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

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. </li>
<li>The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. </li>
<li>The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.</li>
</ul>



Bank Negara Indonesia (BBNI IJ) released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. 
The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. 
The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.


Bank Negara Indonesia (BBNI IJ) - Catching the Digital Wave

PT Surya Citra Media Tbk / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs</li>
<li>Advertising spend continues to see a strong recovery, even through <a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> has lost some audience share to <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>. </li>
<li>The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.</li>
</ul>



PT Surya Citra Media Tbk (SCMA IJ) looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs
Advertising spend continues to see a strong recovery, even through PT Surya Citra Media Tbk (SCMA IJ) has lost some audience share to Media Nusantara Citra (MNCN IJ). 
The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.


PT Surya Citra Media Tbk (SCMA IJ) - Undervalued in Digital

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.</li>
<li>It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. </li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>


PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. 
In this note, we will talk about the trading dynamics and valuation.


Cisarua Mountain Dairy  (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

<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

Indonesia

PT Mayora Indah Tbk manufactures candies and cookies.  Through its subsidiaries, the Company also manufactures food, coffee powder, instant coffee, and cocoa beans.

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Mayora Indah (MYOR IJ)

Bank Negara Indonesia (BBNI IJ) - Catching the Digital Wave

Bank Negara Indonesia released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all...

Angus Mackintosh

PT Surya Citra Media Tbk (SCMA IJ) - Undervalued in Digital

PT Surya Citra Media Tbk (SCMA IJ) looks like the undervalued child of Emtek (EMTK IJ), despite its move into the OTT and digital advertising space...

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 Trading - Appears to Be Nearly Fully Priced

PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO. In this we will talk about...

Sumeet Singh

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

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