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

Thai Beverage: Bouncy 1QFY21 Can Fire up the Stock; 20% Upside on SOTP

Bank Mandiri – Rise Of Loan Loss Reserves, Unclear?

Gravity Works As WeWork Doesn't; Now Plan B

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

Multiple Countries / Cross Asset Strategy

<div class="content-highlight">
The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> 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. 
</div><h3>Macro Insights</h3>In<a href="https://www.smartkarma.com/insights/singapore-monetary-policy-to-remain-in-holding-pattern" target="_blank" rel="noopener"> Singapore: Monetary Policy to Remain in Holding Pattern</a>,<a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" rel="noopener"> Nicholas Chia</a> discusses the outlook for the Singapore economy in 2021.<h3>Equity Bottom Up</h3>In<a href="https://www.smartkarma.com/insights/bank-central-asia-bbca-ij-more-than-respectable" target="_blank" rel="noopener"> Bank Central Asia (BBCA IJ) - More Than Respectable</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" rel="noopener"> Bank Central Asia (BBCA IJ)</a> post its recent FY2020 results.In <a href="https://www.smartkarma.com/insights/wintermar-offshore-marine-wins-ij-indonesia-s-oil-recovery-play" target="_blank" data-smartkarma-citation="insights:48002" rel="noopener">Wintermar Offshore Marine (WINS IJ) - Indonesia's Oil Recovery Play,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> zeros in on this Indonesian offshore oil &amp; gas player after hosting a webinar with the company. In<a href="https://www.smartkarma.com/insights/jasa-marga-jsmr-recovery-play-and-low-capex" target="_blank" rel="noopener"> Jasa Marga (JSMR): Recovery Play and Low Capex</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> discusses the three key elements that will drive the business and the share price higher for<a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" rel="noopener"> Jasa Marga (Persero) (JSMR IJ)</a>.In <a href="https://www.smartkarma.com/insights/bank-mandiri-rise-of-loan-loss-reserves-unclear" target="_blank" data-smartkarma-citation="insights:48122" rel="noopener">Bank Mandiri – Rise Of Loan Loss Reserves, Unclear?</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> revists <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ)</a> post its recent results and zeros in on its rising loan loss reserves. In<a href="https://www.smartkarma.com/insights/dbs-a-montage" target="_blank" rel="noopener"> DBS – A Montage</a>, banking specialist<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" rel="noopener"> Daniel Tabbush</a> discusses how<a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" rel="noopener"> DBS (DBS SP)</a> can benefit from the steepening yield curve in the US and Lakshmi Vilas Bank India acquisition. In<a href="https://www.smartkarma.com/insights/stubworld-double-stub-via-thaibev-s-beerco-ipo" target="_blank" rel="noopener"> StubWorld: Double Stub Via ThaiBev's BeerCo IPO</a>,<a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" rel="noopener"> David Blennerhassett</a> takes a look at<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" rel="noopener"> Thai Beverage (THBEV SP)</a> in light of impending spin of of its beer business. In<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-pttor-ipo-trading-debut" target="_blank" rel="noopener"> PTT Oil and Retail (PTTOR) IPO: Trading Debut</a>,<a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" rel="noopener"> Arun George</a> revisits<a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" rel="noopener"> PTT Oil and Retail (OR TB)</a> after its trading debut.  