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

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<p>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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a>.</p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/could-emerging-markets-double-from-here" target="_blank" data-smartkarma-citation="insights:43435" rel="noopener">Could Emerging Markets Double From Here?,</a> Strategist <a href="https://www.smartkarma.com/profiles/michael-j-howell" target="_blank" data-smartkarma-citation="accounts:2312" rel="noopener">Michael J. Howell</a> revisits the Emerging Markets theme and take a positive view. </p><p>In <a href="https://www.smartkarma.com/insights/set50-index-rebalance-preview-three-changes-for-now-could-be-one-more" target="_blank" data-smartkarma-citation="insights:43285" rel="noopener">SET50 Index Rebalance Preview: Three Changes for Now, Could Be One More,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> takes a look at the potential changes to the SET50 Index constituents at the next rebalance.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/berli-jucker-bjc-tb-se-asia-s-consumer-recovery-proxy" target="_blank" data-smartkarma-citation="insights:43086" rel="noopener">Berli Jucker (BJC TB) - SE Asia's Consumer Recovery Proxy,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of South East Asia most interesting consumer players, with interests in consumer packaging and retail, as well as the overall consumer supply chain after a conversation with management.</p><p>In <a href="https://www.smartkarma.com/insights/erajaya-swasembada-eraa-ij-goodbye-blackmarket" target="_blank" data-smartkarma-citation="insights:43353" rel="noopener">Erajaya Swasembada (ERAA IJ) - Goodbye Blackmarket,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest mobile handset retailer after a conversation with management. </p><p>In <a href="https://www.smartkarma.com/insights/wilmar-china-ops-ipo-one-step-closer" target="_blank" data-smartkarma-citation="insights:43330" rel="noopener">Wilmar: China Ops IPO One Step Closer,</a> events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> takes a close look at <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>s plan to spin off its China operations as a separate listing.</p><p>In <a href="https://www.smartkarma.com/insights/col-central-retail-corp-thailand-delisting-offer-trading-tight" target="_blank" data-smartkarma-citation="insights:43261" rel="noopener">COL-Central Retail Corp: Thailand Delisting Offer Trading Tight,</a> Quiddity Insight Provider <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> zeros in on the acquisition of <a href="https://www.smartkarma.com/entities/officemate-pcl" target="_blank" data-smartkarma-citation="entities:17857:1" rel="noopener">COL PCL (COL TB)</a> by <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/crc-acquisition-of-col-will-encourage-hardline-and-omni-channel-business" target="_blank" data-smartkarma-citation="insights:43294" rel="noopener">CRC: Acquisition of COL Will Encourage Hardline and Omni-Channel Business,</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> zero in on the potential synergies from the recently announced acquisition of <a href="https://www.smartkarma.com/entities/officemate-pcl" target="_blank" data-smartkarma-citation="entities:17857:1" rel="noopener">COL PCL (COL TB)</a> by <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/dohome-expect-sssg-stronger-than-peers-in-2h20-and-2021" target="_blank" data-smartkarma-citation="insights:43336" rel="noopener">DOHOME: Expect SSSG Stronger than Peers in 2H20 and 2021,</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> upgrade their recommendation from a HOLD to BUY rating with a new target price of THB16.5 based on 33x FY21E PER (Previous TP is Bt12.5), which is close to the other biggest home-improvement player in Thailand, <a href="https://www.smartkarma.com/entities/home-product-center-pcl" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a>.</p><p>In <a href="https://www.smartkarma.com/insights/aot-short-set-long-a-compelling-pair" target="_blank" data-smartkarma-citation="insights:43257" rel="noopener">AOT Short/SET Long a Compelling Pair,</a> technical analysis specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> explores this interesting pair trade. <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> buy volume on the rise from mid-August warning that the rise is not only fragile but set for a hard decline from the 60/62 resistance zone. </p><p>In <a href="https://www.smartkarma.com/insights/tasco-medium-term-disruption-from-crude-switching" target="_blank" data-smartkarma-citation="insights:43258" rel="noopener">TASCO: Medium-Term Disruption from Crude Switching,</a> our friends from <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit Thailand's largest asphalt player. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/south-asian-banks-state-banks-differ" target="_blank" data-smartkarma-citation="insights:43383" rel="noopener">South Asian Banks - State Banks Differ,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> compares a select few South Asian State-owned banks including <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 (BMRI IJ),</a><a href="https://www.smartkarma.com/entities/krung-thai-bank-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:298:1" rel="noopener">Krung Thai Bank Pub (KTB TB),</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a>.</p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bangkok-bank-s-new-at1-overweight-on-relative-value" target="_blank" data-smartkarma-citation="insights:43402" rel="noopener">Bangkok Bank’s New AT1 – Overweight on Relative Value,</a> Credit specialist <a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" data-smartkarma-citation="accounts:1226" rel="noopener">Warut Promboon</a> takes a look at the latest bond issue from <a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public (BBL TB).</a><a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank's (BBLTB)</a> inaugural Additional Tier 1 (AT1) bond offers an attractive higher yielding coupon for the current interest rate environment. </p><div><p></p></div>


