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

<ul>
<li>
<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> saw a pronounced pick up in sales in 4Q2023 and the ongoing benefit of lower raw material prices boosted margins to 5-year highs. </li>
<li>The company expanded its distribution in 2023 and will continue in 2024, which coupled with new product launches, especially of economic products, should help to drive higher growth in 2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian</a> continues to drive its express service, which also helps to push new product growth. Its market leadership and track record justify valuations with further support from dividends.</li>
</ul>



PT Avia Avian (AVIA IJ) saw a pronounced pick up in sales in 4Q2023 and the ongoing benefit of lower raw material prices boosted margins to 5-year highs. 
The company expanded its distribution in 2023 and will continue in 2024, which coupled with new product launches, especially of economic products, should help to drive higher growth in 2024. 

PT Avia Avian continues to drive its express service, which also helps to push new product growth. Its market leadership and track record justify valuations with further support from dividends.


PT Avia Avian (AVIA IJ) - An Attractive Tint to 2024 Prospects

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>Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).</li><li>We see mixed growth prospects for 1Q24 with ST headwinds in Banks and Telco, but possible outperformers in Consumers, Retail, Healthcare.</li><li>We reiterate our view on commodities as a possible ST tactical play, along with the defensive domestic names for preferred 2Q24 exposure.</li></ul>Content is 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.

Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).We see mixed growth prospects for 1Q24 with ST headwinds in Banks and Telco, but possible outperformers in Consumers, Retail, Healthcare.We reiterate our view on commodities as a possible ST tactical play, along with the defensive domestic names for preferred 2Q24 exposure.Content is 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.

Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> and Optus, <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a>, <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> and <a href="https://www.smartkarma.com/entities/agung-podomoro-land-tbk-pt" target="_blank" data-smartkarma-citation="entities:16010:1" rel="noopener">Agung Podomoro Land (APLN IJ)</a>.</li>
<li>There was also a thematic insight looking at the rise of BNPL, a sector piece on APAC Luxury, and 14 stocks to own in Thailand from <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Singtel (ST SP) and Optus, Jollibee Foods (JFC PM), MK Restaurants Group (M TB) and Agung Podomoro Land (APLN IJ).
There was also a thematic insight looking at the rise of BNPL, a sector piece on APAC Luxury, and 14 stocks to own in Thailand from Dr Andrew Stotz, CFA.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - SingTel & Optus, Jollibee Foods, and 14 Thai Stocks

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</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 (CMRY IJ)</a>, <a href="https://www.smartkarma.com/entities/ammb-holdings-bhd" target="_blank" data-smartkarma-citation="entities:137:1" rel="noopener">AMMB Holdings (AMM MK)</a>, and <a href="https://www.smartkarma.com/entities/sheng-siong-group-ltd" target="_blank" data-smartkarma-citation="entities:6824:1" rel="noopener">Sheng Siong (SSG SP)</a>.</li>
<li>There were also macro insights on Malaysia, Thailand, and the Philippines, a sector insight on Malaysian Banks, and a credit insight on <a href="https://www.smartkarma.com/entities/delta-dunia-makmur-tbk-pt" target="_blank" data-smartkarma-citation="entities:9334:1" rel="noopener">Delta Dunia Makmur (DOID IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Sea Ltd (SE US), Grab Holdings (GRAB US), Cisarua Mountain Dairy (CMRY IJ), AMMB Holdings (AMM MK), and Sheng Siong (SSG SP).
There were also macro insights on Malaysia, Thailand, and the Philippines, a sector insight on Malaysian Banks, and a credit insight on Delta Dunia Makmur (DOID IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Sea Ltd's Scale, Cimory's Dairy Recovery, and AMMB Placement

<ul><li>The management’s latest guidance is cautiously optimistic with FY24 volume growth of 4-8% yoy for 6-10% top line growth. </li><li>2M24 sales depict a mixed view. We revise up our forecast of FY24-25F net profit forecast by 5.6% and 5.8% due to higher gross margins</li><li>Soft sales volume may pose risk to our forecast. Maintain BUY with a higher TP of Rp660, implying FY24F PE of 24.4x.</li></ul>Content is 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.

The management’s latest guidance is cautiously optimistic with FY24 volume growth of 4-8% yoy for 6-10% top line growth. 2M24 sales depict a mixed view. We revise up our forecast of FY24-25F net profit forecast by 5.6% and 5.8% due to higher gross marginsSoft sales volume may pose risk to our forecast. Maintain BUY with a higher TP of Rp660, implying FY24F PE of 24.4x.Content is 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.

Avia Avian Tbk (AVIA IJ) - Cautiously Optimistic FY24 Outlook

Indonesia

PT Avia Avian operates as an integrated paint company. The Company offers cement additive, spray paint, wood and metal coating, water proofing, wall paints, thinner, and other paint products. Avia Avian serves customers in Indonesia.

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PT Avia Avian (AVIA IJ)