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> booked 4Q2024 results below estimates, despite improving ARPUs and headline revenues, as margins were depressed with a greater focus on its B2B business. </li>
<li>There was also continuing aggressive competition in starter packs during the quarter, although this abated somewhat in early December but the company also lost non-productive subscribers as a result.</li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a> continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive after sharp correction. </li>
</ul>



Indosat (ISAT IJ) booked 4Q2024 results below estimates, despite improving ARPUs and headline revenues, as margins were depressed with a greater focus on its B2B business. 
There was also continuing aggressive competition in starter packs during the quarter, although this abated somewhat in early December but the company also lost non-productive subscribers as a result.

Indosat continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive after sharp correction. 


Indosat (ISAT IJ) - A More Intelligent Future

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>IOH diversifies growth into non-cellular revenue, driving higher OPEX amid intensified mobile competition and weak consumption.</li><li>IOH’s mobile strategy is intact, focused on rural expansion to boost ARPU with personalization and cross-selling, building competitive moat.</li><li>We adjust our valuation, averaging the 3yr EV/EBITDA and DCF valuation, lowering TP to Rp3,200 while maintaining our BUY rating</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

IOH diversifies growth into non-cellular revenue, driving higher OPEX amid intensified mobile competition and weak consumption.IOH’s mobile strategy is intact, focused on rural expansion to boost ARPU with personalization and cross-selling, building competitive moat.We adjust our valuation, averaging the 3yr EV/EBITDA and DCF valuation, lowering TP to Rp3,200 while maintaining our BUY ratingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indosat Ooredoo Hutchison (ISAT.IJ) - FY24 Earnings Missed

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

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a>, <a href="https://www.smartkarma.com/entities/dayamitra-telekomunikasi-pt" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Dayamitra Telekomunikasi</a>, <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</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 IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.
The largest passive flows are expected in Bank Central Asia, Indosat, Japfa Comfeed Indonesia, Indocement Tunggal Prakarsa, Dayamitra Telekomunikasi, MAP Aktif Adiperkasa, Bank Mandiri Persero, Ciputra Development and XL Axiata.
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 Impact in Some Stocks with 4 Days to Implementation

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.</li><li>Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.</li><li>US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.</li></ul>

ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.

Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

<ul>
<li>The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.</li>
<li>We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index January rebalance ended 31 December. The changes should be announced the last week of January, becoming effective after the close on 31 January.
We highlight 4 potential inclusions and 4 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
Nearly all stocks will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Jan 2025): Identifying Potential Index Changes

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indosat Ooredoo Hutchison (ISAT IJ)

Indosat (ISAT IJ) - A More Intelligent Future

Indosat continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive...

Angus Mackintosh