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 first week of the year saw Insights on <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> which took a stake in <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> plus <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> as <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent</a> reduced its stake. </li>
<li>In Thailand, <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> wrote on debt collector <a href="https://www.smartkarma.com/entities/jmt-network-services-pcl" target="_blank" data-smartkarma-citation="entities:8581:1" rel="noopener">JMT Network Services (JMT TB)</a> with a number of results pre-views including on Thai banks and <a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" data-smartkarma-citation="entities:2589:1" rel="noopener">Siam Cement (SCC TB)</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 first week of the year saw Insights on Bukalapak (BUKA IJ) which took a stake in Allo Bank Indonesia plus Sea Ltd (SE US) as Tencent reduced its stake. 
In Thailand, Daniel Tabbush wrote on debt collector JMT Network Services (JMT TB) with a number of results pre-views including on Thai banks and Siam Cement (SCC TB). 


The Week That Was in ASEAN@Smartkarma - Bukalapak's Bank, Thailand Debt Restructurer, and Sea Ltd

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-initiation-creamy" target="_blank" data-smartkarma-citation="insights:61066" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy</a>, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.</li>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:61144" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights</a>, we noted that we would participate at the low end of the IPO price range of IDR2,780-3,160 per share.</li>
<li>It priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but full.</li>
</ul>


In Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.
In Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights, we noted that we would participate at the low end of the IPO price range of IDR2,780-3,160 per share.
It priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but full.


Cisarua Mountain Dairy (Cimory) IPO: Trading Debut

<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> just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  </li>
<li>Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets</li>
<li>Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.</li>
</ul>



Cisarua Mountain Dairy just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  
Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets
Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.


Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

<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 (1939092D IJ)</a>/Cimory is seeking to raise up to IDR3,761 billion ($265 million) at an IPO price range of IDR2,780-3,160 per share. Shares will list on 6 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-initiation-creamy" target="_blank" data-smartkarma-citation="insights:61066" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy</a>, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.</li>
<li>Our valuation analysis suggests that we would participate at the low end of the IPO price range.</li>
</ul>



Cisarua Mountain Dairy (1939092D IJ)/Cimory is seeking to raise up to IDR3,761 billion ($265 million) at an IPO price range of IDR2,780-3,160 per share. Shares will list on 6 December.
In Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.
Our valuation analysis suggests that we would participate at the low end of the IPO price range.


Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

Equity Bottom-Up

<section class="figure">
<p><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 (ULTJ IJ)</a> remains a high-quality proxy to the rising demand for dairy products in Indonesia, with a nearly 40% market share of the UHT market through its Ultra Milk brand.  The company is also the number one producer in ready to drink (RTD) tea drinks in cartons where it has a 77% market share with various different carton packaging options. </p>
</section>
<p><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 (ULTJ IJ)</a> also has various tolling agreements for the production of powdered milk and UHT drinks, with customers such as <a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia (UNVR IJ)</a>.</p>
<p>The industry fundamentals in Indonesia are strong with relatively low rates of consumption per capita versus other South-East Asian Countries. has a low per capita consumption of milk versus its South-East Asian neighbours</p>
<section class="figure">
<p><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 (ULTJ IJ)</a> continues to source more than half its powdered milk requirements from overseas in the form of powdered skimmed milk and whole milk but is increasing sourcing its requirements locally together with building up its own dairy herds</p>
</section>
<section class="figure"></section>
<section class="figure">
<p>The company continued to face some pressure from COVID-19 restrictions in 1H2021 but the more positive trend that started in 1Q2021 continued into 2Q2021, especially for its core flavoured milk and carton tea products.</p>
<p>From a distribution perspective, the company continues to push more into the under-penetrated areas of Kalimantan and Sumatra. It is also increasingly helping distributors to secure financing and achieving IT connectivity with all distributors. </p>
</section>
<div class="content-highlight">
<section class="figure"><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 (ULTJ IJ)</a> is also continuing to focus on developing new products and has recently signed a JV with Ito En. It will also consider launching yoghurt drinks and pasteurised milk products, when the time is right, as we move into a post-COVID world. The company remains one of Indonesia's least appreciated consumer staple players, with super-strong brands and a good long term growth track record as well as good governance. </section>
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Ultrajaya Milk Industry &amp; Trading (ULTJ IJ) remains a high-quality proxy to the rising demand for dairy products in Indonesia, with a nearly 40% market share of the UHT market through its Ultra Milk brand.  The company is also the number one producer in ready to drink (RTD) tea drinks in cartons where it has a 77% market share with various different carton packaging options. 

Ultrajaya Milk Industry &amp; Trading (ULTJ IJ) also has various tolling agreements for the production of powdered milk and UHT drinks, with customers such as Unilever Indonesia (UNVR IJ).
The industry fundamentals in Indonesia are strong with relatively low rates of consumption per capita versus other South-East Asian Countries. has a low per capita consumption of milk versus its South-East Asian neighbours

Ultrajaya Milk Industry &amp; Trading (ULTJ IJ) continues to source more than half its powdered milk requirements from overseas in the form of powdered skimmed milk and whole milk but is increasing sourcing its requirements locally together with building up its own dairy herds



The company continued to face some pressure from COVID-19 restrictions in 1H2021 but the more positive trend that started in 1Q2021 continued into 2Q2021, especially for its core flavoured milk and carton tea products.
From a distribution perspective, the company continues to push more into the under-penetrated areas of Kalimantan and Sumatra. It is also increasingly helping distributors to secure financing and achieving IT connectivity with all distributors. 


Ultrajaya Milk Industry &amp; Trading (ULTJ IJ) is also continuing to focus on developing new products and has recently signed a JV with Ito En. It will also consider launching yoghurt drinks and pasteurised milk products, when the time is right, as we move into a post-COVID world. The company remains one of Indonesia's least appreciated consumer staple players, with super-strong brands and a good long term growth track record as well as good governance. 












Ultrajaya Milk Industry & Trading (ULTJ IJ) - Growth in a Small Carton

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)

The Week That Was in ASEAN@Smartkarma - Bukalapak's Bank, Thailand Debt Restructurer, and Sea Ltd

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

Angus Mackintosh

Cisarua Mountain Dairy (Cimory) IPO: Trading Debut

Cimory priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but...

Arun George

Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods in a...

Angus Mackintosh

Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

Cimory is seeking to raise up to $265 m. Bookbuilding ends on 17 Nov and shares will list on 6 Dec. Our valuation analysis suggests that we would...

Arun George

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Growth in a Small Carton

Ultrajaya remains one of Indonesia's least appreciated consumer staple players, with super-strong brands and a good long term growth track record...

Angus Mackintosh

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