ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - MAPI's Remoulding, Sido Muncul, and Bukalapak's Renaissance

Grab (GRAB US) - Rolling Recovery in Motion

GoTo (GOTO IJ) - Ploughing a Path to Profitability

Sea Ltd (SE US) - Leaning Towards Profitability and Sustainability

Grab (GRAB US) - A Rough Ride for Now but Smoother Terrain Ahead

Bukalapak (BUKA IJ) - Building a Warchest of Ecosystems

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

Private Capital Markets

GoTo Gojek Tokopedia Tbk PT / Private Capital Markets

<ul>
<li>The long-awaited <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> IPO is upon us with a listing scheduled for 4th April after the deal was priced sensibly in the middle of the range at IDR338 per share. </li>
<li>Since this was only offered to local investors and the IPO only represents 4.35% of shares in issue pre-Green Shoe, we see the potential for strong support from local institutions.</li>
<li>Valuations are challenging but <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> represents the best proxy for the Indonesian digital economy given its broad and unique exposure to key verticals of on-demand, digital finance, and e-commerce. </li>
</ul>


The long-awaited GoTo IPO is upon us with a listing scheduled for 4th April after the deal was priced sensibly in the middle of the range at IDR338 per share. 
Since this was only offered to local investors and the IPO only represents 4.35% of shares in issue pre-Green Shoe, we see the potential for strong support from local institutions.
Valuations are challenging but GoTo represents the best proxy for the Indonesian digital economy given its broad and unique exposure to key verticals of on-demand, digital finance, and e-commerce. 


GoTo Gojek Tokopedia Tbk PT

GoTo IPO - A Finely Tuned Balance