profitability at BCA well beyond its loan or deposit mix: operating costs. BCA is typically considered one of the best-managed banks in Asia or the world and the contrast to domestic peer BDMI may be another reminder. 

Indonesia Banks – Vastly Differing Tales

<div class="content-highlight">
<p><em><strong>Corrigenda: There is an error in this Insight. Please note the correction.</strong></em></p>
<p><em><strong>Correction: The <a href="https://www.smartkarma.com/insights/singapore-sti-macro-bear-pressure-mounting-with-tactical-relief-from-2-400" target="_blank" data-smartkarma-citation="insights:42932" rel="noopener">Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400</a> Insight is improperly attributed to Thomas Monaco. That Insight was published by <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a>.</strong></em></p>
</div>
<hr>
<div class="content-highlight">
<p>The week that was in 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 over the past week.</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>
<h3>Equity Bottom-Up Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/kalbe-farma-klbf-ij-a-nutritional-spin-off" target="_blank" data-smartkarma-citation="insights:42533" rel="noopener">Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?,</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 South East Asia's largest pharmaceutical company in light of news that the company is considering spinning off its Nutritionals division to raise around US$500m. </p>
<p>In <a href="https://www.smartkarma.com/insights/link-net-tbk-pt-link-ij-summer-migration-at-last" target="_blank" data-smartkarma-citation="insights:42829" rel="noopener">Link Net Tbk Pt (LINK IJ) - Summer Migration at Last,</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 highest quality high-speed broadband provider following a call with managment, which focused on its recent results, as well as the decision to build its own pole infrastructure to carry its fibre.  </p>
<p>In <a href="https://www.smartkarma.com/insights/singtel-make-the-call" target="_blank" data-smartkarma-citation="insights:42900" rel="noopener">SingTel: Make The Call,</a> <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> zeros in on Singapore's leading telecom provider and finds deep value appearing in the stock.</p>
<p>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-initiation-shrink-wrapping" target="_blank" data-smartkarma-citation="insights:42967" rel="noopener">SCG Packaging IPO Initiation: Shrink Wrapping,</a> <a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> takes a first look at the upcoming spin-off from <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</a> and IPO of SCG Packaging, which will get a lot of investor focus given ist size and share in of the packaging market in SE Asia. </p>
<p>In <a href="https://www.smartkarma.com/insights/sembcorp-last-chance-before" target="_blank" data-smartkarma-citation="insights:42886" rel="noopener">Sembcorp - Last Chance Before...</a> <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> looks at the enormously dilutive rights issue and de-merger of Semcorp Marine. </p>
<p> In <a href="https://www.smartkarma.com/insights/singapore-sti-macro-bear-pressure-mounting-with-tactical-relief-from-2-400" target="_blank" data-smartkarma-citation="insights:42932" rel="noopener">Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400,</a> technical analysis specialist <a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> works his technical magic on the <a href="https://www.smartkarma.com/entities/ftse-straits-times-index-sti" target="_blank" data-smartkarma-citation="entities:22902:1" rel="noopener">FTSE Straits Times Index (STI) (STI INDEX).</a></p>
<p>In <a href="https://www.smartkarma.com/insights/ratch-3q20-earnings-to-improve-from-overseas-performance" target="_blank" data-smartkarma-citation="insights:42789" rel="noopener">RATCH: 3Q20 Earnings to Improve from Overseas Performance</a>, our friend at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> report back on <a href="https://www.smartkarma.com/entities/ratch-group-pcl" target="_blank" data-smartkarma-citation="entities:15338:1" rel="noopener">Ratchaburi Electric (RATCH TB)</a> post its more recent analyst meeting, which left a positive impression.  </p>
<p>In <a href="https://www.smartkarma.com/insights/b-work-good-dividend-yield-makes-an-attractive-investment" target="_blank" data-smartkarma-citation="insights:42782" rel="noopener">B-WORK: Good Dividend Yield Makes an Attractive Investment,</a> <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> revisits <a href="https://www.smartkarma.com/entities/bualuang-office-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:26187:1" rel="noopener">Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)</a> and takes a positive view. </p>
