ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> has had a torrid market debut in Indonesia, falling more than 50% from its IPO price given limited lock ups and poor appreciation of its business model.</li>
<li>The company continues to broaden its product offering for its high-growth Mitra business, entering logistics, property finance, and more recently Buy Now Pay Later helping increase platform stickiness.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ) </a>is also developing a return-enhancing Shopify-like approach to its e-commerce business and valuations are starting to look appealing, with an FY22E EV/Gross profit of 14.3x.</li>
</ul>



Bukalapak (BUKA IJ) has had a torrid market debut in Indonesia, falling more than 50% from its IPO price given limited lock ups and poor appreciation of its business model.
The company continues to broaden its product offering for its high-growth Mitra business, entering logistics, property finance, and more recently Buy Now Pay Later helping increase platform stickiness.

Bukalapak (BUKA IJ) is also developing a return-enhancing Shopify-like approach to its e-commerce business and valuations are starting to look appealing, with an FY22E EV/Gross profit of 14.3x.


Bukalapak (BUKA IJ) - Hitting Mitras with More Product

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.</li>
<li>The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.</li>
</ul>



Bukalapak (BUKA IJ) released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.
The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.


Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, aims to raise up to US$263m in its Indonesian IPO.</li>
<li>It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. </li>
<li>In our previous notes, links <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-the-negatives-losing-market-share-margin-sustainability" target="_blank" rel="noopener">here</a> and <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-the-negatives-losing-market-share-margin-sustainability" target="_blank" rel="noopener">here</a>,  we spoke about the various aspects of the deal. In we will do a peer comparison and talk about valuations.</li>
</ul>


PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, aims to raise up to US$263m in its Indonesian IPO.
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. 
In our previous notes, links here and here,  we spoke about the various aspects of the deal. In we will do a peer comparison and talk about valuations.


Cisarua Mountain Dairy  (Cimory) IPO - Giving It the Benefit of Margin Doubts

<ul>
<li>PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, aims to raise up to US$263m in its Indonesian IPO.</li>
<li>It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. </li>
<li>In our previous note, link <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-the-positives-fast-growth-high-market-share" target="_blank" rel="noopener">here</a>,  we spoke about the positive aspects of the deal. In this note we will talk about the negative aspects</li>
</ul>


PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, aims to raise up to US$263m in its Indonesian IPO.
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. 
In our previous note, link here,  we spoke about the positive aspects of the deal. In this note we will talk about the negative aspects


Cisarua Mountain Dairy  (Cimory) IPO - The Negatives - Losing Market Share, Margin Sustainability

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>9M21 review: Strong earnings growth continues</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

9M21 review: Strong earnings growth continuesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Mandiri (BMRI IJ) - 9M21 review: Strong earnings growth continues

Indonesia

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

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Bank Mandiri Persero (BMRI IJ)

Bukalapak (BUKA IJ) - Hitting Mitras with More Product

Bukalapak continues to develop new products for both its Mitra and e-commerce business, which should help to improve take-rates with valuations now...

Angus Mackintosh

Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new...

Angus Mackintosh

Cisarua Mountain Dairy (Cimory) IPO - Giving It the Benefit of Margin Doubts

PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, aims to raise up to US$263m in its Indonesian IPO.

Sumeet Singh

Bank Mandiri (BMRI IJ) - 9M21 review: Strong earnings growth continues

9M21 review: Strong earnings growth continuesContent is external broker report sourced from online content aggregator through publicly available...

Mirae Asset Securities

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