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

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div><h3>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/indonesia-more-rate-cuts-to-spur-recovery-after-recent-structural-reform" target="_blank" rel="noopener"> Indonesia: More Rate Cuts to Spur Recovery After Recent Structural Reform</a>, CrossASEAN Cheif Economist<a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" rel="noopener"> Prasenjit K. Basu</a> discusses Indonesia's economic outlook. With the current account in surplus in 2H 2020, and inflation below BI's 2-4% target for 9 months, we expect the policy rate to decline by 50bp over the next half-year, spurring a strong above-consensus rebound to 6.7% real GDP growth. Structural reforms that have made the labor market more flexible and created an equity-funded vehicle to expedite infrastructure investment, will contribute to the economic acceleration, as will the spill-over from 2020's unspent fiscal stimulus, and this year's continued fiscal accommodation. </p><h3>Equity Bottom Up</h3><div>
<p>In <a href="https://www.smartkarma.com/insights/sea-ltd-se-us-the-stickiness-of-shopee-food" target="_blank" data-smartkarma-citation="insights:49939" rel="noopener">Sea Ltd (SE US) - The Stickiness of Shopee Food</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits the company after it launched its food delivery service ShopeeFood in Indonesia.</p>
<p>In<a href="https://www.smartkarma.com/insights/indocement-tunggal-prakarsa-intp-ij-bunkering-down-for-a-better-year" target="_blank" rel="noopener"> Indocement Tunggal Prakarsa (INTP IJ) - Bunkering Down for a Better Year</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back on<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" rel="noopener"> Indocement Tunggal Prakarsa (INTP IJ)</a> after its FY2020 results and a call with management.</p>
</div><p>In<a href="https://www.smartkarma.com/insights/mnc-vision-networks-iptv-ij-spac-listing-to-realize-value" target="_blank" rel="noopener"> MNC Vision Networks (IPTV IJ) - SPAC Listing to Realize Value</a>, CrossASEAN Insight Provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> takes a look at<a href="https://www.smartkarma.com/entities/mnc-vision-networks-tbk-pt" target="_blank" rel="noopener"> MNC Vision Networks (IPTV IJ)</a>'s subsidiary, PT Asia Vision Network (AVN), after it announced that it will merge with Malacca Straits Acquisition Company Limited (NASDAQ: MLAC), a NASDAQ listed SPAC. </p><p>In<a href="https://www.smartkarma.com/insights/adi-sarana-armada-assa-ij-to-the-last-mile-and-beyond" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ) - To the Last Mile and Beyond</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> hosted a webinar with senior management of <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> that revealed a positive outlook for the business, with expectations of real growth momentum with its last-mile delivery, Anteraja. </p><p>In<a href="https://www.smartkarma.com/insights/airport-of-thailand-aot-tourists-come-back" target="_blank" rel="noopener"> Airport of Thailand (AOT): Tourists, Come Back.</a>,<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> revisits<a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" rel="noopener"> Airports of Thailand (AOT TB)</a> after the Thai government announced that quarantine requirements will be waived for vaccinated foreign visitors arriving on the resort island of Phuket from July 1st. </p><p>In<a href="https://www.smartkarma.com/insights/rs-go-big-with-new-products" target="_blank" rel="noopener"> RS: Go Big with New Products</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> circles back to <a href="https://www.smartkarma.com/entities/rs-pcl" target="_blank" rel="noopener"> RS PCL (RS TB)</a> after the company launched collagen products and laid out its plans for cannabis products.</p><h3>
