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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<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>'s 3Q2021 results were hard hit by Emergency PPKM measure in July and August but the company's unified retailing strategy has cushioned the impact.</li>
<li>A strong rebound in sales has already been taking place despite vaccinations being required to enter malls but online sales also remain robust</li>
<li>We see a sharp recovery taking place in the 4Q2021 peak season and would expect strong momentum next year, with valuations remaining attractive.</li>
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Mitra Adiperkasa (MAPI IJ)'s 3Q2021 results were hard hit by Emergency PPKM measure in July and August but the company's unified retailing strategy has cushioned the impact.
A strong rebound in sales has already been taking place despite vaccinations being required to enter malls but online sales also remain robust
We see a sharp recovery taking place in the 4Q2021 peak season and would expect strong momentum next year, with valuations remaining attractive.


Mitra Adiperkasa (MAPI IJ) - Unified Retailing Proves Its Worth

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar we are glad to welcome Ratih Darmawan Gianda, Vice President, Group Investor Relations, Corporate Communication, and Sustainability at <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt/overview" target="_blank" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>.</p>
<p>In their upcoming webinar, Ibu Ratih will share a short company presentation after which, she will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>. This will be followed by a live Q&amp;A session.</p>
<h3>The Corporate Webinar will be hosted on Tuesday, 30 November 2021, 17:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89549329300" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Mitra Adiperkasa is the leading lifestyle retailer in Indonesia with over 2,600 retail stores and a diversified portfolio that includes sports, fashion, department stores, digital technology, F&amp;B, travel, lifestyle, and convenience stores. Its diversified portfolio of brands are unified by the MAPCLUB app, which creates a new shopper dimension by conveying who shops where, when, why, and how across the archipelago.</p>
<p>The Covid-19 pandemic has created unprecedented challenges to retailers. MAP is adapting its model to capture sales at every layer of consumerism by leveraging its 150+ exclusive brands across all modes of physical, digital, and social channels. Their new Unified Retail strategy aims to reinvent the shopping experience, ensuring that it remains consumer-relevant while also upgrading its proposition across stores, brand.com, value pricing, and first class loyalty engagement.</p>

For our next Corporate Webinar we are glad to welcome Ratih Darmawan Gianda, Vice President, Group Investor Relations, Corporate Communication, and Sustainability at Mitra Adiperkasa (MAPI IJ).
In their upcoming webinar, Ibu Ratih will share a short company presentation after which, she will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh. This will be followed by a live Q&amp;A session.
The Corporate Webinar will be hosted on Tuesday, 30 November 2021, 17:00 SGT.

Register for the Webinar here

Mitra Adiperkasa is the leading lifestyle retailer in Indonesia with over 2,600 retail stores and a diversified portfolio that includes sports, fashion, department stores, digital technology, F&amp;B, travel, lifestyle, and convenience stores. Its diversified portfolio of brands are unified by the MAPCLUB app, which creates a new shopper dimension by conveying who shops where, when, why, and how across the archipelago.
The Covid-19 pandemic has created unprecedented challenges to retailers. MAP is adapting its model to capture sales at every layer of consumerism by leveraging its 150+ exclusive brands across all modes of physical, digital, and social channels. Their new Unified Retail strategy aims to reinvent the shopping experience, ensuring that it remains consumer-relevant while also upgrading its proposition across stores, brand.com, value pricing, and first class loyalty engagement.

Smartkarma Corporate Webinar | MAPI: Transforming Retail in Indonesia

Cross Asset Strategy

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<li>The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights from across South East Asia plus value added commentary</li>
<li>This week includes insights on <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a>, <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP),</a><a href="https://www.smartkarma.com/entities/synergy-grid-development-philippines" target="_blank" data-smartkarma-citation="entities:23221:1" rel="noopener">Synergy Grid &amp; Development Philippines (SGP PM)</a> IPO, and Philippine Banks</li>
<li>There are also insights on Sea's Internet Economy, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press (SPH SP)</a>, <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a>, <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> IPO, <a href="https://www.smartkarma.com/entities/tiki-corp" target="_blank" data-smartkarma-citation="entities:35014:1" rel="noopener">Tiki</a> IPO, <a href="https://www.smartkarma.com/entities/siam-makro-public-co-ltd" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">Siam Makro,</a> and <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> </li>
</ul>


The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights from across South East Asia plus value added commentary
This week includes insights on Matahari Department Store (LPPF IJ), XL Axiata (EXCL IJ), Comfortdelgro Corp (CD SP),Synergy Grid &amp; Development Philippines (SGP PM) IPO, and Philippine Banks
There are also insights on Sea's Internet Economy, Singapore Press (SPH SP), Singtel (ST SP), Cisarua Mountain Dairy IPO, Tiki IPO, Siam Makro, and Bank Negara Indonesia (BBNI IJ) 


The Week That Was in ASEAN@Smartkarma - Matahari Dept Store, Cimory IPO, and Philippine Banks