<p>In <a href="https://www.smartkarma.com/insights/rbf-the-excessive-outperformance-may-come-to-a-halt" target="_blank" data-smartkarma-citation="insights:42788" rel="noopener">RBF: The Excessive Outperformance May Come to a Halt,</a> <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> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/r-b-food-supply-pcl" target="_blank" data-smartkarma-citation="entities:28949:1" rel="noopener">R&amp;B Food Supply PCL (RBF TB)</a> to HOLD from SELL based on raising his target price of THB9.25 from THB8.70, implying a downside of 9% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/sti-acquisition-benefits-are-not-fully-priced-in-strong-buy" target="_blank" data-smartkarma-citation="insights:42785" rel="noopener">STI: Acquisition Benefits Are Not Fully Priced In, Strong BUY,</a> <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> revisits <a href="https://www.smartkarma.com/entities/stonehenge-inter-pcl" target="_blank" data-smartkarma-citation="entities:27353:1" rel="noopener">Stonehenge Inter (STI TB)</a> with a BUY recommendation based on his target of THB10.10, implying an upside of 31% from the current share price. </p>
<p>In <a href="https://www.smartkarma.com/insights/dod-strong-performance-deserves-a-re-rating" target="_blank" data-smartkarma-citation="insights:42676" rel="noopener">DOD: Strong Performance Deserves a Re-Rating,</a> <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> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/dod-biotech-pcl" target="_blank" data-smartkarma-citation="entities:26179:1" rel="noopener">DOD Biotech PCL (DOD TB)</a> to BUY from HOLD based on raising his target price to Bt10.70 from Bt7.55, implying an upside of 26% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/vranda-the-calm-before-challenging-times" target="_blank" data-smartkarma-citation="insights:42781" rel="noopener">VRANDA: The Calm Before Challenging Times,</a> <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> has a SELL recommendation on <a href="https://www.smartkarma.com/entities/veranda-resort-pcl" target="_blank" data-smartkarma-citation="entities:29176:1" rel="noopener">Veranda Resort PCL (VRANDA TB)</a> based on a target price of THB4.30, implying a downside of 26% from the current share price. </p>
<p>In <a href="https://www.smartkarma.com/insights/ace-results-are-not-stunning-stay-on-hold" target="_blank" data-smartkarma-citation="insights:42784" rel="noopener">ACE: Results Are Not Stunning, Stay on HOLD,</a> <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> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/absolute-clean-energy-pcl" target="_blank" data-smartkarma-citation="entities:29155:1" rel="noopener">Absolute Clean Energy PCL (ACE TB)</a> to HOLD from SELL based on raising his target price to THB3.49 from THB2.64, implying an upside of 8% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/spa-weak-demand-continues-to-pressure-2h20-earnings" target="_blank" data-smartkarma-citation="insights:42813" rel="noopener">SPA: Weak Demand Continues to Pressure 2H20 Earnings,</a> <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> downgrades <a href="https://www.smartkarma.com/entities/siam-wellness-group-pcl" target="_blank" data-smartkarma-citation="entities:3765:1" rel="noopener">Siam Wellness Group (SPA TB)</a> from BUY to HOLD rating and cut his target price by 31% to THB6.6 to factor in weakening earnings momentum in 2H20. </p>
<p>In <a href="https://www.smartkarma.com/insights/gunkul-new-60mw-power-plant-to-drive-2h20-earnings" target="_blank" data-smartkarma-citation="insights:42820" rel="noopener">GUNKUL: New 60MW Power Plant to Drive 2H20 Earnings,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain a BUY rating on <a href="https://www.smartkarma.com/entities/gunkul-engineering-pcl" target="_blank" data-smartkarma-citation="entities:15272:1" rel="noopener">Gunkul Engineering (GUNKUL TB)</a> with a target price of THB3.24 derived using DCF method (WACC 7.8% and TG 1%) implying 11.4x FY20E PER or 0.5x relative PER to Thai utility sector. </p>
<h3>Sector and Thematic Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/telecom-review-sept-2020-ais-and-asiasoft-get-aggressive-on-gaming" target="_blank" data-smartkarma-citation="insights:41022" rel="noopener">Telecom Review (Sept 2020): AIS and AsiaSoft Get Aggressive on Gaming,</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> takes a look at gaming, specifically related to <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> and <a href="https://www.smartkarma.com/entities/asiasoft-corp-pcl" target="_blank" data-smartkarma-citation="entities:5429:1" rel="noopener">Asiasoft Corp (AS TB)</a> in Thailand. </p>


