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 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/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a>, <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> in Singapore, as well as <a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a>, and <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>. </li>
<li>There was also an interesting macro commentary on Indonesia's economy as it banned CPO exports but it is seeing a significant pick up in FDI.</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 PT Nippon Indosari Corpindo (ROTI IJ), AEM (AEM SP) in Singapore, as well as Rex International Holding (REXI SP), and Siam Cement (SCC TB). 
There was also an interesting macro commentary on Indonesia's economy as it banned CPO exports but it is seeing a significant pick up in FDI.


The Week That Was in ASEAN@Smartkarma - Indonesia & CPO, ROTI, and Siam Cement

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.</li>
<li>Placements remained few and far between with only <a href="https://www.smartkarma.com/entities/air-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:815:1" rel="noopener">Air New Zealand (AIR NZ)</a> launching its shortfall bookbuild.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.
Placements remained few and far between with only Air New Zealand (AIR NZ) launching its shortfall bookbuild.


ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

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.

Equity Bottom-Up

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 <div class='content-caption'>Share buyback</div>
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For the 5 trading sessions spanning Apr 29 to May 5, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 0.3 per cent, the Hang Seng Index gaining 2.5 per cent and the FTSE Bursa Malaysia KLCI declining 0.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$67 million of net inflow, following S$53 million of net outflow for the preceding 5 sessions.

OCBC, Keppel Corporation, Singapore Telecommunications, Venture Corporation and Jardine Cycle &amp; Carriage led the net institutional outflows for the 5 sessions through to May 5.

Meanwhile, Yangzijiang Financial Holdings, UOB, Mapletree Logisitics Trust, Mapletree Industrial Trust and Thai Beverage received the highest net institutional outflows for the 5 sessions.