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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.
Macro InsightsIn Could Emerging Markets Double From Here?, Strategist Michael J. Howell revisits the Emerging Markets theme and take a positive view. In SET50 Index Rebalance Preview: Three Changes for Now, Could Be One More,Brian Freitas takes a look at the potential changes to the SET50 Index constituents at the next rebalance.Equity Bottom-Up InsightsIn Berli Jucker (BJC TB) - SE Asia's Consumer Recovery Proxy, CrossASEAN Insight Provider Angus Mackintosh revisits one of South East Asia most interesting consumer players, with interests in consumer packaging and retail, as well as the overall consumer supply chain after a conversation with management.In Erajaya Swasembada (ERAA IJ) - Goodbye Blackmarket,Angus Mackintosh revisits Indonesia's largest mobile handset retailer after a conversation with management. In Wilmar: China Ops IPO One Step Closer, events specialist David Blennerhassett takes a close look at Wilmar International (WIL SP)'s plan to spin off its China operations as a separate listing.In COL-Central Retail Corp: Thailand Delisting Offer Trading Tight, Quiddity Insight Provider Janaghan Jeyakumar, CFA zeros in on the acquisition of COL PCL (COL TB) by Central Retail (CRC TB).In CRC: Acquisition of COL Will Encourage Hardline and Omni-Channel Business, our friends at Country Group zero in on the potential synergies from the recently announced acquisition of COL PCL (COL TB) by Central Retail (CRC TB).In DOHOME: Expect SSSG Stronger than Peers in 2H20 and 2021, our friends at Country Group upgrade their recommendation from a HOLD to BUY rating with a new target price of THB16.5 based on 33x FY21E PER (Previous TP is Bt12.5), which is close to the other biggest home-improvement player in Thailand, Home Product Center (HMPRO TB).In AOT Short/SET Long a Compelling Pair, technical analysis specialist Thomas Schroeder explores this interesting pair trade. Airports of Thailand (AOT TB) buy volume on the rise from mid-August warning that the rise is not only fragile but set for a hard decline from the 60/62 resistance zone. In TASCO: Medium-Term Disruption from Crude Switching, our friends from Country Group revisit Thailand's largest asphalt player. Sector and Thematic InsightsIn South Asian Banks - State Banks Differ, banking specialist Daniel Tabbush compares a select few South Asian State-owned banks including Bank Mandiri Persero (BMRI IJ),Krung Thai Bank Pub (KTB TB), and State Bank Of India (SBIN IN).Credit InsightsIn Bangkok Bank’s New AT1 – Overweight on Relative Value, Credit specialist Warut Promboon takes a look at the latest bond issue from Bangkok Bank Public (BBL TB).Bangkok Bank's (BBLTB) inaugural Additional Tier 1 (AT1) bond offers an attractive higher yielding coupon for the current interest rate environment. 

The Week that Was in ASEAN@Smartkarma - SE Asia's Consumer Proxy, Wilmar's YKA IPO, and CRC

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<p>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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ultrajaya-milk-ind-trading-ultj-ij-a-wholesome-performance" target="_blank" data-smartkarma-citation="insights:42810" rel="noopener">Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) - A Wholesome Performance,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's leading dairy player after a conversation with management. </p><p>In <a href="https://www.smartkarma.com/insights/pt-nippon-indosari-corpindo-roti-ij-roti-s-exit-from-philippines-a-positive" target="_blank" data-smartkarma-citation="insights:43102" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest mass-market bread player after its announcement it would exit the Philippines to focus on its Indonesian home market. </p><p>In <a href="https://www.smartkarma.com/insights/sido-muncul-sido-switch-competitor-and-split" target="_blank" data-smartkarma-citation="insights:43029" rel="noopener">Sido Muncul (SIDO): Switch, Competitor and Split,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Indonesian traditional medicine player <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> with an update post it recently announced stock split. </p><p>In <a href="https://www.smartkarma.com/insights/bluebird-bird-correlated-with-psbb-beneficiary-of-wfh-to-wfo-switch" target="_blank" data-smartkarma-citation="insights:43077" rel="noopener">Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Indonesia's largest taxi operator.</p><p>In <a href="https://www.smartkarma.com/insights/small-cap-diary-singha-hotels-ptg-energy" target="_blank" data-smartkarma-citation="insights:41024" rel="noopener">Small-Cap Diary: Singha Hotels, PTG Energy,</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> reports back having visited two interesting companies recently, namely <a href="https://www.smartkarma.com/entities/s-hotels-resorts-pcl" target="_blank" data-smartkarma-citation="entities:28924:1" rel="noopener">S Hotels &amp; Resorts PCL (SHR TB)</a> (Singha Hotels), and <a href="https://www.smartkarma.com/entities/ptg-energy-pcl" target="_blank" data-smartkarma-citation="entities:14385:1" rel="noopener">Ptg Energy Pcl (PTG TB)</a>, the country's second-largest gas station operator.</p><p>In <a href="https://www.smartkarma.com/insights/sembcorp-marine-rights-issue-results-looks-like-a-scheme-of-introduction" target="_blank" data-smartkarma-citation="insights:43030" rel="noopener">Sembcorp Marine Rights Issue Results: Looks Like a Scheme of Introduction,</a> events specialist <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> in the wake of recent announcements. </p><div>
<span>In </span><a href="https://www.smartkarma.com/insights/capitaland-mall-and-cct-merger-circular-finally-out-looks-done" target="_blank" data-smartkarma-citation="insights:43006" rel="noopener">Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a><span> revisits this ongoing merger in Singapore. </span>
</div><div><span> </span></div><div><p>In <a href="https://www.smartkarma.com/insights/singapore-exchange-taiwan-a-standout-in-august" target="_blank" data-smartkarma-citation="insights:43185" rel="noopener">Singapore Exchange – Taiwan A Standout In August,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> circles back to <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> post its monthly numbers.  </p></div><p>In <a href="https://www.smartkarma.com/insights/jwd-entering-high-season-with-growth-drivers-from-new-projects" target="_blank" data-smartkarma-citation="insights:43045" rel="noopener">JWD: Entering High Season with Growth Drivers from New Projects,</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/jwd-infologistics" target="_blank" data-smartkarma-citation="entities:28438:1" rel="noopener">JWD Infologistics (JWD TB)</a> in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/global-home-improvement-player-eyes-opportunities-in-asean" target="_blank" data-smartkarma-citation="insights:43134" rel="noopener">GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> initiate coverage on Thai home improvement player <a href="https://www.smartkarma.com/entities/siam-global-house-pcl" target="_blank" data-smartkarma-citation="entities:19449:1" rel="noopener">Siam Global House (GLOBAL TB)</a>. </p><h3>Sector and Thematic Insights</h3><p><a href="https://www.smartkarma.com/insights/in-malaysia-heineken-vs-carlsberg-close" target="_blank" data-smartkarma-citation="insights:42940" rel="noopener">In Malaysia: Heineken Vs Carlsberg (Close),</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this pair trade, which he recommends to close. </p><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-vastly-differing-tales" target="_blank" data-smartkarma-citation="insights:43031" rel="noopener">Indonesia Banks – Vastly Differing Tales,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> compares tow Indonesian banks, <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 (BBCA IJ)</a> and <a href="https://www.smartkarma.com/entities/bank-danamon-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:135:1" rel="noopener">Bank Danamon Indonesia (BDMN IJ),</a> and finds two very different stories.</p><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-asean-vol-32" target="_blank" data-smartkarma-citation="insights:43064" rel="noopener">The Stocks to Own in ASEAN – Vol. 32,</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> highlights 14 stocks in ASEAN that look interesting to him based upon our FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-thailand-vol-30" target="_blank" data-smartkarma-citation="insights:43063" rel="noopener">The Stocks to Own in Thailand – Vol. 30,</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> highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/sritex-tear-sheet-lucror-analytics-89648093-0639-4666-a47c-ac1899e8691d" target="_blank" data-smartkarma-citation="insights:43168" rel="noopener">Sritex - Tear Sheet,</a><a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> presents his credit views view on <a href="https://www.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" data-smartkarma-citation="entities:20178:1" rel="noopener">Sri Rejeki Isman (SRIL IJ)</a> (Sritex). He views Sritex as “High Risk” on the LARA scale.</p>


