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

Cross Asset Strategy

<div class="content-highlight">
The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  
</div>
<h3>Equity Bottom-Up Insights</h3>
In Indonesia<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-a-plethora-of-good-news" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News</a>,  Cross-ASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back a call with<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ)</a> revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-the-unsung-hero-of-syariah" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah?</a> , Cross-ASEAN Insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In<a href="https://www.smartkarma.com/insights/metrodata-electronic-mtdl-ij-a-rare-value-play-on-indonesia-s-digitalization" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> highlights why<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ)</a> looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In<a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-enabling-and-converging-in-indonesia" target="_blank" rel="noopener"> XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" rel="noopener"> XL Axiata (EXCL IJ),</a> one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with <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> last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside),</a> CrossASEAN Insight Provider provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> post a Smartakarma webinar with the company. 
In Thailand<a href="https://www.smartkarma.com/insights/ipo-radar-nforce-secure-new-player-in-thai-cyber-security" target="_blank" rel="noopener"> IPO Radar: NForce Secure, New Player in Thai Cyber Security</a>, Thai Specialist<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> takes a look at NForce Secure, New Player in Thai Cyber Security.  
In <a href="https://www.smartkarma.com/insights/wilmar-is-a-buy-after-yka-s-listing" target="_blank" data-smartkarma-citation="insights:44228" rel="noopener">Wilmar Is A Buy After YKA’s Listing,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> revisits <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> following the successful listing of <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH).</a>
In Singapore<a href="https://www.smartkarma.com/insights/sgx-sgx-sp-market-under-rates-its-growth-potential" target="_blank" rel="noopener"> SGX (SGX SP): Market Under-Rates Its Growth Potential</a>,<a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" rel="noopener"> Victor Galliano</a> discusses why he feels<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener"> SGX (SGX SP)</a> is undervalued. 
In <a href="https://www.smartkarma.com/insights/business-dna-suksan-yasasin-of-chayo-group" target="_blank" data-smartkarma-citation="insights:44242" rel="noopener">Business DNA: Suksan Yasasin of Chayo Group,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In <a href="https://www.smartkarma.com/insights/ori-expect-flat-3q20-earnings-but-strong-recovery-in-4q20" target="_blank" data-smartkarma-citation="insights:44163" rel="noopener">ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/origin-property-pcl" target="_blank" data-smartkarma-citation="entities:26762:1" rel="noopener">Origin Property (ORI TB)</a> ahead of the company's earnings. 
In <a href="https://www.smartkarma.com/insights/com7-upgrade-super-cycle-for-iphone-users" target="_blank" data-smartkarma-citation="insights:44208" rel="noopener">COM7: Upgrade Super Cycle for iPhone Users,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
<h3>Sector and Thematic Insights</h3>
In <a href="https://www.smartkarma.com/insights/snippets-45-lobster-alliance-cp-all-goes-to-laos" target="_blank" data-smartkarma-citation="insights:42866" rel="noopener">Snippets #45: Lobster Alliance, CP All Goes to Laos,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> highlights five developments over the past week that may impact Thai equities.
In <a href="https://www.smartkarma.com/insights/sti-index-rebalance-kdcreit-included-flt-misses-out" target="_blank" data-smartkarma-citation="insights:44178" rel="noopener">STI Index Rebalance: KDCREIT Included, FLT Misses Out,</a> <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> comments on the recent FTSE STI Index rebalance.  
In<a href="https://www.smartkarma.com/insights/msci-nov20-index-rebalance-preview-asean-em-edition" target="_blank" rel="noopener"> MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
<h3>Credit Insights</h3>
In <a href="https://www.smartkarma.com/insights/kasikornbank-s-inaugural-at1-underweight-on-franchise-challenges-and-valuation" target="_blank" data-smartkarma-citation="insights:44176" rel="noopener">Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation,</a> credit specialist <a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> comments on <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a>'s inaugural AT1 bond. He suggests to Underweight <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank's (KBANK)</a> inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation.


