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/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Industry &amp; Trading</a> saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business as mobility restrictions were lifted.</li>
<li>The company also sources more of its milk requirements locally, which means less exposure to imported milk power but prices there have started to come off. </li>
<li>Management remains optimistic that the company can achieve double-digit growth this year plus it has increased ASPs by +3% in April. Valuations at a discount to staple peers. </li>
</ul>



Ultrajaya Milk Industry &amp; Trading saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business as mobility restrictions were lifted.
The company also sources more of its milk requirements locally, which means less exposure to imported milk power but prices there have started to come off. 
Management remains optimistic that the company can achieve double-digit growth this year plus it has increased ASPs by +3% in April. Valuations at a discount to staple peers. 


Ultrajaya Milk Industry & Trading (ULTJ IJ) - Dairy and Tea Driven Momentum Continues

Cisarua Mountain Dairy / Equity Bottom-Up

<ul>
<li>Leading dairy and premium foods player <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> continued to demonstrate its resilience during 1Q2022 despite some omicron disruption, and rising pressure from raw materials.</li>
<li>Growth will be driven this year through capacity expansion and a focus on expanding distribution channels, especially through general trade and Miss Cimory MCM. </li>
<li>Management remains confident in the growth outlook and will potentially raise prices in 3Q2022 to offset inflationary pressures although powdered milk prices have already stabilized. Top consumer staples pick.</li>
</ul>


Leading dairy and premium foods player Cisarua Mountain Dairy continued to demonstrate its resilience during 1Q2022 despite some omicron disruption, and rising pressure from raw materials.
Growth will be driven this year through capacity expansion and a focus on expanding distribution channels, especially through general trade and Miss Cimory MCM. 
Management remains confident in the growth outlook and will potentially raise prices in 3Q2022 to offset inflationary pressures although powdered milk prices have already stabilized. Top consumer staples pick.


Cisarua Mountain Dairy (CMRY IJ) - Yoghurts, UHT Milk, and Proteins in One Basket

<ul>
<li>Indonesia's leading UHT milk and carton tea producer <a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Industry</a> booked a strong set of FY2021 results, with a convincing recovery in 4Q2021, which should carry through into FY2022. </li>
<li>The company continues to increase raw milk sourcing locally, which will alleviate rising global prices, and it is expanding its distribution network and new products to drive demand. </li>
<li>
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya</a> is a market leader in its main product categories, yet trades at half the valuation of recently listed <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>, which looks excessive with potential upside to valuation.</li>
</ul>


Indonesia's leading UHT milk and carton tea producer Ultrajaya Milk Industry booked a strong set of FY2021 results, with a convincing recovery in 4Q2021, which should carry through into FY2022. 
The company continues to increase raw milk sourcing locally, which will alleviate rising global prices, and it is expanding its distribution network and new products to drive demand. 

Ultrajaya is a market leader in its main product categories, yet trades at half the valuation of recently listed Cisarua Mountain Dairy, which looks excessive with potential upside to valuation.


Ultrajaya Milk Industry & Trading (ULTJ IJ) - Back on the Boil

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nissin-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:26062:1" rel="noopener">Nissin Foods (1475 HK)</a>  is an HK and China play on the instant noodle that is a highly preferred necessity during the lockdown.</li>
<li>Wheat is a major raw material for noodles and the Russian invasion of Ukraine has driven the wheat price higher. </li>
<li>So far, Nissin Food Co's share price has held up and outperformed Hang Seng but <a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a> could provide a reference. <strong>Short</strong>.</li>
</ul>



Nissin Foods (1475 HK)  is an HK and China play on the instant noodle that is a highly preferred necessity during the lockdown.
Wheat is a major raw material for noodles and the Russian invasion of Ukraine has driven the wheat price higher. 
So far, Nissin Food Co's share price has held up and outperformed Hang Seng but Indofood CBP Sukses (ICBP IJ) could provide a reference. Short.


Nissin Food Co (1475): Wheat Price Increase Erodes Margin

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$239m in its Malaysia IPO.</li>
<li>While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. </li>
<li>In this note, we will look at peers, assumptions, and share our thoughts on valuation.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO.
While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. 
In this note, we will look at peers, assumptions, and share our thoughts on valuation.


Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

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Indofood CBP Sukses (ICBP IJ)

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Dairy and Tea Driven Momentum Continues

Ultrajaya Milk Industry & Trading saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business...

Angus Mackintosh

Cisarua Mountain Dairy (CMRY IJ) - Yoghurts, UHT Milk, and Proteins in One Basket

Leading dairy and premium foods player Cisarua Mountain Dairy continued to demonstrate its resilience during 1Q2022 with strong results despite...

Angus Mackintosh

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Back on the Boil

Ultrajaya is a market leader in its main product categories, yet trades at half the valuation of recently listed Cisarua Mountain Dairy, which...

Angus Mackintosh

Nissin Food Co (1475): Wheat Price Increase Erodes Margin

The increase in the revenues may not able to cover the loss from the increase in raw material cost. ICBP share price is a tell-tale sign. Nissin...

Henry Soediarko

Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO. In this note, we will look at peers, assumptions, and share our thoughts...

Clarence Chu

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52-week Range

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