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

Cross Asset Strategy

<div class="content-highlight">
This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
This weeks highlights include a Smartkarma Originals introduction to a series on ASEAN Retail from <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> and <a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene,</a> a update on <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a> from <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> following a conversation with management, an interesting insight on <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS Group Holdings (DBS SP)</a> from <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> highlighting the bank's worsening credits costs, and an initiation from <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> on domestic consumer gem <a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener">Kino Indonesia (KINO IJ).</a> 
</div><h2> Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/bot-s-mpc-reverses-its-policy-error-from-7-months-ago-more-easing-likely" target="_blank" data-smartkarma-citation="insights:31597" rel="noopener">BoT's MPC Reverses Its Policy Error from 7 Months Ago; More Easing Likely,</a> CrossASEAN Chief Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> comments on the implications of the most recent monetary action in Thailand where interest rates were recently cut.In <a href="https://www.smartkarma.com/insights/china-fdi-surges-2q-gdp-coasts-eu-plans-new-cpo-hurdle-oil-spill-blackout-soe-rry-tale" target="_blank" data-smartkarma-citation="insights:31529" rel="noopener">China FDI Surges / 2Q GDP Coasts / EU Plans New CPO Hurdle / Oil Spill, Blackout = SOE[rry] Tale</a> and <a href="https://www.smartkarma.com/insights/ev-hybrid-incentives-jkt-s-air-seats-promised-for-parties-islamists-slammed-haze-redux" target="_blank" data-smartkarma-citation="insights:31652" rel="noopener">EV, Hybrid Incentives / Jkt's Air / Seats Promised for Parties / Islamists Slammed / Haze Redux, </a><a href="https://www.smartkarma.com/profiles/kevin-o-rourke" target="_blank" data-smartkarma-citation="accounts:2060" rel="noopener">Kevin O’Rourke</a> comments on some of the most importnt political and economic developments over the past two weeks. In <a href="https://www.smartkarma.com/insights/slower-or-faster-mixed-signals-from-china-growth" target="_blank" data-smartkarma-citation="insights:31192" rel="noopener">Slower or Faster? Mixed Signals from China Growth,</a><a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr. Jim Walker</a> discusses the latest China GDP figures, which came in with the lowest rate of growth since 1992 but digging deeper he finds some more positive signals.<h2>Equity Bottom-Up</h2>In <a href="https://www.smartkarma.com/insights/indocement-intp-west-javan-tiger-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:31121" rel="noopener">Indocement (INTP) - West Javan Tiger,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> takes a closer look at Indonesia's second largest cement producer and finds an intersting and high quality growth story but on quite lofty valuations. In <a href="https://www.smartkarma.com/insights/kino-indonesia-kino-ij-a-domestic-consumer-gem-on-the-ground-in-j-town" target="_blank" data-smartkarma-citation="insights:31377" rel="noopener">Kino Indonesia (KINO IJ) - A Domestic Consumer Gem</a>, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> takes a closer look at one of Indonesia's least well covered consumer names. <a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener">Kino Indonesia (KINO IJ)</a> is one of those companies that after visiting leave you feeling elated that you have found a corporate that is not fully appreciated by the market. This a very domestically orientated middle-class consumer play for Indonesia, with interesting new growth exposure in the Philippines. In <a href="https://www.smartkarma.com/insights/erajaya-eraa-painful-q2-2019-and-juul" target="_blank" data-smartkarma-citation="insights:31450" rel="noopener">Erajaya (ERAA): Painful Q2 2019 and JUUL,</a> CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> circles back to this leading Indonesian