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

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. </li>
<li>2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago</a>.</li>
</ul>



GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place. 
2Q2023 results will likely reflect a slower headline GMV but should show an improvement in take rates and contribution margin. More colour on recent initiatives would be welcomed by investors.

GoTo has launched a standalone GoPay app which should help to boost its off-platform usage and has the potential to nurture more collaboration with Bank Jago.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya</a> recently released its 1Q2023 results with net sales increasing by +29% YoY but with -20.5% decrease in net profit due to increased opex related to its expansion and inventory build.</li>
<li>The company plans to add 400 new outlets this year, lower than last year's 575, as it ramps up its newer stores, which should help to improve profitability in 2H2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya</a> continues to add to its stable of brands outside mobile handsets, including JD Sports, Wellings, Grand Lucky, The Face Shop, Paris Baguette, and has launched EraBlue with <a href="https://www.smartkarma.com/entities/mobile-world-investment-corporation" target="_blank" data-smartkarma-citation="entities:22638:1" rel="noopener">Mobile World</a>.</li>
</ul>



Erajaya recently released its 1Q2023 results with net sales increasing by +29% YoY but with -20.5% decrease in net profit due to increased opex related to its expansion and inventory build.
The company plans to add 400 new outlets this year, lower than last year's 575, as it ramps up its newer stores, which should help to improve profitability in 2H2023.

Erajaya continues to add to its stable of brands outside mobile handsets, including JD Sports, Wellings, Grand Lucky, The Face Shop, Paris Baguette, and has launched EraBlue with Mobile World.


Erajaya Swasembada (ERAA IJ) - In Ramping Up Mode

Thematic (Sector/Industry)

<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

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.

<ul><li>Several macro developments may sway consumer sentiment in the coming months</li><li>Tech platforms will be the beneficiaries with improved trends in consumption and more personalized spending</li><li>GOTO is sharpening their operations and their efforts should flourish in 3Q-4Q23</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>

Several macro developments may sway consumer sentiment in the coming monthsTech platforms will be the beneficiaries with improved trends in consumption and more personalized spendingGOTO is sharpening their operations and their efforts should flourish in 3Q-4Q23Content 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.

Technology - Tech for innovation, personalization & prosperity

Indonesia

PT. Global Digital Niaga Tbk operates as an e-commerce platform. The Company engages in the online retail of technology products. Global Digital Niaga serves customers in Indonesia.

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Global Digital Niaga Tbk PT (BELI IJ)

GoTo (GOTO IJ) - Shifting the Needle?

GoTo is laser-focused on shifting the needle towards a semblance of profitability and likely with renewed vigour with a new management team in place.

Angus Mackintosh

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

Erajaya Swasembada (ERAA IJ) - In Ramping Up Mode

Erajaya plans to slow its store build-out this year, as it ramps up its new outlets helping to improve profitability, with strong sales performance...

Angus Mackintosh

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

Technology - Tech for innovation, personalization & prosperity

Several macro developments may sway consumer sentiment in the coming months. Tech platforms will be the beneficiaries with improved trends in...

BRI Danareksa Research

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