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 insight on <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a>, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga Tbk PT (BELI IJ)</a>, <a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>, and <a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a>. </li>
<li>There was also a macro insight on Vietnam as well as an index rebalancing piece from <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> on the Vietnamese market. </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 insight on Indosat (ISAT IJ), Mitra Adiperkasa (MAPI IJ), Global Digital Niaga Tbk PT (BELI IJ), Singapore Post (SPOST SP), and IHH Healthcare (IHH MK). 
There was also a macro insight on Vietnam as well as an index rebalancing piece from Brian Freitas on the Vietnamese market. 
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 - Indosat's AI, MAPI's Expansion, and BliBli's Omnichannel

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</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 Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
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  - Berli Jucker, CSAP, and Silverlake Asia

<ul>
<li>In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure through Fajar Surya.</li>
<li>We also look at the implications of the recent gig worker protests in Indonesia and <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia</a>'s increasing focus on data centres and a strategic investor there.</li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure through Fajar Surya.
We also look at the implications of the recent gig worker protests in Indonesia and Telekomunikasi Indonesia's increasing focus on data centres and a strategic investor there.
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - OVO & Superbank, SCG Packaging in Indonesia, Gig Revolt, and Data Centres

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations</li>
<li>Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution</li>
<li>We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk</li>
</ul>


Inter, our “pain trade” in 2Q 2026, remains our sole buy in EM neobanks; Inter offers a balanced business model, with improving execution and controlled credit delinquency, alongside attractive valuations
Nubank delivers strong operational returns along with its high activity rate, yet we stay neutral due to challenging credit quality trends and valuations; we view PicPay and Agibank with caution
We include K Bank of South Korea and Superbank of Indonesia in our EM neobanks coverage; K Bank looks attractively valued, but we believe the business model is high risk


EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

<ul>
<li>This week we look at Shopee's ongoing efforts to turn up the dial on live streaming as TikTok restructures Tokopedia and we look at the product-lead initiatives driving GoTo's growth.</li>
<li>We also comment on the latest acquisition by <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga Tbk PT (BELI IJ)</a> in the home improvement space as it seeks to increase its omnichannel exposure.</li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at Shopee's ongoing efforts to turn up the dial on live streaming as TikTok restructures Tokopedia and we look at the product-lead initiatives driving GoTo's growth.
We also comment on the latest acquisition by Global Digital Niaga Tbk PT (BELI IJ) in the home improvement space as it seeks to increase its omnichannel exposure.
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Shopee's Live Streaming Push, GoTo's Multi-Pronged Initiatives, and BliBli

Indonesia

PT Bank Jago Tbk is an Indonesian digital banking institution that provides innovative financial solutions for individuals and businesses, with a focus on enhancing financial management through its Jago and Jago Syariah applications. The bank offers various funding and lending products, including savings accounts, time deposits, and different types of credit, catering to conventional and Sharia-compliant needs. It is headquartered in Jakarta, Indonesia, and was founded in 1992.

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Bank Jago (ARTO IJ)

The Week That Was in ASEAN@Smartkarma - Indosat's AI, MAPI's Expansion, and BliBli's Omnichannel

The past week saw insight on Indosat (ISAT IJ), Mitra Adiperkasa (MAPI IJ), Global Digital Niaga Tbk PT (BELI IJ), Singapore Post (SPOST SP), and...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh

CrossASEAN Ground Zero - OVO & Superbank, SCG Packaging in Indonesia, Gig Revolt, and Data Centres

In this edition, we look at OVO and Superbank in Indonesia and how they will coexist, and SCG Packaging as it increases its Indonesia exposure...

Angus Mackintosh

EM Neobanks – Stick with Inter (INTR US) As Our Sole Buy Rating

Inter is our buy in EM neobank, offering a balanced business model, with improving execution, controlled NPLs and attractive valuations; Nubank is...

Victor Galliano

CrossASEAN Ground Zero - Shopee's Live Streaming Push, GoTo's Multi-Pronged Initiatives, and BliBli

This week we look at Shopee's ongoing efforts to turn up the dial on live streaming as TikTok restructures Tokopedia and we look at the product...

Angus Mackintosh

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52-week Range

Market Cap (USDm)

P/E

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