smartphone retailers post its slightly disappointing 2Q19 results but finds signs of a more positive outlook ahead. In <a href="https://www.smartkarma.com/insights/procurri-still-at-3-8x-ebitda-while-two-competitors-sold-at-13x-ebitda-in-july-wake-up-mr-market" target="_blank" data-smartkarma-citation="insights:31576" rel="noopener">Procurri: Still at 3.8x EBITDA; While Two Competitors Sold at 13x EBITDA in July = Wake Up Mr.Market,</a> Cross ASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> circles back to this undervalued IT player post its recent numbers. In <a href="https://www.smartkarma.com/insights/dbs-surging-credit-costs" target="_blank" data-smartkarma-citation="insights:31546" rel="noopener">DBS – Surging Credit Costs, </a>banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> revisits Singapore's largest listed bank and finds some crakcs starting to appear in its asset quality.In <a href="https://www.smartkarma.com/insights/intuch-group-recap-ais-wants-to-be-aia" target="_blank" data-smartkarma-citation="insights:31592" rel="noopener">Intuch Group Recap: AIS Wants to Be AIA,</a> our Thai Guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> comments on the (shocking) entry of <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> into the insurance industry post a meeting with company management.In <a href="https://www.smartkarma.com/insights/wilmar-china-ipo-looks-priced-in" target="_blank" data-smartkarma-citation="insights:31532" rel="noopener">Wilmar: China IPO Looks Priced In,</a><a href="https://www.smartkarma.com/profiles/charles-spencer" target="_blank" data-smartkarma-citation="accounts:2362" rel="noopener">Charles Spencer</a> discussed the potential impact of Wilmar's up and coming China IPO. <a href="https://www.smartkarma.com/entities/172" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> shares have rallied over 20% YTD on optimism that its upcoming A-share listing will unlock value.  In <a href="https://www.smartkarma.com/insights/stubworld-mandarin-in-jardine-s-cross-hairs-hang-lung-pccw-at-all-time-lows-again" target="_blank" data-smartkarma-citation="insights:31632" rel="noopener">StubWorld: Mandarin in Jardine's Cross-Hairs? Hang Lung &amp; PCCW At All-Time Lows - Again</a>, events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> discusses the recent press specultation that <a href="https://www.smartkarma.com/entities/mandarin-oriental-intl-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental Intl (MAND SP)</a> may be a target for privatisation by <a href="https://www.smartkarma.com/entities/jardine-strategic-hldgs-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Hldgs (JS SP),</a> prompted by <a href="https://www.smartkarma.com/entities/jardine-matheson-hldgs-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Hldgs (JM SP)</a> increasing its stake in the latter to close to its maximum limit. <h2>Sector and Thematic</h2><div class="content-highlight">In this introductions to a Smartkarma Originals series, <a href="https://www.smartkarma.com/insights/navigating-the-high-seas-of-asean-retail-introduction-to-a-series" target="_blank" data-smartkarma-citation="insights:31396" rel="noopener">Navigating the High Seas of ASEAN Retail - Introduction to a Series</a>, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> and <a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a> look at the prospects for the retail sector in ASEAN and which fomats and companies are winning out. In this series of Insights, insight providers <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> and <a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a> will take a deep dive the biggest players in the ASEAN retail sector, focusing on Indonesia, Thailand, and the Philippines. This will be done alongside with company meetings, site visits, and exclusive interviews with industry experts.</div>In <a href="https://www.smartkarma.com/insights/ipo-radar-applicad-thailand-s-first-3d-printing-ipo" target="_blank" data-smartkarma-citation="insights:31557" rel="noopener">IPO Radar: AppliCAD, Thailand's First 3D Printing IPO,</a><a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> casts his eyes over this up and coming futuristic IPO.