In<a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-ipo-trading-still-reasonably-priced-at-the-top-end" target="_blank" rel="noopener"> PTT Oil and Retail IPO Trading - Still Reasonably Priced at the Top-End</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> takes a look at<a href="https://www.smartkarma.com/entities/ptt-oil-and-retail" target="_blank" rel="noopener"> PTT Oil and Retail (OR TB)</a>'s deal dynamics and provide implied valuations at different share price levels.In<a href="https://www.smartkarma.com/insights/pttor-or-tb-fast-entry-green-light-for-set50-ftse-orange-for-msci" target="_blank" rel="noopener"> PTTOR (OR TB) Fast Entry - Green Light for SET50 &amp; FTSE; Orange for MSCI</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> revisits the company in light of its plan to raised THB 46.98bn (US$1.57bn) via a listing on the Stock Exchange of Thailand (SET).In <a href="https://www.smartkarma.com/insights/thai-beverage-buy-in-level" target="_blank" data-smartkarma-citation="insights:48080" rel="noopener">Thai Beverage Buy in Level</a>, technical specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> works his technical magic on this leading South East Asian alcoholic beverages player. <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> exhibits weakening signals with a needed pullback cycle that sets up a better long entry point. In <a href="https://www.smartkarma.com/insights/thai-beverage-bouncy-1qfy21-can-fire-up-the-stock-20-upside-on-sotp" target="_blank" data-smartkarma-citation="insights:47914" rel="noopener">Thai Beverage: Bouncy 1QFY21 Can Fire up the Stock; 20% Upside on SOTP</a>, <a href="https://www.smartkarma.com/profiles/devi-subhakesan" target="_blank" data-smartkarma-citation="accounts:1913" rel="noopener">Devi Subhakesan</a> revisits <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> post its 1Q2020 results with a positive view. In<a href="https://www.smartkarma.com/insights/thaibev-s-strong-1qfy21-results-could-shift-opinions-about-the-beerco-spin-off" target="_blank" rel="noopener"> ThaiBev’s Strong 1QFY21 Results Could Shift Opinions About The BeerCo Spin-Off</a>,<a href="https://www.smartkarma.com/profiles/oshadhi-kumarasiri" target="_blank" rel="noopener"> Oshadhi Kumarasiri</a> revisits<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" rel="noopener"> Thai Beverage (THBEV SP)</a> again after it released a strong 1QFY21 result. In<a href="https://www.smartkarma.com/insights/thaibev-s-beerco-limited-ipo-1q-results" target="_blank" rel="noopener"> ThaiBev’s BeerCo Limited IPO: 1Q Results</a>,<a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" rel="noopener"> Arun George</a> take a close look at the BeerCo's 1QFY2021 results released alongside ThaiBev's 1QFY2021 results.In<a href="https://www.smartkarma.com/insights/advanc-4q20-was-still-pressured-by-decreasing-in-arpu" target="_blank" rel="noopener"> ADVANC: 4Q20 Was Still Pressured by Decreasing in ARPU</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintain a BUY rating for<a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" rel="noopener"> Advanced Info Service (ADVANC TB)</a> due to robust earnings with 4% dividend yield and its largest spectrum of bandwidth compared to peers.In<a href="https://www.smartkarma.com/insights/global-4q20-earnings-came-out-below-expectation" target="_blank" rel="noopener"> GLOBAL: 4Q20 Earnings Came Out Below Expectation</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a hold rating for<a href="https://www.smartkarma.com/entities/siam-global-house-pcl" target="_blank" rel="noopener"> Siam Global House (GLOBAL TB)</a> post the release of its 4Q20 earnings.In<a href="https://www.smartkarma.com/insights/ggc-core-profit-improved-in-4q20-thanks-to-rising-b100-margin" target="_blank" rel="noopener"> GGC: Core Profit Improved in 4Q20 Thanks to Rising B100 Margin</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a positive outlook on<a href="https://www.smartkarma.com/entities/global-green-chemicals-pcl" target="_blank" rel="noopener"> Global Green Chemicals (GGC TB)</a> after its core profit improved in 4Q20.<h2>Credit Insights</h2>In <a href="https://www.smartkarma.com/insights/morning-views-asia-china-sce-tower-bersama-infrastructure" target="_blank" data-smartkarma-citation="insights:48045" rel="noopener">Morning Views Asia: China SCE, Tower Bersama Infrastructure</a>, credit analyst <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> revisits <a href="https://www.smartkarma.com/entities/tower-bersama-infrastructure" target="_blank" data-smartkarma-citation="entities:3537:1" rel="noopener">Tower Bersama Infrastructure (TBIG IJ)</a> after S&amp;P upgraded its ratings on Tower Bersama to BB+/stable from BB/stable last week.