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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Equity Bottom-Up InsightsIn Ultrajaya Milk Ind &amp; Trading (ULTJ IJ) - A Wholesome Performance, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's leading dairy player after a conversation with management. In PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive,Angus Mackintosh revisits Indonesia's largest mass-market bread player after its announcement it would exit the Philippines to focus on its Indonesian home market. In Sido Muncul (SIDO): Switch, Competitor and Split, CrossASEAN Insight Provider Henry Soediarko revisits Indonesian traditional medicine player Sido Muncul (SIDO IJ) with an update post it recently announced stock split. In Bluebird (BIRD): Correlated with PSBB, Beneficiary of WFH to WFO Switch, CrossASEAN Insight Provider Henry Soediarko revisits Indonesia's largest taxi operator.In Small-Cap Diary: Singha Hotels, PTG Energy, our Thai guru Athaporn Arayasantiparb, CFA reports back having visited two interesting companies recently, namely S Hotels &amp; Resorts PCL (SHR TB) (Singha Hotels), and Ptg Energy Pcl (PTG TB), the country's second-largest gas station operator.In Sembcorp Marine Rights Issue Results: Looks Like a Scheme of Introduction, events specialist Travis Lundy revisits Sembcorp Marine (SMM SP) in the wake of recent announcements. 
In Capitaland Mall and CCT Merger: Circular Finally Out. Looks Done.Travis Lundy revisits this ongoing merger in Singapore. 
 In Singapore Exchange – Taiwan A Standout In August,Brian Freitas circles back to SGX (SGX SP) post its monthly numbers.  In JWD: Entering High Season with Growth Drivers from New Projects, our friends at Country Group revisit JWD Infologistics (JWD TB) in Thailand. In GLOBAL: Home-Improvement Player Eyes Opportunities in ASEAN,Country Group initiate coverage on Thai home improvement player Siam Global House (GLOBAL TB). Sector and Thematic InsightsIn Malaysia: Heineken Vs Carlsberg (Close), CrossASEAN Insight Provider Angus Mackintosh revisits this pair trade, which he recommends to close. In Indonesia Banks – Vastly Differing Tales, banking specialist Daniel Tabbush compares tow Indonesian banks, Bank Central Asia (BBCA IJ) and Bank Danamon Indonesia (BDMN IJ), and finds two very different stories.In The Stocks to Own in ASEAN – Vol. 32,Dr Andrew Stotz, CFA highlights 14 stocks in ASEAN that look interesting to him based upon our FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.In The Stocks to Own in Thailand – Vol. 30,Dr Andrew Stotz, CFA highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof. Credit InsightsIn Sritex - Tear Sheet,Leonard Law, CFA presents his credit views view on Sri Rejeki Isman (SRIL IJ) (Sritex). He views Sritex as “High Risk” on the LARA scale.

The Week that Was in ASEAN@Smartkarma - Indonesian Dairy, Bank Central Asia, and Thai Picks

