ASEAN Exchanges

Gateway to ASEAN Investment

ASEAN Exchanges is a collaboration among the exchanges in the ASEAN countries with the objectives of promoting greater integration of the ASEAN capital markets, enhancing the visibility of ASEAN as an asset class, and strengthening ASEAN as an attractive investment destination for both ASEAN and global investors.

Current participating ASEAN exchanges (“Member Exchanges”) are Bursa Malaysia Berhad, Indonesia Stock Exchange, The Philippine Stock Exchange, Singapore Exchange, The Stock Exchange of Thailand, and Vietnam Exchange.

Cross Asset Strategy

<ul>
<li data-start="2" data-end="219">Agriculture is a key driver of Southeast Asia’s economy, contributing 11% of ASEAN’s GDP in 2022 and employing about a third of the region’s workforce, with even higher shares in Myanmar, Cambodia, and Laos.</li>
<li data-start="221" data-end="356">
<p data-start="223" data-end="356">The sector plays a crucial role in ASEAN’s economic stability and food security, particularly in agriculture-centric countries.</p>
</li>
<li data-start="358" data-end="528" data-is-last-node="">
<p data-start="360" data-end="528" data-is-last-node="">With Southeast Asia’s population projected to grow by 780 million by 2050, food supply chains will face significant pressure, further intensified by climate change.</p>
</li>
</ul>


Agriculture is a key driver of Southeast Asia’s economy, contributing 11% of ASEAN’s GDP in 2022 and employing about a third of the region’s workforce, with even higher shares in Myanmar, Cambodia, and Laos.

The sector plays a crucial role in ASEAN’s economic stability and food security, particularly in agriculture-centric countries.


With Southeast Asia’s population projected to grow by 780 million by 2050, food supply chains will face significant pressure, further intensified by climate change.



ASEAN Agritech: Key Beneficiary of the AI Revolution

Head of Research, Steno Research

Emil Moller

Head of Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

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<ul>
<li>Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve.</li>
<li>However, there is a looming concern that the resurgence in energy prices might pose a challenge for them, much like it did in 2022.</li>
</ul>
</div>
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<ul>
<li>In our analysis last week, we delved into the situation in Turkey and arrived at the following conclusion: The capable technocratic approach is more likely to succeed than the resurgence of economic populism.</li>
</ul>





Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve.
However, there is a looming concern that the resurgence in energy prices might pose a challenge for them, much like it did in 2022.






In our analysis last week, we delved into the situation in Turkey and arrived at the following conclusion: The capable technocratic approach is more likely to succeed than the resurgence of economic populism.


EM by EM #20 Another Energy Squeeze in the Cards?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Over the last week, we engaged in fruitful interactions with fellow analysts and portfolio managers in Hong Kong and Singapore.</li>
<li>In this insight, we share perspectives we picked up on India as a market, along with regional market dynamics.</li>
<li>The way ahead involves embracing a glass well approach, combining our deep focus on Indian equities with a broader understanding of regional markets and consumer trends.</li>
</ul>


Over the last week, we engaged in fruitful interactions with fellow analysts and portfolio managers in Hong Kong and Singapore.
In this insight, we share perspectives we picked up on India as a market, along with regional market dynamics.
The way ahead involves embracing a glass well approach, combining our deep focus on Indian equities with a broader understanding of regional markets and consumer trends.


Postcard from HK <> SG | "The Frog in the Well"

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.

Equity Capital Markets

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) is looking to raise around US$500m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>In this note, we take an early look at the IPO.</li>
</ul>


Pertamina Geothermal Energy (PGE) is looking to raise around US$500m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
In this note, we take an early look at the IPO.


Pertamina Geothermal Energy IPO Early Look- Ticks the ESG Box but Has Missed Its Targets in the Past

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 12 July, cash-rich mining mini-conglomerate (mining, contracting, equipment, etc) <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> announced a buyback discussed in <a href="https://www.smartkarma.com/insights/united-tractors-untr-ij-buyback-sure-to-be-impactful" target="_blank" data-smartkarma-citation="insights:72838" rel="noopener">United Tractors (UNTR IJ) Buyback - Sure to Be Impactful</a>. </li>
<li>The buyback was to go for three months but three months later, it was extended or another three months. </li>
<li>Performance has been good. How much has been bought back. Tough to know, but we can make some pretty educated guesses.</li>
</ul>


On 12 July, cash-rich mining mini-conglomerate (mining, contracting, equipment, etc) United Tractors (UNTR IJ) announced a buyback discussed in United Tractors (UNTR IJ) Buyback - Sure to Be Impactful. 
The buyback was to go for three months but three months later, it was extended or another three months. 
Performance has been good. How much has been bought back. Tough to know, but we can make some pretty educated guesses.


United Tractors - Buyback Extended - Maybe 50% To Go

Indonesia

iShares MSCI Indonesia ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond to the performance of the MSCI Indonesia Investable Market Index.

iShares MSCI Indonesia ETF (EIDO US)

ASEAN Agritech: Key Beneficiary of the AI Revolution

Agriculture is a key driver of Southeast Asia’s economy, contributing 11% of ASEAN’s GDP in 2022 and employing about a third of the region’s...

ASEAN Exchanges

EM by EM #20 Another Energy Squeeze in the Cards?

Emerging market central banks demonstrated their foresight in 2021, acting ahead of the curve. However, there is a looming concern that the...