Overall, the total net institutional inflows into Singapore stocks in the 2022 year to May 5 came up to S$452 million, while the STI generated an 8.4 per cent total return. Share Buybacks 
There were 12 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$44.5 million, up from S$10.5 million for the preceding week. 
Wilmar International, Keppel Corporation and Hong Fok Corporation led the consideration tally. 
Wilmar bought back 5.4 million shares at an average price of S$4.41 per share. 
For the previous year’s mandate, it bought back 19.9 million shares, which represented 0.32 per cent of the company’s issued shares (excluding treasury shares). 
The buybacks followed the company reporting financials for its Q1 FY22 (ended Mar 31) on Apr 29. Wilmar reported that its Q1 FY22 core net profit increased by 18.8 per cent year on year to US$503.4 million, attributed to the strong performance in the plantation and sugar milling segment, which was aided by firm palm oil prices. The company also noted that it has officially commenced its first central kitchen operations in Hangzhou, China in early April 2022.  
On Adani Wilmar, the company noted that from an IPO valuation of US$4 billion when it listed on the National Stock Exchange of India on Feb 8, 2022, its market capitalisation had increased by more than 3 times to above US$13 billion as at Apr 28, 2022. 
In addition, the valuation for Shree Renuka Sugars, the 62.5 per cent owned Indian sugar subsidiary, has also gone up sharply from US$863 million on Dec 31, 2021 to US$1.6 billion as at Apr 28, 2022. 
The company added that commodity prices had surged since the onset of the Russian and Ukraine conflict in February 2022 and while the contribution from the Russian and Ukrainian investments is not material, the sustained high commodity prices would benefit its plantation and sugar milling segment in the coming months. Director and substantial shareholder transactions 
The 5 trading sessions saw 100 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. 
This included 18 company director acquisitions with no disposals filed, while substantial shareholders filed 3 acquisitions and 3 disposals. Yangzijiang Financial Holding 
The 5 sessions saw multiple directors of Yangzijiang Financial Holding (YZJFH) acquire shares in the company on the open market. 
YZJFH was spun off from Yangzijiang Shipbuilding Holdings, with the aim of unlocking value for the company’s shareholders. 
YZJFH intends to focus on investing in growth opportunities to achieve attractive risk-adjusted return, while seeking to provide a steady stream of dividends to shareholders through income generated from investment and fund management businesses. 
Shareholders in Yangzijiang Shipbuilding received shares of YZJFH via a dividend in-specie on a one-to-one basis. 
On Apr 29, YZJFH executive director and CEO Vincent Toe Teow Heng acquired 400,000 shares for a consideration of S$228,000 at 57.0 cents per share. 
Toe has over 25 years of experience in fund management and investment advisory, M&amp;A, IPO deals and fundraising, throughout Asia. 
Prior to joining ICHAM, a Singapore-based fund management company as managing director, he was an investment banker at UBS, DBS Bank and JP Morgan. 
Between Apr 29 and May 5, YZJFH lead independent director Chew Sutat acquired 312,000 shares for a consideration of S$164,820 at an average price of 52.8 cents per share. 
Chew was senior managing director and a member of Singapore Exchange’s executive management team for 14 years. 
Prior to joining SGX, he held senior roles at Standard Chartered Bank, OCBC Securities and DBS Bank, where he held varying portfolios in strategic planning and business development for institutional banking and private clients. 
Between May 4 and 5, YZJFH independent director Chua Kim Leng acquired 150,000 shares for a consideration of S$73,500 at an average price of 49.0 cents per share. 
He currently serves on the board of the Casino Regulatory Authority, United Overseas Insurance, ADDX and TEHO International. In 2018, Chua stepped down from his role as special adviser (financial supervision) at the Monetary Authority of Singapore after 25 years of distinguished service. Sabana Industrial REIT 
On Apr 28, Sabana Real Estate Investment Management CEO Donald Han Yong Lee acquired 100,000 units of Sabana Industrial Reit at 45.0 cents per unit. 
On Apr 21, Han noted that the Reit had renewed 44.1 per cent of leases expiring this year and did so at positive rental reversion, while keeping the portfolio occupancy steady at 85.2 per cent. 
For its FY21 (ended Dec 31, 2021) the gross revenue of Sabana Industrial Reit increased by 14.2 per cent year on year to S$81.9 million with net property income increasing 16.4 per cent year on year to S$52.0 million. 
Han is an accomplished and respected consultant across most sectors in the property market, including industrial, having spent more than 30 years in various senior management and advisory positions. 
His experience ranges from residential agency to collective en bloc, office investment sales to retail leasing, regional hospitality and hotel disposition to international project marketing. JB Foods 
On Apr 29, JB Foods executive director and CEO Tey How Keong acquired 82,000 shares of the company for a consideration of S$40,180. 
At 49.0 cents per share, this increased his total interest in JB Foods from 46.78 per cent to 46.81 per cent. 
This followed his acquisition of 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27. 
JB Foods core business is in the production and sale of cocoa ingredient products, namely cocoa mass, cocoa butter and cocoa powder. 
Tey is responsible for the overall strategic, management and business development of the group and has over 25 years of experience in the cocoa business. 
He recently noted that while recent price volatility in cocoa has put pressure on the group to carefully manage its pricing strategy and the pace of expansion, investment and the ramp up of manufacturing capacity, the easing of travel restrictions around the world will continue to fuel stable growth of the cocoa and chocolate industry. 
Tey added that the group remains optimistic that the overall cocoa consumption environment will continue on its growth trajectory post-pandemic. Baker Technology 
On May 4, Baker Technology executive director Benety Chang acquired 82,300 shares of the company at an average price of 43.9 cents per share. 
With a consideration of S$36,127 this increased his total interest in the from 52.92 per cent to 52.96 per cent. 
Prior to this he acquired 279,000 shares of the company at an average price of 44.8 cents per share on March 9. 
He is the major shareholder of the company and has extensive experience in the offshore oil and gas industry. A-Sonic Aerospace 
Between Apr 29 and May 4, A-Sonic Aerospace chief executive officer Janet LC Tan acquired 30,000 shares of the company for a consideration of S$21,300, at 71.0 cents per share. 
This took her total interest in the company from 59.94 per cent to 59.98 per cent. 
She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018. 
Tan has over 20 years of extensive experience in the aviation industry, with her responsibilities at A-Sonic Aerospace including the setting of the overall long-term business direction, developing business strategies, and implementing growth strategies for the A-Sonic Aerospace and its subsidiaries. 
On Apr 22, A-Sonic Aerospace announced it had submitted to SGX-ST an application to extend the cure period beyond Jun 4, 2022 to exit the SGX Watch List. Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/hong-fok-continues-buybacks-as-joint-ceo-raises-stake-0"> </a><a href="https://www.businesstimes.com.sg/companies-markets/wilmar-leads-buyback-tally-yzjfh-directors-acquire-shares">read </a>the original version.
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    Share buyback


For the 5 trading sessions spanning Apr 29 to May 5, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 0.3 per cent, the Hang Seng Index gaining 2.5 per cent and the FTSE Bursa Malaysia KLCI declining 0.7 per cent. 

Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$67 million of net inflow, following S$53 million of net outflow for the preceding 5 sessions.

OCBC, Keppel Corporation, Singapore Telecommunications, Venture Corporation and Jardine Cycle &amp; Carriage led the net institutional outflows for the 5 sessions through to May 5.

Meanwhile, Yangzijiang Financial Holdings, UOB, Mapletree Logisitics Trust, Mapletree Industrial Trust and Thai Beverage received the highest net institutional outflows for the 5 sessions.

