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 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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-macro-watch-august-the-new-tech-wars-chinese-flood" target="_blank" data-smartkarma-citation="insights:42012" rel="noopener">Thai Macro Watch (August): The New Tech Wars, Chinese Flood</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> five global events and their impact on Thai equities.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ace-hardware-indonesia-aces-ij-building-a-road-to-recovery" target="_blank" data-smartkarma-citation="insights:42520" rel="noopener">Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery,</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 one of Indonesia's leading retailers after a call with management.</p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-the-landed-logistics-player" target="_blank" data-smartkarma-citation="insights:42569" rel="noopener">AKR Corporindo (AKRA IJ) - The Landed Logistics Player,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. </p><p>In <a href="https://www.smartkarma.com/insights/sats-from-serving-22-5m-pax-in-1q20-to-serving-200k-pax-in-1q21-houston-we-have-a-problem" target="_blank" data-smartkarma-citation="insights:42488" rel="noopener">SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem.</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits Singapore airport maintenance leader post its recent numbers. </p><p>In <a href="https://www.smartkarma.com/insights/permata-bank-mandatory-takeover-launched-finally" target="_blank" data-smartkarma-citation="insights:42577" rel="noopener">Permata Bank Mandatory Takeover Launched. Finally.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits the <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata (BNLI IJ)</a> deal as it enters its final stage.</p><p>In <a href="https://www.smartkarma.com/insights/sprime-good-point-of-entry-singha-connection-could-add-further-upside" target="_blank" data-smartkarma-citation="insights:42589" rel="noopener">SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/aimirt-good-growth-outlook-but-already-priced-in" target="_blank" data-smartkarma-citation="insights:42639" rel="noopener">AIMIRT: Good Growth Outlook, but Already Priced In</a> initiates coverage on <a href="https://www.smartkarma.com/entities/aim-industrial-growth-freehold-and-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:29180:1" rel="noopener">AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB)</a> with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-cost-savings-and-government-stimulus-to-drive-profit" target="_blank" data-smartkarma-citation="insights:42628" rel="noopener">TEAMG: Cost-Savings and Government Stimulus to Drive Profit,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/team-consulting-engineering-and-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering and Management (TEAMG TB)</a> and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/sisb-good-entry-point-for-investment-in-private-schools" target="_blank" data-smartkarma-citation="insights:42632" rel="noopener">SISB: Good Entry Point for Investment in Private Schools,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.</p><p>In <a href="https://www.smartkarma.com/insights/sflex-staying-behind-key-players-in-the-market" target="_blank" data-smartkarma-citation="insights:42679" rel="noopener">SFLEX: Staying Behind Key Players in the Market,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/starflex-pcl" target="_blank" data-smartkarma-citation="entities:29172:1" rel="noopener">Starflex PCL (SFLEX TB)</a> with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/boffice-asset-expansion-motivates-the-upside" target="_blank" data-smartkarma-citation="insights:42678" rel="noopener">BOFFICE: Asset Expansion Motivates the Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/bhiraj-office-leasehold-reit" target="_blank" data-smartkarma-citation="entities:29173:1" rel="noopener">Bhiraj Office Leasehold REIT (BOFFICE TB)</a> with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/all-valuation-remains-undemanding-expect-further-upside" target="_blank" data-smartkarma-citation="insights:42635" rel="noopener">ALL: Valuation Remains Undemanding, Expect Further Upside</a>, <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/all-inspire-development-pcl" target="_blank" data-smartkarma-citation="entities:29177:1" rel="noopener">All Inspire Development PCL (ALL TB),</a> where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/m-rapid-sssg-recovery-with-potential-growth-from-seafood-restaurant" target="_blank" data-smartkarma-citation="insights:42578" rel="noopener">M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.</p><p>In <a href="https://www.smartkarma.com/insights/egco-positive-2h20-earnings-outlook-from-better-overseas-performance" target="_blank" data-smartkarma-citation="insights:42634" rel="noopener">EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/electricity-generating-pcl" target="_blank" data-smartkarma-citation="entities:6149:1" rel="noopener">Electricity Generating (EGCO TB)</a> after the company's positive analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/wice-expect-earnings-to-continue-growing-yoy-in-2h20" target="_blank" data-smartkarma-citation="insights:42537" rel="noopener">WICE: Expect Earnings to Continue Growing YoY in 2H20,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/wice-logistics-pcl" target="_blank" data-smartkarma-citation="entities:26172:1" rel="noopener">Wice Logistics (WICE TB)</a> after going to the company's analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/hana-covid-19-impact-has-passed" target="_blank" data-smartkarma-citation="insights:42575" rel="noopener">HANA: Covid-19 Impact Has Passed,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits one of Thailand's leading electronics manufacturing services companies. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-most-to-recover" target="_blank" data-smartkarma-citation="insights:42493" rel="noopener">Indonesia Banks – Most To Recover?,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zooms in on the potential recovery to come for Indonesian Banks. </p><div><div><div id="ember9100"><div><section><div id="ember9112"><div><p>In <a href="https://www.smartkarma.com/insights/asia-banks-oversized-dividends" target="_blank" data-smartkarma-citation="insights:42535" rel="noopener">Asia Banks – Oversized Dividends,</a><a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on dividend payments for Asian banks during the pandemic period. </p></div></div></section></div></div></div></div><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-pondering-pricing-on-a-promised-new-issue" target="_blank" data-smartkarma-citation="insights:42524" rel="noopener">Bank Rakyat Indonesia: Pondering Pricing on a Promised New Issue</a><a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> takes a look at the proposed US$1bn bond issue from <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> and finds it appealing. <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> could price a potential five-year senior unsecured </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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn Thai Macro Watch (August): The New Tech Wars, Chinese Flood, our Thai guru Athaporn Arayasantiparb, CFA five global events and their impact on Thai equities.Equity Bottom-Up InsightsIn Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading retailers after a call with management.In AKR Corporindo (AKRA IJ) - The Landed Logistics Player,Angus Mackintosh revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. In SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem. CrossASEAN Insight Provider Nicolas Van Broekhoven revisits Singapore airport maintenance leader post its recent numbers. In Permata Bank Mandatory Takeover Launched. Finally.Travis Lundy revisits the Bank Permata (BNLI IJ) deal as it enters its final stage.In SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. In AIMIRT: Good Growth Outlook, but Already Priced In initiates coverage on AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB) with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. In TEAMG: Cost-Savings and Government Stimulus to Drive Profit,Dr Andrew Stotz, CFA revisits TEAM Consulting Engineering and Management (TEAMG TB) and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. In SISB: Good Entry Point for Investment in Private Schools,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.In SFLEX: Staying Behind Key Players in the Market,Dr Andrew Stotz, CFA initiates coverage on Starflex PCL (SFLEX TB) with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. In BOFFICE: Asset Expansion Motivates the Upside,Dr Andrew Stotz, CFA initiates coverage on Bhiraj Office Leasehold REIT (BOFFICE TB) with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. In ALL: Valuation Remains Undemanding, Expect Further Upside, Dr Andrew Stotz, CFA revisits All Inspire Development PCL (ALL TB), where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. In M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant, our friends at Country Group circle back to MK Restaurants Group (M TB) after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.In EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,Country Group revisit Electricity Generating (EGCO TB) after the company's positive analyst briefing. In WICE: Expect Earnings to Continue Growing YoY in 2H20,Country Group circle back to Wice Logistics (WICE TB) after going to the company's analyst briefing. In HANA: Covid-19 Impact Has Passed,Country Group revisits one of Thailand's leading electronics manufacturing services companies. Sector and Thematic InsightsIn Indonesia Banks – Most To Recover?, banking specialist Daniel Tabbush zooms in on the potential recovery to come for Indonesian Banks. In Asia Banks – Oversized Dividends,Daniel Tabbush zeros in on dividend payments for Asian banks during the pandemic period. Credit InsightsIn Bank Rakyat Indonesia: Pondering Pricing on a Promised New IssueHank Calenti, CFA takes a look at the proposed US$1bn bond issue from Bank Rakyat Indonesia Persero (BBRI IJ) and finds it appealing. Bank Rakyat Indonesia Persero (BBRI IJ) could price a potential five-year senior unsecured 

