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 past week saw insights on <a href="https://www.smartkarma.com/entities/cp-axtra-pcl" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">CP Axtra (CPAXT TB)</a>, <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a>, <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">Mphb Capital (MPHB MK)</a>, and <a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (MDIY IJ)</a>
</li>
<li>There were also macro insights on Indonesia and Thailand and further insights on <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 (ITMG IJ)</a>, <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a>, and the Green Tech space in Singapore.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on CP Axtra (CPAXT TB), Berli Jucker (BJC TB), Mphb Capital (MPHB MK), and PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (MDIY IJ)

There were also macro insights on Indonesia and Thailand and further insights on Indo Tambangraya Megah (ITMG IJ), Geo Energy Resources (GERL SP), and the Green Tech space in Singapore.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was That Was in ASEAN@Smartkarma - CP Axtra's Gaff, Berli Jucker, and ITMG's Value

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.</li><li>Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.</li><li>The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A combination of slight foreign funds outflow and local funds selling has driven a JCI correction of -0.8% wow.Foreign funds flow returned to negative, albeit relatively lighter (at -US$169mn) compared to prior weeks.The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana PT (PZZA IJ)</a> has been hard hit over the last year by the impact of the boycott due to a perception of its Israel exposure. </li>
<li>The company has focused on reducing its cost base over the past year and continued to build its higher-end Ristorante format, with the boycott impact lessening since June 2024.</li>
<li>PZZA management maintains that it can hit profitability in 4Q2024, with this momentum continuing into 2025, with a target to increase its new formats helping to drive recovery. </li>
</ul>



Sarimelati Kencana PT (PZZA IJ) has been hard hit over the last year by the impact of the boycott due to a perception of its Israel exposure. 
The company has focused on reducing its cost base over the past year and continued to build its higher-end Ristorante format, with the boycott impact lessening since June 2024.
PZZA management maintains that it can hit profitability in 4Q2024, with this momentum continuing into 2025, with a target to increase its new formats helping to drive recovery. 


Sarimelati Kencana PT (PZZA IJ) - Emerging from the Oven

<ul>
<li>The past week saw insights on <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 (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a>, and <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>, the upcoming index rebalancing in Thailand, and top picks in the Philippines from <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a>. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), Bank Rakyat Indonesia (BBRI IJ), Sariguna Primatirta Tbk PT (CLEO IJ), and Siloam International Hospitals (SILO IJ)

There were also insights on Aspirasi Hidup Indonesia (ACES IJ), Delta Electronics Thailand (DELTA TB), the upcoming index rebalancing in Thailand, and top picks in the Philippines from Sameer Taneja. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>US President-elect Trump has proposed new tariffs on China (and others) by January</li>
<li>Higher tariffs on Chinese goods could make Chinese imports more expensive in the US</li>
<li>For SHEIN &amp; Temu, larger threat still comes from potential reform of de minimis rules</li>
</ul>


US President-elect Trump has proposed new tariffs on China (and others) by January
Higher tariffs on Chinese goods could make Chinese imports more expensive in the US
For SHEIN &amp; Temu, larger threat still comes from potential reform of de minimis rules


SHEIN and Temu: Higher Tariffs Under 2nd Trump Admin an Additional Threat Beyond "De Minimis" Reform

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

The Week That Was That Was in ASEAN@Smartkarma - CP Axtra's Gaff, Berli Jucker, and ITMG's Value

The past week saw insights on CP Axtra (CPAXT TB), Berli Jucker (BJC TB), Mphb Capital (MPHB MK), and PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia)...

Angus Mackintosh

BRIDS Market Pulse: Chart of the Week – China Coal Inventory at Port

The outflow was still dominated by the large-cap banks with coal stock AADI also among the top-5 stocks sold by foreign investors.

BRI Danareksa Research

Sarimelati Kencana PT (PZZA IJ) - Emerging from the Oven

PZZA managment maintains that it can hit profitability in 4Q2024, with momentum continuing into 2025, and new formats helping to drive recovery. 4Q...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

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

Angus Mackintosh

SHEIN and Temu: Higher Tariffs Under 2nd Trump Admin an Additional Threat Beyond "De Minimis" Reform

Despite noise from the new US administration regarding additional tariffs on imported Chinese goods, the bigger threat to SHEIN and Temu remains...

Tracking Traffic

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52-week Range

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