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>The past week saw insights on <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a>, <a href="https://www.smartkarma.com/entities/oceanagold-philippines" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines</a>, Sam Holdings IPO, and the most SET50 Index rebalance. </li>
<li>There were also macro insights on Thailand with some optimism, Vietnam as it starts to recover, Malaysia with lingering concerns, and the Philippines, as the BSP keeps rates on hold.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Negara Indonesia (BBNI IJ), Bank Mandiri (BMRI IJ), OceanaGold Philippines, Sam Holdings IPO, and the most SET50 Index rebalance. 
There were also macro insights on Thailand with some optimism, Vietnam as it starts to recover, Malaysia with lingering concerns, and the Philippines, as the BSP keeps rates on hold.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - BBNI's Aspirations, Oceanagold IPO, and Thailand's Recovery

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.</li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>, and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
<li>Q2 earnings for <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a> are out so far, and the rest will report earnings over the next two weeks. </li>
</ul>


We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 
Q2 earnings for ICTSI (ICT PM) are out so far, and the rest will report earnings over the next two weeks. 


Shortlist of High Conviction Philippines Equity Ideas - August 2026

<ul>
<li>With gold being sold down as ETFs unwind their positions, we see a 4000 USD/oz handle (<a href="https://www.smartkarma.com/insights/gold-at-4-500-usd-oz-seven-ideas-to-look-at-in-the-gold-space" target="_blank" data-smartkarma-citation="insights:233477" rel="noopener">Gold At 4,500 USD/Oz: Seven Ideas To Look At In the Gold Space</a> )</li>
<li>Stocks have corrected in line with the gold price, and settled at favorable risk-rewards if one sees gold heading back to 4,500 USD/oz. </li>
<li>We provide a sensitivity analysis of seven names based on investors' calls on the gold price. Our favorite names are <a href="https://www.smartkarma.com/entities/oceanagold-philippines-inc" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> / <a href="https://www.smartkarma.com/entities/apex-mining-co-inc" target="_blank" data-smartkarma-citation="entities:22952:1" rel="noopener">Apex Mining Co (APX PM)</a> </li>
</ul>


With gold being sold down as ETFs unwind their positions, we see a 4000 USD/oz handle (Gold At 4,500 USD/Oz: Seven Ideas To Look At In the Gold Space )
Stocks have corrected in line with the gold price, and settled at favorable risk-rewards if one sees gold heading back to 4,500 USD/oz. 
We provide a sensitivity analysis of seven names based on investors' calls on the gold price. Our favorite names are OceanaGold Philippines (OGP PM) / Apex Mining Co (APX PM) 


Gold Price Correction: Six Stocks That Are Dirt Cheap

<ul>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.</li>
<li>Despite the unfavorable macro environment in the Philippines, we think these companies' monopolistic positions would enable them to remain resilient amid soft demand. </li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>, and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
</ul>


We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.
Despite the unfavorable macro environment in the Philippines, we think these companies' monopolistic positions would enable them to remain resilient amid soft demand. 
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - June 2026

<ul>
<li>We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.</li>
<li>We provide financial updates (such as the most recent quarter) on these names, based on our extensive coverage, travel to the Philippines, and careful tracking of these companies. </li>
<li>Our top picks are: <a href="https://www.smartkarma.com/entities/ginebra-san-miguel-inc" target="_blank" data-smartkarma-citation="entities:23029:1" rel="noopener">Ginebra San Miguel (GSMI PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>, and <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> </li>
</ul>


We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation: essential elements for identifying potential multi-bagger opportunities in the Philippines.
We provide financial updates (such as the most recent quarter) on these names, based on our extensive coverage, travel to the Philippines, and careful tracking of these companies. 
Our top picks are: Ginebra San Miguel (GSMI PM), The Keepers Holdings (KEEPR PM), ICTSI (ICT PM), and Philippine Stock Exchange (PSE PM) 


Shortlist of High Conviction Philippines Equity Ideas - May 2026

Philippines

OceanaGold Philippines, Inc. is a leading producer of gold and copper in the Philippines, engaged in the exploration, development, and utilization of mineral resources. The company operates the Didipio gold and copper mine in the northern Luzon region, producing gold dore bars (containing gold and silver) and copper concentrate. It was founded in 1996 and is headquartered in Kasibu, Nueva Vizcaya, Philippines.

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OceanaGold Philippines (OGP PM)

The Week That Was in ASEAN@Smartkarma - BBNI's Aspirations, Oceanagold IPO, and Thailand's Recovery

The past week saw insights on Bank Negara Indonesia (BBNI IJ), Bank Mandiri (BMRI IJ), OceanaGold Philippines, Sam Holdings IPO, and the most SET50...

Angus Mackintosh

Shortlist of High Conviction Philippines Equity Ideas - August 2026

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates...

Sameer Taneja

Gold Price Correction: Six Stocks That Are Dirt Cheap

Six gold miners, deep value unlocked. At $4,000/oz, earnings recalibrated — multiples have compressed hard. Great time to explore.

Sameer Taneja

Shortlist of High Conviction Philippines Equity Ideas - June 2026

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates...

Sameer Taneja

Shortlist of High Conviction Philippines Equity Ideas - May 2026

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety, and updates...

Sameer Taneja

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