Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. </li>
<li>Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> remains highly elevated, and is a short against <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>, and perhaps with some <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a>.</li>
</ul>


This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. 
Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Intouch Holdings (INTUCH TB) remains highly elevated, and is a short against Advanced Info Service (ADVANC TB), and perhaps with some Singtel (ST SP).


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

PT Nippon Indosari Corpindo Tbk. (ROTI) / Equity Bottom-Up

<ul>
<li>
<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 (ROTI IJ)</a> released a strong set of 3Q2022 results against all odds given the increased pressure from higher raw material prices and specifically wheat. </li>
<li>Quarterly sales hit record levels with modern trade driving growth and the company improved margins despite surging raw material costs and saved on operational costs through reduced ad spend.</li>
<li>Wheat prices are now -34% from peak levels which should be positive for ROTI's margins and it continues to expand distribution and new products, driving growth. Valuations are attractive.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) released a strong set of 3Q2022 results against all odds given the increased pressure from higher raw material prices and specifically wheat. 
Quarterly sales hit record levels with modern trade driving growth and the company improved margins despite surging raw material costs and saved on operational costs through reduced ad spend.
Wheat prices are now -34% from peak levels which should be positive for ROTI's margins and it continues to expand distribution and new products, driving growth. Valuations are attractive.


PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

Sumber Alfaria Trijaya Tbk Pt / Equity Bottom-Up

<ul>
<li>A recent conversation with <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 (AMRT IJ)</a> which operates Alfamart and AlfaMidi mini-markets in Indonesia further cemented a positive view on the outlook for the company.</li>
<li>The company should easily surpass its target for 1,000 new stores this year, with increasing basket sizes and fee-based income and some new features such as BeanStop potentially improving returns. </li>
<li>
<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> remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain attractive versus history and ROE at 25% is higher than pre-COVID levels.</li>
</ul>


A recent conversation with Sumber Alfaria Trijaya (AMRT IJ) which operates Alfamart and AlfaMidi mini-markets in Indonesia further cemented a positive view on the outlook for the company.
The company should easily surpass its target for 1,000 new stores this year, with increasing basket sizes and fee-based income and some new features such as BeanStop potentially improving returns. 

Sumber Alfaria Trijaya remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain attractive versus history and ROE at 25% is higher than pre-COVID levels.


Sumber Alfaria Trijaya (AMRT IJ) - Gaining Momentum and Scale

Sariguna Primatirta Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is Indonesia's only pure water brand (CLEO), using US-nanotechnology and eco-friendly packaging with a market share of around 5%.</li>
<li>The company has co-branded with both Alfamart and Indomaret and is launching new health-driven products such as alkaline oxygenated water as well as expanding with new factories.</li>
<li>
<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is an uncovered yet high-quality and high growth consumer company owned by the Tanoko Family, which also owns <a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>. </li>
</ul>



Sariguna Primatirta Tbk PT (CLEO IJ) is Indonesia's only pure water brand (CLEO), using US-nanotechnology and eco-friendly packaging with a market share of around 5%.
The company has co-branded with both Alfamart and Indomaret and is launching new health-driven products such as alkaline oxygenated water as well as expanding with new factories.

Sariguna Primatirta Tbk PT (CLEO IJ) is an uncovered yet high-quality and high growth consumer company owned by the Tanoko Family, which also owns PT Avia Avian (AVIA IJ). 


Sariguna Primatirta Tbk PT (CLEO IJ) - Indonesia's Pure Water Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.</li>
<li>Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.</li>
</ul>



Grab's latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.
Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. 

Grab continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.


Grab (GRAB US) - Rolling Recovery in Motion

Indonesia

PT Indoritel Makmur Internasional Tbk operates as an investment holding company. The Company is primarily focused on the consumer and retail industries in Indonesia.

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Indoritel Makmur Internasional (DNET IJ)

ASEAN Utilities: From Tap To Socket

I'd be shorting Intouch Holdings' shares here, and going long Advanced Info Service Public, along with some Singapore Telecom.

David Blennerhassett

PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

PT Nippon Indosari Corpindo (ROTI IJ) released a strong set of 3Q2022 against all odds given the increased pressure from higher raw material prices...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Gaining Momentum and Scale

Sumber Alfaria Trijaya (Alfamart) remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain...

Angus Mackintosh

Sariguna Primatirta Tbk PT (CLEO IJ) - Indonesia's Pure Water Play

Sariguna Primatirta (CLEO IJ) is an uncovered yet high-quality and high growth consumer player with a strong brand name and decent market share of...

Angus Mackintosh

Grab (GRAB US) - Rolling Recovery in Motion

Grab's most recent results saw a sequential improvement in revenues QoQ with incentives for deliveries coming down. Mobility incentives should come...

Angus Mackintosh

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