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

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<p>This past week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.</p>
<p>The past week's highlights in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> include political commentary from <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> on recent changes to laws relating to the Anti-Corruption Commission (KPK) in Indonesia, a strategy  update on the Vietnam market from <a href="https://www.smartkarma.com/profiles/dylan-waller" target="_blank" data-smartkarma-citation="accounts:334" rel="noopener">Dylan Waller,</a> an insight on Indonesian Hospital stock <a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> from CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> following a conversation with management, an insight on Indonesian tile player <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> from <a href="https://www.smartkarma.com/profiles/lloyd-moffatt" target="_blank" data-smartkarma-citation="accounts:1763" rel="noopener">Lloyd Moffatt,</a> and an insight on the top three company visits over the last two months from <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA.</a> </p>
</div>
<h2>Macro Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/widodo-scuppers-kpk-world-bank-warns-about-policy-credibility-and-ministers-dither" target="_blank" data-smartkarma-citation="insights:32424" rel="noopener">Widodo Scuppers KPK, World Bank Warns About Policy Credibility -- And Ministers Dither,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the most important Political and Economic developments in Indonesia over the past week. President Widodo allowed a disreputable two-star police general to become the next chair of the crown jewel of Indonesia's public sector, the independent Anti-Corruption Commission (KPK).  He also allowed parliament to proceed with a KPK Law revision designed to curb the commission's power and independence.  This marks a reversal on governance reform that affects international perceptions of Indonesia, elevates risk and complicates prospects for preserving macro-economic stability.  </p>
<p>In <a href="https://www.smartkarma.com/insights/vietnam-market-update-september-2019" target="_blank" data-smartkarma-citation="insights:32281" rel="noopener">Vietnam Market Update: September 2019,</a> Frontiersman <a href="https://www.smartkarma.com/profiles/dylan-waller" target="_blank" data-smartkarma-citation="accounts:334" rel="noopener">Dylan Waller</a> zeros in on Vietnam's prospects in light of continues momentum behind foreign direct investment (FDI) into the country.</p>
<h2>Equity Bottom-Up Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/siloam-international-hospital-silo-ij-medical-marvel-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:32267" rel="noopener">Siloam International Hospital (SILO IJ) - Medical Marvel,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest hospital chain folliwng recent results and a conversation with management. He finds a company in increasingly fine fettle.</p>
<p>In <a href="https://www.smartkarma.com/insights/axiata-value-to-be-unlocked-as-bidders-crowd-around-its-valuable-parts" target="_blank" data-smartkarma-citation="insights:32358" rel="noopener">Axiata: Value to Be Unlocked as Bidders Crowd Around Its Valuable Parts,</a> CrossASEAN insight provider <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> revisits <a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata Group (AXIATA MK)</a> with the company in play as a break-up story. </p>
<p>In <a href="https://www.smartkarma.com/insights/arwana-arna-ij-a-turnaround-in-full-swing" target="_blank" data-smartkarma-citation="insights:32330" rel="noopener">Arwana (ARNA IJ) – A Turnaround in Full Swing,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/lloyd-moffatt" target="_blank" data-smartkarma-citation="accounts:1763" rel="noopener">Lloyd Moffatt</a> revisits Indonesia's most efficient tile manufacturer and is increasingly convinced of the longevity of this story. </p>
<p>In <a href="https://www.smartkarma.com/insights/allhome-ipo-valuation-tailored-for-growth-investors" target="_blank" data-smartkarma-citation="insights:32356" rel="noopener">AllHome IPO: Valuation Tailored for Growth Investors,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> comments further on this upcoming IPO in the Philippines. </p>
<p>In <a href="https://www.smartkarma.com/insights/allhome-ipo-valuation-cutting-it-close" target="_blank" data-smartkarma-citation="insights:32417" rel="noopener">AllHome IPO Valuation - Cutting It Close,</a><a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a> circles back to this upcoming IPO in the Philippines and puts it through our ECM framework and updates on valuations. </p>
<p><a href="https://www.smartkarma.com/entities/allhome-corp" target="_blank" data-smartkarma-citation="entities:28227:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/ipo-stalker-dohome-grows-profits-without-revenue-growth" target="_blank" data-smartkarma-citation="insights:31904" rel="noopener">IPO Stalker: DoHome Grows Profits Without Revenue Growth,</a> out Thai guru zeros in on recent Thai IPO of furniture retailer Dohome. </p>
<p>In <a href="https://www.smartkarma.com/insights/holcim-san-miguel-s-phase-ii-review-and-the-rebuttable-presumption" target="_blank" data-smartkarma-citation="insights:32296" rel="noopener">Holcim/San Miguel's Phase II Review And The Rebuttable Presumption,</a> Ballingall events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> examines the stymied progress of this takeover situation. </p>
<h2>Sector and Thematic Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/healthcare-sector-national-health-insurance-revolution-impact-on-heal-mika-silo" target="_blank" data-smartkarma-citation="insights:32407" rel="noopener">Healthcare Sector: National Health Insurance Revolution, Impact on HEAL, MIKA, SILO,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a> examines the potential impact of proposed government initiatives to address the Health and Social Security Deficit. </p>
<p>In <a href="https://www.smartkarma.com/insights/golden-agri-wilmar-avoid-till-the-smoke-clears" target="_blank" data-smartkarma-citation="insights:32431" rel="noopener">Golden Agri &amp; Wilmar – Avoid till the Smoke Clears,</a> commodities specialist <a href="https://www.smartkarma.com/profiles/charles-spencer" target="_blank" data-smartkarma-citation="accounts:2362" rel="noopener">Charles Spencer</a> examines the impact of the current pick up in haze pollution from peat fires burning from plantations in Indonesia, namely from Sumatra and Kalimantan.</p>
<p>In <a href="https://www.smartkarma.com/insights/the-best-of-august-september-2019" target="_blank" data-smartkarma-citation="insights:31913" rel="noopener">The Best of August/September 2019,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> pulls out his three most interesting company visits over the last two months, including <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB),</a><a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a>, and <a href="https://www.smartkarma.com/entities/dohome-pcl" target="_blank" data-smartkarma-citation="entities:27331:1" rel="noopener">Dohome PCL (DO TB)</a>.</p>
<p>In <a href="https://www.smartkarma.com/insights/snippets-27-ais-pays-for-towers-mk-acquires-seafood-chain" target="_blank" data-smartkarma-citation="insights:32278" rel="noopener">Snippets #27: AIS Pays for Towers, MK Acquires Seafood Chain,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> plucks out the five most important developments or pieces on newsflow that may affect the Thai market.  </p>


