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

<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> 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>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.</p>
</div><h3>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/malaysia-further-export-deceleration-will-hurt-but-things-could-improve-thereafter" target="_blank" rel="noopener"> Malaysia: Further Export Deceleration Will Hurt but Things Could Improve Thereafter</a>,<a href="https://www.smartkarma.com/profiles/manu-bhaskaran" target="_blank" rel="noopener"> Manu Bhaskaran</a> discusses Malaysia's economic and political outlook as the country continues to face near-term headwinds. </p><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/sea-ltd-se-us-the-runway-just-got-longer" target="_blank" rel="noopener"> Sea Ltd (SE US) - The Runway Just Got Longer</a>, CrossASEAN Insight Provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> takes a closer look at<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a> after the company announced that it aims to raise US$6.3bn in the largest equity offering of 2021. </p><p>In<a href="https://www.smartkarma.com/insights/telekomunikasi-indonesia-tlkm-ij-dancing-with-the-digital-economy" target="_blank" rel="noopener"> Telekomunikasi Indonesia (TLKM IJ) - Dancing with the Digital Economy</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> circles back to<a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" rel="noopener"> Telekomunikasi Indonesia (TLKM IJ)</a> after the company released its 1H2021 results. </p><p>In <a href="https://www.smartkarma.com/insights/blue-bird-bird-new-distribution-channel-and-limited-downside" target="_blank" data-smartkarma-citation="insights:57477" rel="noopener">Blue Bird (BIRD): New Distribution Channel and Limited Downside</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 <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ)</a> following the news that it will collaborate with the Airport Railway on taxi bookings. </p><p>In<a href="https://www.smartkarma.com/insights/sea-ltd-placement-momentum-is-very-strong-but-last-deal-didn-t-do-well-and-it-doesn-t-need-the-cash" target="_blank" rel="noopener"> SEA Ltd Placement -Momentum Is Very Strong but Last Deal Didn’t Do Well and It Doesn’t Need the Cash</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> returns to look at<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a> after the company announced its plan to raise around US$3.5bn via an equity offering, along with another US$2.5bn via a convertible offering. </p><p>In<a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-bbri-s-mega-rights-issue-plenty-of-opportunity-short-term-and-long-term" target="_blank" rel="noopener"> Bank Rakyat Indonesia (BBRI)'s Mega Rights Issue - Plenty of Opportunity Short-Term and Long-Term</a>,<a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" rel="noopener"> Travis Lundy</a> returns to look at<a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" rel="noopener"> Bank Rakyat Indonesia Persero (BBRI IJ)</a> after Indonesia's largest bank sees its shares go ex a very large Rights Offering. He highlights a number of interesting trades around this issue. </p><p>In<a href="https://www.smartkarma.com/insights/cimb-group-placement-has-sold-before-past-deals-did-just-about-ok" target="_blank" rel="noopener"> CIMB Group Placement - Has Sold Before, past Deals Did Just About Ok</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> revisits<a href="https://www.smartkarma.com/entities/cimb-group-holdings-bhd" target="_blank" rel="noopener"> CIMB Group Holdings (CIMB MK)</a> as Khazanah aims to raise around US$119m via selling 1% of the company. This is not the first selldown by Khaznah and most of the past deals have managed to hold above the deal price. </p><p>In<a href="https://www.smartkarma.com/insights/mreit-ipo-needs-to-be-priced-a-whole-lot-lower" target="_blank" rel="noopener"> MREIT IPO - Needs to Be Priced a Whole Lot Lower</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> reports back on<a href="https://www.smartkarma.com/entities/megaworld-real-estate-investment-trust" target="_blank" rel="noopener"> Megaworld Real Estate Investment Trust (MREIT PM)</a>'s IPO plans, where he thinks it should trade in line with its peer's average valuation, which would imply a share price of close to PHP15/share.