ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

XLSMART Telecom Sejahtera / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> continues to stand as the most direct way to play the data demand in Indonesia as well as being the most convergent of the listed telcos.</li>
<li>Although it saw some seasonal slowdown in 3Q, the solid growth trajectory remains intact for this year with the completion of the <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> restructuring driving convergence growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> raised data prices again in November and will continue to ride the wave of price reparation over the coming quarters in a more rational pricing environment. </li>
</ul>



XL Axiata (EXCL IJ) continues to stand as the most direct way to play the data demand in Indonesia as well as being the most convergent of the listed telcos.
Although it saw some seasonal slowdown in 3Q, the solid growth trajectory remains intact for this year with the completion of the Link Net restructuring driving convergence growth.

XL Axiata (EXCL IJ) raised data prices again in November and will continue to ride the wave of price reparation over the coming quarters in a more rational pricing environment. 


XL Axiata (EXCL IJ) - Riding the Wave of Price Reparation and Convergence

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> continues to impress with its growth in revenues and data, driven by its 4G focus and high-quality network, with improving margins at the same time.</li>
<li>The XL convergence story continues to build, with convergence penetration increasing but the real kicker wILL come once the restructuring with <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> completes but benefits are already accruing. </li>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a> remains the purest data player in Indonesia, with convergence set to be the next driver. Valuations are attractive on 4.4x FY2024E EV/EBITDA with strong growth ahead. </li>
</ul>



XL Axiata (EXCL IJ) continues to impress with its growth in revenues and data, driven by its 4G focus and high-quality network, with improving margins at the same time.
The XL convergence story continues to build, with convergence penetration increasing but the real kicker wILL come once the restructuring with Link Net completes but benefits are already accruing. 

XL Axiata remains the purest data player in Indonesia, with convergence set to be the next driver. Valuations are attractive on 4.4x FY2024E EV/EBITDA with strong growth ahead. 


XL Axiata (EXCL IJ) - Linked Up for Future Growth

Cross Asset Strategy

<ul>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a>, <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>, <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a>, <a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> IPO, and <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>. </li>
<li>There were also insights on Vietnam's latest index rebalance together with Singapore's macro and politics plus an update on ASEAN Fintech Unicorns. </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-up, from across South-East Asia.</li>
</ul>


The Past week saw insights on Sea (SE US), Astra International (ASII IJ), AKR Corporindo (AKRA IJ), VNG (VinaGame) (VNG US) IPO, and Metro Pacific Investments Co (MPI PM). 
There were also insights on Vietnam's latest index rebalance together with Singapore's macro and politics plus an update on ASEAN Fintech Unicorns. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South-East Asia.


The Week That Was in ASEAN@Smarkarma - Sea Ltd & TikTok's Trouble, Astra Building EVs, and AKRA.

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a>,. <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>, <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional</a> IPO, <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>, and <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>.</li>
<li>There were also macro insights on Indonesia and Singapore economies, identifying potential cracks plus insights on <a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Mitratel</a>, <a href="https://www.smartkarma.com/entities/merdeka-copper-gold-tbk-pt" target="_blank" data-smartkarma-citation="entities:28447:1" rel="noopener">Merdeka Copper Gold,</a><a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai</a>, and <a href="https://www.smartkarma.com/entities/nam-long-investment-corp" target="_blank" data-smartkarma-citation="entities:22687:1" rel="noopener">Nam Long Investment (NLG VN)</a>. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on CP ALL PCL (CPALL TB),. Adi Sarana Armada (ASSA IJ), Amman Mineral Internasional IPO, Challenger Technologies (CHLG SP), and GoTo (GOTO IJ).
There were also macro insights on Indonesia and Singapore economies, identifying potential cracks plus insights on Mitratel, Merdeka Copper Gold,Bumi Serpong Damai, and Nam Long Investment (NLG VN). 


The Week That Was in ASEAN@Smartkarma - CPALL's Recovery, ASSA Back on Track, and Amman Mineral IPO

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Bumi Resources Minerals Tbk / Index Rebalance

<ul>
<li>The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.</li>
<li>Potential adds are <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals (ADMR IJ)</a>, <a href="https://www.smartkarma.com/entities/bumi-resources-minerals-tbk" target="_blank" data-smartkarma-citation="entities:9136:1" rel="noopener">Bumi Resources Minerals (BRMS IJ)</a>, <a href="https://www.smartkarma.com/entities/panin-financial-tbk-pt" target="_blank" data-smartkarma-citation="entities:19472:1" rel="noopener">Panin Financial (PNLF IJ)</a>, <a href="https://www.smartkarma.com/entities/energi-mega-persada-tbk-pt" target="_blank" data-smartkarma-citation="entities:17534:1" rel="noopener">Energi Mega Persada (ENRG IJ)</a>, <a href="https://www.smartkarma.com/entities/transcoal-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:28449:1" rel="noopener">Transcoal Pacific (TCPI IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO)</a>.</li>
<li>Potential deletions are <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a>, <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-tabungan-negara-persero" target="_blank" data-smartkarma-citation="entities:731:1" rel="noopener">Bank Tabungan Negara Persero (BBTN IJ)</a> and <a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" data-smartkarma-citation="entities:2556:1" rel="noopener">Chandra Asri Petrochemical (TPIA IJ)</a>. </li>
</ul>


The review period for the LQ45 Index ends on 30 June. The changes should be announced in the last week of July, becoming effective after the close on 31 July.
Potential adds are Adaro Minerals (ADMR IJ), Bumi Resources Minerals (BRMS IJ), Panin Financial (PNLF IJ), Energi Mega Persada (ENRG IJ), Transcoal Pacific (TCPI IJ) and Pertamina Geothermal Energy (PGEO).
Potential deletions are Japfa Comfeed Indonesia (JPFA IJ), Indocement Tunggal Prakarsa (INTP IJ), Timah Persero (TINS IJ), Bank Tabungan Negara Persero (BBTN IJ) and Chandra Asri Petrochemical (TPIA IJ). 


LQ45 Index Rebalance Preview (July): Identifying Potential Changes

Indonesia

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

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Smartfren Telecom (FREN IJ)

XL Axiata (EXCL IJ) - Riding the Wave of Price Reparation and Convergence

XL Axiata (EXCL IJ) continues to stand as the most direct way to play the data demand in Indonesia as well as being the most convergant of the...

Angus Mackintosh

XL Axiata (EXCL IJ) - Linked Up for Future Growth

XL Axiata remains the purest data player in Indonesia, with convergence set to the the next driver, boosted by LinkNet synergies. Valuations...

Angus Mackintosh

The Week That Was in ASEAN@Smarkarma - Sea Ltd & TikTok's Trouble, Astra Building EVs, and AKRA.

The Past week saw insights on Sea (SE US), Astra International (ASII IJ), AKR Corporindo (AKRA IJ), VNG (VinaGame) (VNG US) IPO, and Metro Pacific...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - CPALL's Recovery, ASSA Back on Track, and Amman Mineral IPO

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

Angus Mackintosh

LQ45 Index Rebalance Preview (July): Identifying Potential Changes

There could be 5 changes to the LQ45 in July. Given emphasis on liquidity, the impact on the deletes is higher than on the adds. Historically, the...

Brian Freitas

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