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

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, after some strong SSSG, <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a>post a management call, <a href="https://www.smartkarma.com/entities/leader-energy-holdings" target="_blank" data-smartkarma-citation="entities:39938:1" rel="noopener">Leader Energy Holdings</a> ahead of its IPO. </li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/gamuda-bhd" target="_blank" data-smartkarma-citation="entities:14363:1" rel="noopener">Gamuda Bhd (GAM MK)</a>, eFishery in Indonesia, <a href="https://www.smartkarma.com/entities/astro-malaysia-holdings-bhd" target="_blank" data-smartkarma-citation="entities:1143:1" rel="noopener">Astro Malaysia Holdings (ASTRO MK)</a>, <a href="https://www.smartkarma.com/entities/eco-world-development-group" target="_blank" data-smartkarma-citation="entities:4141:1" rel="noopener">Eco World Development (ECW MK)</a>, and <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Ace Hardware Indonesia (ACES IJ), after some strong SSSG, Erajaya Swasembada (ERAA IJ)post a management call, Leader Energy Holdings ahead of its IPO. 
There were also insights on Gamuda Bhd (GAM MK), eFishery in Indonesia, Astro Malaysia Holdings (ASTRO MK), Eco World Development (ECW MK), and Genting Bhd (GENT MK). 


The Week That Was in ASEAN@Smartkarma - Ace Hardware's Spike, Erajaya's Ramp-Up, and Leader Energy

Equity Bottom-Up

Aspirasi Hidup Indonesia / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware</a>'s June SSSG confirmed very strong growth momentum and the positive impact of its BOOM sale, with headline SSSG at +10.7% YoY, after a flat post-Lebaran performance in May.</li>
<li>The company's strategy of using influencers to promote the company has been a great success for its #Bisakejadian campaign, and BOOM sale with foot traffic continuing to improve at stores.</li>
<li>
<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware</a> plans to step up its store expansion and ramp up new store formats to drive growth, with up to 15 new stores this year. Valuations are attractive.</li>
</ul>



Ace Hardware's June SSSG confirmed very strong growth momentum and the positive impact of its BOOM sale, with headline SSSG at +10.7% YoY, after a flat post-Lebaran performance in May.
The company's strategy of using influencers to promote the company has been a great success for its #Bisakejadian campaign, and BOOM sale with foot traffic continuing to improve at stores.

Ace Hardware plans to step up its store expansion and ramp up new store formats to drive growth, with up to 15 new stores this year. Valuations are attractive.


Ace Hardware Indonesia (ACES IJ) - Cementing a Positive Performance

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw inisghts on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya</a>, <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a>, <a href="https://www.smartkarma.com/entities/bangkok-chain-hospital-pcl" target="_blank" data-smartkarma-citation="entities:882:1" rel="noopener">Bangkok Chain Hospital</a>, and <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services</a>, Cinema XXI IPO, and <a href="https://www.smartkarma.com/entities/vale-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:19226:1" rel="noopener">Vale Indonesia (INCO)</a>.</li>
<li>The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw inisghts on Sumber Alfaria Trijaya, Siloam International Hospitals, Bangkok Chain Hospital, and Bangkok Dusit Medical Services, Cinema XXI IPO, and Vale Indonesia (INCO).
The were also macro insights on the Philippines and Malaysia plus a sector insights on regional plantations, and Indonesian digital banks, and Singapore ESG ratings. 


The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues</li><li>Supporting domestic aggregate demand will remain key in in 2H23 and going into 2024</li><li>El Nino's return threatens the current disinflation trend, with rice and CPO prices being significant risks</li></ul><p><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></p>

Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenuesSupporting domestic aggregate demand will remain key in in 2H23 and going into 2024El Nino's return threatens the current disinflation trend, with rice and CPO prices being significant risksContent 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.

<ul>
<li>This year's Jakarta Fair was a spectacle with large crowds, who were spending as well as enjoying all the discounted food on offer and viewing new products on show.</li>
<li>The highlights from the show were a plethora of 2W and 4W EVs, a notable presence from dairy players, and many financing options being offered by multi-finance and fintech players. </li>
<li>In the consumer sector, we like <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia</a>, <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store</a>, <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> (Cimory), <a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk</a>, <a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo</a> (ROTI), and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a>, for auto exposure.</li>
</ul>


This year's Jakarta Fair was a spectacle with large crowds, who were spending as well as enjoying all the discounted food on offer and viewing new products on show.
The highlights from the show were a plethora of 2W and 4W EVs, a notable presence from dairy players, and many financing options being offered by multi-finance and fintech players. 
In the consumer sector, we like Mitra Adiperkasa, Ace Hardware Indonesia, Matahari Department Store, Cisarua Mountain Dairy (Cimory), Ultrajaya Milk, PT Nippon Indosari Corpindo (ROTI), and Astra International, for auto exposure.


Indonesia Consumer - Positive Impressions from the Jakarta Fair

Indonesia

PT Aspirasi Hidup Indonesia Tbk retails tools, home improvement products, lawn and garden supplies, plumbing, furniture, sporting goods, and pet supplies.

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Aspirasi Hidup Indonesia (ACES IJ)

The Week That Was in ASEAN@Smartkarma - Ace Hardware's Spike, Erajaya's Ramp-Up, and Leader Energy

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Ace Hardware Indonesia (ACES IJ) - Cementing a Positive Performance

Ace Hardware's June SSSG confirmed very strong growth momentum and the positive impact of its BOOM sale, with headline SSSG at +10.7% YoY, after a...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Alfamart's Take-Off, Siloam Hospitals, and Cinema XXI IPO.

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Macro and Flows Tracker - Gear Up

Gear UpDespite fiscal expansion in 2H, the government has a lower fiscal deficit target on higher revenues. Supporting domestic aggregate demand...

BRI Danareksa Research

Indonesia Consumer - Positive Impressions from the Jakarta Fair

The highlights from the Jakarta Fair were a plethora of 2W and 4W EVs, a notable presence from dairy players, and many financing options being...

Angus Mackintosh

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