This past week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.
The past week's highlights in ASEAN@Smartkarma include political commentary from Kevin O’Rourke on recent changes to laws relating to the Anti-Corruption Commission (KPK) in Indonesia, a strategy  update on the Vietnam market from Dylan Waller, an insight on Indonesian Hospital stock Siloam International Hospital (SILO IJ) from CrossASEAN Insight Provider Angus Mackintosh following a conversation with management, an insight on Indonesian tile player Arwana Citramulia (ARNA IJ) from Lloyd Moffatt, and an insight on the top three company visits over the last two months from Athaporn Arayasantiparb, CFA. 

Macro Insights
In Widodo Scuppers KPK, World Bank Warns About Policy Credibility -- And Ministers Dither, CrossASEAN Insight Provider Kevin O’Rourke comments on the most important Political and Economic developments in Indonesia over the past week. President Widodo allowed a disreputable two-star police general to become the next chair of the crown jewel of Indonesia's public sector, the independent Anti-Corruption Commission (KPK).  He also allowed parliament to proceed with a KPK Law revision designed to curb the commission's power and independence.  This marks a reversal on governance reform that affects international perceptions of Indonesia, elevates risk and complicates prospects for preserving macro-economic stability.  
In Vietnam Market Update: September 2019, Frontiersman Dylan Waller zeros in on Vietnam's prospects in light of continues momentum behind foreign direct investment (FDI) into the country.
Equity Bottom-Up Insights
In Siloam International Hospital (SILO IJ) - Medical Marvel,Angus Mackintosh revisits Indonesia's largest hospital chain folliwng recent results and a conversation with management. He finds a company in increasingly fine fettle.
In Axiata: Value to Be Unlocked as Bidders Crowd Around Its Valuable Parts, CrossASEAN insight provider Prasenjit K. Basu revisits Axiata Group (AXIATA MK) with the company in play as a break-up story. 
In Arwana (ARNA IJ) – A Turnaround in Full Swing, CrossASEAN Insight Provider Lloyd Moffatt revisits Indonesia's most efficient tile manufacturer and is increasingly convinced of the longevity of this story. 
In AllHome IPO: Valuation Tailored for Growth Investors,Arun George comments further on this upcoming IPO in the Philippines. 
In AllHome IPO Valuation - Cutting It Close,Zhen Zhou, Toh circles back to this upcoming IPO in the Philippines and puts it through our ECM framework and updates on valuations. 
In IPO Stalker: DoHome Grows Profits Without Revenue Growth, out Thai guru zeros in on recent Thai IPO of furniture retailer Dohome. 
In Holcim/San Miguel's Phase II Review And The Rebuttable Presumption, Ballingall events specialist David Blennerhassett examines the stymied progress of this takeover situation. 
Sector and Thematic Insights
In Healthcare Sector: National Health Insurance Revolution, Impact on HEAL, MIKA, SILO, CrossASEAN Insight Provider Jessica Irene examines the potential impact of proposed government initiatives to address the Health and Social Security Deficit. 
In Golden Agri &amp; Wilmar – Avoid till the Smoke Clears, commodities specialist Charles Spencer examines the impact of the current pick up in haze pollution from peat fires burning from plantations in Indonesia, namely from Sumatra and Kalimantan.
In The Best of August/September 2019,Athaporn Arayasantiparb, CFA pulls out his three most interesting company visits over the last two months, including Intouch Holdings (INTUCH TB),Minor International (MINT TB), and Dohome PCL (DO TB).
In Snippets #27: AIS Pays for Towers, MK Acquires Seafood Chain,Athaporn Arayasantiparb, CFA plucks out the five most important developments or pieces on newsflow that may affect the Thai market.  