</p><p>In<a href="https://www.smartkarma.com/insights/scb-largest-retail-loan-portfolio-amongst-big-banks" target="_blank" rel="noopener"> SCB: Largest Retail Loan Portfolio Amongst Big Banks</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> provides their initial view on<a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" rel="noopener"> Siam Commercial Bank Pub Co (SCB TB)</a> and expect loan growth acceleration post-COVID-19 next year. </p><p>In<a href="https://www.smartkarma.com/insights/sea-ltd-follow-on-offering-asking-permission-from-investors-to-burn-4-0bn-per-year" target="_blank" rel="noopener"> Sea Ltd Follow-On Offering: Asking Permission From Investors to Burn $4.0bn Per Year</a>,<a href="https://www.smartkarma.com/profiles/oshadhi-kumarasiri" target="_blank" rel="noopener"> Oshadhi Kumarasiri</a> provides his comments on the recent placement by <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener">Sea Ltd (SE US)</a>.</p><h3>Sector and Thematic </h3><p>In<a href="https://www.smartkarma.com/insights/indonesia-s-banking-sector-data-shows-improvements-positive" target="_blank" rel="noopener"> Indonesia’s Banking Sector: Data Shows Improvements (Positive)</a>,<a href="https://www.smartkarma.com/profiles/ilvin-cornelis" target="_blank" rel="noopener"> Alvin Cornelis</a> discusses Indonesia's banking sector after data from Indonesia's Financial Authority (OJK) showed some improvements in the banking industry outlook.</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.
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 Malaysia: Further Export Deceleration Will Hurt but Things Could Improve Thereafter, Manu Bhaskaran discusses Malaysia's economic and political outlook as the country continues to face near-term headwinds. Equity Bottom UpIn Sea Ltd (SE US) - The Runway Just Got Longer, CrossASEAN Insight Provider Angus Mackintosh takes a closer look at Sea Ltd (SE US) after the company announced that it aims to raise US$6.3bn in the largest equity offering of 2021. In Telekomunikasi Indonesia (TLKM IJ) - Dancing with the Digital Economy, CrossASEAN insight provider Angus Mackintosh circles back to Telekomunikasi Indonesia (TLKM IJ) after the company released its 1H2021 results. In Blue Bird (BIRD): New Distribution Channel and Limited Downside, CrossASEAN Insight Provider Henry Soediarko revisits Blue Bird (BIRD IJ) following the news that it will collaborate with the Airport Railway on taxi bookings. In SEA Ltd Placement -Momentum Is Very Strong but Last Deal Didn’t Do Well and It Doesn’t Need the Cash, Sumeet Singh returns to look at Sea Ltd (SE US) after the company announced its plan to raise around US$3.5bn via an equity offering, along with another US$2.5bn via a convertible offering. In Bank Rakyat Indonesia (BBRI)'s Mega Rights Issue - Plenty of Opportunity Short-Term and Long-Term, Travis Lundy returns to look at Bank Rakyat Indonesia Persero (BBRI IJ) after Indonesia's largest bank sees its shares go ex a very large Rights Offering. He highlights a number of interesting trades around this issue. In CIMB Group Placement - Has Sold Before, past Deals Did Just About Ok, Sumeet Singh revisits CIMB Group Holdings (CIMB MK) as Khazanah aims to raise around US$119m via selling 1% of the company. This is not the first selldown by Khaznah and most of the past deals have managed to hold above the deal price. In MREIT IPO - Needs to Be Priced a Whole Lot Lower, Sumeet Singh reports back on Megaworld Real Estate Investment Trust (MREIT PM)'s IPO plans, where he thinks it should trade in line with its peer's average valuation, which would imply a share price of close to PHP15/share.In SCB: Largest Retail Loan Portfolio Amongst Big Banks, Country Group provides their initial view on Siam Commercial Bank Pub Co (SCB TB) and expect loan growth acceleration post-COVID-19 next year. In Sea Ltd Follow-On Offering: Asking Permission From Investors to Burn $4.0bn Per Year, Oshadhi Kumarasiri provides his comments on the recent placement by Sea Ltd (SE US).Sector and Thematic In Indonesia’s Banking Sector: Data Shows Improvements (Positive), Alvin Cornelis discusses Indonesia's banking sector after data from Indonesia's Financial Authority (OJK) showed some improvements in the banking industry outlook.

The Week that Was in ASEAN@Smartkarma - Sea Ltd's Runway, Telkom's Digital Edge, and Astra Intl

Indonesia

PT. DCI Indonesia Tbk provides information technology services. The Company offers cloud and carrier data center infrastructure services. DCI Indonesia serves customers in Indonesia.

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DCI Indonesia Tbk PT (DCII IJ)

The Week that Was in ASEAN@Smartkarma - Sea Ltd's Runway, Telkom's Digital Edge, and Astra Intl

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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