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

Bank Negara Indonesia (BBNI IJ) - Revealing a New Digital Skin

Kalbe Farma (KLBF IJ)- Back to the Business of Health

Carousell - Champion of the Circular Economy

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>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/indonesia-goldilocks-economy-and-currency-bi-to-stand-pat-as-animal-spirits-return" target="_blank" rel="noopener"> Indonesia: Goldilocks Economy and Currency; BI To Stand Pat As Animal Spirits Return</a>, economist<a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" rel="noopener"> Nicholas Chia</a> discusses Indonesia's economic outlook following the country's plan to reopen borders, starting with a reduction of the quarantine period from 8 to 5 days.</p><p>In<a href="https://www.smartkarma.com/insights/singapore-on-the-cusp-of-turning-points-in-fiscal-and-monetary-policy" target="_blank" rel="noopener"> Singapore: On The Cusp Of Turning Points In Fiscal and Monetary Policy</a>,<a href="https://www.smartkarma.com/profiles/manu-bhaskaran" target="_blank" rel="noopener"> Manu Bhaskaran</a> returns to look at Singapore after the Monetary Authority of Singapore announced a new fiscal policy. </p><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/sido-muncul-sido-ij-a-consumer-health-gem" target="_blank" rel="noopener"> Sido Muncul (SIDO IJ) - A Consumer Health Gem</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back on<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" rel="noopener"> Sido Muncul (SIDO IJ)</a> after the company released a very solid set of  3Q2021 results.  </p><p>In<a href="https://www.smartkarma.com/insights/bank-central-asia-bbca-ij-inflexion-point" target="_blank" rel="noopener"> Bank Central Asia (BBCA IJ)- Inflexion Point</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> circles back to<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" rel="noopener"> Bank Central Asia (BBCA IJ)</a> after its results call where management highlighted a turn in activity in 3Q2021. </p><p>In <a href="https://www.smartkarma.com/insights/bangkok-expressway-bem-ridership-increase" target="_blank" rel="noopener">Bangkok Expressway (BEM): Ridership Increase</a>,<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> circles back to<a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" rel="noopener"> Bangkok Expressway and Metro (BEM TB)</a> after low ridership and reopening have presented a dilemma to investors whether it is time to start building positions in the mass transport operator.</p><p>In<a href="https://www.smartkarma.com/insights/sido-muncul-sido-time-to-add" target="_blank" rel="noopener"> Sido Muncul (SIDO): Time to Add</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/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" rel="noopener"> Sido Muncul (SIDO IJ)</a> after the recent results from the company revealed a growing potential for growth. </p><p>In<a href="https://www.smartkarma.com/insights/dayamitra-mitratel-pre-ipo-largest-telco-tower-provider-with-a-strong-backing" target="_blank" rel="noopener"> Dayamitra (Mitratel) Pre-IPO - Largest Telco Tower Provider with a Strong Backing</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> provides an initial view on<a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" rel="noopener"> Dayamitra Telekomunikasi (1319Z IJ)</a> (Mitratel), which is looking to raise about US$1bn in its upcoming Indonesian IPO.</p><p>In<a href="https://www.smartkarma.com/insights/dayamitra-mitratel-pre-ipo-industry-and-competitive-landscape" target="_blank" rel="noopener"> Dayamitra (Mitratel) Pre-IPO - Industry and Competitive Landscape</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> returns to look at<a href="https://www.smartkarma.com/entities/pt-dayamitra-telekomunikasi" target="_blank" rel="noopener"> Dayamitra Telekomunikasi (1319Z IJ)</a>'s industry and competitive landscape as well as making the comparison to other Indonesia's tower cos. </p><p>In<a href="https://www.smartkarma.com/insights/singapore-airlines-still-heavy" target="_blank" rel="noopener"> Singapore Airlines - Still "Heavy"</a>,<a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" rel="noopener"> Travis Lundy</a> provides a bird's eye view of<a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" rel="noopener"> Singapore Airlines (SIA SP)</a>'s business prospects as the pandemic slowly subsides.</p><p><a href="https://www.smartkarma.com/insights/singapore-airlines-still-heavy" target="_blank" rel="noopener"></a>In<a href="https://www.smartkarma.com/insights/synergy-grid-development-re-ipo-negatives-and-a-look-at-valuation" target="_blank" rel="noopener"> Synergy Grid &amp; Development Re-IPO - Negatives and a Look at Valuation</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> returns to look at<a href="https://www.smartkarma.com/entities/synergy-grid-development-philippines" target="_blank" rel="noopener"> Synergy Grid &amp; Development Philippines (SGP PM)</a>, which is planning an IPO in the Philippines.</p><p>In<a href="https://www.smartkarma.com/insights/axie-infinity-stops-low-level-players-from-earning-slp-tokens" target="_blank" rel="noopener"> Axie Infinity Stops Low-Level Players from Earning SLP Tokens</a>, Tech in Asia provides an initial view on Sky Mavis, the Vietnam-based developer behind the blockchain-powered game.  </p><p>In<a href="https://www.smartkarma.com/insights/epg-expect-2qfy22-earnings-to-came-down-from-a-high-base" target="_blank" rel="noopener"> EPG: Expect 2QFY22 Earnings to Came Down from a High Base</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a positive outlook for the company as core earnings re expected to grow +29% in FY2022, backed by revenue for all three buisness segments and improving operating margin. The company is involved in auto parts and packaging materials.</p><p>In<a href="https://www.smartkarma.com/insights/sappe-expect-3q21-earnings-to-reach-the-4-year-high" target="_blank" rel="noopener"> SAPPE: Expect 3Q21 Earnings to Reach the 4-Year High</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> expects<a href="https://www.smartkarma.com/entities/sappe-pcl" target="_blank" rel="noopener"> Sappe Pcl (SAPPE TB)</a> to report 3Q2021 net profit growt of+4%YoY and +8%QoQ, driven by better performance from international markets. </p><p>In<a href="https://www.smartkarma.com/insights/ptg-earnings-to-dip-in-3q21-and-recover-4q21-onwards" target="_blank" rel="noopener"> PTG: Earnings to Dip in 3Q21 and Recover 4Q21 Onwards</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> reiterate BUY rating for<a href="https://www.smartkarma.com/entities/ptg-energy-pcl" target="_blank" rel="noopener"> PTG Energy PCL (PTG TB)</a> and estimates the company to post 3Q2021 net profit decline of -44% YoY to THB279m, a six-quarter low, dragged by a decline in volume sales due to the recent COVID outbreak and falling marketing margins. </p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/morning-views-asia-central-china-securities-indika-energy-tata-motors-adr-tata-steel-thailand" target="_blank" rel="noopener"> Morning Views Asia: Central China Securities, Indika Energy, Tata Motors ADR, Tata Steel Thailand</a>, credit specialist<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> maintain his "Hold" recommendation on the<a href="https://www.smartkarma.com/entities/indika-energy-tbk-pt" target="_blank" rel="noopener"> Indika Energy (INDY IJ)</a> Notes after Moody’s revised its outlook on Indika to stable from negative while affirming its Ba3 ratings. </p>