This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
This weeks highlights include a Smartkarma Originals introduction to a series on ASEAN Retail from Angus Mackintosh and Jessica Irene, a update on Indocement Tunggal Prakarsa (INTP IJ) from Angus Mackintosh following a conversation with management, an interesting insight on DBS Group Holdings (DBS SP) from Daniel Tabbush highlighting the bank's worsening credits costs, and an initiation from Angus Mackintosh on domestic consumer gem Kino Indonesia (KINO IJ). 
 Macro InsightsIn BoT's MPC Reverses Its Policy Error from 7 Months Ago; More Easing Likely, CrossASEAN Chief Economist Prasenjit K. Basu comments on the implications of the most recent monetary action in Thailand where interest rates were recently cut.In China FDI Surges / 2Q GDP Coasts / EU Plans New CPO Hurdle / Oil Spill, Blackout = SOE[rry] Tale and EV, Hybrid Incentives / Jkt's Air / Seats Promised for Parties / Islamists Slammed / Haze Redux, Kevin O’Rourke comments on some of the most importnt political and economic developments over the past two weeks. In Slower or Faster? Mixed Signals from China Growth,Dr. Jim Walker discusses the latest China GDP figures, which came in with the lowest rate of growth since 1992 but digging deeper he finds some more positive signals.Equity Bottom-UpIn Indocement (INTP) - West Javan Tiger,Angus Mackintosh takes a closer look at Indonesia's second largest cement producer and finds an intersting and high quality growth story but on quite lofty valuations. In Kino Indonesia (KINO IJ) - A Domestic Consumer Gem, Angus Mackintosh takes a closer look at one of Indonesia's least well covered consumer names. Kino Indonesia (KINO IJ) is one of those companies that after visiting leave you feeling elated that you have found a corporate that is not fully appreciated by the market. This a very domestically orientated middle-class consumer play for Indonesia, with interesting new growth exposure in the Philippines. In Erajaya (ERAA): Painful Q2 2019 and JUUL, CrossASEAN Insight provider Henry Soediarko circles back to this leading Indonesian smartphone retailers post its slightly disappointing 2Q19 results but finds signs of a more positive outlook ahead. In Procurri: Still at 3.8x EBITDA; While Two Competitors Sold at 13x EBITDA in July = Wake Up Mr.Market, Cross ASEAN Insight Provider Nicolas Van Broekhoven circles back to this undervalued IT player post its recent numbers. In DBS – Surging Credit Costs, banking specialist Daniel Tabbush revisits Singapore's largest listed bank and finds some crakcs starting to appear in its asset quality.In Intuch Group Recap: AIS Wants to Be AIA, our Thai Guru Athaporn Arayasantiparb, CFA comments on the (shocking) entry of Advanced Info Service (ADVANC TB) into the insurance industry post a meeting with company management.In Wilmar: China IPO Looks Priced In,Charles Spencer discussed the potential impact of Wilmar's up and coming China IPO. Wilmar International (WIL SP) shares have rallied over 20% YTD on optimism that its upcoming A-share listing will unlock value.  In StubWorld: Mandarin in Jardine's Cross-Hairs? Hang Lung &amp; PCCW At All-Time Lows - Again, events specialist David Blennerhassett discusses the recent press specultation that Mandarin Oriental Intl (MAND SP) may be a target for privatisation by Jardine Strategic Hldgs (JS SP), prompted by Jardine Matheson Hldgs (JM SP) increasing its stake in the latter to close to its maximum limit. Sector and ThematicIn this introductions to a Smartkarma Originals series, Navigating the High Seas of ASEAN Retail - Introduction to a Series, Angus Mackintosh and Jessica Irene look at the prospects for the retail sector in ASEAN and which fomats and companies are winning out. In this series of Insights, insight providers Angus Mackintosh and Jessica Irene will take a deep dive the biggest players in the ASEAN retail sector, focusing on Indonesia, Thailand, and the Philippines. This will be done alongside with company meetings, site visits, and exclusive interviews with industry experts.In IPO Radar: AppliCAD, Thailand's First 3D Printing IPO,Athaporn Arayasantiparb, CFA casts his eyes over this up and coming futuristic IPO. 