The Week that Was in ASEAN@Smartkarma - Vietnam, Hospitals, and Home Decor

<div class="content-highlight">
<p>This week's offering of Insights across <strong><a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> </strong>is filled with another eclectic mix of differentiated, substantive and actionable insights from across <strong>South East Asia</strong> and includes <strong>macro, top-down </strong>and<strong> thematic pieces</strong>, as well as <strong>actionable equity bottom-up pieces</strong>. Please find a brief summary below, with a fuller write up in the detailed section.</p>
<p>This week's highlights include an update from <strong>CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a></strong> on the running order ahead of the <strong>upcoming Indonesian Election on 17th April.</strong> In the Equity-Bottom-up section, <strong><a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a></strong> circles back <strong><a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">Pt Matahari Department Store (LPPF IJ)</a></strong> post its <strong>underwhelming results</strong> and we have a number on <strong>contrasting views on e-commerce player <a href="https://www.smartkarma.com/entities/8509" target="_blank" data-smartkarma-citation="entities:8509:1">Sea Ltd (SE US)</a></strong> post the announcement of its recent placement, which was bigger than its IPO from <strong><a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a>, </strong>and <strong><a href="https://www.smartkarma.com/profiles/1486" target="_blank" data-smartkarma-citation="accounts:1486">Rickin Thakrar</a>.</strong> </p>
</div><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/politics-uncertainty-and-bad-policy-the-third-wheels-of-profits-and-the-investment-cycle" target="_blank" data-smartkarma-citation="insights:28325">Politics, Uncertainty and Bad Policy: The Third Wheels of Profits and the Investment Cycle</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> discusses the outlook for Asian Markets in light of a rising profit upcycle. </p><p>In <a href="https://www.smartkarma.com/insights/widodo-leads-59-31-ia-cepa-holds-promise-online-permitting-progresses-rights-activist-arrested" target="_blank" data-smartkarma-citation="insights:28475">Widodo Leads 59-31 / IA-Cepa Holds Promise / Online Permitting Progresses / Rights Activist Arrested</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> analyses the most important political and economic developments over the past week. </p><p>In <a href="https://www.smartkarma.com/insights/philippines-february-inflation-eases-back-to-bsp-s-inflation-target-range" target="_blank" data-smartkarma-citation="insights:28463">Philippines: February Inflation Eases Back to BSP’s Inflation Target Range</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> comments on the latest inflation numbers out of the Philippines. </p><h2>Equity Bottom-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/matahari-department-store-lppf-ij-a-retail-conundrum" target="_blank" data-smartkarma-citation="insights:28391">Matahari Department Store (LPPF IJ) - A Retail Conundrum</a>,  CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circles back to this beaten up retailer post FY18 results, which represents a retail conundrum. </p><p>In <a href="https://www.smartkarma.com/insights/pt-bank-rakyat-indonesia-persero-rather-rich-for-a-bargain-hunter" target="_blank" data-smartkarma-citation="insights:28442">PT Bank Rakyat Indonesia (Persero): Rather Rich for a Bargain Hunter</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> takes a close look at Indonesia'sbiggest micro-lender. <a href="https://www.smartkarma.com/entities/484" target="_blank" data-smartkarma-citation="entities:484:1">Bank Rakyat Indonesia Perser (BBRI IJ)</a> seems to be doing a great deal right to perhaps satisfy a punchy valuation. </p><p>In <a href="https://www.smartkarma.com/insights/ocbc-difficult-to-square" target="_blank" data-smartkarma-citation="insights:28454">OCBC – Difficult to Square</a>, <a href="https://www.smartkarma.com/profiles/12" target="_blank" data-smartkarma-citation="accounts:12">Daniel Tabbush</a> zooms in on this Singapore lender and finds it less than attractive with some conflicting numbers. </p><p>In <a href="https://www.smartkarma.com/insights/mint-s-first-post-acquisition-update" target="_blank" data-smartkarma-citation="insights:28451">MINT's First Post-Acquisition Update</a>, our Thai Guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> circles back to leading Thai hotel operator <a href="https://www.smartkarma.com/entities/2154" target="_blank" data-smartkarma-citation="entities:2154:1">Minor International (MINT TB)</a> plus updates on <a href="https://www.smartkarma.com/entities/15020" target="_blank" data-smartkarma-citation="entities:15020:1">Bangkok Dec Con (BKD TB)</a>. </p><p>In <a href="https://www.smartkarma.com/insights/delta-electronics-delta-tb-little-option-but-to-accept-the-tender-offer" target="_blank" data-smartkarma-citation="insights:28416">Delta Electronics (DELTA TB): Little Option but to Accept the Tender Offer</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> revisits <a href="https://www.smartkarma.com/entities/12688" target="_blank" data-smartkarma-citation="entities:12688:1">Delta Electronics (2308 TT)</a> and its ongoing takeover situation. </p><p>In <a href="https://www.smartkarma.com/insights/sea-ltd-placement-capitalizing-on-momentum" target="_blank" data-smartkarma-citation="insights:28366">Sea Ltd Placement - Capitalizing on Momentum</a>, <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Zhen Zhou, Toh</a> looks at this internet retailer following the announcement of a placement, which is larger than its IPO. </p><p>In <a href="https://www.smartkarma.com/insights/sea-ltd-follow-on-public-offering-an-opportunistic-fundraising" target="_blank" data-smartkarma-citation="insights:28358">Sea Ltd: Follow-On Public Offering an Opportunistic Fundraising?</a>, <a href="https://www.smartkarma.com/profiles/1079" target="_blank" data-smartkarma-citation="accounts:1079">Johannes Salim, CFA</a> circles back to <a href="https://www.smartkarma.com/entities/8509" target="_blank" data-smartkarma-citation="entities:8509:1">Sea Ltd (SE US)</a> following up on his recent Insight on the company. </p><p>In <a href="https://www.smartkarma.com/insights/sea-ltd-se-us-placement-a-good-opportunity-to-enter-an-attractive-story" target="_blank" data-smartkarma-citation="insights:28386">Sea Ltd (SE US): Placement a Good Opportunity to Enter an Attractive Story</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> comments on the recent placement by the company. </p><p>In <a href="https://www.smartkarma.com/insights/sea-ltd-se-us-placing-price-leaves-money-on-the-table" target="_blank" data-smartkarma-citation="insights:28434">Sea Ltd (SE US): Placing Price Leaves Money on the Table</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> revisits the company following confirmation of the price and size of its placement. </p><p>In <a href="https://www.smartkarma.com/insights/sea-ltd-se-us-the-bear-case-a-one-hit-wonder" target="_blank" data-smartkarma-citation="insights:28440">Sea Ltd (SE US): The Bear Case - A One-Hit Wonder?</a>, <a href="https://www.smartkarma.com/profiles/1486" target="_blank" data-smartkarma-citation="accounts:1486">Rickin Thakrar</a> takes a more negative stance referring to earlier insights from <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a>. </p><p>In <a href="https://www.smartkarma.com/insights/rhb-bank-placement-a-little-less-surprising-but-little-bit-bigger-deal" target="_blank" data-smartkarma-citation="insights:28404">RHB Bank Placement - A Little Less Surprising but Little Bit Bigger Deal</a>, <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> zeros in on the latest placement in <a href="https://www.smartkarma.com/entities/24161" target="_blank" data-smartkarma-citation="entities:24161:1">RHB Bank Bhd (RHBBANK MK)</a>.  </p><p>In <a href="https://www.smartkarma.com/insights/m-trimmed-2019-20e-earnings-forecast-by-12-and-19" target="_blank" data-smartkarma-citation="insights:28453">M: Trimmed 2019-20E Earnings Forecast by 12% and 19%</a>, our friends at <a href="https://www.smartkarma.com/companies/965" target="_blank" data-smartkarma-citation="companies:965">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/17689" target="_blank" data-smartkarma-citation="entities:17689:1">Mk Restaurants Group (M TB)</a> post the company's results. </p><p>In <a href="https://www.smartkarma.com/insights/accordia-golf-trust-agt-buy-but-please-consider-this" target="_blank" data-smartkarma-citation="insights:28414">Accordia Golf Trust (AGT): Buy but Please Consider This...</a>, <a href="https://www.smartkarma.com/profiles/1006" target="_blank" data-smartkarma-citation="accounts:1006">Henry Soediarko</a> zeros in on this golf play. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/thai-telcos-struggle-as-all-three-seek-to-gain-share-while-spectrum-risk-looms-again-in-2019" target="_blank" data-smartkarma-citation="insights:28371">Thai Telcos Struggle as All Three Seek to Gain Share While Spectrum Risk Looms Again in 2019.</a>, our friend at <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> revisit the Thai Telecom sector following recent results. </p><p>In <a href="https://www.smartkarma.com/insights/vietnam-market-update-deep-value-found-in-salient-themes" target="_blank" data-smartkarma-citation="insights:28223">Vietnam Market Update: Deep Value Found in Salient Themes</a>, Frontiersman <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a> seeks out attractive investment themes in Vietnam. </p>


