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

Thematic (Sector/Industry)

<div class="content-highlight">This past week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">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 pieces. Please find a brief summary below, with a fuller write up in the detailed section. </div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/thailand-further-progress-along-the-electoral-roadmap" target="_blank" data-smartkarma-citation="insights:24204">Thailand: Further Progress Along the Electoral Roadmap</a>, economic Insight provider <a href="https://www.smartkarma.com/profiles/48" target="_blank" data-smartkarma-citation="accounts:48">Jason Tan</a> provides us with his views on the electoral outlook in Thailand.In <a href="https://www.smartkarma.com/insights/the-philippines-train-ii-gains-bumpy-momentum" target="_blank" data-smartkarma-citation="insights:24232">The Philippines: TRAIN-II Gains Bumpy Momentum</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> provides his most recent thoughts on the progress of the economic reforms in the Philippines.In <a href="https://www.smartkarma.com/insights/key-takeaways-from-our-research-trip-to-jakarta-indonesia" target="_blank" data-smartkarma-citation="insights:24263">Key Takeaways from Our Research Trip to Jakarta, Indonesia</a>, <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> provides us with his on-the-ground feedback from a recent trip to the Big Durian.In <a href="https://www.smartkarma.com/insights/indonesia-politics-weekly-prabowo-on-ahok-plot-rice-policy-row-rp-l-cs-for-exports-kpk-eyes-nnt" target="_blank" data-smartkarma-citation="insights:24375">Indonesia Politics Weekly: Prabowo on Ahok Plot; Rice Policy Row; Rp L/Cs for Exports; KPK Eyes NNT</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> reports back with his powerful value added on the most recent political developments in Indonesia. In <a href="https://www.smartkarma.com/insights/philippines-sleuthing-for-upside-risk-to-rice-cpi-post-typhoon" target="_blank" data-smartkarma-citation="insights:24303">Philippines: Sleuthing for Upside Risk to Rice CPI Post-Typhoon</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> look at the potential impact of the recent typhoon on inflation numbers in the Philippines.<h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-beyond-petroleum-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:23836">AKR Corporindo (AKRA IJ) - Beyond Petroleum</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> writes on this leading Indonesian chemical and fuel distributor following a company visit. <a href="https://www.smartkarma.com/entities/13338" target="_blank" data-smartkarma-citation="entities:13338:1"></a>In <a href="https://www.smartkarma.com/insights/sri-trang-agro-the-start-of-a-fight-back" target="_blank" data-smartkarma-citation="insights:3256">Sri Trang Agro: The Start Of A Fight Back?</a> , <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/2759" target="_blank" data-smartkarma-citation="entities:2759:1">Sri Trang Agro-Industry (STA TB)</a>, the world’s largest supplier of natural rubber by global consumption. In <a href="https://www.smartkarma.com/insights/wheelock-properties-offer-light-acceptances-light-offer-extended" target="_blank" data-smartkarma-citation="insights:24386">Wheelock Properties - Offer Light, Acceptances Light, Offer Extended</a>, events specialist <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> updates us on the ongoing <a href="https://www.smartkarma.com/entities/3197" target="_blank" data-smartkarma-citation="entities:3197:1">Wheelock Properties (S) (WP SP)</a> deal. In <a href="https://www.smartkarma.com/insights/capitaland-ltd-investment-in-tauzia-signals-an-intent-but-not-an-ambition" target="_blank" data-smartkarma-citation="insights:24207">CapitaLand Ltd – Investment in TAUZIA Signals an Intent but Not an Ambition</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> analyses <a href="https://www.smartkarma.com/entities/55" target="_blank" data-smartkarma-citation="entities:55:1">Capitaland Ltd (CAPL SP)</a> 's most recent investment into the hospitality sector in Indonesia. in <a href="https://www.smartkarma.com/insights/melco-philipinnes-delisting-offer-update" target="_blank" data-smartkarma-citation="insights:24195">Melco Philippines' Delisting Offer Update</a>, <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> investigates the progress on the offer to delist <a href="https://www.smartkarma.com/entities/5293" target="_blank" data-smartkarma-citation="entities:5293:1">Melco Resorts and Entertainment (Philippines) (MRP PM)</a>. In <a href="https://www.smartkarma.com/insights/utp-utp-tb-beneficiary-of-tight-global-paper-supply" target="_blank" data-smartkarma-citation="insights:24222">UTP (UTP TB): Beneficiary of Tight Global Paper Supply</a><a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> takes a close look at this Thai paper player. UTP is a producer and distributor of cardboard paper for corrugated cardboard boxes and box cardboard packaging in Thailand.in <a href="https://www.smartkarma.com/insights/oue-ltd-acquisition-of-bowsprit-a-good-capital-recycling-move" target="_blank" data-smartkarma-citation="insights:24242">OUE Ltd – Acquisition of Bowsprit a Good Capital Recycling Move</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> examines the <a href="https://www.smartkarma.com/entities/9984" target="_blank" data-smartkarma-citation="entities:9984:1">OUE Ltd (OUE SP)</a> 's move to acquire the manager of <a href="https://www.smartkarma.com/entities/15848" target="_blank" data-smartkarma-citation="entities:15848:1">First Real Estate Investment Trust (FIRT SP)</a>. In <a href="https://www.smartkarma.com/insights/sutha-growing-quick-lime-via-acquisitions-expansion" target="_blank" data-smartkarma-citation="insights:23651">SUTHA: Growing Quick Lime Via Acquisitions &amp; Expansion</a>, Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at <a href="https://www.smartkarma.com/entities/16187" target="_blank" data-smartkarma-citation="entities:16187:1">Golden Lime Pcl (SUTHA TB)</a> following a company visit.In <a href="https://www.smartkarma.com/insights/bcp-bcp-tb-expansion-through-norwegian-e-p-acquisition" target="_blank" data-smartkarma-citation="insights:24260">BCP (BCP TB): Expansion Through Norwegian E&amp;P Acquisition</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on this Thai petroleum player. In <a href="https://www.smartkarma.com/insights/mlt-placement-dpu-accretive-stable-property-income-anchored-by-cwt" target="_blank" data-smartkarma-citation="insights:24284">MLT Placement - DPU Accretive &amp; Stable Property Income Anchored by CWT</a>, <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> looks at the company's most recent acquisition.In <a href="https://www.smartkarma.com/insights/anti-trust-should-be-a-non-issue-in-the-gpsc-glow-deal" target="_blank" data-smartkarma-citation="insights:24307">Anti-Trust Should Be A Non-Issue In The GPSC/Glow Deal</a>, Events specialist <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> provides an update on this ongoing deal. <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/philippines-telcos-waiting-for-a-third-operator-or-not" target="_blank" data-smartkarma-citation="insights:24229">Philippines Telcos: Waiting for a Third Operator, or Not.</a> our friends at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> drill down into the Philippines telecom sector following the news that there may soon be a third operator in the market. In <a href="https://www.smartkarma.com/insights/the-best-of-august-sept-2018-company-visits" target="_blank" data-smartkarma-citation="insights:23528">The Best of August/Sept 2018 Company Visits</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> highlights the top five company visits during August and September. In <a href="https://www.smartkarma.com/insights/vietnam-market-update-how-the-market-has-transformed-since-2016" target="_blank" data-smartkarma-citation="insights:24250">Vietnam Market Update: How the Market Has Transformed Since 2016</a>, <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a> examines how the Vietnam market has changed over the last two years. In <a href="https://www.smartkarma.com/insights/singapore-primary-home-sales-declined-64-m-o-m-in-aug-2018" target="_blank" data-smartkarma-citation="insights:24248">Singapore Primary Home Sales Declined 64% M-O-M in Aug 2018</a>, <a href="https://www.smartkarma.com/profiles/1644" target="_blank" data-smartkarma-citation="accounts:1644">Vivienne Zhou Jinmiao</a> provides us with an update on the most recent primary home sales numbers. In <a href="https://www.smartkarma.com/insights/singapore-property-slow-developer-sales-in-august-upcoming-launches-to-test-buyer-resilience" target="_blank" data-smartkarma-citation="insights:24312">Singapore Property – Slow Developer Sales in August. Upcoming Launches to Test Buyer Resilience</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> provides us with his value-added comment on the most recent primary home sales in Singapore as well scoping out upcoming launches.

