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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird</a> is an iconic brand in Indonesia, where consumers take a BlueBird not a taxi, much like taking a Gojek, and in taxi terms, it embodies trust and reliability. </li>
<li>The company had a tough time through COVID but is now firmly on a recovery track, with revenue per taxi in 4Q2022 20% above pre-pandemic levels, with more to come.</li>
<li>
<a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ)</a> is a beneficiary of the tech winter in that ride-hailing companies are spending less on promotions, easing competition. Valuations are attractive in recovery.</li>
</ul>



Blue Bird is an iconic brand in Indonesia, where consumers take a BlueBird not a taxi, much like taking a Gojek, and in taxi terms, it embodies trust and reliability. 
The company had a tough time through COVID but is now firmly on a recovery track, with revenue per taxi in 4Q2022 20% above pre-pandemic levels, with more to come.

Blue Bird (BIRD IJ) is a beneficiary of the tech winter in that ride-hailing companies are spending less on promotions, easing competition. Valuations are attractive in recovery.


Blue Bird (BIRD IJ) - Catching the Updraft in 2023

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Far East Hospitality Trust / Equity Bottom-Up

<p>For our next Webinar, we are delighted to welcome back Analyst <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a>, who will go through his latest stock picks in the ASEAN region, and offer his outlook for 2H 2022.</p>
<h3>The webinar was hosted on Wednesday, 3 August 2022, 17:00 SGT/HKT.</h3>
<p>Subscribe to our podcast feed and listen on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/5pQ2iEjQkFC2H0icqdN1fG?utm_source=generator" width="100%" height="352" style="border-radius: 12px;" frameborder="0" allowfullscreen="allowfullscreen" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture" loading="lazy"></iframe></p>
<p>Henry Soediarko is a Long &amp; Short Investment Ideas generator for Asian Equities with 10 years of experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment theses. He provides on-the-ground insights in various Asian markets with a sway towards ASEAN. </p>

For our next Webinar, we are delighted to welcome back Analyst Henry Soediarko, who will go through his latest stock picks in the ASEAN region, and offer his outlook for 2H 2022.
The webinar was hosted on Wednesday, 3 August 2022, 17:00 SGT/HKT.
Subscribe to our podcast feed and listen on the go:

Henry Soediarko is a Long &amp; Short Investment Ideas generator for Asian Equities with 10 years of experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment theses. He provides on-the-ground insights in various Asian markets with a sway towards ASEAN. 

Smartkarma Webinar | Trade Ideas in ASEAN

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<ul>
<li>Finally, <a href="https://www.smartkarma.com/entities/blue-bird-tbk-pt" target="_blank" data-smartkarma-citation="entities:19482:1" rel="noopener">Blue Bird (BIRD IJ)</a> is back on profit in two consecutive quarters, highlighting the comeback mode in Indonesia. </li>
<li>It went on to sign a partnership to develop and integrate big data analytics with PT LRT Jakarta and BCA app users can call Bluebird from the app. </li>
<li>It is still trading at 0.6x PBR while pre COVID level was 1.3-1.5x PBR. </li>
</ul>


Finally, Blue Bird (BIRD IJ) is back on profit in two consecutive quarters, highlighting the comeback mode in Indonesia. 
It went on to sign a partnership to develop and integrate big data analytics with PT LRT Jakarta and BCA app users can call Bluebird from the app. 
It is still trading at 0.6x PBR while pre COVID level was 1.3-1.5x PBR. 


Bluebird (BIRD): Back to Profit, Big Data and BCA

<ul>
<li>Indonesia's reopening has happened for some time but <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR IJ)</a> share price has not moved much. </li>
<li>
<strong>On-The-Ground</strong> sources told that the traffic is back, especially in Jakarta where Jasa Marga has the most toll roads. </li>
<li>Pre-COVID it was trading at 2-3x PBR and now it’s only 1.35x PBR, premium to Bluebird but has a bigger market capitalization that makes JSMR more investable. </li>
</ul>


Indonesia's reopening has happened for some time but Jasa Marga (Persero) (JSMR IJ) share price has not moved much. 

On-The-Ground sources told that the traffic is back, especially in Jakarta where Jasa Marga has the most toll roads. 
Pre-COVID it was trading at 2-3x PBR and now it’s only 1.35x PBR, premium to Bluebird but has a bigger market capitalization that makes JSMR more investable. 


Jasa Marga (JSMR): Traffic Is Back, on the Ground Sources.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> released yet another knockout set of results in 3Q2021, representing the ninth quarter of triple-digit growth in GAAP sales plus management upgraded FY2021 guidance.</li>
<li>Key positives include e-commerce loss per order declining further in 3Q2021, take-rates improving further, marketplace revenues growing +151% YoY in 3Q2021 and good progress made in new markets. </li>
<li>Gaming adjusted EBITDA continues to cover losses from e-commerce despite slower growth from digital entertainment. We see the post-results correction as an opportunity to accumulate <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>. </li>
</ul>



Sea Ltd (SE US) released yet another knockout set of results in 3Q2021, representing the ninth quarter of triple-digit growth in GAAP sales plus management upgraded FY2021 guidance.
Key positives include e-commerce loss per order declining further in 3Q2021, take-rates improving further, marketplace revenues growing +151% YoY in 3Q2021 and good progress made in new markets. 
Gaming adjusted EBITDA continues to cover losses from e-commerce despite slower growth from digital entertainment. We see the post-results correction as an opportunity to accumulate Sea Ltd (SE US). 


Indonesia

Bluebird is an Indonesian transportation company primarily known for its taxi services, including the flagship Bluebird regular taxis and Silverbird executive taxis. The company also offers a diverse range of other mobility solutions, such as car rental (Goldenbird), bus charter (Bigbird), shuttle services (Cititrans), and logistics (Ironbird and Bluebird Kirim). Headquartered in Jakarta, Indonesia, the company was officially founded in 1972.

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Bluebird (BIRD IJ)

Blue Bird (BIRD IJ) - Catching the Updraft in 2023

Blue Bird (BIRD IJ) is a beneficiary of the tech winter is that ride-hailing companies are spending less on promotions, easing competition....

Angus Mackintosh

Smartkarma Webinar | Trade Ideas in ASEAN

On 3 August 5pm SGT, join our Webinar with Analyst Henry Soediarko, who will go through his latest stock picks in the ASEAN region.

Smartkarma Research

Bluebird (BIRD): Back to Profit, Big Data and BCA

Partnership with local transport authorities such as LRT Jakarta and BCA for seamless and cashless payment, Bluebird’s valuation at 0.6x PBR is...

Henry Soediarko

Jasa Marga (JSMR): Traffic Is Back, on the Ground Sources.

Lack of new toll road development takes some time before the new route adoption has started to increase, the company’s profitability went up...

Henry Soediarko

Sea Ltd (SE US) - The Sails Are Set

Sea Ltd (SE US) released knockout results in 3Q2021, representing the 9th quarter of triple-digit growth in GAAP sales plus management upgraded...

Angus Mackintosh

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