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<p><em><strong>Corrigenda: There is an error in this Insight. Please note the correction.</strong></em></p>
<p><em><strong>Correction: The <a href="https://www.smartkarma.com/insights/singapore-sti-macro-bear-pressure-mounting-with-tactical-relief-from-2-400" target="_blank" data-smartkarma-citation="insights:42932" rel="noopener">Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400</a> Insight is improperly attributed to Thomas Monaco. That Insight was published by <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a>.</strong></em></p>
</div>
<hr>
<div class="content-highlight">
<p>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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma.</a></p>
</div>
<h3>Equity Bottom-Up Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/kalbe-farma-klbf-ij-a-nutritional-spin-off" target="_blank" data-smartkarma-citation="insights:42533" rel="noopener">Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits South East Asia's largest pharmaceutical company in light of news that the company is considering spinning off its Nutritionals division to raise around US$500m. </p>
<p>In <a href="https://www.smartkarma.com/insights/link-net-tbk-pt-link-ij-summer-migration-at-last" target="_blank" data-smartkarma-citation="insights:42829" rel="noopener">Link Net Tbk Pt (LINK IJ) - Summer Migration at Last,</a> <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's highest quality high-speed broadband provider following a call with managment, which focused on its recent results, as well as the decision to build its own pole infrastructure to carry its fibre.  </p>
<p>In <a href="https://www.smartkarma.com/insights/singtel-make-the-call" target="_blank" data-smartkarma-citation="insights:42900" rel="noopener">SingTel: Make The Call,</a> <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> zeros in on Singapore's leading telecom provider and finds deep value appearing in the stock.</p>
<p>In <a href="https://www.smartkarma.com/insights/scg-packaging-ipo-initiation-shrink-wrapping" target="_blank" data-smartkarma-citation="insights:42967" rel="noopener">SCG Packaging IPO Initiation: Shrink Wrapping,</a> <a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> takes a first look at the upcoming spin-off from <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</a> and IPO of SCG Packaging, which will get a lot of investor focus given ist size and share in of the packaging market in SE Asia. </p>
<p>In <a href="https://www.smartkarma.com/insights/sembcorp-last-chance-before" target="_blank" data-smartkarma-citation="insights:42886" rel="noopener">Sembcorp - Last Chance Before...</a> <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> looks at the enormously dilutive rights issue and de-merger of Semcorp Marine. </p>
<p> In <a href="https://www.smartkarma.com/insights/singapore-sti-macro-bear-pressure-mounting-with-tactical-relief-from-2-400" target="_blank" data-smartkarma-citation="insights:42932" rel="noopener">Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400,</a> technical analysis specialist <a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> works his technical magic on the <a href="https://www.smartkarma.com/entities/ftse-straits-times-index-sti" target="_blank" data-smartkarma-citation="entities:22902:1" rel="noopener">FTSE Straits Times Index (STI) (STI INDEX).</a></p>
<p>In <a href="https://www.smartkarma.com/insights/ratch-3q20-earnings-to-improve-from-overseas-performance" target="_blank" data-smartkarma-citation="insights:42789" rel="noopener">RATCH: 3Q20 Earnings to Improve from Overseas Performance</a>, our friend at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> report back on <a href="https://www.smartkarma.com/entities/ratch-group-pcl" target="_blank" data-smartkarma-citation="entities:15338:1" rel="noopener">Ratchaburi Electric (RATCH TB)</a> post its more recent analyst meeting, which left a positive impression.  </p>
<p>In <a href="https://www.smartkarma.com/insights/b-work-good-dividend-yield-makes-an-attractive-investment" target="_blank" data-smartkarma-citation="insights:42782" rel="noopener">B-WORK: Good Dividend Yield Makes an Attractive Investment,</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> revisits <a href="https://www.smartkarma.com/entities/bualuang-office-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:26187:1" rel="noopener">Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB)</a> and takes a positive view. </p>
<p>In <a href="https://www.smartkarma.com/insights/rbf-the-excessive-outperformance-may-come-to-a-halt" target="_blank" data-smartkarma-citation="insights:42788" rel="noopener">RBF: The Excessive Outperformance May Come to a Halt,</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> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/r-b-food-supply-pcl" target="_blank" data-smartkarma-citation="entities:28949:1" rel="noopener">R&amp;B Food Supply PCL (RBF TB)</a> to HOLD from SELL based on raising his target price of THB9.25 from THB8.70, implying a downside of 9% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/sti-acquisition-benefits-are-not-fully-priced-in-strong-buy" target="_blank" data-smartkarma-citation="insights:42785" rel="noopener">STI: Acquisition Benefits Are Not Fully Priced In, Strong BUY,</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> revisits <a href="https://www.smartkarma.com/entities/stonehenge-inter-pcl" target="_blank" data-smartkarma-citation="entities:27353:1" rel="noopener">Stonehenge Inter (STI TB)</a> with a BUY recommendation based on his target of THB10.10, implying an upside of 31% from the current share price. </p>
<p>In <a href="https://www.smartkarma.com/insights/dod-strong-performance-deserves-a-re-rating" target="_blank" data-smartkarma-citation="insights:42676" rel="noopener">DOD: Strong Performance Deserves a Re-Rating,</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> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/dod-biotech-pcl" target="_blank" data-smartkarma-citation="entities:26179:1" rel="noopener">DOD Biotech PCL (DOD TB)</a> to BUY from HOLD based on raising his target price to Bt10.70 from Bt7.55, implying an upside of 26% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/vranda-the-calm-before-challenging-times" target="_blank" data-smartkarma-citation="insights:42781" rel="noopener">VRANDA: The Calm Before Challenging Times,</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> has a SELL recommendation on <a href="https://www.smartkarma.com/entities/veranda-resort-pcl" target="_blank" data-smartkarma-citation="entities:29176:1" rel="noopener">Veranda Resort PCL (VRANDA TB)</a> based on a target price of THB4.30, implying a downside of 26% from the current share price. </p>
<p>In <a href="https://www.smartkarma.com/insights/ace-results-are-not-stunning-stay-on-hold" target="_blank" data-smartkarma-citation="insights:42784" rel="noopener">ACE: Results Are Not Stunning, Stay on HOLD,</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> upgrades his recommendation on <a href="https://www.smartkarma.com/entities/absolute-clean-energy-pcl" target="_blank" data-smartkarma-citation="entities:29155:1" rel="noopener">Absolute Clean Energy PCL (ACE TB)</a> to HOLD from SELL based on raising his target price to THB3.49 from THB2.64, implying an upside of 8% from the current price. </p>
<p>In <a href="https://www.smartkarma.com/insights/spa-weak-demand-continues-to-pressure-2h20-earnings" target="_blank" data-smartkarma-citation="insights:42813" rel="noopener">SPA: Weak Demand Continues to Pressure 2H20 Earnings,</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> downgrades <a href="https://www.smartkarma.com/entities/siam-wellness-group-pcl" target="_blank" data-smartkarma-citation="entities:3765:1" rel="noopener">Siam Wellness Group (SPA TB)</a> from BUY to HOLD rating and cut his target price by 31% to THB6.6 to factor in weakening earnings momentum in 2H20. </p>
<p>In <a href="https://www.smartkarma.com/insights/gunkul-new-60mw-power-plant-to-drive-2h20-earnings" target="_blank" data-smartkarma-citation="insights:42820" rel="noopener">GUNKUL: New 60MW Power Plant to Drive 2H20 Earnings,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain a BUY rating on <a href="https://www.smartkarma.com/entities/gunkul-engineering-pcl" target="_blank" data-smartkarma-citation="entities:15272:1" rel="noopener">Gunkul Engineering (GUNKUL TB)</a> with a target price of THB3.24 derived using DCF method (WACC 7.8% and TG 1%) implying 11.4x FY20E PER or 0.5x relative PER to Thai utility sector. </p>
<h3>Sector and Thematic Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/telecom-review-sept-2020-ais-and-asiasoft-get-aggressive-on-gaming" target="_blank" data-smartkarma-citation="insights:41022" rel="noopener">Telecom Review (Sept 2020): AIS and AsiaSoft Get Aggressive on Gaming,</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> takes a look at gaming, specifically related to <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 <a href="https://www.smartkarma.com/entities/asiasoft-corp-pcl" target="_blank" data-smartkarma-citation="entities:5429:1" rel="noopener">Asiasoft Corp (AS TB)</a> in Thailand. </p>


Corrigenda: There is an error in this Insight. Please note the correction.
Correction: The Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400 Insight is improperly attributed to Thomas Monaco. That Insight was published by Thomas Schroeder.



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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.

Equity Bottom-Up Insights
In Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?, CrossASEAN Insight Provider Angus Mackintosh revisits South East Asia's largest pharmaceutical company in light of news that the company is considering spinning off its Nutritionals division to raise around US$500m. 
In Link Net Tbk Pt (LINK IJ) - Summer Migration at Last, Angus Mackintosh revisits Indonesia's highest quality high-speed broadband provider following a call with managment, which focused on its recent results, as well as the decision to build its own pole infrastructure to carry its fibre.  
In SingTel: Make The Call, David Blennerhassett zeros in on Singapore's leading telecom provider and finds deep value appearing in the stock.
In SCG Packaging IPO Initiation: Shrink Wrapping, Arun George takes a first look at the upcoming spin-off from Siam Cement (SCC TB) and IPO of SCG Packaging, which will get a lot of investor focus given ist size and share in of the packaging market in SE Asia. 
In Sembcorp - Last Chance Before... Travis Lundy looks at the enormously dilutive rights issue and de-merger of Semcorp Marine. 
 In Singapore STI Macro Bear Pressure Mounting with Tactical Relief from 2,400, technical analysis specialist Thomas J. Monaco works his technical magic on the FTSE Straits Times Index (STI) (STI INDEX).
In RATCH: 3Q20 Earnings to Improve from Overseas Performance, our friend at Country Group report back on Ratchaburi Electric (RATCH TB) post its more recent analyst meeting, which left a positive impression.  
In B-WORK: Good Dividend Yield Makes an Attractive Investment, Dr. Andrew Stotz, CFA revisits Bualuang Office Leasehold Real Estate Investment Trust (B-WORK TB) and takes a positive view. 
In RBF: The Excessive Outperformance May Come to a Halt, Dr. Andrew Stotz, CFA upgrades his recommendation on R&amp;B Food Supply PCL (RBF TB) to HOLD from SELL based on raising his target price of THB9.25 from THB8.70, implying a downside of 9% from the current price. 
In STI: Acquisition Benefits Are Not Fully Priced In, Strong BUY, Dr. Andrew Stotz, CFA revisits Stonehenge Inter (STI TB) with a BUY recommendation based on his target of THB10.10, implying an upside of 31% from the current share price. 
In DOD: Strong Performance Deserves a Re-Rating, Dr. Andrew Stotz, CFA upgrades his recommendation on DOD Biotech PCL (DOD TB) to BUY from HOLD based on raising his target price to Bt10.70 from Bt7.55, implying an upside of 26% from the current price. 
In VRANDA: The Calm Before Challenging Times, Dr. Andrew Stotz, CFA has a SELL recommendation on Veranda Resort PCL (VRANDA TB) based on a target price of THB4.30, implying a downside of 26% from the current share price. 
In ACE: Results Are Not Stunning, Stay on HOLD, Dr. Andrew Stotz, CFA upgrades his recommendation on Absolute Clean Energy PCL (ACE TB) to HOLD from SELL based on raising his target price to THB3.49 from THB2.64, implying an upside of 8% from the current price. 
In SPA: Weak Demand Continues to Pressure 2H20 Earnings, Dr. Andrew Stotz, CFA downgrades Siam Wellness Group (SPA TB) from BUY to HOLD rating and cut his target price by 31% to THB6.6 to factor in weakening earnings momentum in 2H20. 
In GUNKUL: New 60MW Power Plant to Drive 2H20 Earnings, Country Group maintain a BUY rating on Gunkul Engineering (GUNKUL TB) with a target price of THB3.24 derived using DCF method (WACC 7.8% and TG 1%) implying 11.4x FY20E PER or 0.5x relative PER to Thai utility sector. 
Sector and Thematic Insights
In Telecom Review (Sept 2020): AIS and AsiaSoft Get Aggressive on Gaming, our Thai guru Athaporn Arayasantiparb, CFA takes a look at gaming, specifically related to Advanced Info Service (ADVANC TB) and Asiasoft Corp (AS TB) in Thailand. 

The Week that Was in ASEAN@Smartkama - Kalbe Spin-Off, SingTel's Deep Value, and Thailand's Gamers

<div class="content-highlight">
<p>This past week's offering of Insights across 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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/what-drives-rising-gold-prices" target="_blank" data-smartkarma-citation="insights:42091" rel="noopener">What Drives Rising Gold Prices?,</a> Strategist <a href="https://www.smartkarma.com/profiles/michael-j-howell" target="_blank" data-smartkarma-citation="accounts:2312" rel="noopener">Michael J. Howell</a> analyses driver drivers behind the rising gold price. </p><p>In <a href="https://www.smartkarma.com/insights/political-pit-stop-aug-20-regime-jitters" target="_blank" data-smartkarma-citation="insights:41483" rel="noopener">Political Pit Stop (Aug'20): Regime Jitters,</a> out 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> revisits the political situation in Thailand and identifies potential pitfalls ahead. </p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bank-central-asia-bbca-ij-liability-protection" target="_blank" data-smartkarma-citation="insights:41598" rel="noopener">Bank Central Asia (BBCA IJ) - Liability Protection,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's biggest private bank following a conversation with management. </p><p>In <a href="https://www.smartkarma.com/insights/kino-indonesia-kino-ij-sanitised-recovery" target="_blank" data-smartkarma-citation="insights:42045" rel="noopener">Kino Indonesia (KINO IJ) - Sanitised Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's less well-covered consumer players after a conversation with management and finds a promising outlook.</p><p><a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/procurri-us-ppp-saves-1h20-remains-cheap-at-0-4x-ev-sales-but-no-catalyst" target="_blank" data-smartkarma-citation="insights:42110" rel="noopener">Procurri: US PPP Saves 1H20; Remains Cheap at 0.4x EV/Sales but No Catalyst,</a> CrossASEAN Insight 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 this IT Hardware player and continues to see the value.</p><p><a href="https://www.smartkarma.com/entities/procurri-corporation-limited" target="_blank" data-smartkarma-citation="entities:24110:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/airport-of-thailand-aot-travel-bubble-mof-and-certify-hub" target="_blank" data-smartkarma-citation="insights:42048" rel="noopener">Airport of Thailand (AoT): Travel Bubble, MoF, and Certify Hub,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits Thailand's airport operator in light of the country's ever-changing tourism strategy.</p><p>In <a href="https://www.smartkarma.com/insights/bts-and-bangkok-airways-utapao-brother-in-arms" target="_blank" data-smartkarma-citation="insights:40027" rel="noopener">BTS and Bangkok Airways, UTaPao Brother-In-Arms,</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> comments on <a href="https://www.smartkarma.com/entities/bts-group-holdings-pcl" target="_blank" data-smartkarma-citation="entities:15943:1" rel="noopener">BTS Group Holdings (BTS TB)</a> and <a href="https://www.smartkarma.com/entities/bangkok-airways-co-ltd" target="_blank" data-smartkarma-citation="entities:457:1" rel="noopener">Bangkok Airways (BA TB)</a> after meetings with management. </p><p>In <a href="https://www.smartkarma.com/insights/siam-commercial-bank-surprising-on-the-upside" target="_blank" data-smartkarma-citation="insights:42161" rel="noopener">Siam Commercial Bank: Surprising on the Upside,</a> banking specialist <a href="https://www.smartkarma.com/profiles/paul-hollingworth" target="_blank" data-smartkarma-citation="accounts:2554" rel="noopener">Paul Hollingworth</a> zeros in on this leading Thai bank.</p><p>In <a href="https://www.smartkarma.com/insights/temasek-walks-away-from-keppel-deal" target="_blank" data-smartkarma-citation="insights:42047" rel="noopener">Temasek Walks Away from Keppel Deal,</a> events specialist <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> comments on the untimely end to this takeover by Temasek. </p><p>In <a href="https://www.smartkarma.com/insights/keppel-temasek-pulls-the-partial-offer" target="_blank" data-smartkarma-citation="insights:42059" rel="noopener">Keppel: Temasek Pulls the Partial Offer,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> also comments on Temasek's decision to pull out of this long-standing deal. </p><p>In <a href="https://www.smartkarma.com/insights/sembcorp-industries-a-simple-story-which-looks-complicated" target="_blank" data-smartkarma-citation="insights:42134" rel="noopener">Sembcorp Industries - A Simple Story Which Looks Complicated,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> comments on this complicated capital raise. </p><p>In <a href="https://www.smartkarma.com/insights/sembcorp-marine-rights-decided-and-virtual-ipo-set-still-avoid" target="_blank" data-smartkarma-citation="insights:42076" rel="noopener">Sembcorp Marine Rights Decided And "Virtual IPO" Set (Still Avoid),</a> events specialist attempts to decipher this extremely complicated restructuring. </p><p>In <a href="https://www.smartkarma.com/insights/b-work-offers-price-upside-and-a-good-dividend-yield" target="_blank" data-smartkarma-citation="insights:42157" rel="noopener">B-WORK: Offers Price Upside and a Good Dividend Yield,</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> initiates coverage on B-WORK with a BUY recommendation based on a target price of Bt12.80.</p><p>In <a href="https://www.smartkarma.com/insights/advanc-2q20-performance-hindered-by-a-drop-in-arpu" target="_blank" data-smartkarma-citation="insights:42036" rel="noopener">ADVANC:  2Q20 Performance Hindered by a Drop in ARPU,</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> report back on <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> after recent results. </p><p>In <a href="https://www.smartkarma.com/insights/cbg-trading-on-high-valuation-zone" target="_blank" data-smartkarma-citation="insights:42040" rel="noopener">CBG: Trading on High Valuation Zone,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> maintain their BUY rating and rollover their target price to THB141 based on 35x FY21E PER (Previous TP is THB110), the average of the Thailand energy drink group. </p><p>In <a href="https://www.smartkarma.com/insights/asian-2q20-earnings-reached-its-peak" target="_blank" data-smartkarma-citation="insights:42086" rel="noopener">ASIAN: 2Q20 Earnings Reached Its Peak</a><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/asian-sea-corp-pcl" target="_blank" data-smartkarma-citation="entities:19827:1" rel="noopener">Asian Seafoods Coldstorage (ASIAN TB)</a> and maintain their ‘SELL’ rating with a new target price at Bt10.3 (from Bt7.2).</p><p>In <a href="https://www.smartkarma.com/insights/planb-expect-net-loss-in-2q20-to-be-bottom-of-this-year" target="_blank" data-smartkarma-citation="insights:42156" rel="noopener">PLANB: Expect Net Loss in 2Q20 to Be Bottom of This Year,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> report back on <a href="https://www.smartkarma.com/entities/plan-b-media-pcl" target="_blank" data-smartkarma-citation="entities:24702:1" rel="noopener">Plan B Media (PLANB TB)</a> after a telephone call with management. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/aa-reit-s-bond-first-reit-perpetual-in-the-new-normal" target="_blank" data-smartkarma-citation="insights:42049" rel="noopener">AA REIT S$ Bond - First REIT Perpetual in the New Normal</a>, <a href="https://www.smartkarma.com/profiles/lakshmi-iyer-cfa" target="_blank" data-smartkarma-citation="accounts:9363" rel="noopener">Lakshmi Iyer, CFA</a> reports back after a new bond issue from <a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933:1" rel="noopener">AIMS APAC REIT (AAREIT SP).</a><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933:1" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> issued a perpetual security on August 6th (5.65% SGD125mn deal).  She thinks the deal is interesting for several reasons (timing of the issue, spread on coupon reset, etc.). She does not expect the bond to tighten significantly as it is correctly priced with respect to the senior debt.</p>


This past week's offering of Insights across 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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn What Drives Rising Gold Prices?, Strategist Michael J. Howell analyses driver drivers behind the rising gold price. In Political Pit Stop (Aug'20): Regime Jitters, out Thai guru Athaporn Arayasantiparb, CFA revisits the political situation in Thailand and identifies potential pitfalls ahead. Equity Bottom-Up InsightsIn Bank Central Asia (BBCA IJ) - Liability Protection, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's biggest private bank following a conversation with management. In Kino Indonesia (KINO IJ) - Sanitised Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's less well-covered consumer players after a conversation with management and finds a promising outlook.In Procurri: US PPP Saves 1H20; Remains Cheap at 0.4x EV/Sales but No Catalyst, CrossASEAN Insight Provider Nicolas Van Broekhoven revisits this IT Hardware player and continues to see the value.In Airport of Thailand (AoT): Travel Bubble, MoF, and Certify Hub, CrossASEAN Insight Provider Henry Soediarko revisits Thailand's airport operator in light of the country's ever-changing tourism strategy.In BTS and Bangkok Airways, UTaPao Brother-In-Arms, our Thai guru Athaporn Arayasantiparb, CFA comments on BTS Group Holdings (BTS TB) and Bangkok Airways (BA TB) after meetings with management. In Siam Commercial Bank: Surprising on the Upside, banking specialist Paul Hollingworth zeros in on this leading Thai bank.In Temasek Walks Away from Keppel Deal, events specialist Travis Lundy comments on the untimely end to this takeover by Temasek. In Keppel: Temasek Pulls the Partial Offer,Arun George also comments on Temasek's decision to pull out of this long-standing deal. In Sembcorp Industries - A Simple Story Which Looks Complicated,Travis Lundy comments on this complicated capital raise. In Sembcorp Marine Rights Decided And "Virtual IPO" Set (Still Avoid), events specialist attempts to decipher this extremely complicated restructuring. In B-WORK: Offers Price Upside and a Good Dividend Yield,Dr Andrew Stotz, CFA initiates coverage on B-WORK with a BUY recommendation based on a target price of Bt12.80.In ADVANC:  2Q20 Performance Hindered by a Drop in ARPU, our friends at Country Group report back on Advanced Info Service (ADVANC TB) after recent results. In CBG: Trading on High Valuation Zone,Country Group maintain their BUY rating and rollover their target price to THB141 based on 35x FY21E PER (Previous TP is THB110), the average of the Thailand energy drink group. In ASIAN: 2Q20 Earnings Reached Its PeakCountry Group revisit Asian Seafoods Coldstorage (ASIAN TB) and maintain their ‘SELL’ rating with a new target price at Bt10.3 (from Bt7.2).In PLANB: Expect Net Loss in 2Q20 to Be Bottom of This Year,Country Group report back on Plan B Media (PLANB TB) after a telephone call with management. Credit InsightsIn AA REIT S$ Bond - First REIT Perpetual in the New Normal, Lakshmi Iyer, CFA reports back after a new bond issue from AIMS APAC REIT (AAREIT SP).AIMS APAC REIT (AAREIT SP) issued a perpetual security on August 6th (5.65% SGD125mn deal).  She thinks the deal is interesting for several reasons (timing of the issue, spread on coupon reset, etc.). She does not expect the bond to tighten significantly as it is correctly priced with respect to the senior debt.

The Week that Was in ASEAN@Smartkarma - Thai Politics, BCA's +ve Liabilities, and Singapore O&M

<div class="content-highlight">
<p>This past week's offering of Insights across 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.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/kalbe-farma-klbf-ij-still-a-healthy-choice" target="_blank" data-smartkarma-citation="insights:41297" rel="noopener">Kalbe Farma (KLBF IJ) - Still a Healthy Choice,</a> CrossSEAN Insight revisits Indonesia's largest pharmaceutical player following a call with management. </p><p>In <a href="https://www.smartkarma.com/insights/sido-muncul-sido-ij-health-beyond-herbal" target="_blank" data-smartkarma-citation="insights:41450" rel="noopener">Sido Muncul (SIDO IJ) - Health Beyond Herbal</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> takes an initial look at Indonesia's leading herbal medicine player. </p><p>In <a href="https://www.smartkarma.com/insights/gudang-garam-ggrm-industry-consolidation-beneficiary" target="_blank" data-smartkarma-citation="insights:41461" rel="noopener">Gudang Garam (GGRM): Industry Consolidation Beneficiary,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits one of Indonesia's largest cigarette companies in light of recent changes to tax, which should benefit larger players. </p><p>In <a href="https://www.smartkarma.com/insights/stubworld-jcnc-now-even-cheaper" target="_blank" data-smartkarma-citation="insights:41443" rel="noopener">StubWorld: JCNC Now Even Cheaper,</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/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP),</a> which looks like an increasingly appealing way to gain access to <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ).</a></p><p>In <a href="https://www.smartkarma.com/insights/kasikornbank-not-the-best-of-times-for-3-more-years" target="_blank" data-smartkarma-citation="insights:41394" rel="noopener">Kasikornbank: Not the Best of Times For "3 More Years",</a> banking specialist <a href="https://www.smartkarma.com/profiles/paul-hollingworth" target="_blank" data-smartkarma-citation="accounts:2554" rel="noopener">Paul Hollingworth</a> zeros in of <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a> in light of its recent results and finds little to cheer about. <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener"></a></p><p>In <a href="https://www.smartkarma.com/insights/kasikornbank-pressure-cooker" target="_blank" data-smartkarma-citation="insights:41436" rel="noopener">Kasikornbank – Pressure Cooker,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> takes a close look at <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a> post its recent results. </p><p>In <a href="https://www.smartkarma.com/insights/grab-entrenched-super-app-positioned-for-next-stage-of-growth" target="_blank" data-smartkarma-citation="insights:39286" rel="noopener">Grab: Entrenched Super-App Positioned for Next Stage of Growth,</a><a href="https://www.smartkarma.com/profiles/vincent-fernando-cfa-f29d1c28-fc02-4296-afcd-5e900f012d86" target="_blank" data-smartkarma-citation="accounts:6634" rel="noopener">Vincent Fernando, CFA</a> takes a look at Asia's largest private ride-hailing company. </p><p>In <a href="https://www.smartkarma.com/insights/sea-limited-short-pair-with-baba-tencent" target="_blank" data-smartkarma-citation="insights:41369" rel="noopener">SEA Limited Short Pair with BABA/Tencent,</a> technical specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> zeros in on South East Asia's leading e-commerce and gaming player. </p><p>In <a href="https://www.smartkarma.com/insights/top-glove-sell-target-and-fresh-buy-support-to-form-a-bigger-peak" target="_blank" data-smartkarma-citation="insights:41495" rel="noopener">Top Glove Sell Target and Fresh Buy Support to Form a Bigger Peak,</a> technical specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> takes a look at Malaysia's leading rubber glove player. </p><p>In <a href="https://www.smartkarma.com/insights/sembcorp-restructuring-details-timing-announced-the-arithmetic-is-compelling" target="_blank" data-smartkarma-citation="insights:41504" rel="noopener">Sembcorp Restructuring Details &amp; Timing Announced - The Arithmetic Is Compelling</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> circles back to this ongoing situation.</p><p>In <a href="https://www.smartkarma.com/insights/keppel-material-impairments-may-mean-a-mac-mess" target="_blank" data-smartkarma-citation="insights:41533" rel="noopener">Keppel "Material Impairments" May Mean A MAC Mess,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits this long-standing takeover situation. </p><p>In <a href="https://www.smartkarma.com/insights/cct-cmt-cct-2q20-results-update" target="_blank" data-smartkarma-citation="insights:41447" rel="noopener">CCT+CMT: CCT 2Q20 Results Update,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> updates on <a href="https://www.smartkarma.com/entities/capitaland-mall-trust" target="_blank" data-smartkarma-citation="entities:105:1" rel="noopener">Capitaland Mall Trust (CT SP)</a> and <a href="https://www.smartkarma.com/entities/capitaland-commercial-trust" target="_blank" data-smartkarma-citation="entities:1077:1" rel="noopener">Capitaland Commercial Trust (CCT SP)</a> which announced on 22nd Jan 2020 that the two would merge by way of a trust scheme of arrangement to form CapitaLand Integrated Commercial Trust. In this insight, Sumeet takes a quick look at CCT's results which were announced last week.</p><p>In <a href="https://www.smartkarma.com/insights/bcp-offers-cheap-valuation-with-earnings-upcycle-ahead-in-2h20" target="_blank" data-smartkarma-citation="insights:41487" rel="noopener">BCP: Offers Cheap Valuation with Earnings Upcycle Ahead in 2H20,</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> reinitiate coverage of <a href="https://www.smartkarma.com/entities/bangchak-corporation-public-company-limited" target="_blank" data-smartkarma-citation="entities:15875:1" rel="noopener">Bangchak Corporation (BCP TB)</a> with a BUY rating, based on a 2021E target price of Bt25, which is derived from a sum-of-the-parts (SOTP) methodology. Their valuation implies 0.8x FY21E PBV, a 20% discount to the Thai energy sector.  </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/banks-credit-cost-delta" target="_blank" data-smartkarma-citation="insights:41412" rel="noopener">Banks – Credit Cost Delta</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> assessed the outlook for banks in light of credit cost improvements. </p><p>In <a href="https://www.smartkarma.com/insights/e-wallet-adoption-is-soaring-from-covid-catalyzing-southeast-asia-digital-economy-boom" target="_blank" data-smartkarma-citation="insights:41414" rel="noopener">E-Wallet Adoption Is Soaring from COVID, Catalyzing Southeast Asia Digital Economy Boom,</a><a href="https://www.smartkarma.com/profiles/vincent-fernando-cfa-f29d1c28-fc02-4296-afcd-5e900f012d86" target="_blank" data-smartkarma-citation="accounts:6634" rel="noopener">Vincent Fernando, CFA</a> revisits e-wallet adoption in Asia. </p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/alam-sutera-earnings-flash-q1-fy-2020-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:41382" rel="noopener">Alam Sutera - Earnings Flash - Q1 FY 2020 Results,</a> credit analyst <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> revisits <a href="https://www.smartkarma.com/entities/alam-sutera-realty-tbk-pt" target="_blank" data-smartkarma-citation="entities:2312:1" rel="noopener">Alam Sutera Realty (ASRI IJ)</a> post its recent poor results. </p>


This past week's offering of Insights across 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.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Equity Bottom-Up InsightsIn Kalbe Farma (KLBF IJ) - Still a Healthy Choice, CrossSEAN Insight revisits Indonesia's largest pharmaceutical player following a call with management. In Sido Muncul (SIDO IJ) - Health Beyond Herbal CrossASEAN Insight Provider Angus Mackintosh takes an initial look at Indonesia's leading herbal medicine player. In Gudang Garam (GGRM): Industry Consolidation Beneficiary, CrossASEAN Insight Provider Henry Soediarko revisits one of Indonesia's largest cigarette companies in light of recent changes to tax, which should benefit larger players. In StubWorld: JCNC Now Even Cheaper,David Blennerhassett revisits Jardine Cycle &amp; Carriage (JCNC SP), which looks like an increasingly appealing way to gain access to Astra International (ASII IJ).In Kasikornbank: Not the Best of Times For "3 More Years", banking specialist Paul Hollingworth zeros in of Kasikornbank PCL (KBANK TB) in light of its recent results and finds little to cheer about. In Kasikornbank – Pressure Cooker,Thomas J. Monaco takes a close look at Kasikornbank PCL (KBANK TB) post its recent results. In Grab: Entrenched Super-App Positioned for Next Stage of Growth,Vincent Fernando, CFA takes a look at Asia's largest private ride-hailing company. In SEA Limited Short Pair with BABA/Tencent, technical specialist Thomas Schroeder zeros in on South East Asia's leading e-commerce and gaming player. In Top Glove Sell Target and Fresh Buy Support to Form a Bigger Peak, technical specialist Thomas Schroeder takes a look at Malaysia's leading rubber glove player. In Sembcorp Restructuring Details &amp; Timing Announced - The Arithmetic Is CompellingTravis Lundy circles back to this ongoing situation.In Keppel "Material Impairments" May Mean A MAC Mess,Travis Lundy revisits this long-standing takeover situation. In CCT+CMT: CCT 2Q20 Results Update,Sumeet Singh updates on Capitaland Mall Trust (CT SP) and Capitaland Commercial Trust (CCT SP) which announced on 22nd Jan 2020 that the two would merge by way of a trust scheme of arrangement to form CapitaLand Integrated Commercial Trust. In this insight, Sumeet takes a quick look at CCT's results which were announced last week.In BCP: Offers Cheap Valuation with Earnings Upcycle Ahead in 2H20, our friends at Country Group reinitiate coverage of Bangchak Corporation (BCP TB) with a BUY rating, based on a 2021E target price of Bt25, which is derived from a sum-of-the-parts (SOTP) methodology. Their valuation implies 0.8x FY21E PBV, a 20% discount to the Thai energy sector.  Sector and Thematic InsightsIn Banks – Credit Cost Delta banking specialist Daniel Tabbush assessed the outlook for banks in light of credit cost improvements. In E-Wallet Adoption Is Soaring from COVID, Catalyzing Southeast Asia Digital Economy Boom,Vincent Fernando, CFA revisits e-wallet adoption in Asia. Credit InsightsIn Alam Sutera - Earnings Flash - Q1 FY 2020 Results, credit analyst Trung Nguyen revisits Alam Sutera Realty (ASRI IJ) post its recent poor results. 

The Week that Was in ASEAN@Smartkarma - Indonesian Health, KBANK's Woes, and Bank Credit Costs

Singapore

Sembcorp Industries is a Singaporean state-owned energy and urban development company. It provides sustainable energy solutions, including renewable power (solar, wind, energy storage) and conventional energy (gas and related services), alongside integrated urban solutions such as industrial parks, water, and waste management. The company is headquartered in Singapore and was founded in 1998.

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Sembcorp Industries (SCI SP)

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