This past week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section. Macro InsightsIn Thailand: Further Progress Along the Electoral Roadmap, economic Insight provider Jason Tan provides us with his views on the electoral outlook in Thailand.In The Philippines: TRAIN-II Gains Bumpy Momentum, Jun Trinidad provides his most recent thoughts on the progress of the economic reforms in the Philippines.In Key Takeaways from Our Research Trip to Jakarta, Indonesia, Manu Bhaskaran provides us with his on-the-ground feedback from a recent trip to the Big Durian.In Indonesia Politics Weekly: Prabowo on Ahok Plot; Rice Policy Row; Rp L/Cs for Exports; KPK Eyes NNT, Kevin O’Rourke reports back with his powerful value added on the most recent political developments in Indonesia. In Philippines: Sleuthing for Upside Risk to Rice CPI Post-Typhoon, Jun Trinidad look at the potential impact of the recent typhoon on inflation numbers in the Philippines.Equity Bottom-Up InsightsIn AKR Corporindo (AKRA IJ) - Beyond Petroleum, former Jakartan Angus Mackintosh writes on this leading Indonesian chemical and fuel distributor following a company visit. In Sri Trang Agro: The Start Of A Fight Back? , Dr. Andrew Stotz, CFA works his magic on Sri Trang Agro-Industry (STA TB), the world’s largest supplier of natural rubber by global consumption. In Wheelock Properties - Offer Light, Acceptances Light, Offer Extended, events specialist Travis Lundy updates us on the ongoing Wheelock Properties (S) (WP SP) deal. In CapitaLand Ltd – Investment in TAUZIA Signals an Intent but Not an Ambition, Royston Foo analyses Capitaland Ltd (CAPL SP) 's most recent investment into the hospitality sector in Indonesia. in Melco Philippines' Delisting Offer Update, David Blennerhassett investigates the progress on the offer to delist Melco Resorts and Entertainment (Philippines) (MRP PM). In UTP (UTP TB): Beneficiary of Tight Global Paper SupplyDr. Andrew Stotz, CFA takes a close look at this Thai paper player. UTP is a producer and distributor of cardboard paper for corrugated cardboard boxes and box cardboard packaging in Thailand.in OUE Ltd – Acquisition of Bowsprit a Good Capital Recycling Move, Royston Foo examines the OUE Ltd (OUE SP) 's move to acquire the manager of First Real Estate Investment Trust (FIRT SP). In SUTHA: Growing Quick Lime Via Acquisitions &amp; Expansion, Thai guru Athaporn Arayasantiparb, CFA takes a look at Golden Lime Pcl (SUTHA TB) following a company visit.In BCP (BCP TB): Expansion Through Norwegian E&amp;P Acquisition, Dr. Andrew Stotz, CFA works his magic on this Thai petroleum player. In MLT Placement - DPU Accretive &amp; Stable Property Income Anchored by CWT, Ke Yan, CFA, FRM looks at the company's most recent acquisition.In Anti-Trust Should Be A Non-Issue In The GPSC/Glow Deal, Events specialist David Blennerhassett provides an update on this ongoing deal. Sector and Thematic InsightsIn Philippines Telcos: Waiting for a Third Operator, or Not. our friends at New Street Research drill down into the Philippines telecom sector following the news that there may soon be a third operator in the market. In The Best of August/Sept 2018 Company Visits, Athaporn Arayasantiparb, CFA highlights the top five company visits during August and September. In Vietnam Market Update: How the Market Has Transformed Since 2016, Dylan Waller examines how the Vietnam market has changed over the last two years. In Singapore Primary Home Sales Declined 64% M-O-M in Aug 2018, Vivienne Zhou Jinmiao provides us with an update on the most recent primary home sales numbers. In Singapore Property – Slow Developer Sales in August. Upcoming Launches to Test Buyer Resilience, Royston Foo provides us with his value-added comment on the most recent primary home sales in Singapore as well scoping out upcoming launches. 

