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/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</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, from across Southeast Asia.</li>
</ul>


The past week saw insights on Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - Berli Jucker, CSAP, and Silverlake Asia

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Indonesia's exposure among EM funds is beginning to taper, with 2.3% of funds closing positions and 6.3% shifting to underweight over the past six months</li>
<li>Bank Central Asia and Bank Rakyat reached record ownership highs this year but have since faced closures by select funds</li>
<li>On the fund level, closures have outpaced openings, led by Aubrey and BlackRock, with the majority of funds now holding allocations below 5%.</li>
</ul>


Indonesia's exposure among EM funds is beginning to taper, with 2.3% of funds closing positions and 6.3% shifting to underweight over the past six months
Bank Central Asia and Bank Rakyat reached record ownership highs this year but have since faced closures by select funds
On the fund level, closures have outpaced openings, led by Aubrey and BlackRock, with the majority of funds now holding allocations below 5%.


Indonesia: Sentiment Weakens as Key Sectors and Stocks Lose Ground

<ul>
<li>This week we look at Shopee's tie-up with YouTube on e-commerce in Indonesia, MR DIY's next plan to list in Indonesia, and <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> helping to drive free school meals programme.</li>
<li>We also look at the potential pitfalls of AI in the banking industry specifically for micro-lending, where the data may not be reliable, leading to a higher incidence of NPLs. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at Shopee's tie-up with YouTube on e-commerce in Indonesia, MR DIY's next plan to list in Indonesia, and GoTo helping to drive free school meals programme.
We also look at the potential pitfalls of AI in the banking industry specifically for micro-lending, where the data may not be reliable, leading to a higher incidence of NPLs. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Shopee & YouTube, MR DIY Rollingout, GOTO, and AI & Micro Lending

<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 Gojek Tokopedia (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a>, <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a>, and <a href="https://www.smartkarma.com/entities/gajah-tunggal-tbk-pt" target="_blank" data-smartkarma-citation="entities:1632:1" rel="noopener">Gajah Tunggal (GJTL IJ)</a>.</li>
<li>There were also macro insights on the Singapore Economy, Malaysian Politics, and the Indonesian economy, as well as Helitap on natural rubber. </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, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Adaro Energy (ADRO IJ), Bangkok Dusit Medical Services (BDMS TB), Lippo Karawaci (LPKR IJ), and Gajah Tunggal (GJTL IJ).
There were also macro insights on the Singapore Economy, Malaysian Politics, and the Indonesian economy, as well as Helitap on natural rubber. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - GoTo & Baba, Adaro Energy, and Bangkok Dusit Medical

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.

Thematic (Sector/Industry)

<ul><li>BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.</li><li>In our view, competition on high quality loans might persist in FY25F, favoring banks with higher fixed-rate loan, i.e., BBRI, BRIS, and BBCA.</li><li>We maintain Overweight ratings on the banking sector with BBCA as our top pick, while BBRI and BBNI could be the ST beneficiary of rate cuts.</li></ul><p><em>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.</em></p>

BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.In our view, competition on high quality loans might persist in FY25F, favoring banks with higher fixed-rate loan, i.e., BBRI, BRIS, and BBCA.We maintain Overweight ratings on the banking sector with BBCA as our top pick, while BBRI and BBNI could be the ST beneficiary of rate cuts.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.

Banks: Better Liquidity to Support NIM Amid the Potential Continuous Tight Competition in Lending

Indonesia

PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities and its related services. The Bank also provides banking activities based on shariah principles.

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Bank Rakyat Indonesia (BBRI IJ)

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

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

Angus Mackintosh

Indonesia: Sentiment Weakens as Key Sectors and Stocks Lose Ground

Indonesia's exposure among EM funds is beginning to taper, with 2.3% of funds closing positions and 6.3% shifting to underweight over the past six...

Steven Holden

CrossASEAN Ground Zero - Shopee & YouTube, MR DIY Rollingout, GOTO, and AI & Micro Lending

This week we look at Shopee's tie-up with YouTube on e-commerce in Indonesia, MR DIY's next plan to list in Indonesia, and GoTo helping to drive...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo & Baba, Adaro Energy, and Bangkok Dusit Medical

The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Adaro Energy (ADRO IJ), Bangkok Dusit Medical Services (BDMS TB), Lippo Karawaci...

Angus Mackintosh

Banks: Better Liquidity to Support NIM Amid the Potential Continuous Tight Competition in Lending

BI has decided to cut its benchmark rate by 25bps favoring the banks that have seen the most increase in CoF, i.e., BBRI and BBNI.

BRI Danareksa Research

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