Angus Mackintosh

ASEAN Insight Provider

Cross Asset Strategy

<div class="content-highlight">
<p>This past week's offering of Insights across 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 pieces. Please find a brief summary below, with a fuller write up in the detailed section.</p>
<p>The past week's highlights in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> include political commentary from <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> on recent changes to laws relating to the Anti-Corruption Commission (KPK) in Indonesia, a strategy  update on the Vietnam market from <a href="https://www.smartkarma.com/profiles/dylan-waller" target="_blank" data-smartkarma-citation="accounts:334" rel="noopener">Dylan Waller,</a> an insight on Indonesian Hospital stock <a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> from CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> following a conversation with management, an insight on Indonesian tile player <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> from <a href="https://www.smartkarma.com/profiles/lloyd-moffatt" target="_blank" data-smartkarma-citation="accounts:1763" rel="noopener">Lloyd Moffatt,</a> and an insight on the top three company visits over the last two months from <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA.</a> </p>
</div>
<h2>Macro Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/widodo-scuppers-kpk-world-bank-warns-about-policy-credibility-and-ministers-dither" target="_blank" data-smartkarma-citation="insights:32424" rel="noopener">Widodo Scuppers KPK, World Bank Warns About Policy Credibility -- And Ministers Dither,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on the most important Political and Economic developments in Indonesia over the past week. President Widodo allowed a disreputable two-star police general to become the next chair of the crown jewel of Indonesia's public sector, the independent Anti-Corruption Commission (KPK).  He also allowed parliament to proceed with a KPK Law revision designed to curb the commission's power and independence.  This marks a reversal on governance reform that affects international perceptions of Indonesia, elevates risk and complicates prospects for preserving macro-economic stability.  </p>
<p>In <a href="https://www.smartkarma.com/insights/vietnam-market-update-september-2019" target="_blank" data-smartkarma-citation="insights:32281" rel="noopener">Vietnam Market Update: September 2019,</a> Frontiersman <a href="https://www.smartkarma.com/profiles/dylan-waller" target="_blank" data-smartkarma-citation="accounts:334" rel="noopener">Dylan Waller</a> zeros in on Vietnam's prospects in light of continues momentum behind foreign direct investment (FDI) into the country.</p>
<h2>Equity Bottom-Up Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/siloam-international-hospital-silo-ij-medical-marvel-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:32267" rel="noopener">Siloam International Hospital (SILO IJ) - Medical Marvel,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest hospital chain folliwng recent results and a conversation with management. He finds a company in increasingly fine fettle.</p>
<p>In <a href="https://www.smartkarma.com/insights/axiata-value-to-be-unlocked-as-bidders-crowd-around-its-valuable-parts" target="_blank" data-smartkarma-citation="insights:32358" rel="noopener">Axiata: Value to Be Unlocked as Bidders Crowd Around Its Valuable Parts,</a> CrossASEAN insight provider <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> revisits <a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata Group (AXIATA MK)</a> with the company in play as a break-up story. </p>
<p>In <a href="https://www.smartkarma.com/insights/arwana-arna-ij-a-turnaround-in-full-swing" target="_blank" data-smartkarma-citation="insights:32330" rel="noopener">Arwana (ARNA IJ) – A Turnaround in Full Swing,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/lloyd-moffatt" target="_blank" data-smartkarma-citation="accounts:1763" rel="noopener">Lloyd Moffatt</a> revisits Indonesia's most efficient tile manufacturer and is increasingly convinced of the longevity of this story. </p>
<p>In <a href="https://www.smartkarma.com/insights/allhome-ipo-valuation-tailored-for-growth-investors" target="_blank" data-smartkarma-citation="insights:32356" rel="noopener">AllHome IPO: Valuation Tailored for Growth Investors,</a><a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> comments further on this upcoming IPO in the Philippines. </p>
<p>In <a href="https://www.smartkarma.com/insights/allhome-ipo-valuation-cutting-it-close" target="_blank" data-smartkarma-citation="insights:32417" rel="noopener">AllHome IPO Valuation - Cutting It Close,</a><a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" data-smartkarma-citation="accounts:673" rel="noopener">Zhen Zhou, Toh</a> circles back to this upcoming IPO in the Philippines and puts it through our ECM framework and updates on valuations. </p>
<p><a href="https://www.smartkarma.com/entities/allhome-corp" target="_blank" data-smartkarma-citation="entities:28227:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/ipo-stalker-dohome-grows-profits-without-revenue-growth" target="_blank" data-smartkarma-citation="insights:31904" rel="noopener">IPO Stalker: DoHome Grows Profits Without Revenue Growth,</a> out Thai guru zeros in on recent Thai IPO of furniture retailer Dohome. </p>
<p>In <a href="https://www.smartkarma.com/insights/holcim-san-miguel-s-phase-ii-review-and-the-rebuttable-presumption" target="_blank" data-smartkarma-citation="insights:32296" rel="noopener">Holcim/San Miguel's Phase II Review And The Rebuttable Presumption,</a> Ballingall events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> examines the stymied progress of this takeover situation. </p>
<h2>Sector and Thematic Insights</h2>
<p>In <a href="https://www.smartkarma.com/insights/healthcare-sector-national-health-insurance-revolution-impact-on-heal-mika-silo" target="_blank" data-smartkarma-citation="insights:32407" rel="noopener">Healthcare Sector: National Health Insurance Revolution, Impact on HEAL, MIKA, SILO,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a> examines the potential impact of proposed government initiatives to address the Health and Social Security Deficit. </p>
<p>In <a href="https://www.smartkarma.com/insights/golden-agri-wilmar-avoid-till-the-smoke-clears" target="_blank" data-smartkarma-citation="insights:32431" rel="noopener">Golden Agri &amp; Wilmar – Avoid till the Smoke Clears,</a> commodities specialist <a href="https://www.smartkarma.com/profiles/charles-spencer" target="_blank" data-smartkarma-citation="accounts:2362" rel="noopener">Charles Spencer</a> examines the impact of the current pick up in haze pollution from peat fires burning from plantations in Indonesia, namely from Sumatra and Kalimantan.</p>
<p>In <a href="https://www.smartkarma.com/insights/the-best-of-august-september-2019" target="_blank" data-smartkarma-citation="insights:31913" rel="noopener">The Best of August/September 2019,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> pulls out his three most interesting company visits over the last two months, including <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB),</a><a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a>, and <a href="https://www.smartkarma.com/entities/dohome-pcl" target="_blank" data-smartkarma-citation="entities:27331:1" rel="noopener">Dohome PCL (DO TB)</a>.</p>
<p>In <a href="https://www.smartkarma.com/insights/snippets-27-ais-pays-for-towers-mk-acquires-seafood-chain" target="_blank" data-smartkarma-citation="insights:32278" rel="noopener">Snippets #27: AIS Pays for Towers, MK Acquires Seafood Chain,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> plucks out the five most important developments or pieces on newsflow that may affect the Thai market.  </p>

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. 

Multiple Countries

The Week that Was in [email protected] - Vietnam, Hospitals, and Home Decor