Matahari Department Store / Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> announced a pretty robust set of 9M2021 results considering the backdrop of Emergency PPKM in Indonesia.  In our view, <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> has become investable again after a series of disappointments and misteps on strategy made it a minefield for long-term investors. Over the past two years the company has made numerous strategic moves under the guidance of new management, which have reversed a number of strategies that were clearly not working.</p>
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<p><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> continues to use non-store channels during Emergency PPKM during 3Q2021 to partially mitigate the impact and a full opening of stores in September also has some positive impact.</p>
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<section class="figure">The company saw all of its 137 stores reopned by 8th September with a gradual improvement in terms of access over the month and kids allowed back into the malls again in October, which helped to further improve traffic. </section>
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<section class="figure"><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> has had  a new Chief Merchandising Officer in place called Rachel Stack for over a year now, who has a rich history in the retail business in the UK and Europe. She has already made significant changes to its merchandising mix. </section>
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<section class="figure">Overall the company is focused on what it terms "aspirational yet affordable" products and a rejuvenated omnichannle approach. The intention is to use its stores as assets in the future to aid fulfilment, with customer curated ranges to prevent any undue discount cycles.</section>
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<section class="figure"><a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a> has resumed issuing guidance in November this year, which is also reassuring, with the resumption of a dividend payout a further positive for long-term investors.</section>
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<section class="figure">Valuations look reasonable, with the company trading on 12.6x FY22E PER and 9.7x FY23E PER, with forecast EPS growth of +58.7% and +29.4% for FY22E and FY23E respectively. It also continues to trade at a discount to its peers, which seems unjustified given the transformation taking place.</section>
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Matahari Department Store (LPPF IJ) announced a pretty robust set of 9M2021 results considering the backdrop of Emergency PPKM in Indonesia.  In our view, Matahari Department Store (LPPF IJ) has become investable again after a series of disappointments and misteps on strategy made it a minefield for long-term investors. Over the past two years the company has made numerous strategic moves under the guidance of new management, which have reversed a number of strategies that were clearly not working.

Matahari Department Store (LPPF IJ) continues to use non-store channels during Emergency PPKM during 3Q2021 to partially mitigate the impact and a full opening of stores in September also has some positive impact.

The company saw all of its 137 stores reopned by 8th September with a gradual improvement in terms of access over the month and kids allowed back into the malls again in October, which helped to further improve traffic. 






Matahari Department Store (LPPF IJ) has had  a new Chief Merchandising Officer in place called Rachel Stack for over a year now, who has a rich history in the retail business in the UK and Europe. She has already made significant changes to its merchandising mix. 




Overall the company is focused on what it terms "aspirational yet affordable" products and a rejuvenated omnichannle approach. The intention is to use its stores as assets in the future to aid fulfilment, with customer curated ranges to prevent any undue discount cycles.




Matahari Department Store (LPPF IJ) has resumed issuing guidance in November this year, which is also reassuring, with the resumption of a dividend payout a further positive for long-term investors.


Valuations look reasonable, with the company trading on 12.6x FY22E PER and 9.7x FY23E PER, with forecast EPS growth of +58.7% and +29.4% for FY22E and FY23E respectively. It also continues to trade at a discount to its peers, which seems unjustified given the transformation taking place.














Matahari Department Store (LPPF IJ) - Revamped, Refreshed, and Investable

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<p><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> 's share price has lagged <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> in the last year due to the vaccine discovery and the shelved overseas expansion plan which has caused the earnings multiples to decrease although the earnings result has been strong.</p>
<p>A cross-border travel resumption that will sooner rather than later take place will inevitably lower freight costs therefore Sido Muncul can carry on with its overseas expansion plan to Nigeria and the Philippines that they had to put on hold during COVID-19. </p>
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<p>Combining the overseas expansion plan resumption and the potential for mean reversion, it is not a bad idea to hold <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> . For shareholders who invested 5 years ago and made a decent return on Sido Muncul, it is not a bad idea to sell some to lock in some profit to maintain a certain level of exposure in the portfolio without being too overweight Sido Muncul. </p>
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Sido Muncul (SIDO IJ) 's share price has lagged Jakarta Stock Exchange Composite Index (JCI INDEX) in the last year due to the vaccine discovery and the shelved overseas expansion plan which has caused the earnings multiples to decrease although the earnings result has been strong.
A cross-border travel resumption that will sooner rather than later take place will inevitably lower freight costs therefore Sido Muncul can carry on with its overseas expansion plan to Nigeria and the Philippines that they had to put on hold during COVID-19. 

Combining the overseas expansion plan resumption and the potential for mean reversion, it is not a bad idea to hold Sido Muncul (SIDO IJ) . For shareholders who invested 5 years ago and made a decent return on Sido Muncul, it is not a bad idea to sell some to lock in some profit to maintain a certain level of exposure in the portfolio without being too overweight Sido Muncul. 


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)