<a href="https://www.smartkarma.com/entities/rs-pcl" target="_blank" data-smartkarma-citation="entities:18114:1" rel="noopener"></a>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/morning-views-asia-gajah-tunggal" target="_blank" rel="noopener"> Morning Views Asia: Gajah Tunggal</a>, credit analyst<a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" rel="noopener"> Leonard Law, CFA</a> returns to look at<a href="https://www.smartkarma.com/entities/gajah-tunggal-tbk-pt" target="_blank" rel="noopener"> Gajah Tunggal (GJTL IJ)</a> after the company announced that it will issue up to USD270m in notes, following the approval at an EGM held on March 25th, after an earlier failed attempt.</p><p>In<a href="https://www.smartkarma.com/insights/jababeka-earnings-flash-fy-2020-results-lucror-analytics" target="_blank" rel="noopener"> Jababeka - Earnings Flash - FY 2020 Results</a> provides commentary on<a href="https://www.smartkarma.com/entities/kawasan-industri-jababeka-tbk-pt" target="_blank" rel="noopener"> Kawasan Industri Jababeka (KIJA IJ)</a> after it released its FY 2020 results. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
Macro InsightsIn Indonesia: More Rate Cuts to Spur Recovery After Recent Structural Reform, CrossASEAN Cheif Economist Prasenjit K. Basu discusses Indonesia's economic outlook. With the current account in surplus in 2H 2020, and inflation below BI's 2-4% target for 9 months, we expect the policy rate to decline by 50bp over the next half-year, spurring a strong above-consensus rebound to 6.7% real GDP growth. Structural reforms that have made the labor market more flexible and created an equity-funded vehicle to expedite infrastructure investment, will contribute to the economic acceleration, as will the spill-over from 2020's unspent fiscal stimulus, and this year's continued fiscal accommodation. Equity Bottom Up
In Sea Ltd (SE US) - The Stickiness of Shopee Food, CrossASEAN Insight Provider Angus Mackintosh revisits the company after it launched its food delivery service ShopeeFood in Indonesia.
In Indocement Tunggal Prakarsa (INTP IJ) - Bunkering Down for a Better Year, CrossASEAN insight provider Angus Mackintosh reports back on Indocement Tunggal Prakarsa (INTP IJ) after its FY2020 results and a call with management.
In MNC Vision Networks (IPTV IJ) - SPAC Listing to Realize Value, CrossASEAN Insight Provider Angus Mackintosh takes a look at MNC Vision Networks (IPTV IJ)'s subsidiary, PT Asia Vision Network (AVN), after it announced that it will merge with Malacca Straits Acquisition Company Limited (NASDAQ: MLAC), a NASDAQ listed SPAC. In Adi Sarana Armada (ASSA IJ) - To the Last Mile and Beyond, Angus Mackintosh hosted a webinar with senior management of Adi Sarana Armada (ASSA IJ) that revealed a positive outlook for the business, with expectations of real growth momentum with its last-mile delivery, Anteraja. In Airport of Thailand (AOT): Tourists, Come Back., Henry Soediarko revisits Airports of Thailand (AOT TB) after the Thai government announced that quarantine requirements will be waived for vaccinated foreign visitors arriving on the resort island of Phuket from July 1st. In RS: Go Big with New Products, Country Group circles back to  RS PCL (RS TB) after the company launched collagen products and laid out its plans for cannabis products.
Credit InsightsIn Morning Views Asia: Gajah Tunggal, credit analyst Leonard Law, CFA returns to look at Gajah Tunggal (GJTL IJ) after the company announced that it will issue up to USD270m in notes, following the approval at an EGM held on March 25th, after an earlier failed attempt.In Jababeka - Earnings Flash - FY 2020 Results provides commentary on Kawasan Industri Jababeka (KIJA IJ) after it released its FY 2020 results. 