This week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.
This week's highlights include an update from CrossASEAN Insight Provider Kevin O’Rourke on the running order ahead of the upcoming Indonesian Election on 17th April. In the Equity-Bottom-up section, Angus Mackintosh circles back Pt Matahari Department Store (LPPF IJ) post its underwhelming results and we have a number on contrasting views on e-commerce player Sea Ltd (SE US) post the announcement of its recent placement, which was bigger than its IPO from Johannes Salim, CFA, Arun George, and Rickin Thakrar. 
Macro InsightsIn Politics, Uncertainty and Bad Policy: The Third Wheels of Profits and the Investment Cycle, Dr. Jim Walker discusses the outlook for Asian Markets in light of a rising profit upcycle. In Widodo Leads 59-31 / IA-Cepa Holds Promise / Online Permitting Progresses / Rights Activist Arrested, CrossASEAN Insight Provider Kevin O’Rourke analyses the most important political and economic developments over the past week. In Philippines: February Inflation Eases Back to BSP’s Inflation Target Range, Jun Trinidad comments on the latest inflation numbers out of the Philippines. Equity Bottom-Up InsightsIn Matahari Department Store (LPPF IJ) - A Retail Conundrum,  CrossASEAN Insight provider Angus Mackintosh circles back to this beaten up retailer post FY18 results, which represents a retail conundrum. In PT Bank Rakyat Indonesia (Persero): Rather Rich for a Bargain Hunter, Paul Hollingworth takes a close look at Indonesia'sbiggest micro-lender. Bank Rakyat Indonesia Perser (BBRI IJ) seems to be doing a great deal right to perhaps satisfy a punchy valuation. In OCBC – Difficult to Square, Daniel Tabbush zooms in on this Singapore lender and finds it less than attractive with some conflicting numbers. In MINT's First Post-Acquisition Update, our Thai Guru Athaporn Arayasantiparb, CFA circles back to leading Thai hotel operator Minor International (MINT TB) plus updates on Bangkok Dec Con (BKD TB). In Delta Electronics (DELTA TB): Little Option but to Accept the Tender Offer, Arun George revisits Delta Electronics (2308 TT) and its ongoing takeover situation. In Sea Ltd Placement - Capitalizing on Momentum, Zhen Zhou, Toh looks at this internet retailer following the announcement of a placement, which is larger than its IPO. In Sea Ltd: Follow-On Public Offering an Opportunistic Fundraising?, Johannes Salim, CFA circles back to Sea Ltd (SE US) following up on his recent Insight on the company. In Sea Ltd (SE US): Placement a Good Opportunity to Enter an Attractive Story, Arun George comments on the recent placement by the company. In Sea Ltd (SE US): Placing Price Leaves Money on the Table, Arun George revisits the company following confirmation of the price and size of its placement. In Sea Ltd (SE US): The Bear Case - A One-Hit Wonder?, Rickin Thakrar takes a more negative stance referring to earlier insights from Arun George. In RHB Bank Placement - A Little Less Surprising but Little Bit Bigger Deal, Sumeet Singh zeros in on the latest placement in RHB Bank Bhd (RHBBANK MK).  In M: Trimmed 2019-20E Earnings Forecast by 12% and 19%, our friends at Country Group revisit Mk Restaurants Group (M TB) post the company's results. In Accordia Golf Trust (AGT): Buy but Please Consider This..., Henry Soediarko zeros in on this golf play. Sector and Thematic InsightsIn Thai Telcos Struggle as All Three Seek to Gain Share While Spectrum Risk Looms Again in 2019., our friend at New Street Research revisit the Thai Telecom sector following recent results. In Vietnam Market Update: Deep Value Found in Salient Themes, Frontiersman Dylan Waller seeks out attractive investment themes in Vietnam. 

