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

A meeting with the management of <a href="https://www.smartkarma.com/entities/9334" target="_blank" data-smartkarma-citation="entities:9334:1">Delta Dunia Makmur Tbk Pt (DOID IJ)</a> revealed a company with an expanding customer base of increasing quality, providing more attractive longer-term contracts, yielding better earnings visibility. The company has increased the number of customers it services to nine, with 70%-75% now operating on a tiered pricing mechanism linked to the coal price. It continues to expand its capacity, investing in new equipment and increasing the number of employees. It has secured attractive leasing terms with its heavy equipment suppliers. The company intends to reduce its debt further with improved EBITDA and has recently refinanced debt with a US$350m bond.<a href="https://www.smartkarma.com/entities/9334" target="_blank" data-smartkarma-citation="entities:9334:1">Delta Dunia Makmur Tbk Pt (DOID IJ)</a> provides an interesting alternative investment well-known commodity plays such as the larger cap coal miners and <a href="https://www.smartkarma.com/entities/698" target="_blank" data-smartkarma-citation="entities:698:1">United Tractors Tbk Pt (UNTR IJ</a>. It continues to expand its customer base, with improved contract terms and higher margins. It is focused on its cash costs, which should also lead to improved margins. This company continues to restructure operationally and expand its customer base, which leaves further room for margin expansion. According to Bloomberg Consensus, the company trades on 7.4x FY18E PER and 8.1x FY19E PER, with forecast EPS growth of +48% and -9% for FY18E and FY19E respectively.

A meeting with the management of Delta Dunia Makmur Tbk Pt (DOID IJ) revealed a company with an expanding customer base of increasing quality, providing more attractive longer-term contracts, yielding better earnings visibility. The company has increased the number of customers it services to nine, with 70%-75% now operating on a tiered pricing mechanism linked to the coal price. It continues to expand its capacity, investing in new equipment and increasing the number of employees. It has secured attractive leasing terms with its heavy equipment suppliers. The company intends to reduce its debt further with improved EBITDA and has recently refinanced debt with a US$350m bond.Delta Dunia Makmur Tbk Pt (DOID IJ) provides an interesting alternative investment well-known commodity plays such as the larger cap coal miners and United Tractors Tbk Pt (UNTR IJ. It continues to expand its customer base, with improved contract terms and higher margins. It is focused on its cash costs, which should also lead to improved margins. This company continues to restructure operationally and expand its customer base, which leaves further room for margin expansion. According to Bloomberg Consensus, the company trades on 7.4x FY18E PER and 8.1x FY19E PER, with forecast EPS growth of +48% and -9% for FY18E and FY19E respectively. 

Delta Dunia Makmur - Boys from the Blackstuff - On the Ground in J -Town

Indonesia

PT Lautan Luas Tbk distributes basic and specialty chemicals.  Through its subsidiaries, the Company also manufactures basic and specialty chemicals such as activated carbon, methyl-tin stabilizer, poly aluminum chloride, band ply lubricant, textile and leather auxiliaries, paper chemical, sulfuric acid, aluminum sulfate, food coloring, white oil, and others.

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Lautan Luas (LTLS IJ)

Delta Dunia Makmur - Boys from the Blackstuff - On the Ground in J -Town

A meeting with the management of Delta Dunia Makmur Tbk Pt (DOID IJ) revealed a company with an expanding customer base of increasing quality,...

Angus Mackintosh

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