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>This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. </li>
<li>We also look at <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a> as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. 
We also look at Vinfast as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

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

<ul>
<li>Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.</li>
<li>Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.</li>
<li>The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.</li>
</ul>


Solactive has announced the review results for the Global Lithium Index. There are two additions for the index and there will also be capping changes for some stocks.
Estimated one-way turnover is 26.3% and will result in a round-trip trade of US$813m. There are some stocks with over 0.5x ADV to trade.
The index has broken out of the secular downtrend, but investors continue to redeem units from the ETFs tracking the index.


Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Lucid Group's latest earnings announcement presents a complex picture for potential investors, highlighting both progress and ongoing challenges faced by the electric vehicle producer.</li><li>During the second quarter of 2025, Lucid Group delivered 3,309 vehicles, marking a 38% year-over-year increase, and produced 3,863 vehicles, an 83% increase from the previous year.</li><li>Despite these records, the company must navigate various operational issues, including supply chain constraints and tariff impacts, which are influencing financial outcomes.</li></ul>

Lucid Group's latest earnings announcement presents a complex picture for potential investors, highlighting both progress and ongoing challenges faced by the electric vehicle producer.During the second quarter of 2025, Lucid Group delivered 3,309 vehicles, marking a 38% year-over-year increase, and produced 3,863 vehicles, an 83% increase from the previous year.Despite these records, the company must navigate various operational issues, including supply chain constraints and tariff impacts, which are influencing financial outcomes.

Lucid Group Strikes A $300 Million Uber Deal — Can Partnerships Supercharge Its EV Future?

<ul><li>Lucid Group's Q1 2025 results reveal a mixed performance, reflecting both progress and challenges amidst a complex industry landscape.</li><li>The company reported significant strides in vehicle production and deliveries, notably achieving a 28% year-over-year increase in production to 2,212 vehicles and a 58% increase in deliveries to 3,109 vehicles.</li><li>Despite logistical complications in Saudi Arabia that affected some deliveries, these figures continue a trend of record achievements for Lucid, marking their fifth consecutive quarter of record deliveries.</li></ul>

Lucid Group's Q1 2025 results reveal a mixed performance, reflecting both progress and challenges amidst a complex industry landscape.The company reported significant strides in vehicle production and deliveries, notably achieving a 28% year-over-year increase in production to 2,212 vehicles and a 58% increase in deliveries to 3,109 vehicles.Despite logistical complications in Saudi Arabia that affected some deliveries, these figures continue a trend of record achievements for Lucid, marking their fifth consecutive quarter of record deliveries.

Lucid Group: Product Portfolio Expansion & Innovation For Survival As EV Competition Intensifies Globally!

<ul>
<li>Solactive has announced the review results for the Global Lithium Index. There are no constituent changes for the index but there will be capping changes for a few stocks.</li>
<li>Estimated one-way turnover is 10.8% and will result in a round-trip trade of US$208m. There are some stocks with over 0.5x ADV to trade.</li>
<li>The index has been in a secular downtrend over the last few years and there have been big redemptions from ETFs tracking the index.</li>
</ul>


Solactive has announced the review results for the Global Lithium Index. There are no constituent changes for the index but there will be capping changes for a few stocks.
Estimated one-way turnover is 10.8% and will result in a round-trip trade of US$208m. There are some stocks with over 0.5x ADV to trade.
The index has been in a secular downtrend over the last few years and there have been big redemptions from ETFs tracking the index.


Solactive Global Lithium Index Rebalance: Passive Flows Next Week

United States

Lucid Group Inc. operates as an automotive company. The Company manufactures luxury electric cars, as well as provides energy storage and original equipment solutions. Lucid Group serves customers in the United States and Canada.

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Lucid Group (LCID US)

CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the...

Angus Mackintosh

Solactive Global Lithium Index Rebalance: Two Adds and Capping Changes

There are 2 adds and capping changes for the Global Lithium Index next week. Estimated one-way turnover is 26.3% and the round-trip trade is...

Brian Freitas

Lucid Group Strikes A $300 Million Uber Deal — Can Partnerships Supercharge Its EV Future?

Lucid Group's latest earnings announcement presents a complex picture for potential investors, highlighting both progress and ongoing challenges...

Baptista Research

Lucid Group: Product Portfolio Expansion & Innovation For Survival As EV Competition Intensifies Globally!

Lucid Group's Q1 2025 results reveal a mixed performance, reflecting both progress and challenges amidst a complex industry landscape. The company...

Baptista Research

Solactive Global Lithium Index Rebalance: Passive Flows Next Week

There are capping changes for the Global Lithium Index next week. Estimated one-way turnover is 10.8% resulting in a round-trip trade of US$208m....

Brian Freitas

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