The Week that Was in ASEAN@Smartkarma - Widodo Leads, a Retail Conundrum, and Indonesian E-Commerce

<div class="content-highlight">
<p>This past week's offering of Insights across <strong><a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> </strong>is filled with another eclectic mix of differentiated, substantive and actionable insights from across <strong>South East Asia</strong> and includes <strong>macro, top-down </strong>and<strong> thematic pieces</strong>, as well as <strong>actionable equity bottom-up pieces</strong>. Please find a brief summary below, with a fuller write up in the detailed section.</p>
<p>The top Macro Insight this week comes from <strong><a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr Jim Walker</a></strong> who takes a close look at the Thai Economy and finds a vibrant growth story domestically, despite recent slower headline GDP figures. In the equity-bottom-up space, the top three include two pieces from <strong>CrossASEAN</strong> Insight Provider <strong><a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a></strong> on <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1"><strong>Pt Matahari Department Store (LPPF IJ</strong>)</a> and <strong><a href="https://www.smartkarma.com/entities/878" target="_blank" data-smartkarma-citation="entities:878:1">Siloam International Hospitals (SILO IJ)</a></strong>, two beaten up Lippo Group companies and a trade idea from <strong><a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert </a></strong>on Hong Kong-listed SE Asian conglomerate <strong><a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a></strong>. We would also highlight a piece on the <strong>Thai Media</strong> sector from <strong><a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a></strong> looking at the <strong>latest spectrum swap between Pay TV and telecoms operators.</strong> </p>
</div><h2>Macro insights</h2><p>In <a href="https://www.smartkarma.com/insights/weak-headline-gdp-numbers-misleading-for-thai-growth" target="_blank" data-smartkarma-citation="insights:26469">Weak Headline GDP Numbers Misleading for Thai Growth</a>, <a href="https://www.smartkarma.com/profiles/1628" target="_blank" data-smartkarma-citation="accounts:1628">Dr. Jim Walker</a> suggests that economic growth in Thailand is being underestimated, with domestic consumption now booming. </p><p>In <a href="https://www.smartkarma.com/insights/finance-minister-s-expanded-tax-holidays-for-pioneer-industries-lazy-policymaking" target="_blank" data-smartkarma-citation="insights:26424">Finance Minister's Expanded Tax Holidays for Pioneer Industries: Lazy Policymaking?</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the latest move by the Indonesian Government to introduce further tax holidays for certain industries. </p><p>In <a href="https://www.smartkarma.com/insights/singapore-what-ails-consumption-and-investment-in-the-city-state" target="_blank" data-smartkarma-citation="insights:26471">Singapore: What Ails Consumption and Investment in the City-State</a>,  <a href="https://www.smartkarma.com/profiles/35" target="_blank" data-smartkarma-citation="accounts:35">Manu Bhaskaran</a> investigates the reasons behind sluggish consumption and investment in Singapore. </p><p>In <a href="https://www.smartkarma.com/insights/212-demo-lifts-hardline-fpi-papua-massacre-strong-tax-receipts-prabowo-vs-press-lrt-trial" target="_blank" data-smartkarma-citation="insights:26559">'212' Demo Lifts Hardline FPI / Papua Massacre / Strong Tax Receipts / Prabowo Vs Press / LRT Trial</a>, <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> comments on the most important political and economic developments over the past week. </p><p>In <a href="https://www.smartkarma.com/insights/philippine-november-cpi-inflation-s-inflection-point-to-the-downside-shows-up" target="_blank" data-smartkarma-citation="insights:26565">Philippine November CPI: Inflation's Inflection Point to the Downside Shows Up</a>, <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> looks at the implication of the latest inflation numbers in the Philippines. </p><p>In <a href="https://www.smartkarma.com/insights/amid-slumping-oil-prices-could-we-rewind-to-the-sweet-spot" target="_blank" data-smartkarma-citation="insights:26462">Amid Slumping Oil Prices, Could We Rewind to the 'Sweet Spot'?</a> , <a href="https://www.smartkarma.com/profiles/1930" target="_blank" data-smartkarma-citation="accounts:1930">Jun Trinidad</a> asks whether falling oil prices can create a more beneficial inflationary environment in the Philippines. </p><h2>Equity Bottom-up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/matahari-department-store-the-king-is-dead-long-live-the-king-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:26460">Matahari Department Store - "The King Is Dead, Long Live the King?"</a>, former Jakartan <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circled back to <a href="https://www.smartkarma.com/entities/5230" target="_blank" data-smartkarma-citation="entities:5230:1">Pt Matahari Department Store (LPPF IJ)</a> and suggests that despite the travails of its shareholder, the future is not altogether bleak.