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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a> has announced that it will tie up with <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> to source 50,000 EVs for its ride-hailing fleet, which will help to address car and driver shortages.</li>
<li>Drivers will be able to buy the vehicles at favourable prices, with competitive financing packages. Grab's technology will be built-in to improve driver performance and provide data to improve services. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is also stepping up its efforts in insurance, winning general insurance licences in Singapore and Malaysia, allowing it to offer tailored insurance products to drivers initially but customers later.</li>
</ul>



Grab Holdings has announced that it will tie up with BYD (1211 HK) to source 50,000 EVs for its ride-hailing fleet, which will help to address car and driver shortages.
Drivers will be able to buy the vehicles at favourable prices, with competitive financing packages. Grab's technology will be built-in to improve driver performance and provide data to improve services. 

Grab is also stepping up its efforts in insurance, winning general insurance licences in Singapore and Malaysia, allowing it to offer tailored insurance products to drivers initially but customers later.


Grab Holdings (GRAB IJ) - New Fleets and Finance

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.</li>
<li>The largest passive flows are expected in <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</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a>, <a href="https://www.smartkarma.com/entities/dayamitra-telekomunikasi-pt" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Dayamitra Telekomunikasi</a>, <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.
The largest passive flows are expected in Bank Central Asia, Indosat, Japfa Comfeed Indonesia, Indocement Tunggal Prakarsa, Dayamitra Telekomunikasi, MAP Aktif Adiperkasa, Bank Mandiri Persero, Ciputra Development and XL Axiata.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. </li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs. 
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

Merdeka Battery Materials / Index Rebalance

<ul>
<li>There are 2 constituent changes each for the IDX30 Index, LQ45 Index and IDX80 Index at the rebalance to be implemented at the close on 31 October.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a>, <a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials</a>, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy</a> and <a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes each for the IDX30 Index, LQ45 Index and IDX80 Index at the rebalance to be implemented at the close on 31 October.
The largest passive flows are expected in Bank Rakyat Indonesia, Merdeka Battery Materials, Mitra Adiperkasa, Adaro Minerals, Bank Mandiri Persero, Amman Mineral Internasional, Adaro Energy and Indo Tambangraya Megah.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dci-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33592:1" rel="noopener">DCI Indonesia (DCII IJ)</a> is Indonesia's leading operator of Tier 4 data centres, which require the highest operational standards, with its main business in co-location services.</li>
<li>The company has a long track record of growth in both sales and profits, making it more than a concept, with a well-thought-out expansion at its three existing data centres.</li>
<li>
<a href="https://www.smartkarma.com/entities/dci-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33592:1" rel="noopener">DCI Indonesia</a> is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer base, with backing from Salim.</li>
</ul>



DCI Indonesia (DCII IJ) is Indonesia's leading operator of Tier 4 data centres, which require the highest operational standards, with its main business in co-location services.
The company has a long track record of growth in both sales and profits, making it more than a concept, with a well-thought-out expansion at its three existing data centres.

DCI Indonesia is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer base, with backing from Salim.


DCI Indonesia (DCII IJ) - More Than a Concept

Indonesia

Bukalapak is an Indonesian technology company that operates an all-commerce platform, focusing on empowering micro, small, and medium enterprises (MSMEs) and individual sellers. It has transformed from primarily an online marketplace for physical products to concentrating on four main business lines: Mitra Bukalapak (O2O MSME empowerment program), gaming, investment, and retail. The company was founded in 2010 and is headquartered in Jakarta, Indonesia.

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Bukalapak (BUKA IJ)

Grab Holdings (GRAB IJ) - New Fleets and Finance

Grab will tie up with BYD to source 50,000 EVs for its ride-hailing fleet, helping to address car and driver shortages plus Superbank is seeking an...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

IDX30/LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation

There are 2 constituent changes each for the IDX30, LQ45 and IDX80 indices to be implemented at the close on 31 Oct. There are stocks with multiple...

Brian Freitas

DCI Indonesia (DCII IJ) - More Than a Concept

DCI Indonesia is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

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Grab Holdings (GRAB IJ) - New Fleets and Finance

Grab will tie up with BYD to source 50,000 EVs for its ride-hailing fleet, helping to address car and driver shortages plus Superbank is seeking an...

Angus Mackintosh

IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

Aequitas 2025 Asia IPO Pipeline - ASEAN, ANZ, ADRs

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, with a look at ASEAN, ANZ and ADRs, after having looked at HK, India,...

Sumeet Singh

IDX30/​​LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation

There are 2 constituent changes each for the IDX30, LQ45 and IDX80 indices to be implemented at the close on 31 Oct. There are stocks with multiple...

Brian Freitas

DCI Indonesia (DCII IJ) - More Than a Concept

DCI Indonesia is hard to justify on current valuations but has a strong track record on execution with a high pedigree management team and customer...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

IDX30/LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation