ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Thematic (Sector/Industry)

I spent the second half of last week in Jakarta and Surabaya, kicking the tires and walking the tiles on the two cities, with a visit to <a href="https://www.smartkarma.com/entities/17042" target="_blank" data-smartkarma-citation="entities:17042:1">Arwana Citramulia Tbk Pt (ARNA IJ)</a>'s new plant near Surabaya. In Jakarta, one of the highlights was filter maker <a href="https://www.smartkarma.com/entities/10909" target="_blank" data-smartkarma-citation="entities:10909:1">Selamat Sempurna Pt (SMSM IJ)</a>, which is back on track in 1Q17, after a slower year in 2016. For more detail on these visits, please scroll down. <h2>Top Insights of the week in ASEAN</h2>In <a href="https://www.smartkarma.com/insights/bullish-rally-base-for-new-highs" target="_blank" data-smartkarma-citation="insights:10300">Bullish Rally Base for New Highs</a>, <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> highlights…

I spent the second half of last week in Jakarta and Surabaya, kicking the tires and walking the tiles on the two cities, with a visit to Arwana Citramulia Tbk Pt (ARNA IJ)'s new plant near Surabaya. In Jakarta, one of the highlights was filter maker Selamat Sempurna Pt (SMSM IJ), which is back on track in 1Q17, after a slower year in 2016. For more detail on these visits, please scroll down. Top Insights of the week in ASEANIn Bullish Rally Base for New Highs, Thomas Schroeder highlights…

The Week that Was in ASEAN@Smartkarma - Filters, Construction And Shipping

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/11" target="_blank" data-smartkarma-citation="entities:11:1">Sembcorp Marine Ltd (SMM SP)</a> reported disappointing results yesterday. It is significantly below what the street was expecting. In this insight, I interpret the numbers and give updates to recent drilling rig market conditions. 1Q17 headline revenue/net profit is lowered by 17.2%/28% YoY. However, excluding one-off gains from the sale of <a href="https://www.smartkarma.com/entities/671" target="_blank" data-smartkarma-citation="entities:671:1">COSCO Corp Singapore Ltd (COS SP)</a>, SMM would have reported a net loss of S$7.3m. 1Q revenue accounted for 25% of full-year consensus revenue estimates. The…

Sembcorp Marine Ltd (SMM SP) reported disappointing results yesterday. It is significantly below what the street was expecting. In this insight, I interpret the numbers and give updates to recent drilling rig market conditions. 1Q17 headline revenue/net profit is lowered by 17.2%/28% YoY. However, excluding one-off gains from the sale of COSCO Corp Singapore Ltd (COS SP), SMM would have reported a net loss of S$7.3m. 1Q revenue accounted for 25% of full-year consensus revenue estimates. The…

SMM 1Q17: Sank to A Loss, Yet to See Lights at the End of the Tunnel

In this week's ASEAN weekly offering I include a "Bonus Insight" with <a href="https://www.smartkarma.com/entities/440" target="_blank" data-smartkarma-citation="entities:440:1">Bank Central Asia Tbk Pt (BBCA IJ)</a> from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara Pt (TOWR IJ)</a> (Protelindo) from <a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a>, an inaugural note from <a href="https://www.smartkarma.com/profiles/1218" target="_blank" data-smartkarma-citation="accounts:1218">Surabhi Chopra</a> on <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">Telekomunikasi Indonesia (TLKM IJ)</a>…

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please read to the end to discover a surprisingly optimistic view from a generally very conservative bank.This week we had some great bottom-up insights on the telecom sector including a positive view on Sarana Menara Nusantara Pt (TOWR IJ) (Protelindo) from New Street Research, an inaugural note from Surabhi Chopra on Telekomunikasi Indonesia (TLKM IJ)…

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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§  Singapore lists over 100 stocks with market capitalisation above S$1 billion. These stocks have averaged a 7.5% gain in the 2017 YTD, taking their average 12 month total return to 15.4%. The three stocks that were the strongest performers over the past 12 months were GSH Corp, China Aviation Oil Singapore and Japfa.
 
§  Business Returns of the stocks were consistent with average Return on Equity (ROE) for the past 12 months and five years, at 11.7%.  The three stocks that have seen the biggest…
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§  Singapore lists over 100 stocks with market capitalisation above S$1 billion. These stocks have averaged a 7.5% gain in the 2017 YTD, taking their average 12 month total return to 15.4%. The three stocks that were the strongest performers over the past 12 months were GSH Corp, China Aviation Oil Singapore and Japfa.
 
§  Business Returns of the stocks were consistent with average Return on Equity (ROE) for the past 12 months and five years, at 11.7%.  The three stocks that have seen the biggest…



Billionaire Stocks Have Averaged 7.5% Gain in 2017 YTD

We warned of an under-appreciated risk on SCI's utility business in our earlier insight: <a href="https://www.smartkarma.com/insights/sci-into-2017-stub-expensive-near-term-risk-in-india-under-appreciated" target="_blank" data-smartkarma-citation="insights:8342">SCI Into 2017: Utilities’ Risk Under-Appreciated, Stub Expensive</a>. What the company reported last week re-affirms our point that the Street has not expected SCI's India's utility to be this weak. I also had a call with the company prior to this insight to get updates pertaining to our discussion in this insight.The company's results are available here (<a href="http://infopub.sgx.com/FileOpen/SCI_FY2016_Financial%20Statements.ashx?App=Announcement&amp;FileID=440374" target="_blank">financial statement</a>, <a href="http://infopub.sgx.com/FileOpen/SCI_FY2016_Results%20Slides.ashx?App=Announcement&amp;FileID=440375" target="_blank">press release</a>, and <a href="http://infopub.sgx.com/FileOpen/SCI_FY2016_Results%20Slides.ashx?App=Announcement&amp;FileID=440375" target="_blank">presentation</a>…

We warned of an under-appreciated risk on SCI's utility business in our earlier insight: SCI Into 2017: Utilities’ Risk Under-Appreciated, Stub Expensive. What the company reported last week re-affirms our point that the Street has not expected SCI's India's utility to be this weak. I also had a call with the company prior to this insight to get updates pertaining to our discussion in this insight.The company's results are available here (financial statement, press release, and presentation…

SCI 4Q16: India Utilities Hit, Over-Optimism for Stub

Singapore

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

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Seatrium (STM SP)

The Week that Was in ASEAN@Smartkarma - Filters, Construction And Shipping

I spent the second half of last week in Jakarta and Surabaya, kicking the tires and walking the tiles on the two cities, with a visit to Arwana...

Angus Mackintosh

SMM 1Q17: Sank to A Loss, Yet to See Lights at the End of the Tunnel

Sembcorp Marine Ltd (SMM SP) reported disappointing results yesterday. It is significantly below what the street was expecting. In this insight, I...

Ke Yan, CFA, FRM

The Week That Was in ASEAN@Smartkarma - Towers, Birds, and Banking

In this week's ASEAN weekly offering I include a "Bonus Insight" with Bank Central Asia Tbk Pt (BBCA IJ) from my visit to Jakarta last week. Please...

Angus Mackintosh

Billionaire Stocks Have Averaged 7.5% Gain in 2017 YTD

Singapore currently has 102 primary-listed stocks with market capitalisation above S$1.0 billion. The 102 stocks provide a wide range of investment...

Singapore Exchange Ltd (SGX)

SCI 4Q16: India Utilities Hit, Over-Optimism for Stub

We warned of an under-appreciated risk on SCI's utility business in our earlier insight: SCI Into 2017: Utilities’ Risk Under-Appreciated, Stub...

Ke Yan, CFA, FRM

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