</p><p>In <a href="https://www.smartkarma.com/insights/siloam-international-hospital-silo-ij-healthcare-for-the-rich-and-poor-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:26010">Siloam International Hospital (SILO IJ) - Healthcare for the Rich and Poor</a>, CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> takes a look at the leading hospital operators in Indonesia and sees the potential for a much brighter future. </p><p>In <a href="https://www.smartkarma.com/insights/genting-overstretched-in-the-us-and-facing-challenges-in-maylaysia-over-theme-park-woes" target="_blank" data-smartkarma-citation="insights:26476">Genting: Overstretched in the US and Facing Challenges in Malaysia over Theme Park Woes</a>, gaming specialist <a href="https://www.smartkarma.com/profiles/1005" target="_blank" data-smartkarma-citation="accounts:1005">Howard J Klein</a> circles back to <a href="https://www.smartkarma.com/entities/14210" target="_blank" data-smartkarma-citation="entities:14210:1">Genting Bhd (GENT MK)</a> and sees an uncertain future. </p><p>In <a href="https://www.smartkarma.com/insights/rhb-bank-when-you-drink-the-water-remember-the-spring" target="_blank" data-smartkarma-citation="insights:26558">RHB Bank: 飲水思源 "When You Drink the Water, Remember the Spring"</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> writes on Malaysian Bank <a href="https://www.smartkarma.com/entities/24161" target="_blank" data-smartkarma-citation="entities:24161:1">RHB Bank Bhd (RHBBANK MK)</a> and suggests it's an interesting story. </p><p>In his Insight, <a href="https://www.smartkarma.com/insights/blue-bird-buy-level-with-macd-bull-inflection-pocket" target="_blank" data-smartkarma-citation="insights:26498">Blue Bird Buy Level with MACD Bull Inflection Pocket</a>, Technical Insight Provider <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> works his magic on Indonesian taxi operator <a href="https://www.smartkarma.com/entities/19482" target="_blank" data-smartkarma-citation="entities:19482:1">Blue Bird (BIRD IJ)</a>. </p><p>In <a href="https://www.smartkarma.com/insights/trade-idea-first-pacific-stub-142-hk-taming-the-beast" target="_blank" data-smartkarma-citation="insights:26364">TRADE IDEA - First Pacific Stub (142 HK): Taming the Beast</a>, <a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert</a> takes a detailed look at this South East Asian Holding company and finds it a compelling trade, given its discount to NAV of 51%. </p><p>In <a href="https://www.smartkarma.com/insights/hmpro-hmpro-tb-continued-margin-and-store-expansions" target="_blank" data-smartkarma-citation="insights:26524">HMPRO (HMPRO TB): Continued Margin and Store Expansions</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> works his magic on <a href="https://www.smartkarma.com/entities/9906" target="_blank" data-smartkarma-citation="entities:9906:1">Home Product Center (HMPRO TB)</a> and find plenty to cheer about. </p><p>In his insight, <a href="https://www.smartkarma.com/insights/m-m-tb-efficiency-improvements-to-drive-margin" target="_blank" data-smartkarma-citation="insights:26546">M (M TB): Efficiency Improvements to Drive Margin</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a>  takes a close look at one of Thailand's leading restaurant operators, <a href="https://www.smartkarma.com/entities/17689" target="_blank" data-smartkarma-citation="entities:17689:1">Mk Restaurants Group (M TB)</a>, and comes back with a positive view. </p><p>In <a href="https://www.smartkarma.com/insights/ipo-stalker-thai-enger-aggressive-new-construction-company" target="_blank" data-smartkarma-citation="insights:26532">IPO Stalker: Thai Enger, Aggressive New Construction Company</a>, Thai Guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at this recent IPO after having had a chance to meet with management of this construction company.</p><p>In <a href="https://www.smartkarma.com/insights/metro-retail-stores-group-mrsgi-pm-a-fire-sale-at-a-filipino-retailer" target="_blank" data-smartkarma-citation="insights:26481">Metro Retail Stores Group (MRSGI PM)- A Fire Sale at a Filipino Retailer</a>, Insight Provider <a href="https://www.smartkarma.com/profiles/1378" target="_blank" data-smartkarma-citation="accounts:1378">Marc Melendez, CFA</a> takes a close look at this Philippines Retailer and takes a positive view. </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/thai-media-spotlight-government-rescue-plan" target="_blank" data-smartkarma-citation="insights:26489">Thai Media Spotlight: Government Rescue Plan</a>, <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> looks at the recently announced plan from the government to swap spectrum between telecoms and Pay TV operators, which he sees as a positive move. </p><p>In <a href="https://www.smartkarma.com/insights/interesting-stocks-to-consider-in-asean-vol-2" target="_blank" data-smartkarma-citation="insights:26466">Interesting Stocks to Consider in ASEAN, Vol. 2</a>, <a href="https://www.smartkarma.com/profiles/756" target="_blank" data-smartkarma-citation="accounts:756">Dr. Andrew Stotz, CFA</a> gives us his picks across ASEAN. He highlights 15 stocks in ASEAN that look interesting to us based upon his FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof. The stocks are listed below.</p>