The Week that Was in ASEAN@Smartkarma - Indocement, Domestic Consumers, and ASEAN Retail

Jessica Irene

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/094/871/original/ASEAN%20sailboat.png?1564932424" class="editor-image img-responsive" data-smartkarma-image-id="94871"></figure>
In this series of Insights, insight providers <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> and <a href="https://www.smartkarma.com/profiles/jessica-irene" target="_blank" data-smartkarma-citation="accounts:3145" rel="noopener">Jessica Irene</a> will summarize the biggest players in the ASEAN retail sector, focusing on Indonesia, Thailand, and the Philippines. This will be done alongside with company meetings, site visits, and exclusive interviews with industry experts. Topics of discussions are as follows:
<ul>
<li>Retail market sizes in each of the focus countries and the breakdown between its sub-categories, i.e. specialty store vs department stores, mini-markets versus hypermarkets, etc. Map out the growth opportunity by comparing the retail penetration, and compare how well developed are the modern retail versus the general trade and the structure of each market.</li>
<li>Discuss which strategy works best against the e-commerce wave in ASEAN, which are winning and which are losing. Also, determine if the offline retailers can integrate themselves with the changing industry dynamics and preference towards convenience and online shopping.</li>
<li>Discuss which online and offline formats are striving and their key reasons for success. We will have exclusive interviews with some of the biggest e-commerce players in the country.</li>
<li>Taxation and regulations are quite diverse in each country, especially for imported goods. We will also discuss the recent changes and impact from government regulation towards the retailers.</li>
<li>Detail each opex components, especially labour and rental costs. Discuss in detail the labour market in each focus country, and map out the major property players that may have a significant impact on rental rates expansion in the future. </li>
<li>Discuss the details of each company's credentials from an ESG perspective and how focused they are in this area, which is increasingly important to investors.</li>
</ul>
ASEAN as a region has a huge and captive consumer population, with a population of over 622mn across its eleven member states. According to a recent study by the ASEAN retail market is currently worth around USD1tn in total. Given the diverse cultures and different cultures, varying levels of affluence in terms of GDP per capita across the region, consumer behavior is quite different from one country to another, with differing levels of success for the different modern retail formats versus the traditional markets or general trade.
We will travel to Thailand and the Philippines, the two other ASEAN countries with large consuming populations to explore the differing dynamics of those retail markets. Thailand is dominated by <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" rel="noopener">CP All PCL (CPALL TB)</a>, with around 11,000 7Eleven stores across the country and &gt;50% market share. In the Philippines, the market continues to see better performance from supermarkets, with leaders such as <a href="https://www.smartkarma.com/entities/robinsons-retail-holdings-inc" target="_blank" rel="noopener">Robinsons Retail Holdings (RRHI PM)</a> continuing to expand on its existing network of more than 1,700 supermarkets. Competitor <a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" rel="noopener">Puregold Price Club (PGOLD PM)</a> also continues to expand at a fast pace. That country's convenience store segment also continues to make good headway, with <a href="https://www.smartkarma.com/entities/philippine-seven-corp" target="_blank" rel="noopener">Philippine Seven (SEVN PM)</a> leading the charge, though general trade through Sari-Sari stores continues to thrive. 
We will look at orphan modern retail players in brief such as AMRT and <a href="https://www.smartkarma.com/entities/hero-supermarket-tbk-pt" target="_blank" data-smartkarma-citation="entities:11435:1" rel="noopener">Hero Supermarket (HERO IJ)</a>, as well as smaller higher end supermarket operator <a href="https://www.smartkarma.com/entities/supra-boga-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:16780:1" rel="noopener">Supra Boga Lestari (RANC IJ)</a>, home improvement retailer <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, and hypermarket operator <a href="https://www.smartkarma.com/entities/pt-matahari-putra-prima" target="_blank" data-smartkarma-citation="entities:18045:1" rel="noopener">Pt Matahari Putra Prima (MPPA IJ)</a>. 
We will look at valuations across the sector and determine which companies offer the most exciting prospects. Will <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt&amp;source=gmail&amp;ust=1564503940552000&amp;usg=AFQjCNGKYNcLBpDERAf4A1ZvQctEXgp2Sw" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> and <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.smartkarma.com/entities/ace-hardware-indonesia&amp;source=gmail&amp;ust=1564503940552000&amp;usg=AFQjCNEpNSlLnS6uzYXasGC2ibQg4DWcAg" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> continue to outperform or will <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.smartkarma.com/entities/pt-matahari-department-store&amp;source=gmail&amp;ust=1564503940552000&amp;usg=AFQjCNGMcrgjYePy8UunnCYxSIDXR39bcQ" rel="noopener">Pt Matahari Department Store (LPPF IJ)</a> turnaround its sluggish performance with its smaller formats and specialty store push? Or will Ramayana finally bring about its renaissance?