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 Indonesia: Goldilocks Economy and Currency; BI To Stand Pat As Animal Spirits Return, economist Nicholas Chia discusses Indonesia's economic outlook following the country's plan to reopen borders, starting with a reduction of the quarantine period from 8 to 5 days.In Singapore: On The Cusp Of Turning Points In Fiscal and Monetary Policy, Manu Bhaskaran returns to look at Singapore after the Monetary Authority of Singapore announced a new fiscal policy. Equity Bottom UpIn Sido Muncul (SIDO IJ) - A Consumer Health Gem, CrossASEAN insight provider Angus Mackintosh reports back on Sido Muncul (SIDO IJ) after the company released a very solid set of  3Q2021 results.  In Bank Central Asia (BBCA IJ)- Inflexion Point, Angus Mackintosh circles back to Bank Central Asia (BBCA IJ) after its results call where management highlighted a turn in activity in 3Q2021. In Bangkok Expressway (BEM): Ridership Increase, Henry Soediarko circles back to Bangkok Expressway and Metro (BEM TB) after low ridership and reopening have presented a dilemma to investors whether it is time to start building positions in the mass transport operator.In Sido Muncul (SIDO): Time to Add, Henry Soediarko returns to look at Sido Muncul (SIDO IJ) after the recent results from the company revealed a growing potential for growth. In Dayamitra (Mitratel) Pre-IPO - Largest Telco Tower Provider with a Strong Backing, Zhen Zhou, Toh provides an initial view on Dayamitra Telekomunikasi (1319Z IJ) (Mitratel), which is looking to raise about US$1bn in its upcoming Indonesian IPO.In Dayamitra (Mitratel) Pre-IPO - Industry and Competitive Landscape, Zhen Zhou, Toh returns to look at Dayamitra Telekomunikasi (1319Z IJ)'s industry and competitive landscape as well as making the comparison to other Indonesia's tower cos. In Singapore Airlines - Still "Heavy", Travis Lundy provides a bird's eye view of Singapore Airlines (SIA SP)'s business prospects as the pandemic slowly subsides.In Synergy Grid &amp; Development Re-IPO - Negatives and a Look at Valuation, Sumeet Singh returns to look at Synergy Grid &amp; Development Philippines (SGP PM), which is planning an IPO in the Philippines.In Axie Infinity Stops Low-Level Players from Earning SLP Tokens, Tech in Asia provides an initial view on Sky Mavis, the Vietnam-based developer behind the blockchain-powered game.  In EPG: Expect 2QFY22 Earnings to Came Down from a High Base, Country Group maintains a positive outlook for the company as core earnings re expected to grow +29% in FY2022, backed by revenue for all three buisness segments and improving operating margin. The company is involved in auto parts and packaging materials.In SAPPE: Expect 3Q21 Earnings to Reach the 4-Year High, Country Group expects Sappe Pcl (SAPPE TB) to report 3Q2021 net profit growt of+4%YoY and +8%QoQ, driven by better performance from international markets. In PTG: Earnings to Dip in 3Q21 and Recover 4Q21 Onwards, Country Group reiterate BUY rating for PTG Energy PCL (PTG TB) and estimates the company to post 3Q2021 net profit decline of -44% YoY to THB279m, a six-quarter low, dragged by a decline in volume sales due to the recent COVID outbreak and falling marketing margins. Credit InsightsIn Morning Views Asia: Central China Securities, Indika Energy, Tata Motors ADR, Tata Steel Thailand, credit specialist Trung Nguyen maintain his "Hold" recommendation on the Indika Energy (INDY IJ) Notes after Moody’s revised its outlook on Indika to stable from negative while affirming its Ba3 ratings. 

Jakarta Stock Exchange Composite Index (JCI INDEX)

ASEAN@Smartkarma에 있었던 한 주 - 인도네시아 Goldilocks, BCA의 Inflexion 및 Sido Muncul