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

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<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> recently announced the acquisition of Trans-cab in Singapore, the 3rd largest taxi operator there. This will help to solve driver shortage issues and improve cost efficiencies.</li>
<li>Taxis pay the lowest COE prices plus Grab can improve the productivity of taxi drivers through access to the Grab app. Trans-cab gives Grab access to street hailing. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s Singapore digital bank recently raised new capital but has also seen its deposit cap lifted significantly, which is helping to significantly boost deposit growth.</li>
</ul>



Grab recently announced the acquisition of Trans-cab in Singapore, the 3rd largest taxi operator there. This will help to solve driver shortage issues and improve cost efficiencies.
Taxis pay the lowest COE prices plus Grab can improve the productivity of taxi drivers through access to the Grab app. Trans-cab gives Grab access to street hailing. 

Grab's Singapore digital bank recently raised new capital but has also seen its deposit cap lifted significantly, which is helping to significantly boost deposit growth.


Grab Holdings (GRAB IJ) - Winning with Trans-Cab and Deposits in Singapore

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Lalatech Holdings filed for an IPO in March. I have tried to come at an IPO valuation for the company using a mix of methodologies: EV/Revenue, EV/GTV and EV/Gross Profit.</li>
<li>Taking a weighted average of peer group multiples-based valuation methodologies, I arrived at a ~$7B IPO valuation for Lalatech Holdings, including ~$1.65B of cash and cash equivalents.</li>
<li>From a peer group perspective, I arrived at a fair IPO valuation close to ~$7B, using a ~5x EV/CY22 Revenue, ~0.7x EV/CY22 GTV, and a 10x EV/CY22 Gross Profit multiple. </li>
</ul>


Lalatech Holdings filed for an IPO in March. I have tried to come at an IPO valuation for the company using a mix of methodologies: EV/Revenue, EV/GTV and EV/Gross Profit.
Taking a weighted average of peer group multiples-based valuation methodologies, I arrived at a ~$7B IPO valuation for Lalatech Holdings, including ~$1.65B of cash and cash equivalents.
From a peer group perspective, I arrived at a fair IPO valuation close to ~$7B, using a ~5x EV/CY22 Revenue, ~0.7x EV/CY22 GTV, and a 10x EV/CY22 Gross Profit multiple. 


Lalatech IPO Valuation Analysis: Discount To Last Round Valuation Is Justified

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Lianlian DigiTech / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech</a>  is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.</li>
<li>LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.</li>
<li>The firm ranked first among all independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost &amp; Sullivan.</li>
</ul>



Lianlian DigiTech  is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.
LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.
The firm ranked first among all independent digital payment solution providers in China in terms of TPV in 2022, with a market share of 9.1%, according to Frost &amp; Sullivan.


Sumber Alfaria Trijaya Tbk Pt / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ)</a> booked some strong SSSG for June bringing its YTD number into line with its FY2023 projections after post Lebaran adjustment in May. </li>
<li>The company will embark on a more aggressive store rollout for this year with plans for 2,100 new stores, including 200 Alfamidi stores and 500 Lawson convenience stores. </li>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a> continues to grow its membership program under AlfaGift with 16.3m members, which helps to gather valuable data and grow sales. Valuations are attractive.  </li>
</ul>



Sumber Alfaria Trijaya (AMRT IJ) booked some strong SSSG for June bringing its YTD number into line with its FY2023 projections after post Lebaran adjustment in May. 
The company will embark on a more aggressive store rollout for this year with plans for 2,100 new stores, including 200 Alfamidi stores and 500 Lawson convenience stores. 

Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) continues to grow its membership program under AlfaGift with 16.3m members, which helps to gather valuable data and grow sales. Valuations are attractive.  


Sumber Alfaria Trijaya (AMRT IJ) - Talking Mini-Markets and Convenience

PT Surya Citra Media Tbk / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media</a> had strong start to the year in terms of audience share but advertising revenues were slightly disappointing with a poor showing for the overall market.</li>
<li>Advertising revenues were impacted by a slowdown in e-commerce activity but overall the market adjusted downwards with 2Q expected to be slow but with a strong recovery expected in 2H2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media</a> continues to invest in original content but less aggressively, with cashflows expected to be stronger in 2023. There are also potential catalysts ahead from listing subsidiaries. </li>
</ul>



PT Surya Citra Media had strong start to the year in terms of audience share but advertising revenues were slightly disappointing with a poor showing for the overall market.
Advertising revenues were impacted by a slowdown in e-commerce activity but overall the market adjusted downwards with 2Q expected to be slow but with a strong recovery expected in 2H2023.

PT Surya Citra Media continues to invest in original content but less aggressively, with cashflows expected to be stronger in 2023. There are also potential catalysts ahead from listing subsidiaries. 


PT Surya Citra Media (SCMA IJ) - Catalytic Converter

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

Grab Holdings (GRAB IJ) - Winning with Trans-Cab and Deposits in Singapore

Grab recently announced the acquisition of Trans-cab in Singapore, the 3rd largest taxi operator there. This will help to solve driver shortage...

Angus Mackintosh

Lalatech IPO Valuation Analysis: Discount To Last Round Valuation Is Justified

Lalatech Holdings is expected to go public this year and may raise $1B in the upcoming Hong Kong IPO. My analysis suggests a significant discount...

Andrei Zakharov

LianLian DigiTech Pre-IPO Tearsheet

Lianlian DigiTech is looking to raise at least US$500m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.

Sumeet Singh

Sumber Alfaria Trijaya (AMRT IJ) - Talking Mini-Markets and Convenience

Sumber Alfaria Trijaya (Alfamart) booked some strong SSSG for June bringing its YTD number into line with its FY2023 projection and the company...

Angus Mackintosh

PT Surya Citra Media (SCMA IJ) - Catalytic Converter

Surya Citra Media continues to invest in original content but cashflows are expected to be stronger in 2023, paving the way for higher dividends....

Angus Mackintosh

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