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  

Equity Bottom-Up Insights
In Indonesia Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News,  Cross-ASEAN insight provider Angus Mackintosh reports back a call with Bank Mandiri Persero (BMRI IJ) revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah? , Cross-ASEAN Insight provider Angus Mackintosh sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization, Angus Mackintosh highlights why Metrodata Electronic (MTDL IJ) looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia, Angus Mackintosh revisits XL Axiata (EXCL IJ), one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with XL Axiata (EXCL IJ) last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside), CrossASEAN Insight Provider provider Nicolas Van Broekhoven revisits Sunpower Group (SPWG SP) post a Smartakarma webinar with the company. 
In Thailand IPO Radar: NForce Secure, New Player in Thai Cyber Security, Thai Specialist Athaporn Arayasantiparb, CFA takes a look at NForce Secure, New Player in Thai Cyber Security.  
In Wilmar Is A Buy After YKA’s Listing,David Blennerhassett revisits Wilmar International (WIL SP) following the successful listing of Yihai Kerry Arawana Holdings Co Ltd (YKA CH).
In Singapore SGX (SGX SP): Market Under-Rates Its Growth Potential, Victor Galliano discusses why he feels SGX (SGX SP) is undervalued. 
In Business DNA: Suksan Yasasin of Chayo Group,Dr. Andrew Stotz, CFA conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20, our friends at Country Group revisit Origin Property (ORI TB) ahead of the company's earnings. 
In COM7: Upgrade Super Cycle for iPhone Users, Country Group revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
Sector and Thematic Insights
In Snippets #45: Lobster Alliance, CP All Goes to Laos, our Thai guru Athaporn Arayasantiparb, CFA highlights five developments over the past week that may impact Thai equities.
In STI Index Rebalance: KDCREIT Included, FLT Misses Out, Brian Freitas comments on the recent FTSE STI Index rebalance.  
In MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition, Brian Freitas looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
Credit Insights
In Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation, credit specialist Hank Calenti, CFA comments on Kasikornbank PCL (KBANK TB)'s inaugural AT1 bond. He suggests to Underweight Kasikornbank's (KBANK) inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. 

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Research-Intensive Fundamental Value Advisor

Wickhams Hill

Wickhams Hill Capital is a research-intensive fundamental value advisor, on long and occasionally short investment opportunities concentrated in small and mid-cap public companies.

Thematic (Sector/Industry)

Asian small cap markets were poor performers across the board, with the exception of our WHC Hong Kong Index that eked out a gain of 2.9%. The strong USD can largely be attributed to the weak performance, noting that the larger MSCI indices fell more than their small-cap counterparts.Year-to-date, Singapore continues to lead the pack with a 6.5% gain in the Wickhams Hill Singapore Index. This out performance is broadly reflected by the mainstream indices.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/054/959/original/1.png?1528801082" class="editor-image img-responsive" data-smartkarma-image-id="54959"></figure><div class="content-caption">Source: WHC Analysis</div>Most interesting is…

Asian small cap markets were poor performers across the board, with the exception of our WHC Hong Kong Index that eked out a gain of 2.9%. The strong USD can largely be attributed to the weak performance, noting that the larger MSCI indices fell more than their small-cap counterparts.Year-to-date, Singapore continues to lead the pack with a 6.5% gain in the Wickhams Hill Singapore Index. This out performance is broadly reflected by the mainstream indices.Source: WHC AnalysisMost interesting is…

Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - May’18

Award-winning Financial Journalist

Ashish Saxena

Event-Driven

In a bid to take <a href="https://www.smartkarma.com/entities/6998" target="_blank" data-smartkarma-citation="entities:6998">Select Group Ltd</a> private, a group of its promoters and shareholders have teamed up with Dymon Asia Private Equity to launch a cash offer of S$0.515 per share, after adjusting for a S$0.01 dividend for FY2015.Curiously, not all promoters are involved in the privatisation bid.As a matter of fact, one of the promoters sold out just weeks before the offer announcement.But before getting to that, let's take a quick look at the offer.<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/006/596/original/Stock-Price-Price_chartbuilder.png?1458821815" class="editor-image img-responsive" data-smartkarma-image-id="6596"></figure>The offer price represents a premium of 23.5% on…

In a bid to take Select Group Ltd private, a group of its promoters and shareholders have teamed up with Dymon Asia Private Equity to launch a cash offer of S$0.515 per share, after adjusting for a S$0.01 dividend for FY2015.Curiously, not all promoters are involved in the privatisation bid.As a matter of fact, one of the promoters sold out just weeks before the offer announcement.But before getting to that, let's take a quick look at the offer.The offer price represents a premium of 23.5% on…

Select Group Ltd: What Made Lee Chye Tek Lionel Exit Weeks Before the Privatisation Offer?

Thailand

Raimon Land Public Company Limited develops real estate for sales and rentals including land plots, single houses, townhouses, condominiums, commercial buildings, and office buildings. The Company also provides housing construction, and management and maintenance services.

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Raimon Land Public (RML TB)

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

The Week that Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights from across South East...

Angus Mackintosh

Asia Small-Cap: Top Movers, Buybacks and Insider Dealing - May’18

Asian small cap markets were poor performers across the board, with the exception of our WHC Hong Kong Index that eked out a gain of 2.9%. The...

Lloyd Moffatt

Select Group Ltd: What Made Lee Chye Tek Lionel Exit Weeks Before the Privatisation Offer?

In a bid to take Select Group Ltd private, a group of its promoters and shareholders have teamed up with Dymon Asia Private Equity to launch a cash...

Ashish Saxena

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)