Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

<ul>
<li>Indonesia's reopening has happened for some time but <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR IJ)</a> share price has not moved much. </li>
<li>
<strong>On-The-Ground</strong> sources told that the traffic is back, especially in Jakarta where Jasa Marga has the most toll roads. </li>
<li>Pre-COVID it was trading at 2-3x PBR and now it’s only 1.35x PBR, premium to Bluebird but has a bigger market capitalization that makes JSMR more investable. </li>
</ul>


Indonesia's reopening has happened for some time but Jasa Marga (Persero) (JSMR IJ) share price has not moved much. 

On-The-Ground sources told that the traffic is back, especially in Jakarta where Jasa Marga has the most toll roads. 
Pre-COVID it was trading at 2-3x PBR and now it’s only 1.35x PBR, premium to Bluebird but has a bigger market capitalization that makes JSMR more investable. 


Jasa Marga (JSMR): Traffic Is Back, on the Ground Sources.

Thematic (Sector/Industry)

<ul>
<li>Countries in ASEAN have gradually relaxed their travel policies and reopened their borders allowing foreign tourists to come. </li>
<li>Stocks that will benefit range from Airlines, Airport maintenance, catering provider, hotel operator, public transport operator to convenience store and F&amp;B operators.</li>
<li>The big daddy of ASEAN tourism, China, has taken the first step to allow ART tests available for public and worth monitoring its progress. </li>
</ul>


Countries in ASEAN have gradually relaxed their travel policies and reopened their borders allowing foreign tourists to come. 
Stocks that will benefit range from Airlines, Airport maintenance, catering provider, hotel operator, public transport operator to convenience store and F&amp;B operators.
The big daddy of ASEAN tourism, China, has taken the first step to allow ART tests available for public and worth monitoring its progress. 


ASEAN Reopening: Tourism and Transport Reboot - Part Deux

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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 pasy week in insights on <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia</a> following the news that Jerry Ng of <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a> will take a controlling stake plus an update on microlender <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat</a>.</li>
<li>We also look at OVO's destiny, food delivery, and explore why Buy Now Pay Later is different in South East Asia plus the rising importance of ESG for Indonesian investors.</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 pasy week in insights on BFI Finance Indonesia following the news that Jerry Ng of Bank Jago will take a controlling stake plus an update on microlender Bank Rakyat.
We also look at OVO's destiny, food delivery, and explore why Buy Now Pay Later is different in South East Asia plus the rising importance of ESG for Indonesian investors.


The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Buy Now Pay Later, and BFI Finance

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Sumber Alfaria Trijaya Tbk Pt / Index Rebalance

<ul>
<li>At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.</li>
<li>Largest buying impact will be on <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</a>, <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a>, <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <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>. </li>
<li>Largest selling impact will be on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a> , <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a>.</li>
</ul>


At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.
Largest buying impact will be on Sumber Alfaria Trijaya Tbk Pt, Emtek (EMTK IJ), Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and XL Axiata (EXCL IJ). 
Largest selling impact will be on Ace Hardware Indonesia (ACES IJ), Jasa Marga (JSMR IJ), Pakuwon Jati (PWON IJ) , Bumi Serpong Damai (BSDE IJ) and HM Sampoerna (HMSP IJ).


IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

<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 the rise of digital banks in Indonesia together with a look at Singapore Banks from <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> and Thai Banks from <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group.</a>
</li>
<li>
<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> also looks at Singapore's first SPAC listing and we discuss the changing the Buy Now Pay Later landscape together with <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> car sales and more. </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 the rise of digital banks in Indonesia together with a look at Singapore Banks from Daniel Tabbush and Thai Banks from Country Group.


Sumeet Singh also looks at Singapore's first SPAC listing and we discuss the changing the Buy Now Pay Later landscape together with Astra International (ASII IJ) car sales and more. 


The Week That Was in ASEAN@Smartkarma - Indonesian Digital Banks, Singapore's SPAC, and Thai Banks

Indonesia

PT Jasa Marga Persero Tbk operates the Indonesian highway system.  The Company collects tolls, maintains the road surfaces, and offers towing and ambulance services.

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Jasa Marga (Persero) (JSMR IJ)

Jasa Marga (JSMR): Traffic Is Back, on the Ground Sources.

Lack of new toll road development takes some time before the new route adoption has started to increase, the company’s profitability went up...

Henry Soediarko

ASEAN Reopening: Tourism and Transport Reboot - Part Deux

It may still need a few months or even close to a year to get everything back to the pre-COVID-19 level but the progress since the first insight...

Henry Soediarko

The Week That Was in ASEAN@Smartkarma - Bank Rakyat Indonesia, Buy Now Pay Later, and BFI Finance

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

Angus Mackintosh

IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

There are 2 changes to the IDX30, 5 to the LQ45, and 9 to the IDX80. There are a few large impact/flow names on the IDX30/LQ45 indices. The adds...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Indonesian Digital Banks, Singapore's SPAC, and Thai Banks

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

Angus Mackintosh

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