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

Erajaya Swasembada (ERAA IJ) - Feeding the Digital Economy

PTT Oil and Retail (PTTOR) IPO Initiation: Octane Ratings

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">
<p>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.</p>
<p>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.  </p>
</div><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/sea-ltd-se-us-financial-services-the-third-pillar" target="_blank" rel="noopener"> Sea Ltd (SE US) - Financial Services the Third Pillar?</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits the company after the Monetary Authority of Singapore (MAS) announced last week that it will award a full digital bank license to <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener">Sea Ltd (SE US).</a></p><p> In <a href="https://www.smartkarma.com/insights/erajaya-swasembada-eraa-ij-feeding-the-digital-economy" target="_blank" data-smartkarma-citation="insights:46136" rel="noopener">Erajaya Swasembada (ERAA IJ) - Feeding the Digital Economy,</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> revisits Indonesia's leading smartphone and retailer and distributor after a call with the company's management. </p><p>In this Malaysian Insight,<a href="https://www.smartkarma.com/insights/myeg-vaccine-and-concession-worries-unfounded" target="_blank" rel="noopener"> MYEG: Vaccine and Concession - Worries Unfounded</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> sees the company as undervalued versus its peers, with management taking a more dynamic and active approach by launching new initiatives such as online groceries and health screening services.</p><p>In<a href="https://www.smartkarma.com/insights/far-east-hospitality-trust-feht-stable-in-slow-recovery" target="_blank" rel="noopener"> Far East Hospitality Trust (FEHT): Stable in Slow Recovery</a>,<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> returns to look at <a href="https://www.smartkarma.com/entities/far-east-hospitality-trust" target="_blank" data-smartkarma-citation="entities:19061:1" rel="noopener">Far East Hospitality Trust (FEHT SP)</a>, which he sees as a relatively safe way to play the recovery in the hospitality industry.</p><p>In<a href="https://www.smartkarma.com/insights/sea-ltd-placement-new-business-needs-new-money" target="_blank" rel="noopener"> SEA Ltd Placement - New Business Needs New Money</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> revisits<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a> as it announced that it is planning to raise US$2.2bn - US$2.6bn in a primary follow-on offering of Global Depository Shares. He sees this as an opportunistic fundraising to help grow its digital financial services having just secured a full digital banking license in Singapore. </p><p>In <a href="https://www.smartkarma.com/insights/ptt-oil-and-retail-pttor-ipo-initiation-octane-ratings" target="_blank" data-smartkarma-citation="insights:46230" rel="noopener">PTT Oil and Retail (PTTOR) IPO Initiation: Octane Ratings,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> initiates coverage on this upcoming gasoline station and retailing IPO from PTT Group.</p><p>In<a href="https://www.smartkarma.com/insights/ipo-radar-supalai-reit-office-tower-operator-on-rama-3" target="_blank" rel="noopener"> IPO Radar: Supalai REIT, Office Tower Operator on Rama 3</a>, our Thai guru<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> looks at the upcoming IPO of <a href="https://www.smartkarma.com/entities/supalai-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:30843:1" rel="noopener">Supalai Real Estate Investment Trust (SPALIRT TB)</a>in Thailand.</p><p><a href="https://www.smartkarma.com/entities/supalai-public-company-ltd" target="_blank" data-smartkarma-citation="entities:14148:1" rel="noopener"></a>In Thailand<a href="https://www.smartkarma.com/insights/kerry-express-thailand-ipo-time-for-delivery" target="_blank" rel="noopener"> Kerry Express Thailand IPO - Time for Delivery</a>, IPO specialist<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> takes a look at<a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" rel="noopener"> Kerry Express Thailand (KEX TB)</a> which has registered spectacular growth over the past few years. </p><p>Still in<a href="https://www.smartkarma.com/insights/kerry-express-thailand-kex-ipo-update-on-valuation-range-competitor-actions" target="_blank" rel="noopener"> Kerry Express Thailand (KEX) IPO: Update on Valuation Range &amp; Competitor Actions</a><a href="https://www.smartkarma.com/profiles/daniel-hellberg" target="_blank" data-smartkarma-citation="accounts:605" rel="noopener">Daniel Hellberg</a> of <a href="https://www.smartkarma.com/companies/tracking-traffic" target="_blank" rel="noopener">Tracking Traffic</a> takes a look at the upcoming IPO of <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" rel="noopener"> Kerry Express Thailand (KEX TB).</a><a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> recently announced an IPO price range of THB25-28 per share and plans to finally list its shares in late December. </p><div id="ember14458">
<p>In<a href="https://www.smartkarma.com/insights/singapore-exchange-strains-seen-for-tw-futures" target="_blank" rel="noopener"> Singapore Exchange – Strains Seen For TW Futures</a>,<a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" rel="noopener"> Thomas J. Monaco</a> takes a look at  <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener">SGX (SGX SP),</a> after it released market statistics for November 2020. </p>
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</div><h3>Sector and Thematic</h3><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-asean-vol-33" target="_blank" data-smartkarma-citation="insights:46106" rel="noopener">The Stocks to Own in ASEAN – Vol. 33,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> lays out his thoughts and highlights 14 stocks in ASEAN that look interesting to him based on his FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof. </p><div><p></p></div>


