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

Cisarua Mountain Dairy / Equity Bottom-Up

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<li>
<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 (CMRY IJ)</a> booked a strong start to the year, with sales growing +12% YoY, but dairy was down while premium foods drove higher revenues.  </li>
<li>The company continues to drive growth through general trade and Miss Cimory, with plans to continue increasing its reach through more affordable products in both dairy and premium consumer foods.</li>
<li>
<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>'s strategy to shift the emphasis toward home consumption for consumer foods and an increasing emphasis on affordable products will help to underpin long-term sustainable growth. Valuations attractive. </li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) booked a strong start to the year, with sales growing +12% YoY, but dairy was down while premium foods drove higher revenues.  
The company continues to drive growth through general trade and Miss Cimory, with plans to continue increasing its reach through more affordable products in both dairy and premium consumer foods.

Cisarua Mountain Dairy's strategy to shift the emphasis toward home consumption for consumer foods and an increasing emphasis on affordable products will help to underpin long-term sustainable growth. Valuations attractive. 


Cisarua Mountain Dairy (CMRY IJ) - Assuringly Diverse Protein Provider

<ul>
<li>
<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> booked a strong finish to the year in terms of sales growth despite a high base driven by premium consumer foods, but with dairy showing recovery. </li>
<li>The company saw an improvement in gross margins in 4Q2024 driven by the stabilization of raw materials and product mix, but operating margins were impacted by higher promotional spending..</li>
<li>Cimory will drive future growth by expanding across channels, especially general trade and with the launch of new products in both dairy and consumer food segments. Valuations remain attractive.</li>
</ul>



Cisarua Mountain Dairy booked a strong finish to the year in terms of sales growth despite a high base driven by premium consumer foods, but with dairy showing recovery. 
The company saw an improvement in gross margins in 4Q2024 driven by the stabilization of raw materials and product mix, but operating margins were impacted by higher promotional spending..
Cimory will drive future growth by expanding across channels, especially general trade and with the launch of new products in both dairy and consumer food segments. Valuations remain attractive.


Cisarua Mountain Dairy (CMRY IJ) - New Variants and Channels

<ul>
<li>
<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 (CMRY IJ)</a> held an impromptu analyst call to address concerns over a potential sugar tax and the free milk program, both of which have yet to materialise.</li>
<li>The company is making a marked push into general trade, armed with a broader range of affordable products including Yoghurt Sticks, UHT milk, and ready-to-eat sausages. </li>
<li>Management remains confident about the outlook for 2025 with an ongoing recovery in dairy and an expansion into general trade, with a 10% increase in outlets covered. Top staples pick.  </li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) held an impromptu analyst call to address concerns over a potential sugar tax and the free milk program, both of which have yet to materialise.
The company is making a marked push into general trade, armed with a broader range of affordable products including Yoghurt Sticks, UHT milk, and ready-to-eat sausages. 
Management remains confident about the outlook for 2025 with an ongoing recovery in dairy and an expansion into general trade, with a 10% increase in outlets covered. Top staples pick.  


Cisarua Mountain Dairy (CMRY IJ) - General Trade in the Cross Hairs

<ul>
<li>
<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> booked a strong set of 1Q2024 results, with sequential quarterly growth in revenues and more so profits as margins recovered driven by both dairy and consumer foods. </li>
<li>The company ramped up its advertising, promotion, and marketing spending as it launched new products in the more affordable segments including new flavours for stick yoghurts and affordable consumer foods.</li>
<li>Cimory remains optimistic for 2024 for a more pronounced recovery in dairy as it pushes out products into general trade and takes more shelf space in modern trade driving growth.</li>
</ul>



Cisarua Mountain Dairy booked a strong set of 1Q2024 results, with sequential quarterly growth in revenues and more so profits as margins recovered driven by both dairy and consumer foods. 
The company ramped up its advertising, promotion, and marketing spending as it launched new products in the more affordable segments including new flavours for stick yoghurts and affordable consumer foods.
Cimory remains optimistic for 2024 for a more pronounced recovery in dairy as it pushes out products into general trade and takes more shelf space in modern trade driving growth.


Cisarua Mountain Dairy (CMRY IJ) - Stick Yoghurt Going Viral

<ul>
<li>
<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> stands out as a rising star amongst consumer staples in Indonesia driven by strong growth in both dairy through Cimory and premium foods through the Kanzler brand.</li>
<li>The company will continue to benefit from lower raw material costs, as it buys six months ahead and is investing in promotions to drive the growth of new products.</li>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">CMRY</a> has launched Cimory Bites and Crispy Nuggets Spicy which will drive near terns growth, along with a focus on General Trade and MCM channels. Valuations are attractive versus growth.</li>
</ul>



Cisarua Mountain Dairy stands out as a rising star amongst consumer staples in Indonesia driven by strong growth in both dairy through Cimory and premium foods through the Kanzler brand.
The company will continue to benefit from lower raw material costs, as it buys six months ahead and is investing in promotions to drive the growth of new products.

CMRY has launched Cimory Bites and Crispy Nuggets Spicy which will drive near terns growth, along with a focus on General Trade and MCM channels. Valuations are attractive versus growth.


Cisarua Mountain Dairy (CMRY IJ) - Rising Star in Staples

Indonesia

PT Cisarua Mountain Dairy TBK produces diary products. The Company offers milk and yogurt. Cisarua Mountain Dairy serves customer in Indonesia.

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Cisarua Mountain Dairy (CMRY IJ)