Overall, the total net institutional inflows into Singapore stocks in the 2022 year to May 5 came up to S$452 million, while the STI generated an 8.4 per cent total return.  Share Buybacks  
There were 12 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$44.5 million, up from S$10.5 million for the preceding week.  
Wilmar International, Keppel Corporation and Hong Fok Corporation led the consideration tally.  
Wilmar bought back 5.4 million shares at an average price of S$4.41 per share.  
For the previous year’s mandate, it bought back 19.9 million shares, which represented 0.32 per cent of the company’s issued shares (excluding treasury shares).  
The buybacks followed the company reporting financials for its Q1 FY22 (ended Mar 31) on Apr 29. Wilmar reported that its Q1 FY22 core net profit increased by 18.8 per cent year on year to US$503.4 million, attributed to the strong performance in the plantation and sugar milling segment, which was aided by firm palm oil prices. The company also noted that it has officially commenced its first central kitchen operations in Hangzhou, China in early April 2022.   
On Adani Wilmar, the company noted that from an IPO valuation of US$4 billion when it listed on the National Stock Exchange of India on Feb 8, 2022, its market capitalisation had increased by more than 3 times to above US$13 billion as at Apr 28, 2022.  
In addition, the valuation for Shree Renuka Sugars, the 62.5 per cent owned Indian sugar subsidiary, has also gone up sharply from US$863 million on Dec 31, 2021 to US$1.6 billion as at Apr 28, 2022.  
The company added that commodity prices had surged since the onset of the Russian and Ukraine conflict in February 2022 and while the contribution from the Russian and Ukrainian investments is not material, the sustained high commodity prices would benefit its plantation and sugar milling segment in the coming months.  Director and substantial shareholder transactions  
The 5 trading sessions saw 100 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks.  
This included 18 company director acquisitions with no disposals filed, while substantial shareholders filed 3 acquisitions and 3 disposals.  Yangzijiang Financial Holding  
The 5 sessions saw multiple directors of Yangzijiang Financial Holding (YZJFH) acquire shares in the company on the open market.  
YZJFH was spun off from Yangzijiang Shipbuilding Holdings, with the aim of unlocking value for the company’s shareholders.  
YZJFH intends to focus on investing in growth opportunities to achieve attractive risk-adjusted return, while seeking to provide a steady stream of dividends to shareholders through income generated from investment and fund management businesses.  
Shareholders in Yangzijiang Shipbuilding received shares of YZJFH via a dividend in-specie on a one-to-one basis.  
On Apr 29, YZJFH executive director and CEO Vincent Toe Teow Heng acquired 400,000 shares for a consideration of S$228,000 at 57.0 cents per share.  
Toe has over 25 years of experience in fund management and investment advisory, M&amp;A, IPO deals and fundraising, throughout Asia.  
Prior to joining ICHAM, a Singapore-based fund management company as managing director, he was an investment banker at UBS, DBS Bank and JP Morgan.  
Between Apr 29 and May 5, YZJFH lead independent director Chew Sutat acquired 312,000 shares for a consideration of S$164,820 at an average price of 52.8 cents per share.  
Chew was senior managing director and a member of Singapore Exchange’s executive management team for 14 years.  
Prior to joining SGX, he held senior roles at Standard Chartered Bank, OCBC Securities and DBS Bank, where he held varying portfolios in strategic planning and business development for institutional banking and private clients.  
Between May 4 and 5, YZJFH independent director Chua Kim Leng acquired 150,000 shares for a consideration of S$73,500 at an average price of 49.0 cents per share.  
He currently serves on the board of the Casino Regulatory Authority, United Overseas Insurance, ADDX and TEHO International. In 2018, Chua stepped down from his role as special adviser (financial supervision) at the Monetary Authority of Singapore after 25 years of distinguished service.  Sabana Industrial REIT  
On Apr 28, Sabana Real Estate Investment Management CEO Donald Han Yong Lee acquired 100,000 units of Sabana Industrial Reit at 45.0 cents per unit.  
On Apr 21, Han noted that the Reit had renewed 44.1 per cent of leases expiring this year and did so at positive rental reversion, while keeping the portfolio occupancy steady at 85.2 per cent.  
For its FY21 (ended Dec 31, 2021) the gross revenue of Sabana Industrial Reit increased by 14.2 per cent year on year to S$81.9 million with net property income increasing 16.4 per cent year on year to S$52.0 million.  
Han is an accomplished and respected consultant across most sectors in the property market, including industrial, having spent more than 30 years in various senior management and advisory positions.  
His experience ranges from residential agency to collective en bloc, office investment sales to retail leasing, regional hospitality and hotel disposition to international project marketing.  JB Foods  
On Apr 29, JB Foods executive director and CEO Tey How Keong acquired 82,000 shares of the company for a consideration of S$40,180.  
At 49.0 cents per share, this increased his total interest in JB Foods from 46.78 per cent to 46.81 per cent.  
This followed his acquisition of 29,600 shares at 47.3 cents per share on Mar 23 and 400,000 shares at 52.0 cents per share on Dec 27.  
JB Foods core business is in the production and sale of cocoa ingredient products, namely cocoa mass, cocoa butter and cocoa powder.  
Tey is responsible for the overall strategic, management and business development of the group and has over 25 years of experience in the cocoa business.  
He recently noted that while recent price volatility in cocoa has put pressure on the group to carefully manage its pricing strategy and the pace of expansion, investment and the ramp up of manufacturing capacity, the easing of travel restrictions around the world will continue to fuel stable growth of the cocoa and chocolate industry.  
Tey added that the group remains optimistic that the overall cocoa consumption environment will continue on its growth trajectory post-pandemic.  Baker Technology  
On May 4, Baker Technology executive director Benety Chang acquired 82,300 shares of the company at an average price of 43.9 cents per share.  
With a consideration of S$36,127 this increased his total interest in the from 52.92 per cent to 52.96 per cent.  
Prior to this he acquired 279,000 shares of the company at an average price of 44.8 cents per share on March 9.  
He is the major shareholder of the company and has extensive experience in the offshore oil and gas industry.  A-Sonic Aerospace  
Between Apr 29 and May 4, A-Sonic Aerospace chief executive officer Janet LC Tan acquired 30,000 shares of the company for a consideration of S$21,300, at 71.0 cents per share.  
This took her total interest in the company from 59.94 per cent to 59.98 per cent.  
She has gradually increased her total interest in A-Sonic Aerospace from 53.35 per cent at the end of 2018.  
Tan has over 20 years of extensive experience in the aviation industry, with her responsibilities at A-Sonic Aerospace including the setting of the overall long-term business direction, developing business strategies, and implementing growth strategies for the A-Sonic Aerospace and its subsidiaries.  
On Apr 22, A-Sonic Aerospace announced it had submitted to SGX-ST an application to extend the cure period beyond Jun 4, 2022 to exit the SGX Watch List.  Inside Insights is a weekly column on The Business Times, read the original version.