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.  
Equity Bottom UpIn Sea Ltd (SE US) - Financial Services the Third Pillar?, CrossASEAN insight provider Angus Mackintosh revisits the company after the Monetary Authority of Singapore (MAS) announced last week that it will award a full digital bank license to Sea Ltd (SE US). In Erajaya Swasembada (ERAA IJ) - Feeding the Digital Economy, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's leading smartphone and retailer and distributor after a call with the company's management. In this Malaysian Insight, MYEG: Vaccine and Concession - Worries Unfounded, CrossASEAN insight provider Henry Soediarko sees the company as undervalued versus its peers, with management taking a more dynamic and active approach by launching new initiatives such as online groceries and health screening services.In Far East Hospitality Trust (FEHT): Stable in Slow Recovery, Henry Soediarko returns to look at Far East Hospitality Trust (FEHT SP), which he sees as a relatively safe way to play the recovery in the hospitality industry.In SEA Ltd Placement - New Business Needs New Money, Sumeet Singh revisits Sea Ltd (SE US) as it announced that it is planning to raise US$2.2bn - US$2.6bn in a primary follow-on offering of Global Depository Shares. He sees this as an opportunistic fundraising to help grow its digital financial services having just secured a full digital banking license in Singapore. In PTT Oil and Retail (PTTOR) IPO Initiation: Octane Ratings,Arun George initiates coverage on this upcoming gasoline station and retailing IPO from PTT Group.In IPO Radar: Supalai REIT, Office Tower Operator on Rama 3, our Thai guru Athaporn Arayasantiparb, CFA looks at the upcoming IPO of Supalai Real Estate Investment Trust (SPALIRT TB)in Thailand.In Thailand Kerry Express Thailand IPO - Time for Delivery, IPO specialist Sumeet Singh takes a look at Kerry Express Thailand (KEX TB) which has registered spectacular growth over the past few years. Still in Kerry Express Thailand (KEX) IPO: Update on Valuation Range &amp; Competitor ActionsDaniel Hellberg of Tracking Traffic takes a look at the upcoming IPO of  Kerry Express Thailand (KEX TB).Kerry Express Thailand (KEX TB) recently announced an IPO price range of THB25-28 per share and plans to finally list its shares in late December. 
In Singapore Exchange – Strains Seen For TW Futures, Thomas J. Monaco takes a look at  SGX (SGX SP), after it released market statistics for November 2020. 

Sector and ThematicIn The Stocks to Own in ASEAN – Vol. 33,Dr. Andrew Stotz, CFA lays out his thoughts and highlights 14 stocks in ASEAN that look interesting to him based on his FVMR Methodology. His research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof. 

Supalai Real Estate Investment Trust (SPALIRT TB)

The Week that Was in ASEAN@Smartkarma - Digital Festive Cheer, Sea Ltd Going Financial, and KEX