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

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a>1Q2023 results demonstrated its resilience with its petroleum and chemicals division continuing to grow in 1Q2023 with the added kicker of a large land sale at JIIPE. </li>
<li>The company's JIIPE Industrial Estate will become an increasingly important earnings contributor but chemical distribution will be driven by smelters and fuel by the BP retail JV at the margin,</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a> is an increasingly interesting proxy for the next stage of Indonesia's economic growth through its exposure to smelters through its chemicals business and the overall economy through fuel. </li>
</ul>



AKR Corporindo1Q2023 results demonstrated its resilience with its petroleum and chemicals division continuing to grow in 1Q2023 with the added kicker of a large land sale at JIIPE. 
The company's JIIPE Industrial Estate will become an increasingly important earnings contributor but chemical distribution will be driven by smelters and fuel by the BP retail JV at the margin,

AKR Corporindo is an increasingly interesting proxy for the next stage of Indonesia's economic growth through its exposure to smelters through its chemicals business and the overall economy through fuel. 


AKR Corporindo (AKRA IJ) - A Winning Formula

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>BP had a mixed quarter and its revenues were significantly above Wall Street expectations.</li><li>The management’s emphasis on cost performance as well as operational reliability underpinned robust financial delivery.</li><li>Despite the fact that its costs are being controlled, the company missed out on meeting the earnings estimates of analysts.</li></ul>

BP had a mixed quarter and its revenues were significantly above Wall Street expectations.The management’s emphasis on cost performance as well as operational reliability underpinned robust financial delivery.Despite the fact that its costs are being controlled, the company missed out on meeting the earnings estimates of analysts.

BP PLC: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

<ul><li>ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).</li><li>The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.</li><li>Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.</li></ul>

ADX Energy (ADX AU) C; Target price of A$0.070 per share: Anshof Reserves estimate well above expectations – RISC estimates that the Anshof field holds 5.2 mmboe of 2P gross reserves (4.2 mmboe net to ADX).The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.Calima Energy (CE1 AU) C; Target price of A$0.70 per share: 3Q22 update.

<ul><li>This is our first report on oil major, BP.</li><li>With its results just around the corner, the company’s stock has already begun an upward trajectory.</li><li>We initiate coverage on the stock of BP with a ‘Hold’ rating.</li></ul>

This is our first report on oil major, BP.With its results just around the corner, the company’s stock has already begun an upward trajectory.We initiate coverage on the stock of BP with a ‘Hold’ rating.

BP ADR: Initiation of Coverage – Business Strategy & Key Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> 1H2022 results were impressive, with sales up +107% YoY and profit by +74% YoY driven by strong demand for both petroleum products and chemicals.</li>
<li>Land sales for its JIIPE industrial estate were slow at 3.5 hectares in 1H2022 but expect FY2022 sales to hit over 40 hectares, with a 37-hectare plot due in 3Q2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> gives high-quality exposure to Indonesia's economy across its major sectors and especially to the rapid growth in smelters which require chemicals in abundance.</li>
</ul>



AKR Corporindo (AKRA IJ) 1H2022 results were impressive, with sales up +107% YoY and profit by +74% YoY driven by strong demand for both petroleum products and chemicals.
Land sales for its JIIPE industrial estate were slow at 3.5 hectares in 1H2022 but expect FY2022 sales to hit over 40 hectares, with a 37-hectare plot due in 3Q2022.

AKR Corporindo (AKRA IJ) gives high-quality exposure to Indonesia's economy across its major sectors and especially to the rapid growth in smelters which require chemicals in abundance.


AKR Results (AKRA IJ) - Fuelled by Smelters and Industry

United Kingdom

BP p.l.c. is a British multinational integrated energy company. It engages in oil and gas exploration, production, refining, distribution, and marketing, as well as renewable energy activities including solar, wind, and hydrogen businesses. The company was founded in 1908 and is headquartered in London, the United Kingdom.

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BP (BP US)

AKR Corporindo (AKRA IJ) - A Winning Formula

AKR Corporindo is an interesting proxy for the next stage of Indonesia's economic growth through its exposure to smelters through its chemicals...

Angus Mackintosh

BP PLC: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

BP had a mixed quarter and its revenues were significantly above Wall Street expectations. The management’s emphasis on cost performance as well...

Baptista Research

Auctus on Friday - 04/11/2022

The 2P reserves estimate is based on an assumption of a water oil contact at 1,720 m and includes the area of the field where the sand thickens.

Auctus Advisors

BP ADR: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on oil major, BP. With its results just around the corner, the company’s stock has already begun an upward trajectory. We...

Baptista Research

AKR Results (AKRA IJ) - Fuelled by Smelters and Industry

AKR Corporindo 1H2022 results were impressive, with sales up +107% YoY and profit by +74% YoY driven by strong demand for both petroleum products...

Angus Mackintosh

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