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

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<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. </li>
<li>MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  </li>
<li>The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.</li>
</ul>



Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  
The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.


Mitra Adiperkasa (MAPI IJ) - Recovery in Motion

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.</li><li>We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.</li><li>Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradual</li></ul><p><em>Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect govt fiscal expansion to boost gradual demand recovery, while store expansion remains the key growth driver for retailers in FY26F.We project sector’s rev. growth of +8.7% yoy in FY26F driven by store expansion and gradual SSSG recovery, with modest margin improvement.Maintain Overweight on the sector; preferred picks are MIDI (Buy, TP Rp550) and MAPA (Buy, TP Rp800). Govt fiscal expansion to support gradualContent is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail: FY26 Outlook: Fiscal Boost and Store Expansion Drive Steady Growth in FY26F (OVERWEIGHT)

<ul>
<li>Indonesia’s leading retailer, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.</li>
<li>The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.</li>
<li>MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. </li>
</ul>


Indonesia’s leading retailer, Mitra Adiperkasa (MAPI IJ), dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.
The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.
MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. 


Mitra Adiperkasa (MAPI IJ) - Retail Therapy

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<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.</li>
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<a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a> was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.</li>
</ul>



Mitra Adiperkasa reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.

MAP Aktif Adiperkasa was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. 

Mitra Adiperkasa remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.


Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

Indonesia

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

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Mitra Adiperkasa (MAPI IJ)