In this series of Insights, insight providers Angus Mackintosh and Jessica Irene will summarize the biggest players in the ASEAN retail sector, focusing on Indonesia, Thailand, and the Philippines. This will be done alongside with company meetings, site visits, and exclusive interviews with industry experts. Topics of discussions are as follows:

Retail market sizes in each of the focus countries and the breakdown between its sub-categories, i.e. specialty store vs department stores, mini-markets versus hypermarkets, etc. Map out the growth opportunity by comparing the retail penetration, and compare how well developed are the modern retail versus the general trade and the structure of each market.
Discuss which strategy works best against the e-commerce wave in ASEAN, which are winning and which are losing. Also, determine if the offline retailers can integrate themselves with the changing industry dynamics and preference towards convenience and online shopping.
Discuss which online and offline formats are striving and their key reasons for success. We will have exclusive interviews with some of the biggest e-commerce players in the country.
Taxation and regulations are quite diverse in each country, especially for imported goods. We will also discuss the recent changes and impact from government regulation towards the retailers.
Detail each opex components, especially labour and rental costs. Discuss in detail the labour market in each focus country, and map out the major property players that may have a significant impact on rental rates expansion in the future. 
Discuss the details of each company's credentials from an ESG perspective and how focused they are in this area, which is increasingly important to investors.

ASEAN as a region has a huge and captive consumer population, with a population of over 622mn across its eleven member states. According to a recent study by the ASEAN retail market is currently worth around USD1tn in total. Given the diverse cultures and different cultures, varying levels of affluence in terms of GDP per capita across the region, consumer behavior is quite different from one country to another, with differing levels of success for the different modern retail formats versus the traditional markets or general trade.
We will travel to Thailand and the Philippines, the two other ASEAN countries with large consuming populations to explore the differing dynamics of those retail markets. Thailand is dominated by CP All PCL (CPALL TB), with around 11,000 7Eleven stores across the country and &gt;50% market share. In the Philippines, the market continues to see better performance from supermarkets, with leaders such as Robinsons Retail Holdings (RRHI PM) continuing to expand on its existing network of more than 1,700 supermarkets. Competitor Puregold Price Club (PGOLD PM) also continues to expand at a fast pace. That country's convenience store segment also continues to make good headway, with Philippine Seven (SEVN PM) leading the charge, though general trade through Sari-Sari stores continues to thrive. 
We will look at orphan modern retail players in brief such as AMRT and Hero Supermarket (HERO IJ), as well as smaller higher end supermarket operator Supra Boga Lestari (RANC IJ), home improvement retailer Catur Sentosa Adiprana Tbk (CSAP IJ), and hypermarket operator Pt Matahari Putra Prima (MPPA IJ). 
We will look at valuations across the sector and determine which companies offer the most exciting prospects. Will Mitra Adiperkasa (MAPI IJ) and Ace Hardware Indonesia (ACES IJ) continue to outperform or will Pt Matahari Department Store (LPPF IJ) turnaround its sluggish performance with its smaller formats and specialty store push? Or will Ramayana finally bring about its renaissance?

Navigating the High Seas of ASEAN Retail - Introduction to a Series

Indonesia

PT Supra Boga Lestari Tbk owns and operates markets that provide fresh product, meat fish and delicatessen food and an array of imported groceries selection. The Company is based in Indonesia.

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Supra Boga Lestari (RANC IJ)

The Week that Was in ASEAN@Smartkarma - Indocement, Domestic Consumers, and ASEAN Retail

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Navigating the High Seas of ASEAN Retail - Introduction to a Series

In this series of Insights, insight providers Angus Mackintosh and Jessica Irene will summarize the biggest players in the ASEAN retail sector,...

Jessica Irene

Price Gauge

52-week Range

Market Cap (USDm)

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