The Easter Week That Was in ASEAN@Smartkarma - ShopeeFood, Indonesia's 1st US SPAC, and Indocement

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/mnc-vision-networks-tbk-pt" target="_blank" data-smartkarma-citation="entities:28658:1" rel="noopener">MNC Vision Networks (IPTV IJ)</a>'s subsidiary, PT Asia Vision Network (AVN), just announced that it will merge with Malacca Straits Acquisition Company Limited (NASDAQ: MLAC), a NASDAQ listed SPAC. This would be the first Indonesian company to undertake a SPAC listing in the U.S.</p>
<p>With the merger, the company's valuation is estimated to reach USD573m, with the transaction expected to be completed by the end of 2Q2021 or early  3Q2021. The transaction is also expected to bring around USD135m in fresh funds to the company, assuming there's no adjustment to the purchase price. </p>
<p>PT Asia Vision Network (AVN) is Indonesia’s fastest-growing Over-The-Top (OTT) media business and is the holding company of Vision+, the 3rd largest broadband, and IPTV operator in Indonesia.</p>
<p><a href="https://www.smartkarma.com/entities/malacca-straits-acquisition-company-limited" target="_blank" data-smartkarma-citation="entities:32226:1" rel="noopener">Malacca Straits Acquisition Company (MLAC US)</a> is a publicly-traded special-purpose acquisition company, owned by Kenneth Ng, who has a fund management background. </p>
<p>President Director of <a href="https://www.smartkarma.com/entities/global-mediacom-tbk-pt" target="_blank" data-smartkarma-citation="entities:14005:1" rel="noopener">Global Mediacom (BMTR IJ)</a>, Hary Tanoesoedibjo, the major shareholder of <a href="https://www.smartkarma.com/entities/mnc-vision-networks-tbk-pt" target="_blank" data-smartkarma-citation="entities:28658:1" rel="noopener">MNC Vision Networks (IPTV IJ)</a> stated that the merger would not only help increase the company's cash flow but also strengthen the company's position as one of the leaders in the Indonesian OTT market. </p>
<p>A successful SPAC listing for Asia Vision Networks (AVN) has the potential to crystalize some of the hidden value from its underlying businesses through a NASDAQ listing and hence provide a reference valuation for <a href="https://www.smartkarma.com/entities/mnc-vision-networks-tbk-pt" target="_blank" data-smartkarma-citation="entities:28658:1" rel="noopener">MNC Vision Networks (IPTV IJ),</a> as it remains the major shareholder even after the proposed SPAC listing is complete.</p>
<p>The belief is that AVN's growth potential will be more appreciated by US investors, especially since that market has a more developed IPTV and broadband ecosystem. Penetration rates for both Pay-TV and high-speed broadband are still very low in Indonesia relative to other ASEAN countries, underpinning future growth prospects. </p>

MNC Vision Networks (IPTV IJ)'s subsidiary, PT Asia Vision Network (AVN), just announced that it will merge with Malacca Straits Acquisition Company Limited (NASDAQ: MLAC), a NASDAQ listed SPAC. This would be the first Indonesian company to undertake a SPAC listing in the U.S.
With the merger, the company's valuation is estimated to reach USD573m, with the transaction expected to be completed by the end of 2Q2021 or early  3Q2021. The transaction is also expected to bring around USD135m in fresh funds to the company, assuming there's no adjustment to the purchase price. 
PT Asia Vision Network (AVN) is Indonesia’s fastest-growing Over-The-Top (OTT) media business and is the holding company of Vision+, the 3rd largest broadband, and IPTV operator in Indonesia.
Malacca Straits Acquisition Company (MLAC US) is a publicly-traded special-purpose acquisition company, owned by Kenneth Ng, who has a fund management background. 
President Director of Global Mediacom (BMTR IJ), Hary Tanoesoedibjo, the major shareholder of MNC Vision Networks (IPTV IJ) stated that the merger would not only help increase the company's cash flow but also strengthen the company's position as one of the leaders in the Indonesian OTT market. 
A successful SPAC listing for Asia Vision Networks (AVN) has the potential to crystalize some of the hidden value from its underlying businesses through a NASDAQ listing and hence provide a reference valuation for MNC Vision Networks (IPTV IJ), as it remains the major shareholder even after the proposed SPAC listing is complete.
The belief is that AVN's growth potential will be more appreciated by US investors, especially since that market has a more developed IPTV and broadband ecosystem. Penetration rates for both Pay-TV and high-speed broadband are still very low in Indonesia relative to other ASEAN countries, underpinning future growth prospects. 

MNC Vision Networks (IPTV IJ) - SPAC Listing to Realize Value

Hong Kong

Malacca Straits Acquisition Company Limited operates as a blank check company. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, and similar business combination with one or more businesses.

Malacca Straits Acquisition Company (MLAC US)

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Malacca Straits Acquisition Company (MLAC US)

The Easter Week That Was in ASEAN@Smartkarma - ShopeeFood, Indonesia's 1st US SPAC, and Indocement

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...

Angus Mackintosh

MNC Vision Networks (IPTV IJ) - SPAC Listing to Realize Value

MNC Vision (IPTV IJ) will push forward with a SPAC listing for its IPTV and Broadband business under Asia Vision Networks. This should be a provide...

Angus Mackintosh

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