Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Equity Bottom-Up

<ul>
<li>The purge out of <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> for Barito Group of companies has happened, causing the share prices to drop even lower. </li>
<li>As a result, the large bank stocks like <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 (BBCA IJ)</a> and others should receive a higher weightings in the index, causing more inflows to the counters. </li>
<li>
<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 (BBCA IJ)</a> is not only more advanced in providing lowest cost of fundings but also most transparent compared to other banks as well as other companies. </li>
</ul>


The purge out of Jakarta Stock Exchange Composite Index (JCI INDEX) for Barito Group of companies has happened, causing the share prices to drop even lower. 
As a result, the large bank stocks like Bank Central Asia (BBCA IJ) and others should receive a higher weightings in the index, causing more inflows to the counters. 

Bank Central Asia (BBCA IJ) is not only more advanced in providing lowest cost of fundings but also most transparent compared to other banks as well as other companies. 


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Indah Kiat Pulp &amp; Paper, Telkom Indonesia, Solusi Sinergi Digital, Medco Energi Internasional, PT Indofood Sukses Makmur, Astra Intl, Barito Pacific, Bank Mandiri.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Indah Kiat Pulp &amp; Paper, Telkom Indonesia, Solusi Sinergi Digital, Medco Energi Internasional, PT Indofood Sukses Makmur, Astra Intl, Barito Pacific, Bank Mandiri.


MS-Indonesia Index Earning Revision (Apr): Indah Kiat Pulp & Paper, Telkom Indonesia

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

Barito Renewables Energy / Index Rebalance

<ul>
<li>Minimum free float has been set at 15% with a timeline for companies to get there. A list of stocks with High Shareholding Concentration has also been released.</li>
<li>There could be 6 deletions from a global index in May with few other stocks having free float reductions. Estimated passive selling in Indonesia is US$1.3bn.</li>
<li>The changes to the free float thresholds and the improved disclosure brings Indonesia in line with other markets in Asia and should allay global index providers concerns.</li>
</ul>


Minimum free float has been set at 15% with a timeline for companies to get there. A list of stocks with High Shareholding Concentration has also been released.
There could be 6 deletions from a global index in May with few other stocks having free float reductions. Estimated passive selling in Indonesia is US$1.3bn.
The changes to the free float thresholds and the improved disclosure brings Indonesia in line with other markets in Asia and should allay global index providers concerns.


Indonesia: Updated Disclosures Could Lead to Multiple Deletions & Float Decreases in May

<ul>
<li>As expected, <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> fell further as there was no resolution yet with MSCI. </li>
<li>Some of the large-cap banks became ATMs for foreign investors, yet the local passive pensions are buying. Low floaters like <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>could still be problematic. </li>
<li>The risk is clear; the upside potential is also clear. Status quo means share prices will rebound. Some of the banks are paying high dividend. </li>
</ul>


As expected, Jakarta Stock Exchange Composite Index (JCI INDEX) fell further as there was no resolution yet with MSCI. 
Some of the large-cap banks became ATMs for foreign investors, yet the local passive pensions are buying. Low floaters like Barito Renewables Energy (BREN IJ)could still be problematic. 
The risk is clear; the upside potential is also clear. Status quo means share prices will rebound. Some of the banks are paying high dividend. 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the March 2026 index rebal event are presented here.</li>
<li>At the moment, we expect <em>at least</em> two ADDs for March 2026, with one-way flow of US$2.9bn. </li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the March 2026 index rebal event are presented here.
At the moment, we expect at least two ADDs for March 2026, with one-way flow of US$2.9bn. 


[Quiddity Index] MV Global Gold Miners Mar26: 2 ADDs Likely, One More Maybe; US$2.9bn One-Way Flow

Indonesia

Amman Mineral Internasional is an Indonesia-based holding company engaged in copper and gold mining, processing, smelting, and refining operations. It operates the Batu Hijau mine and develops the Elang project, producing high-grade copper concentrate enriched with gold and silver. The company is headquartered in South Jakarta, Indonesia, and was founded in 1990.

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Amman Mineral Internasional (AMMN IJ)

Indonesia: MSCI Downgrade - Transparency

Purge from Jakarta Stock Exchange Index leads to drop in share prices for Barito Group, boosting weightings for Bank Central Asia and other large...

Henry Soediarko

MS-Indonesia Index Earning Revision (Apr): Indah Kiat Pulp & Paper, Telkom Indonesia

We analyzed MS-Indonesia's consensus for Apr 2026 and highlighted changes of EPS in Indah Kiat Pulp & Paper (INKP IJ), Telkom Indonesia (TLKM IJ),...

Ke Yan, CFA, FRM

Indonesia: Updated Disclosures Could Lead to Multiple Deletions & Float Decreases in May

Min free float raised to 15% and companies given time to get there. High Shareholding Concentration list is out. There could be 6 deletions in May...

Brian Freitas

Indo Downgrade: Update

Jakarta Stock Exchange Index falls as MSCI resolution remains unresolved, foreign investors sell while local pensions buy, share prices expected...

Henry Soediarko

[Quiddity Index] MV Global Gold Miners Mar26: 2 ADDs Likely, One More Maybe; US$2.9bn One-Way Flow

MV Global Gold may see 2-3 ADDs but the vast majority of the flows will come from re-capping/un-capping as smalls have outperformed the large.

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Indonesia: MSCI Downgrade - Transparency

​Purge from Jakarta Stock Exchange Index leads to drop in share prices for Barito Group, boosting weightings for Bank Central Asia and other large...

Henry Soediarko

MS-Indonesia Index Earning Revision (Apr): Indah Kiat Pulp & Paper, Telkom Indonesia

We analyzed MS-Indonesia's consensus for Apr 2026 and highlighted changes of EPS in Indah Kiat Pulp & Paper (INKP IJ), Telkom Indonesia (TLKM IJ),...

Ke Yan, CFA, FRM

Indonesia: Updated Disclosures Could Lead to Multiple Deletions & Float Decreases in May

Min free float raised to 15% and companies given time to get there. High Shareholding Concentration list is out. There could be 6 deletions in May...

Brian Freitas

Indo Downgrade: Update

​Jakarta Stock Exchange Index falls as MSCI resolution remains unresolved, foreign investors sell while local pensions buy, share prices expected...

Henry Soediarko

[Quiddity Index] MV Global Gold Miners Mar26: 2 ADDs Likely, One More Maybe; US$2.9bn One-Way Flow

MV Global Gold may see 2-3 ADDs but the vast majority of the flows will come from re-capping/un-capping as smalls have outperformed the large.

Travis Lundy

Purge from Jakarta Stock Exchange Index leads to drop in share prices for Barito Group, boosting weightings for Bank Central Asia and other large...

Jakarta Stock Exchange Index falls as MSCI resolution remains unresolved, foreign investors sell while local pensions buy, share prices expected...