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/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ)</a>, SCG Chemicals IPO, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>, and Flash Coffee. </li>
<li>There were also macro insights on Thailand post last week's election results plus related investment strategy and a price looking at the tapering of Thailand's inflation.  </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 XL Axiata (EXCL IJ), Cisarua Mountain Dairy (CMRY IJ), SCG Chemicals IPO, Jardine Matheson Holdings (JM SP), and Flash Coffee. 
There were also macro insights on Thailand post last week's election results plus related investment strategy and a price looking at the tapering of Thailand's inflation.  


The Week That Was in ASEAN@Smartkarma - XL Axiata's Convergence Push, Cimory & GT, SCG Chemicals IPO

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Bumi Resources Minerals Tbk / Index Rebalance

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/panin-financial-tbk-pt" target="_blank" data-smartkarma-citation="entities:19472:1" rel="noopener">Panin Financial (PNLF IJ)</a>, <a href="https://www.smartkarma.com/entities/energi-mega-persada-tbk-pt" target="_blank" data-smartkarma-citation="entities:17534:1" rel="noopener">Energi Mega Persada (ENRG IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a>, <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero (BBTN IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>. </li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.
Potential adds are Adaro Minerals (ADMR IJ), Bumi Resources Minerals (BRMS IJ), Panin Financial (PNLF IJ), Energi Mega Persada (ENRG IJ), Transcoal Pacific (TCPI IJ) and Pertamina Geothermal Energy (PGEO).
Potential deletions are Japfa Comfeed Indonesia (JPFA IJ), Indocement Tunggal Prakarsa (INTP IJ), Timah Persero (TINS IJ), Bank Tabungan Negara Persero (BBTN IJ) and Chandra Asri Petrochemical (TPIA IJ). 


LQ45 Index Rebalance Preview (July): Identifying Potential Changes

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.

Equity Bottom-Up

Indocement Tunggal Prakarsa / Equity Bottom-Up

<ul>
<li>Following the release of the FY22 results, we slightly revise our earnings estimates to factor in the impact of fuel price hikes on the material costs.</li>
<li>At the same time, however, we still believe that INTP will get a larger portion of coal stocks at DMO prices than last year.</li>
<li>We also expect INTP to adopt a more efficient strategy in regard to its transportation costs this year, noting the mild impact of the fuel price hikes on its transportation costs in 4Q22.</li>
</ul>
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Following the release of the FY22 results, we slightly revise our earnings estimates to factor in the impact of fuel price hikes on the material costs.
At the same time, however, we still believe that INTP will get a larger portion of coal stocks at DMO prices than last year.
We also expect INTP to adopt a more efficient strategy in regard to its transportation costs this year, noting the mild impact of the fuel price hikes on its transportation costs in 4Q22.






























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.






























Indocement Tunggal Prakarsa(INTP IJ): Maintain Slight Revisions to Our Earnings Estimates

<div><div><div id="ember2537"><div><div><div><div><div><div id="ember2434"><div><div><div><div><div><div id="ember4187"><div><div><div><div><div><div id="ember2532"><div><div><ul><li>Indocement Tunggal Prakarsa: Slight revisions to our earnings estimates (INTP.IJ IDR 9,900 BUY.TP IDR 13,300)</li><li>Following the release of the FY22 results, we slightly revise our earnings estimates to factor in the impact of fuel price hikes on the material costs.</li><li>At the same time, however, we still believe that INTP will get a larger portion of coal stocks at DMO prices than last year.</li></ul><p><em>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.</em></p></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>

Indocement Tunggal Prakarsa: Slight revisions to our earnings estimates (INTP.IJ IDR 9,900 BUY.TP IDR 13,300)Following the release of the FY22 results, we slightly revise our earnings estimates to factor in the impact of fuel price hikes on the material costs.At the same time, however, we still believe that INTP will get a larger portion of coal stocks at DMO prices than last year.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.

<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 inights on <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>, <a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">PT Metrodata Electronics</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a><a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp</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</a>, <a href="https://www.smartkarma.com/entities/thai-solar-energy-pcl" target="_blank" data-smartkarma-citation="entities:4310:1" rel="noopener">Thai Solar Energy</a>, and <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group</a>.</li>
<li>There were also macro insights on Malaysia and Vietnam and sector insights on banking, EVs in Indonesia and Singapore-listed manufacturing stocks plus a credit insight on <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ)</a> </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 inights on PT Surya Citra Media, PT Metrodata Electronics, Indocement Tunggal PrakarsaMonde Nissin Corp, Golden Energy &amp; Resources, Thai Solar Energy, and Thai Union Group.
There were also macro insights on Malaysia and Vietnam and sector insights on banking, EVs in Indonesia and Singapore-listed manufacturing stocks plus a credit insight on Medco Energi (MEDC IJ) 


The Week That Was in ASEAN@Smartkarma - SCMA's Reset, Metrodata, and Indocement's Alternative Edge.

Indonesia

PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials. Through its subsidiaries, the Company also manufactures and processes ready-mix cement as well as owns and manages properties and hotels.

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Indocement Tunggal Prakarsa (INTP IJ)

The Week That Was in ASEAN@Smartkarma - XL Axiata's Convergence Push, Cimory & GT, SCG Chemicals IPO

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

Angus Mackintosh

LQ45 Index Rebalance Preview (July): Identifying Potential Changes

There could be 5 changes to the LQ45 in July. Given emphasis on liquidity, the impact on the deletes is higher than on the adds. Historically, the...

Brian Freitas