Corrigenda: There is an error in this Insight. Please note the correction.
Correction: The Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400 Insight is improperly attributed to Thomas Monaco. That Insight was published by Thomas Schroeder.



The week that was in 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 over the past week.
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.

Equity Bottom-Up Insights
In Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?, CrossASEAN Insight Provider Angus Mackintosh revisits South East Asia's largest pharmaceutical company in light of news that the company is considering spinning off its Nutritionals division to raise around US$500m. 
In Link Net Tbk Pt (LINK IJ) - Summer Migration at Last, Angus Mackintosh revisits Indonesia's highest quality high-speed broadband provider following a call with managment, which focused on its recent results, as well as the decision to build its own pole infrastructure to carry its fibre.  
In SingTel: Make The Call, David Blennerhassett zeros in on Singapore's leading telecom provider and finds deep value appearing in the stock.
In SCG Packaging IPO Initiation: Shrink Wrapping, Arun George takes a first look at the upcoming spin-off from Siam Cement (SCC TB) and IPO of SCG Packaging, which will get a lot of investor focus given ist size and share in of the packaging market in SE Asia. 
In Sembcorp - Last Chance Before... Travis Lundy looks at the enormously dilutive rights issue and de-merger of Semcorp Marine. 
 In Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400, technical analysis specialist Thomas J. Monaco works his technical magic on the FTSE Straits Times Index (STI) (STI INDEX).
In RATCH: 3Q20 Earnings to Improve from Overseas Performance, our friend at Country Group report back on Ratchaburi Electric (RATCH TB) post its more recent analyst meeting, which left a positive impression.  
In B-WORK: Good Dividend Yield Makes an Attractive Investment, Dr. Andrew Stotz, CFA revisits Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB) and takes a positive view. 
In RBF: The Excessive Outperformance May Come to a Halt, Dr. Andrew Stotz, CFA upgrades his recommendation on R&amp;B Food Supply PCL (RBF TB) to HOLD from SELL based on raising his target price of THB9.25 from THB8.70, implying a downside of 9% from the current price. 
In STI: Acquisition Benefits Are Not Fully Priced In, Strong BUY, Dr. Andrew Stotz, CFA revisits Stonehenge Inter (STI TB) with a BUY recommendation based on his target of THB10.10, implying an upside of 31% from the current share price. 
In DOD: Strong Performance Deserves a Re-Rating, Dr. Andrew Stotz, CFA upgrades his recommendation on DOD Biotech PCL (DOD TB) to BUY from HOLD based on raising his target price to Bt10.70 from Bt7.55, implying an upside of 26% from the current price. 
In VRANDA: The Calm Before Challenging Times, Dr. Andrew Stotz, CFA has a SELL recommendation on Veranda Resort PCL (VRANDA TB) based on a target price of THB4.30, implying a downside of 26% from the current share price. 
In ACE: Results Are Not Stunning, Stay on HOLD, Dr. Andrew Stotz, CFA upgrades his recommendation on Absolute Clean Energy PCL (ACE TB) to HOLD from SELL based on raising his target price to THB3.49 from THB2.64, implying an upside of 8% from the current price. 
In SPA: Weak Demand Continues to Pressure 2H20 Earnings, Dr. Andrew Stotz, CFA downgrades Siam Wellness Group (SPA TB) from BUY to HOLD rating and cut his target price by 31% to THB6.6 to factor in weakening earnings momentum in 2H20. 
In GUNKUL: New 60MW Power Plant to Drive 2H20 Earnings, Country Group maintain a BUY rating on Gunkul Engineering (GUNKUL TB) with a target price of THB3.24 derived using DCF method (WACC 7.8% and TG 1%) implying 11.4x FY20E PER or 0.5x relative PER to Thai utility sector. 
Sector and Thematic Insights
In Telecom Review (Sept 2020): AIS and AsiaSoft Get Aggressive on Gaming, our Thai guru Athaporn Arayasantiparb, CFA takes a look at gaming, specifically related to Advanced Info Service (ADVANC TB) and Asiasoft Corp (AS TB) in Thailand. 

The Week that Was in ASEAN@Smartkama - Kalbe Spin-Off, SingTel's Deep Value, and Thailand's Gamers

Indonesia

PT Bank Central Asia Tbk provides banking and related services.  The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.  Through its subsidiaries, the Bank also provides leasing and consumer financing services.

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Bank Central Asia (BBCA IJ)

Indonesia Banks – Positives Clouded, But Persist

It can be easy to forget about key features of some of Asia’s banks in the current environment – one driven by fear-fuelled policies and what would...

Daniel Tabbush

The NEW Week that Was in ASEAN@Smartkarma - Thailand'sToursim Dilemma, Thai Banks, and Wilmar's Stub

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Indonesian Dairy, Bank Central Asia, and Thai Picks

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South...

Angus Mackintosh

Indonesia Banks – Vastly Differing Tales

There are vast differences with how Bank Central Asia (BBCA IJ) and Bank Danamon Indonesia (BDMN IJ) Bank Danamon are faring in the current...

Daniel Tabbush

The Week that Was in ASEAN@Smartkama - Kalbe Spin-Off, SingTel's Deep Value, and Thailand's Gamers

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South...

Angus Mackintosh

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