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/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFC Indonesia (NFCX IJ)</a> provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. </li>
<li>The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.</li>
<li>
<a href="https://www.smartkarma.com/entities/nfc-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:32224:1" rel="noopener">NFCX</a> is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.</li>
</ul>



NFC Indonesia (NFCX IJ) provides exposure to Indonesia's O2O ecosystem as a technology-driven digital product aggregator, FMCG supplier, and advertiser covering modern trade, general trade, and e-commerce. 
The company provides screen-based iCloud-enabled indoor advertising across mini-markets and increasingly for general trade. This provides a high-margin recurring income base which only currently covers 50% of mini-markets currently.

NFCX is the current leader in the 2W EV market in Indonesia through its Volta brand, with the most extensive battery swapping buildout, and with further capacity expansion to come.


NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a> results reflect a company increasingly digital in nature with legacy services fading away and an increasing focus on building both quality infrastructure and subscribers. </li>
<li>Despite losing subscribers last year, customer data consumption picked up and the ARPUs also improved reflecting a more profitable subscriber base. Indihome continues to see growth in its customer base.</li>
<li>
<a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telkom</a> continues to strengthen its presence in the cloud business and data centres as future growth drivers. Valuations are attractive versus historical levels with strong growth prospects ahead. </li>
</ul>



Telekomunikasi Indonesia (TLKM IJ) results reflect a company increasingly digital in nature with legacy services fading away and an increasing focus on building both quality infrastructure and subscribers. 
Despite losing subscribers last year, customer data consumption picked up and the ARPUs also improved reflecting a more profitable subscriber base. Indihome continues to see growth in its customer base.

Telkom continues to strengthen its presence in the cloud business and data centres as future growth drivers. Valuations are attractive versus historical levels with strong growth prospects ahead. 


Telekomunikasi Indonesia (TLKM IJ) - Transforming with a Digital Core

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> has come back from being the loss-making underdog amongst the Indonesian telcos and is now well and truly on the rebound, with significant potential upside.</li>
<li>The acquisition of Hutchison's "3" has propelled the company into the number two spot in terms of market share and enabled better quality coverage after a well-orchestrated merger. </li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a> now has a 4G footprint in Java greater than Telkomsel and with significant potential to gain share ex-Java, which provides higher returns. Valuations remain attractive. </li>
</ul>



Indosat (ISAT IJ) has come back from being the loss-making underdog amongst the Indonesian telcos and is now well and truly on the rebound, with significant potential upside.
The acquisition of Hutchison's "3" has propelled the company into the number two spot in terms of market share and enabled better quality coverage after a well-orchestrated merger. 

Indosat now has a 4G footprint in Java greater than Telkomsel and with significant potential to gain share ex-Java, which provides higher returns. Valuations remain attractive. 


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. </li>
<li>Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> remains highly elevated, and is a short against <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>, and perhaps with some <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a>.</li>
</ul>


This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. 
Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Intouch Holdings (INTUCH TB) remains highly elevated, and is a short against Advanced Info Service (ADVANC TB), and perhaps with some Singtel (ST SP).


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> results were encouraging with +8% revenue growth driven by data (95.5% of service revenues), with stable ARPUs and price competition easing during 1Q2022.</li>
<li>The march towards being truly converged continues with the completion of the <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> acquisition giving it a significant leg up and due for completion on 27th May.</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 our top pick amongst Indonesia's telcos, with the highest exposure to data and Indonesia's headlong growth into all things digital and compelling valuations.</li>
</ul>



XL Axiata (EXCL IJ) results were encouraging with +8% revenue growth driven by data (95.5% of service revenues), with stable ARPUs and price competition easing during 1Q2022.
The march towards being truly converged continues with the completion of the Link Net acquisition giving it a significant leg up and due for completion on 27th May.

XL Axiata remains our top pick amongst Indonesia's telcos, with the highest exposure to data and Indonesia's headlong growth into all things digital and compelling valuations.


XL Axiata (EXCL IJ) - Are You Converegent?

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)

NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

NFC Indonesia provides exposure to Indonesia's O2O ecosystem as a digital product aggregator, FMCG supplier, and advertiser, covering MT, GT, and e...

Angus Mackintosh

Telekomunikasi Indonesia (TLKM IJ) - Transforming with a Digital Core

Telekomunikasi Indonesia results reflect a company increasingly digital in nature with legacy services fading away and an increasing focus on...

Angus Mackintosh

Indosat (ISAT IJ) - The Telco Changeling

Indosat has come back from being the underdog amongst the Indonesian telcos to being a quality number two player, with significant potential upside...

Angus Mackintosh

ASEAN Utilities: From Tap To Socket

I'd be shorting Intouch Holdings' shares here, and going long Advanced Info Service Public, along with some Singapore Telecom.

David Blennerhassett

XL Axiata (EXCL IJ) - Are You Converegent?

XL Axiata remains our top pick amongst Indonesia's telcos, with the highest exposure to data amongst telco peers and to Indonesia's headlong growth...

Angus Mackintosh

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