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>'s recent results reflect a company going through a positive transition with sales up by +12.4% and EBITDA up +21.4% suggesting a turnaround in the making.</li>
<li>The company's acquisition of Hutchison's 3 looks astute, removing an aggressive competitor, propelling into the number two slot, as well as providing potential operational and scale-related synergies. </li>
<li>2022 will be the company's year of transition, with higher capex to realised synergies and keep improving the network quality. Valuations are appealing for long-term investors. </li>
</ul>



Indosat (ISAT IJ)'s recent results reflect a company going through a positive transition with sales up by +12.4% and EBITDA up +21.4% suggesting a turnaround in the making.
The company's acquisition of Hutchison's 3 looks astute, removing an aggressive competitor, propelling into the number two slot, as well as providing potential operational and scale-related synergies. 
2022 will be the company's year of transition, with higher capex to realised synergies and keep improving the network quality. Valuations are appealing for long-term investors. 


Indosat Tbk PT (ISAT IJ) - A Turnaround in the Making?

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 see strong growth in data revenues and traffic with data -pricing improving in 4Q2021 and consumers taking more.</li>
<li>The company continues to stress its aim to be the number one convergent operator and the successful 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 (LINK IJ)</a> acquisition accelerates this move.</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> continues to raise data prices and will start to see synergies from <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> from 3Q2022, including potential cost and revenue benefits. Valuations are attractive. </li>
</ul>



XL Axiata (EXCL IJ) continues to see strong growth in data revenues and traffic with data -pricing improving in 4Q2021 and consumers taking more.
The company continues to stress its aim to be the number one convergent operator and the successful completion of the Link Net (LINK IJ) acquisition accelerates this move.

XL Axiata continues to raise data prices and will start to see synergies from Link Net from 3Q2022, including potential cost and revenue benefits. Valuations are attractive. 


XL Axiata (EXCL IJ) - Converging on Homes and Offices

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.</li>
<li>We see <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <a href="https://www.smartkarma.com/entities/harum-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1604:1" rel="noopener">Harum Energy (HRUM IJ)</a> as higher probability inclusions in the LQ45 Index.</li>
<li>Given the focus is on liquidity, we see <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>, <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> as higher probability deletion candidates.</li>
</ul>


The review period for the LQ45 Index ended on 31 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
We see Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and Harum Energy (HRUM IJ) as higher probability inclusions in the LQ45 Index.
Given the focus is on liquidity, we see Jasa Marga (Persero) (JSMR IJ), Bumi Serpong Damai (BSDE IJ) and AKR Corporindo (AKRA IJ) as higher probability deletion candidates.


LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

<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> booked a respectable set of 9M2021 results with a strong performance from its digital business, now making up 77.5% of revenues</li>
<li>The company fixed-line services are becoming increasingly important, with Indohome fixed broadband leading the charge but areas such as data centres and enterprise are of growing importance.</li>
<li>
<a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telkom</a> looks relatively attractive valuation wise at a discount to the historical average but we see the potential for re-rating for its digital economy exposure both directly and indirectly.</li>
</ul>



Telekomunikasi Indonesia (TLKM IJ) booked a respectable set of 9M2021 results with a strong performance from its digital business, now making up 77.5% of revenues
The company fixed-line services are becoming increasingly important, with Indohome fixed broadband leading the charge but areas such as data centres and enterprise are of growing importance.

Telkom looks relatively attractive valuation wise at a discount to the historical average but we see the potential for re-rating for its digital economy exposure both directly and indirectly.


Telkom Indonesia (TLKM IJ) - Digital Evidence

<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> released 3Q2021 with another quarter with QoQ growth with strong product traction and a growing subscriber base plus stable ARPU. </li>
<li>Ongoing consolidation in the Indonesian mobile space should mean more stable pricing and <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> has started to increase prices. </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 (EXCL IJ)</a> is our top pick in the Indonesian mobile sector given it is the most focused on data and offers truly converged services to customers.  </li>
</ul>



XL Axiata (EXCL IJ) released 3Q2021 with another quarter with QoQ growth with strong product traction and a growing subscriber base plus stable ARPU. 
Ongoing consolidation in the Indonesian mobile space should mean more stable pricing and XL Axiata (EXCL IJ) has started to increase prices. 

XL Axiata (EXCL IJ) is our top pick in the Indonesian mobile sector given it is the most focused on data and offers truly converged services to customers.  


XL Axiata (EXCL IJ) - Mercury Rising in Data

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 Tbk PT (ISAT IJ) - A Turnaround in the Making?

2022 will be the year of transition for Indosat, with a higher capex to realise merger synergies wIth "3" and keep improving the network quality...

Angus Mackintosh

XL Axiata (EXCL IJ) - Converging on Homes and Offices

XL Axiata continues to raise data prices and will start to see synergies from the Link Net acquisition from 3Q2022, including potential cost and...

Angus Mackintosh

LQ45 Index Rebalance Preview (Feb 2022): Potential Changes Later This Month

Changes to the LQ45 Index will be announced soon & become effective after the close on 31 Jan. We see three potential changes. The adds outperform...

Brian Freitas

Telkom Indonesia (TLKM IJ) - Digital Evidence

Telkom looks relatively attractive valuation wise at a discount to the historical average but we see the potential for re-rating for its digital...

Angus Mackintosh

XL Axiata (EXCL IJ) - Mercury Rising in Data

XL Axiata (EXCL IJ) is our top pick in the Indonesian mobile sector given it is the most focused on data and offers truly converged services to...

Angus Mackintosh

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