Daily BriefsMacro

Macro: The Week That Was in [email protected] – Gojek & Tokopedia and more

In today’s briefing:

The Week That Was in [email protected] – Gojek & Tokopedia, and Pragmatic Thailand

By Angus Mackintosh

The week that was in [email protected] 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.

We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 

Equity Bottom Up

In Indonesia Gojek and Tokopedia – Digital Game of Thrones, CrossASEAN insight provider Angus Mackintosh provides an initial view on the proposed Gojek (1379371D IJ) and Tokopedia PT (1087142D IJ) merger and future listing. 

In Aneka Gas (AGII IJ) – Welding in Production Assets, CrossASEAN insight provider Angus Mackintosh revisits Indonesia’s largest industrial gas company Aneka Gas (AGII IJ) on the news that it is to buy the remaining industrial gas assets from its parent in a positive move both from an economic and governance point of view.

In Thailand – More Pragmatic?, Daniel Tabbush reports back on the Thai government is being more pragmatic with measures, less draconian, which should be positive for the equity market and specifically Kasikornbank PCL (KBANK TB)

In Thailand Mission Impossible 2021: Rescuing the Thai Airline Industry, Thai specialist Athaporn Arayasantiparb, CFA takes a close look at the distress in the Thai aviation industry from four key angles.

In SPA: New Round of Pandemic Will Have Strong Impact on 1Q21 Earnings, our friends Country Group revisit Siam Wellness Group (SPA TB) after it announced that it will close down its Bangkok branches from 2nd January following the government measures to contain the new wave of pandemic.

In Gojek-Tokopedia Merger: A Blockbuster Deal and Potentially Better than a Gojek-Grab Ride, equity analyst Shifara Samsudeen, ACMA, CGMA lays out her view on the impact of merger between Gojek (1379371D IJ) / Tokopedia PT (1087142D IJ) and Gojek (1379371D IJ)/ Grab (0967655D SP)

Sector and Thematic

 In Thailand Power Sector: Overweight-Bright 2021 Performance, our friends at Country Group present their top picks in the Thai power sector.

Credit Insights

In Jababeka – Tear Sheet – Lucror Analytics, credit specialist Trung Nguyen provides a bird’s eye view on Kawasan Industri Jababeka (KIJA IJ) and finds it “High Risk” on the LARA scale, mainly due to the weak real estate market and the uncertainty associated with the gas-fired power plant (almost half of revenue).

Before it’s here, it’s on Smartkarma