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 Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. </li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">PT Metrodata Electronics</a> post results, <a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage</a> as its disc relative to <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra </a>International narrows, and <a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro</a> IPO in Thailand.</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/siam-commercial-bank-scb-x" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank</a>, <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical,</a><a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp</a>, <a href="https://www.smartkarma.com/entities/bts-group-holdings-pcl" target="_blank" data-smartkarma-citation="entities:15943:1" rel="noopener">BTS Group Holdings</a>, and commentary on the Global Fund Manager's Survey from a Thai perspective. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. 
The past week saw insights on PT Metrodata Electronics post results, Jardine Cycle &amp; Carriage as its disc relative to Astra International narrows, and Betagro IPO in Thailand.
There were also insights on Siam Commercial Bank, Singapore Medical,Eagle Cement Corp, BTS Group Holdings, and commentary on the Global Fund Manager's Survey from a Thai perspective. 


The Week That Was in ASEAN@Smartkarma - Metrodata Electronics, JCNC's Discount, and SCB in Thailand

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Genex Power Ltd (GNX AU), Golden Energy &amp; Resources (GER SP), 111 Inc (YI US), Origin Energy (ORG AU). 
Lowest spreads - Tyro Payments (TYR AU), Nitro Software Ltd (NTO AU), Warrego Energy (WGO AU), Uzabase Inc (3966 JP), Lifestyle International Holdings (1212 HK), Nearmap Ltd (NEA AU). 


Merger Arb Mondays (05 Dec) - Origin Energy, OZ Minerals, Genex, Bigtincan, Pendal, Golden Energy

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 5 October, <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a> announced the acquisition of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement (EAGLE PM)</a> at P22.02/share. On the 28 October,  Philippine Competition Commission said it had no issue.</li>
<li>The Tender Offer is now out, and the Offer is open for acceptance. The IFA considers the Offer price to be fair.</li>
<li>The Offer closes on the 5 December with an expected payment on the 14 December. </li>
</ul>


Back on the 5 October, San Miguel (SMC PM) announced the acquisition of Eagle Cement (EAGLE PM) at P22.02/share. On the 28 October,  Philippine Competition Commission said it had no issue.
The Tender Offer is now out, and the Offer is open for acceptance. The IFA considers the Offer price to be fair.
The Offer closes on the 5 December with an expected payment on the 14 December. 


<ul>
<li>The MTO in relation to <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>’s acquisition of 88.50% of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement Corp (EAGLE PM)</a>’s shares is open. The MTO will end on 5 December. </li>
<li>The MTO price is PHP22.02. The net MTO price after deducting the selling charges (0.621% of value) is estimated to be PHP21.8833. </li>
<li>At the current price and for the 14 December payment, the gross and annualised spread to the net MTO price is 1.8% and 19.2%, respectively.</li>
</ul>


The MTO in relation to San Miguel (SMC PM)’s acquisition of 88.50% of Eagle Cement Corp (EAGLE PM)’s shares is open. The MTO will end on 5 December. 
The MTO price is PHP22.02. The net MTO price after deducting the selling charges (0.621% of value) is estimated to be PHP21.8833. 
At the current price and for the 14 December payment, the gross and annualised spread to the net MTO price is 1.8% and 19.2%, respectively.


Eagle Cement (EAGLE PM) MTO Open, Closing on 5 December

<ul>
<li>On the 5 October, <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a> announced the acquisition of <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement (EAGLE PM)</a> at P22.02/share. The deal triggered notification and clearance with the Philippine Competition Commission</li>
<li>I previously concluded in<a href="https://skr.ma/SBoFQ" target="_blank" rel="noopener"> San Miguel Turns Its Sights To Eagle Cement</a> there was no issue with PCC as the transaction was effectively left pocket, right pocket for SMC/Ramon Ang.</li>
<li>SMC has now announced that the Offer is not subject to approval from the PCC. No surprise there.</li>
</ul>


On the 5 October, San Miguel (SMC PM) announced the acquisition of Eagle Cement (EAGLE PM) at P22.02/share. The deal triggered notification and clearance with the Philippine Competition Commission
I previously concluded in San Miguel Turns Its Sights To Eagle Cement there was no issue with PCC as the transaction was effectively left pocket, right pocket for SMC/Ramon Ang.
SMC has now announced that the Offer is not subject to approval from the PCC. No surprise there.


Philippines

Eagle Cement Corporation is a vertically integrated cement company in the Philippines that manufactures, markets, sells, and distributes cement products, minerals, and other by-products. Its key products include Eagle Cement Advance (Type 1P blended cement) and Eagle Cement Strongcem (Type 1 Portland cement), used for general construction and specialized concrete applications. The company is headquartered in Mandaluyong City, Metro Manila, Philippines, and was incorporated on June 21, 1995.

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Eagle Cement (EAGLE PM)

The Week That Was in ASEAN@Smartkarma - Metrodata Electronics, JCNC's Discount, and SCB in Thailand

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

Angus Mackintosh

Merger Arb Mondays (05 Dec) - Origin Energy, OZ Minerals, Genex, Bigtincan, Pendal, Golden Energy

This week, the highest gross spreads are VNET (65.0%), Alliance Aviation (55.7%), Genex (47.1%), Golden Energy (31.5%), 111 (27.1%), Origin Energy...

Arun George

Eagle Cement: Offer Open. IFA Says Fair

This is done. Trading at a gross/annualised spread of 1.3%/13.7% assuming 14 December payment. This was an easy 4.9% gross spread after the PCC...

David Blennerhassett