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

Sea Ltd: Shopee’s Exit from India Could Be the Final Nail in the Coffin

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

<ul>
<li>Sea Ltd (SE US) booked another solid set of results in 1Q2026, hitting record numbers on several metrics for both Shopee and Monee, with Garena also seeing renewed growth. </li>
<li>Shopee booked strong growth in GMV, gross order volume and revenue, and monthly active buyers in 1Q2026. Shopee invested in building logistics, fulfilment, and content, building foundations for future growth. </li>
<li>Monee booked +70% YoY loan growth in 1Q2026, with credit costs remaining healthy. Sea Ltd remains our top pick to play consumption and the digital economy in all Southeast Asia,</li>
</ul>


Sea Ltd (SE US) booked another solid set of results in 1Q2026, hitting record numbers on several metrics for both Shopee and Monee, with Garena also seeing renewed growth. 
Shopee booked strong growth in GMV, gross order volume and revenue, and monthly active buyers in 1Q2026. Shopee invested in building logistics, fulfilment, and content, building foundations for future growth. 
Monee booked +70% YoY loan growth in 1Q2026, with credit costs remaining healthy. Sea Ltd remains our top pick to play consumption and the digital economy in all Southeast Asia,


Sea Ltd

Sea Ltd (SE US) - Laying Foundations