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-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/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL (CPALL TB)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a>, and <a href="https://www.smartkarma.com/entities/ever-glory-united-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40993:1" rel="noopener">Ever Glory United Holdings (EGUH SP)</a>.</li>
<li>There were also two strategies looking at global index inclusions for <a href="https://www.smartkarma.com/entities/pt-petrindo-jaya-kreasi-tbk" target="_blank" data-smartkarma-citation="entities:44320:1" rel="noopener">PT Petrindo Jaya Kreasi Tbk (CUAN IJ)</a> and for <a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a>.</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, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Mandiri (BMRI IJ), CP ALL (CPALL TB), Grab Holdings (GRAB US), Sai Gon Cargo Service (SCS VN), and Ever Glory United Holdings (EGUH SP).
There were also two strategies looking at global index inclusions for PT Petrindo Jaya Kreasi Tbk (CUAN IJ) and for Barito Renewables Energy (BREN IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Bank Mandiri, CPALL, and Grab Holdings

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a>, <a href="https://www.smartkarma.com/entities/dayamitra-telekomunikasi-pt" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Dayamitra Telekomunikasi</a>, <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</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 Persero</a>, <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.
The largest passive flows are expected in Bank Central Asia, Indosat, Japfa Comfeed Indonesia, Indocement Tunggal Prakarsa, Dayamitra Telekomunikasi, MAP Aktif Adiperkasa, Bank Mandiri Persero, Ciputra Development and XL Axiata.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

<ul>
<li>The past week was a short one but we saw market strategy insights on Indonesia from CrossASEAN Research plus an insight on <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange.</a>
</li>
<li>There was also an insight on <a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah (ITMG IJ)</a> and a sector piece on Thai Tourism, flagging <a href="https://www.smartkarma.com/entities/central-plaza-hotel-pcl" target="_blank" data-smartkarma-citation="entities:18213:1" rel="noopener">Central Plaza Hotel (CENTEL TB)</a> as the top pick. </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, from across Southeast Asia.</li>
</ul>


The past week was a short one but we saw market strategy insights on Indonesia from CrossASEAN Research plus an insight on Philippine Stock Exchange.

There was also an insight on Indo Tambangraya Megah (ITMG IJ) and a sector piece on Thai Tourism, flagging Central Plaza Hotel (CENTEL TB) as the top pick. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Indonesia Strategy, ITMG, and the PSE

<ul>
<li>The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.</li>
<li>We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.
We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Pertamina Geothermal, Pan Brothers, ABM Investama</li>
<li>
<strong>Market Comment:</strong> In the US, Q3/24 annualised GDP growth came in marginally below estimates at 2.8% q-o-q (2.9% e / 3.0% p).</li>
<li>The improvement was driven by stronger than expected personal consumption of 3.7% (3.3% e / 2.8% p), which contributed almost 2.5 ppts to the GDP increase. </li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Pertamina Geothermal, Pan Brothers, ABM Investama

Market Comment: In the US, Q3/24 annualised GDP growth came in marginally below estimates at 2.8% q-o-q (2.9% e / 3.0% p).
The improvement was driven by stronger than expected personal consumption of 3.7% (3.3% e / 2.8% p), which contributed almost 2.5 ppts to the GDP increase. 


Indonesia

PT Pertamina Geothermal Energy is a green energy company. The Company offers geothermal generation services. Pertamina Geothermal Energy serves clients in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pertamina Geothermal Energy PT (PGEO IJ)

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, CPALL, and Grab Holdings

The past week saw insights on Bank Mandiri (BMRI IJ), CP ALL (CPALL TB), Grab Holdings (GRAB US), Sai Gon Cargo Service (SCS VN), and Ever Glory...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Indonesia Strategy, ITMG, and the PSE

The past week was a short one but we saw market strategy insights on Indonesia from CrossASEAN Research plus an insight on Philippine Stock Exchange.

Angus Mackintosh

LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in January. The potential adds have been outperforming the deletes. Historically, adds and...

Brian Freitas

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Pertamina Geothermal, Pan Brothers, ABM Investama

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Week That Was in ASEAN@Smartkarma - Bank Mandiri, CPALL, and Grab Holdings

The past week saw insights on Bank Mandiri (BMRI IJ), CP ALL (CPALL TB), Grab Holdings (GRAB US), Sai Gon Cargo Service (SCS VN), and Ever Glory...

Angus Mackintosh

IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Indonesia Strategy, ITMG, and the PSE

The past week was a short one but we saw market strategy insights on Indonesia from CrossASEAN Research plus an insight on Philippine Stock Exchange.

Angus Mackintosh

LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in January. The potential adds have been outperforming the deletes. Historically, adds and...

Brian Freitas

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Pertamina Geothermal, Pan Brothers, ABM Investama

Lucror Analytics

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation