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

Sumber Alfaria Trijaya Tbk Pt / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ)</a> booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market share improving versus competition.</li>
<li>Outlet expansion for Alfamart is running ahead of guidance, with Alfamidi growing in line and a more measured expansion for Lawson, as it beds down last year's aggressive rollout. </li>
<li>Outside Java is seeing the strongest growth in sales and the focus on expansion of DCs and stores plus Alfamart is increasing the number of chillers. Valuations reflecting growth prospects.</li>
</ul>



Sumber Alfaria Trijaya (AMRT IJ) booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market share improving versus competition.
Outlet expansion for Alfamart is running ahead of guidance, with Alfamidi growing in line and a more measured expansion for Lawson, as it beds down last year's aggressive rollout. 
Outside Java is seeing the strongest growth in sales and the focus on expansion of DCs and stores plus Alfamart is increasing the number of chillers. Valuations reflecting growth prospects.


Sumber Alfaria Trijaya (AMRT IJ) - Alfamart Led Rollout

<ul>
<li>A follow-up call with Alfamart management confirmed the positive growth outlook for the coming year despite a slower store build-out and a sanguine view of the competitive environment. </li>
<li>Alfamart will slow its store build-out for Lawson as it optimises its existing stores but will still open 250 new Lawson outlets out of a total of 1,500 new outlets.</li>
<li>The company will expand more aggressively in the outer islands and build five new DCs to support expansion, with Alfamidi seeing a pick-up in new store openings.  Valuations are reasonable.</li>
</ul>


A follow-up call with Alfamart management confirmed the positive growth outlook for the coming year despite a slower store build-out and a sanguine view of the competitive environment. 
Alfamart will slow its store build-out for Lawson as it optimises its existing stores but will still open 250 new Lawson outlets out of a total of 1,500 new outlets.
The company will expand more aggressively in the outer islands and build five new DCs to support expansion, with Alfamidi seeing a pick-up in new store openings.  Valuations are reasonable.


Sumber Alfaria Trijaya (AMRT IJ) - About Competition and Initiatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (Alfamart)</a> booked a solid set of 1Q2024 results, a testament to its resilience during an election period, with the seasonal impact of Lebaran. </li>
<li>Minimarkets continue to be the winning format in Indonesia and Alfamart continued to gain share during 1Q2024, neck and neck with Salim-backed Indomaret if you include Alfamidi, Lawson, and Dan+Dan. </li>
<li>Alfamart will slow store openings to 1,300 stores this year after adding more than 1,800 outlets in 2023, with growth prospects remaining positive and profitability intact with a 25% ROE. </li>
</ul>



Sumber Alfaria Trijaya (Alfamart) booked a solid set of 1Q2024 results, a testament to its resilience during an election period, with the seasonal impact of Lebaran. 
Minimarkets continue to be the winning format in Indonesia and Alfamart continued to gain share during 1Q2024, neck and neck with Salim-backed Indomaret if you include Alfamidi, Lawson, and Dan+Dan. 
Alfamart will slow store openings to 1,300 stores this year after adding more than 1,800 outlets in 2023, with growth prospects remaining positive and profitability intact with a 25% ROE. 


Sumber Alfaria Trijaya (AMRT IJ) - Solidifying Growth Prospects

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.</li>
<li>The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.</li>
</ul>



Mayora Indah (MYOR IJ) saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.
The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.

Mayora Indah (MYOR IJ) is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.


Mayora Indah (MYOR IJ) - Classy Biscuits and Beverages

<ul>
<li>
<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> booked a solid set of 9M2024 results with some seasonal slowdown in 3Q2024 but prospects remain healthy as the rainy season has begun to boost consumption. </li>
<li>The company is seeing strong revenue growth across herbal &amp; supplements, F&amp;B (mainly energy drinks) and pharma, with improving margins, and exceptionally strong export growth. </li>
<li>
<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</a> saw an increase in its cash conversion caused by a strategic stocking of raw materials at favourable prices which should boost margins. Valuations are attractive at 15x PER. </li>
</ul>



Sido Muncul (SIDO IJ) booked a solid set of 9M2024 results with some seasonal slowdown in 3Q2024 but prospects remain healthy as the rainy season has begun to boost consumption. 
The company is seeing strong revenue growth across herbal &amp; supplements, F&amp;B (mainly energy drinks) and pharma, with improving margins, and exceptionally strong export growth. 

Sido Muncul saw an increase in its cash conversion caused by a strategic stocking of raw materials at favourable prices which should boost margins. Valuations are attractive at 15x PER. 


Sido Muncul (SIDO IJ) - Stocking Up for Growth

Indonesia

PT Sumber Alfaria Trijaya Tbk operates a chain of retail supermarkets.

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Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)

Sumber Alfaria Trijaya (AMRT IJ) - Alfamart Led Rollout

Sumber Alfaria Trijaya (AMRT IJ) booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - About Competition and Initiatives

A follow-up call with Alfamart managment after results confirmed the positive growth outlook for the coming year despite a slower store build-out...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Solidifying Growth Prospects

Alfamart will slow store openings to 1,300 stores this year after adding more than 1,800 outlets in 2023, with growth prospects remaining positive...

Angus Mackintosh

Mayora Indah (MYOR IJ) - Classy Biscuits and Beverages

Mayora Indah (MYOR IJ) saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which...

Angus Mackintosh

Sido Muncul (SIDO IJ) - Stocking Up for Growth

Sido Muncul is seeing strong revenue growth across herbal & supplements, F&B (mainly energy drinks) and pharma, with improving margins, and...

Angus Mackintosh

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