The week that was in ASEAN@Smartkarma 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. 
Macro InsightsIn Singapore: Monetary Policy to Remain in Holding Pattern, Nicholas Chia discusses the outlook for the Singapore economy in 2021.Equity Bottom UpIn Bank Central Asia (BBCA IJ) - More Than Respectable, CrossASEAN insight provider Angus Mackintosh revisits Bank Central Asia (BBCA IJ) post its recent FY2020 results.In Wintermar Offshore Marine (WINS IJ) - Indonesia's Oil Recovery Play, CrossASEAN Insight Provider Angus Mackintosh zeros in on this Indonesian offshore oil &amp; gas player after hosting a webinar with the company. In Jasa Marga (JSMR): Recovery Play and Low Capex, CrossASEAN insight provider Henry Soediarko discusses the three key elements that will drive the business and the share price higher for Jasa Marga (Persero) (JSMR IJ).In Bank Mandiri – Rise Of Loan Loss Reserves, Unclear? banking specialist Daniel Tabbush revists Bank Mandiri Persero (BMRI IJ) post its recent results and zeros in on its rising loan loss reserves. In DBS – A Montage, banking specialist Daniel Tabbush discusses how DBS (DBS SP) can benefit from the steepening yield curve in the US and Lakshmi Vilas Bank India acquisition. In StubWorld: Double Stub Via ThaiBev's BeerCo IPO, David Blennerhassett takes a look at Thai Beverage (THBEV SP) in light of impending spin of of its beer business. In PTT Oil and Retail (PTTOR) IPO: Trading Debut, Arun George revisits PTT Oil and Retail (OR TB) after its trading debut.  In PTT Oil and Retail IPO Trading - Still Reasonably Priced at the Top-End, Zhen Zhou, Toh takes a look at PTT Oil and Retail (OR TB)'s deal dynamics and provide implied valuations at different share price levels.In PTTOR (OR TB) Fast Entry - Green Light for SET50 &amp; FTSE; Orange for MSCI, Brian Freitas revisits the company in light of its plan to raised THB 46.98bn (US$1.57bn) via a listing on the Stock Exchange of Thailand (SET).In Thai Beverage Buy in Level, technical specialist Thomas Schroeder works his technical magic on this leading South East Asian alcoholic beverages player. Thai Beverage (THBEV SP) exhibits weakening signals with a needed pullback cycle that sets up a better long entry point. In Thai Beverage: Bouncy 1QFY21 Can Fire up the Stock; 20% Upside on SOTP, Devi Subhakesan revisits Thai Beverage (THBEV SP) post its 1Q2020 results with a positive view. In ThaiBev’s Strong 1QFY21 Results Could Shift Opinions About The BeerCo Spin-Off, Oshadhi Kumarasiri revisits Thai Beverage (THBEV SP) again after it released a strong 1QFY21 result. In ThaiBev’s BeerCo Limited IPO: 1Q Results, Arun George take a close look at the BeerCo's 1QFY2021 results released alongside ThaiBev's 1QFY2021 results.In ADVANC: 4Q20 Was Still Pressured by Decreasing in ARPU, Country Group maintain a BUY rating for Advanced Info Service (ADVANC TB) due to robust earnings with 4% dividend yield and its largest spectrum of bandwidth compared to peers.In GLOBAL: 4Q20 Earnings Came Out Below Expectation, Country Group maintains a hold rating for Siam Global House (GLOBAL TB) post the release of its 4Q20 earnings.In GGC: Core Profit Improved in 4Q20 Thanks to Rising B100 Margin, Country Group maintains a positive outlook on Global Green Chemicals (GGC TB) after its core profit improved in 4Q20.Credit InsightsIn Morning Views Asia: China SCE, Tower Bersama Infrastructure, credit analyst Trung Nguyen revisits Tower Bersama Infrastructure (TBIG IJ) after S&amp;P upgraded its ratings on Tower Bersama to BB+/stable from BB/stable last week.

Stock Exchange of Thailand SET 50 Index (SET50 INDEX)

The Week That Was in ASEAN@Smartkarma - Banks, Beers, and Mergers