The Week that Was In ASEAN@Smartkarma - Indonesian Politics, PhilippineTelcos, and Petroleum

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Bottom-Up

We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls <a href="https://www.smartkarma.com/entities/17462" target="_blank" data-smartkarma-citation="entities:17462:1">Mega Lifesciences (MEGA TB)</a>, a top five global generics drug maker, also has a big chunk of this stock in her family portfolio. Four takeaways from the meeting:<ul>
<li>Flat earnings despite 20% growth at revenue and EBITDA level due to increased depreciation;</li>
<li>Additional 150 ton/day capacity following the acquisition of Saraburi Quick Lime, adding Bt20-30m in EBITDA annually. On top of this, the company is still expanding capacity as well as overseas market presence in Asia (CMLV, Taiwan, Korea).</li>
<li>Introduce key shareholders apart from GBuP (G Premji) Group of India, namely Belgian global technology leader Carmeuse.</li>
<li>Burgeoning equipment business for both flare cleansing for exports to Japan/Singapore as well as EOD furnaces for internal use.</li>
</ul>

We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls Mega Lifesciences (MEGA TB), a top five global generics drug maker, also has a big chunk of this stock in her family portfolio. Four takeaways from the meeting:
Flat earnings despite 20% growth at revenue and EBITDA level due to increased depreciation;
Additional 150 ton/day capacity following the acquisition of Saraburi Quick Lime, adding Bt20-30m in EBITDA annually. On top of this, the company is still expanding capacity as well as overseas market presence in Asia (CMLV, Taiwan, Korea).
Introduce key shareholders apart from GBuP (G Premji) Group of India, namely Belgian global technology leader Carmeuse.
Burgeoning equipment business for both flare cleansing for exports to Japan/Singapore as well as EOD furnaces for internal use.


SUTHA: Growing Quick Lime Via Acquisitions & Expansion

Thailand

Golden Lime Public Company Limited produces limestone products. The Company's products consist of lime, in powder or lumps, and calcium carbonate.

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Golden Lime PCL (SUTHA TB)

The Week that Was In ASEAN@Smartkarma - Indonesian Politics, PhilippineTelcos, and Petroleum

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

SUTHA: Growing Quick Lime Via Acquisitions & Expansion

We first heard about this for the first time when the same tycoon (Nishita Shah Federbush) who controls Mega Lifesciences (MEGA TB), a top five...

Athaporn Arayasantiparb, CFA

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