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

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</a>, </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - Berli Jucker, CSAP, and Silverlake Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci's</a> results made for interesting reading with underlying profitability improving in its real estate and lifestyle segments as it reduced its Siloam stake and reduced its debt.</li>
<li>Real estate marketing sales in 1H2024 made up 58% of FY2024 guidance, with affordable landed housing driving growth across multiple projects targeting first-time buyers utilising readily available mortgages.</li>
<li>LPKR further reduced its holding in <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> in September through the tender offer and will further reduce its debt with proceeds. LPKR is back on the investor radar.</li>
</ul>



Lippo Karawaci's results made for interesting reading with underlying profitability improving in its real estate and lifestyle segments as it reduced its Siloam stake and reduced its debt.
Real estate marketing sales in 1H2024 made up 58% of FY2024 guidance, with affordable landed housing driving growth across multiple projects targeting first-time buyers utilising readily available mortgages.
LPKR further reduced its holding in Siloam International Hospitals in September through the tender offer and will further reduce its debt with proceeds. LPKR is back on the investor radar.


Lippo Karawaci (LPKR IJ) - Building Solid Foundations

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a>, <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a>, and <a href="https://www.smartkarma.com/entities/gajah-tunggal-tbk-pt" target="_blank" data-smartkarma-citation="entities:1632:1" rel="noopener">Gajah Tunggal (GJTL IJ)</a>.</li>
<li>There were also macro insights on the Singapore Economy, Malaysian Politics, and the Indonesian economy, as well as Helitap on natural rubber. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Adaro Energy (ADRO IJ), Bangkok Dusit Medical Services (BDMS TB), Lippo Karawaci (LPKR IJ), and Gajah Tunggal (GJTL IJ).
There were also macro insights on the Singapore Economy, Malaysian Politics, and the Indonesian economy, as well as Helitap on natural rubber. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - GoTo & Baba, Adaro Energy, and Bangkok Dusit Medical

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

BRI Danareksa Research

External broker reports(aggregated public sources)

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

Thematic (Sector/Industry)

<ul><li>FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.</li><li>The government has started to implement Money-Follow program as a follow-up to the Omnibus Law, also anticipating JKN’s net asset decline. </li><li>We deem the overall policy to remain positive for hospitals’ expansion. HEAL remains our Top Pick on potential strong 3Q24 volume.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.The government has started to implement Money-Follow program as a follow-up to the Omnibus Law, also anticipating JKN’s net asset decline. We deem the overall policy to remain positive for hospitals’ expansion. HEAL remains our Top Pick on potential strong 3Q24 volume.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: FY25 Budget: Continuation of The Reform Agenda (OVERWEIGHT)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and promotions driving growth. </li>
<li>The company has started to roll out physical outlets more aggressively, especially points of collection, with new clinical labs also providing a wider array of tests including genomic testing.</li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia</a> continues to drive its omnichannel strategy through U by Prodia and its ProdiaLink for Doctors, with capex for Prodia Digital in decline. Valuations remain extremely attractive versus Indian comparables.</li>
</ul>



Prodia (PRDA IJ) is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and promotions driving growth. 
The company has started to roll out physical outlets more aggressively, especially points of collection, with new clinical labs also providing a wider array of tests including genomic testing.

Prodia continues to drive its omnichannel strategy through U by Prodia and its ProdiaLink for Doctors, with capex for Prodia Digital in decline. Valuations remain extremely attractive versus Indian comparables.


Prodia (PRDA IJ) - New Outlets and Esoteric Testing Driving Growth

Indonesia

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

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Siloam International Hospitals (SILO IJ)

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh

Lippo Karawaci (LPKR IJ) - Building Solid Foundations

Lippo Karawaci's results made for interesting reading with underlying profitability improving in its real estate and lifestyle segments as it...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo & Baba, Adaro Energy, and Bangkok Dusit Medical

The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Adaro Energy (ADRO IJ), Bangkok Dusit Medical Services (BDMS TB), Lippo Karawaci...

Angus Mackintosh

Healthcare: FY25 Budget: Continuation of The Reform Agenda (OVERWEIGHT)

FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.

BRI Danareksa Research

Prodia (PRDA IJ) - New Outlets and Esoteric Testing Driving Growth

Prodia (PRDA IJ) is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and...

Angus Mackintosh

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52-week Range

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