Wilmar leads buyback tally; YZJFH directors acquire shares

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> 4Q2021 results marked a turnaround in both its packaging business in glass and cans plus better performance from Big C as mobility improved during the quarter.</li>
<li>The outlook for packaging looks positive and the Big C will open more outlets in 2022 plus renovating around 20 hypermarkets plus opening new formats this year.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> remains an interesting recovery play for Thailand and Vietnam, with the potential for more retail exposure there in the future. Valuations stack up versus peers.</li>
</ul>



Berli Jucker (BJC TB) 4Q2021 results marked a turnaround in both its packaging business in glass and cans plus better performance from Big C as mobility improved during the quarter.
The outlook for packaging looks positive and the Big C will open more outlets in 2022 plus renovating around 20 hypermarkets plus opening new formats this year.

Berli Jucker (BJC TB) remains an interesting recovery play for Thailand and Vietnam, with the potential for more retail exposure there in the future. Valuations stack up versus peers.


Berli Jucker (BJC IJ) - Ride the Retail and Packaging Recovery

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Thematic (Sector/Industry)

<ul>
<li>Countries in ASEAN have gradually relaxed their travel policies and reopened their borders allowing foreign tourists to come. </li>
<li>Stocks that will benefit range from Airlines, Airport maintenance, catering provider, hotel operator, public transport operator to convenience store and F&amp;B operators.</li>
<li>The big daddy of ASEAN tourism, China, has taken the first step to allow ART tests available for public and worth monitoring its progress. </li>
</ul>


Countries in ASEAN have gradually relaxed their travel policies and reopened their borders allowing foreign tourists to come. 
Stocks that will benefit range from Airlines, Airport maintenance, catering provider, hotel operator, public transport operator to convenience store and F&amp;B operators.
The big daddy of ASEAN tourism, China, has taken the first step to allow ART tests available for public and worth monitoring its progress. 


ASEAN Reopening: Tourism and Transport Reboot - Part Deux

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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Thai Beverage (THBEV SP)

The Week That Was in ASEAN@Smartkarma - Indonesia & CPO, ROTI, and Siam Cement

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

Angus Mackintosh

ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Wilmar leads buyback tally; YZJFH directors acquire shares

For the 5 trading sessions spanning Apr 29 to May 5, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50...

Singapore Exchange Ltd (SGX)

Berli Jucker (BJC IJ) - Ride the Retail and Packaging Recovery

Berli Jucker remains an interesting recovery play for Thailand and Vietnam, with the potential for more retail exposure in Vietnam in the future....

Angus Mackintosh

ASEAN Reopening: Tourism and Transport Reboot - Part Deux

It may still need a few months or even close to a year to get everything back to the pre-COVID-19 level but the progress since the first insight...

Henry Soediarko

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