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</a>'s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.</li>
<li>The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. </li>
</ul>



Grab's 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.

Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. 


Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Kingsoft Cloud Holdings / Equity Bottom-Up

<ul>
<li>Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.</li>
<li>Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> a BUY.
</li>
</ul>


Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.
Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.

Kingsoft Cloud Holdings (3896 HK) was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of CaoCao (2643 HK) a BUY.



BUY/SELL/HOLD: Hong Kong Market Update (October 5)

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> has agreed to acquire <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> in an all-cash transaction valued at approximately $3.9 billion, with Deliveroo shareholders receiving 180 pence per share.</li>
<li>The acquisition is expected to become effective on October 2, 2025, with <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> founder and CEO Will Shu and several non-executive directors stepping down upon completion.</li>
<li>Following the deal, <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> will be removed from UK and European indices, with replacements expected imminently.</li>
</ul>



DoorDash (DASH US) has agreed to acquire Deliveroo (ROO LN) in an all-cash transaction valued at approximately $3.9 billion, with Deliveroo shareholders receiving 180 pence per share.
The acquisition is expected to become effective on October 2, 2025, with Deliveroo (ROO LN) founder and CEO Will Shu and several non-executive directors stepping down upon completion.
Following the deal, Deliveroo (ROO LN) will be removed from UK and European indices, with replacements expected imminently.


DoorDash-Deliveroo $3.9B Deal Closes, Index Replacements Ahead

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>All regulatory approvals secured; Deliveroo’s 180p/share takeover by DoorDash now awaits only procedural court steps. Sanction hearing is scheduled for 30 September; scheme effective date is 2 October.</li>
<li>With a 1p spread and 179p entry, the deal offers ~8.9% annualised return by early October. Early entrants at 170.8p continue to realise strong IRRs above 12%.</li>
<li>Risk is minimal with near-unanimous shareholder backing and no regulatory obstacles remaining. Administrative timing is the only variable; monitoring court scheduling and filing is key to arbitrage efficiency.</li>
</ul>


All regulatory approvals secured; Deliveroo’s 180p/share takeover by DoorDash now awaits only procedural court steps. Sanction hearing is scheduled for 30 September; scheme effective date is 2 October.
With a 1p spread and 179p entry, the deal offers ~8.9% annualised return by early October. Early entrants at 170.8p continue to realise strong IRRs above 12%.
Risk is minimal with near-unanimous shareholder backing and no regulatory obstacles remaining. Administrative timing is the only variable; monitoring court scheduling and filing is key to arbitrage efficiency.


Deliveroo Delivered: Clean Takeout, No Leftovers

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

<ul>
<li>
<a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.</li>
<li>
<a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>, <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a>, and <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> are the main candidates for addition from TMI at the September 2025 review.</li>
<li>
<a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> and <a href="https://www.smartkarma.com/entities/emcor-group-inc" target="_blank" data-smartkarma-citation="entities:20703:1" rel="noopener">Emcor Group Inc (EME US)</a> are the main candidates for addition from MidCap at the September 2025 review.</li>
</ul>



Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&amp;P500 following its quarterly earnings of $10bn on 31 July.

Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.

Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.


S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh

BUY/SELL/HOLD: Hong Kong Market Update (October 5)

Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba...

David Mudd

DoorDash-Deliveroo $3.9B Deal Closes, Index Replacements Ahead

$3.9B DoorDash-Deliveroo deal completes October 2, reshaping DoorDash’s global profile and prompting replacements in UK and EU indices.

Harry Kalfas

Deliveroo Delivered: Clean Takeout, No Leftovers

Deliveroo’s 180p takeover by DoorDash is fully approved, with settlement expected 2 Oct. At 179p, the spread offers a clean ~9% annualised return...

Jesus Rodriguez Aguilar

S&P500 September 2025 Initial Forecast: MicroStrategy (MSTR) Emerges Post-Earnings

MSTR is now eligible for S&P500 inclusion after reporting $10bn in Q2 earnings on July 31, joining HOOD, IBKR, EME and APP among the top candidates...

Dimitris Ioannidis

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