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

Indosat Ooredoo Hutchison / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with the growing use of AI tools. </li>
<li>The company also seeks to become an AI Native Telco whilst also pursuing a separate AI business through its tie-up with <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, and building a data centre edge through BDx.</li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ)</a> is also optimistic about its home broadband business projecting 2m subscribers by 2028. Valuations remain attractive relative to peers, especially given ISAT's growth outlook. </li>
</ul>



Indosat (ISAT IJ) remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with the growing use of AI tools. 
The company also seeks to become an AI Native Telco whilst also pursuing a separate AI business through its tie-up with NVIDIA, and building a data centre edge through BDx.

Indosat Tbk PT (ISAT IJ) is also optimistic about its home broadband business projecting 2m subscribers by 2028. Valuations remain attractive relative to peers, especially given ISAT's growth outlook. 


Indosat (ISAT IJ) - Streaming Ahead with AI

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

Amman Mineral Internasional / Index Rebalance

<ul>
<li>There are 2 constituent changes for the LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN IJ)</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a> and <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold Tbk PT (MDKA IJ)</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 LQ45 Index and 6 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 30 April.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN IJ), Indosat Tbk PT (ISAT IJ), Bank Rakyat Indonesia (BBRI IJ) and Merdeka Copper Gold Tbk PT (MDKA IJ). 
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 Flows for Some Stocks

XLSMART Telecom Sejahtera / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> continues to impress with its growth in revenues and data, driven by its 4G focus and high-quality network, with improving margins at the same time.</li>
<li>The XL convergence story continues to build, with convergence penetration increasing but the real kicker wILL come once the restructuring with <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> completes but benefits are already accruing. </li>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a> remains the purest data player in Indonesia, with convergence set to be the next driver. Valuations are attractive on 4.4x FY2024E EV/EBITDA with strong growth ahead. </li>
</ul>



XL Axiata (EXCL IJ) continues to impress with its growth in revenues and data, driven by its 4G focus and high-quality network, with improving margins at the same time.
The XL convergence story continues to build, with convergence penetration increasing but the real kicker wILL come once the restructuring with Link Net completes but benefits are already accruing. 

XL Axiata remains the purest data player in Indonesia, with convergence set to be the next driver. Valuations are attractive on 4.4x FY2024E EV/EBITDA with strong growth ahead. 


XL Axiata (EXCL IJ) - Linked Up for Future Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telkom Indonesia (TLKM IJ)</a>'s 1H2023 results looked solid but drilling down 2Q2023 looked a lot more encouraging in terms of growth and higher ARPUs for Telkomsel.  </li>
<li>Ongoing digital initiatives are yielding positive results and Indihome continues to register positive results, with its merger with Telkomsel underlining convergence strategy. Data centre consolidation looks like a future spin-off. </li>
<li>Telkom continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations remain attractive at less than 5.0x forward EV/EBITDA</li>
</ul>



Telkom Indonesia (TLKM IJ)'s 1H2023 results looked solid but drilling down 2Q2023 looked a lot more encouraging in terms of growth and higher ARPUs for Telkomsel.  
Ongoing digital initiatives are yielding positive results and Indihome continues to register positive results, with its merger with Telkomsel underlining convergence strategy. Data centre consolidation looks like a future spin-off. 
Telkom continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations remain attractive at less than 5.0x forward EV/EBITDA


Telkom Indonesia (TLKM IJ) - Ring My Digital Bell

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> 2Q2023 saw the benefit of surging seasonal demand driving data usage coupled with its stronger network post the 3 integration. </li>
<li>The company saw a further increase in subscribers in 2Q2023 to over 100m, along with higher ARPUs, which rose by +8.6% YoY in 2Q2023 helping to improve returns.</li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> continues to invest in maintaining the quality of its network as well as offering new value-added products to customers, boosting retention and profitability.</li>
</ul>



Indosat (ISAT IJ) 2Q2023 saw the benefit of surging seasonal demand driving data usage coupled with its stronger network post the 3 integration. 
The company saw a further increase in subscribers in 2Q2023 to over 100m, along with higher ARPUs, which rose by +8.6% YoY in 2Q2023 helping to improve returns.

Indosat (ISAT IJ) continues to invest in maintaining the quality of its network as well as offering new value-added products to customers, boosting retention and profitability.


Indosat (ISAT IJ) - Sails Set on a More Profitable Course

Indonesia

Indosat Ooredoo Hutchison provides digital telecommunication services, including cellular, fixed telecommunications, and multimedia, data communication, and internet (MIDI) services across Indonesia. The company offers prepaid and post-paid mobile services, international and roaming services, data communication, IT services, and electronic payment and remittance services. It was founded in 1967 and is headquartered in Jakarta, Indonesia.

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Indosat Ooredoo Hutchison (ISAT IJ)

Indosat (ISAT IJ) - Streaming Ahead with AI

Indosat remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

The Indonesian indices rebalance at the close today and there will be multiple days of volume going through on some stocks.

Brian Freitas

XL Axiata (EXCL IJ) - Linked Up for Future Growth

XL Axiata remains the purest data player in Indonesia, with convergence set to the the next driver, boosted by LinkNet synergies. Valuations...

Angus Mackintosh

Telkom Indonesia (TLKM IJ) - Ring My Digital Bell

Telkom Indonesia continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations...

Angus Mackintosh

Indosat (ISAT IJ) - Sails Set on a More Profitable Course

Indosat (ISAT IJ) continues to invest in maintaining the quality of its network as well as offering new value-added products to customers, boosting...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Indosat (ISAT IJ) - Streaming Ahead with AI

Indosat remains optimistic about the outlook for its core mobile business as it expands into rural areas and simultaneously increases ARPUs, with...

Angus Mackintosh

IDX30/​​LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks

The Indonesian indices rebalance at the close today and there will be multiple days of volume going through on some stocks.

Brian Freitas

XL Axiata (EXCL IJ) - Linked Up for Future Growth

XL Axiata remains the purest data player in Indonesia, with convergence set to the the next driver, boosted by LinkNet synergies. Valuations...

Angus Mackintosh

Telkom Indonesia (TLKM IJ) - Ring My Digital Bell

Telkom Indonesia continues to enrich its digital ecosystem with services and make it more accessible to less affluent subscribers. Valuations...

Angus Mackintosh

Indosat (ISAT IJ) - Sails Set on a More Profitable Course

Indosat (ISAT IJ) continues to invest in maintaining the quality of its network as well as offering new value-added products to customers, boosting...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: BIG Flows for Some Stocks