This past week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.
The top Macro Insight this week comes from Dr Jim Walker who takes a close look at the Thai Economy and finds a vibrant growth story domestically, despite recent slower headline GDP figures. In the equity-bottom-up space, the top three include two pieces from CrossASEAN Insight Provider Angus Mackintosh on Pt Matahari Department Store (LPPF IJ) and Siloam International Hospitals (SILO IJ), two beaten up Lippo Group companies and a trade idea from Curtis Lehnert on Hong Kong-listed SE Asian conglomerate First Pacific Co (142 HK). We would also highlight a piece on the Thai Media sector from Athaporn Arayasantiparb, CFA looking at the latest spectrum swap between Pay TV and telecoms operators. 
Macro insightsIn Weak Headline GDP Numbers Misleading for Thai Growth, Dr. Jim Walker suggests that economic growth in Thailand is being underestimated, with domestic consumption now booming. In Finance Minister's Expanded Tax Holidays for Pioneer Industries: Lazy Policymaking?, Kevin O’Rourke comments on the latest move by the Indonesian Government to introduce further tax holidays for certain industries. In Singapore: What Ails Consumption and Investment in the City-State,  Manu Bhaskaran investigates the reasons behind sluggish consumption and investment in Singapore. In '212' Demo Lifts Hardline FPI / Papua Massacre / Strong Tax Receipts / Prabowo Vs Press / LRT Trial, Kevin O’Rourke comments on the most important political and economic developments over the past week. In Philippine November CPI: Inflation's Inflection Point to the Downside Shows Up, Jun Trinidad looks at the implication of the latest inflation numbers in the Philippines. In Amid Slumping Oil Prices, Could We Rewind to the 'Sweet Spot'? , Jun Trinidad asks whether falling oil prices can create a more beneficial inflationary environment in the Philippines. Equity Bottom-up InsightsIn Matahari Department Store - "The King Is Dead, Long Live the King?", former Jakartan Angus Mackintosh circled back to Pt Matahari Department Store (LPPF IJ) and suggests that despite the travails of its shareholder, the future is not altogether bleak.In Siloam International Hospital (SILO IJ) - Healthcare for the Rich and Poor, CrossASEAN Insight provider Angus Mackintosh takes a look at the leading hospital operators in Indonesia and sees the potential for a much brighter future. In Genting: Overstretched in the US and Facing Challenges in Malaysia over Theme Park Woes, gaming specialist Howard J Klein circles back to Genting Bhd (GENT MK) and sees an uncertain future. In RHB Bank: 飲水思源 "When You Drink the Water, Remember the Spring", Paul Hollingworth writes on Malaysian Bank RHB Bank Bhd (RHBBANK MK) and suggests it's an interesting story. In his Insight, Blue Bird Buy Level with MACD Bull Inflection Pocket, Technical Insight Provider Thomas Schroeder works his magic on Indonesian taxi operator Blue Bird (BIRD IJ). In TRADE IDEA - First Pacific Stub (142 HK): Taming the Beast, Curtis Lehnert takes a detailed look at this South East Asian Holding company and finds it a compelling trade, given its discount to NAV of 51%. In HMPRO (HMPRO TB): Continued Margin and Store Expansions, Dr. Andrew Stotz, CFA works his magic on Home Product Center (HMPRO TB) and find plenty to cheer about. In his insight, M (M TB): Efficiency Improvements to Drive Margin, Dr. Andrew Stotz, CFA  takes a close look at one of Thailand's leading restaurant operators, Mk Restaurants Group (M TB), and comes back with a positive view. In IPO Stalker: Thai Enger, Aggressive New Construction Company, Thai Guru Athaporn Arayasantiparb, CFA takes a look at this recent IPO after having had a chance to meet with management of this construction company.In Metro Retail Stores Group (MRSGI PM)- A Fire Sale at a Filipino Retailer, Insight Provider Marc Melendez, CFA takes a close look at this Philippines Retailer and takes a positive view. Sector and Thematic InsightsIn Thai Media Spotlight: Government Rescue Plan, Athaporn Arayasantiparb, CFA looks at the recently announced plan from the government to swap spectrum between telecoms and Pay TV operators, which he sees as a positive move. In Interesting Stocks to Consider in ASEAN, Vol. 2, Dr. Andrew Stotz, CFA gives us his picks across ASEAN. He highlights 15 stocks in ASEAN that look interesting to us based upon his FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof. The stocks are listed below.

The Week that Was in ASEAN@Smartkarma - Booming Thailand, Department Stores, and Hospitals

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Interesting Stocks to Consider in Thailand, Vol. 2

Thailand

MK Restaurant Group Public Company Limited engages in the sale of food and beverages through restaurants, primarily operating sukiyaki and Japanese restaurants under brands like MK, Yayoi, Miyazaki, and Hakata. The company also provides training services and manufactures and distributes food products. It was founded in 1962 and is headquartered in Bangkok, Thailand.

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MK Restaurant Group (M TB)

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Angus Mackintosh

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Angus Mackintosh

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Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Booming Thailand, Department Stores, and Hospitals

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Interesting Stocks to Consider in Thailand, Vol. 2

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai...

A. Stotz Investment Research

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