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/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>'s recent 9M2022 numbers confirmed its position as a well-rounded way to play Indonesia's economic recovery through autos and commodities through its controlling stake in <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors</a>.</li>
<li>The company has continued to deploy its war chest of funds from the <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata</a> sale, investing in commercial vehicle leasing, hydro-power, and digital banking in 3Q2022 alone.</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ</a> trades on 9.0x FY2023 PER and 8.5x FY2024E PER versus its 5-year average forward PER of 14x, making it attractive at current levels. </li>
</ul>



Astra International (ASII IJ)'s recent 9M2022 numbers confirmed its position as a well-rounded way to play Indonesia's economic recovery through autos and commodities through its controlling stake in United Tractors.
The company has continued to deploy its war chest of funds from the Bank Permata sale, investing in commercial vehicle leasing, hydro-power, and digital banking in 3Q2022 alone.

Astra International (ASII IJ trades on 9.0x FY2023 PER and 8.5x FY2024E PER versus its 5-year average forward PER of 14x, making it attractive at current levels. 


Astra International (ASII IJ) - Driving into Indonesia's Growth Areas

Cross Asset Strategy

<ul>
<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 South East Asia. </li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication</a>, <a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro</a> IPO, <a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging</a>,  <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/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a>, and <a href="https://www.smartkarma.com/entities/star-petroleum-refining-pcl" target="_blank" data-smartkarma-citation="entities:21007:1" rel="noopener">Star Petroleum Refining</a> in Thailand. </li>
<li>There was also some macro commentary on Malaysia and the Philippines, a market strategy note in Thailand, and updates on the energy and petroleum sector there. </li>
</ul>


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 South East Asia. 
The past week saw insights on Total Access Communication, Betagro IPO, SCG Packaging,  Sea Ltd (SE US), Bank Rakyat Indonesia, and Star Petroleum Refining in Thailand. 
There was also some macro commentary on Malaysia and the Philippines, a market strategy note in Thailand, and updates on the energy and petroleum sector there. 


The Week That Was in ASEAN@Smartkarma - TAC, Sea Ltd, and SCG Packaging

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> 1Q2022 numbers reflect its prime positioning as a beneficiary of recovering domestic growth in Indonesia and its exposure to the commodities boom through <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a>.</li>
<li>It has increased market share in autos through Toyota and Daihatsu plus holds a strong position in providing auto, motorcycle, and heavy equipment financing providing further geared exposure. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> has a war chest from the sale of <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata</a> which is yet to be deployed but could be in the digital space as a future potential catalyst.</li>
</ul>



Astra International 1Q2022 numbers reflect its prime positioning as a beneficiary of recovering domestic growth in Indonesia and its exposure to the commodities boom through United Tractors (UNTR IJ).
It has increased market share in autos through Toyota and Daihatsu plus holds a strong position in providing auto, motorcycle, and heavy equipment financing providing further geared exposure. 

Astra International has a war chest from the sale of Bank Permata which is yet to be deployed but could be in the digital space as a future potential catalyst.


Astra International (ASII IJ) - The Perfect Storm Driving Performance

<ul>
<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 South East Asia.</li>
<li>The past week saw insights on Singapore's economic outlook, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>, <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>, <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>, and <a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" data-smartkarma-citation="entities:28684:1" rel="noopener">SCG Packaging (SCGP TB)</a>.</li>
<li>
<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> also took a look and Philippine Banks highlighting <a href="https://www.smartkarma.com/entities/china-banking-corporation" target="_blank" data-smartkarma-citation="entities:22788:1" rel="noopener">China Banking (CHIB PM)</a> as his top pick. We also comment on <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> and <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener">Telekom (TLKM IJ)</a>. </li>
</ul>


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 South East Asia.
The past week saw insights on Singapore's economic outlook, Bank Central Asia (BBCA IJ), Adi Sarana Armada (ASSA IJ), GoTo (GOTO IJ), and SCG Packaging (SCGP TB).

Daniel Tabbush also took a look and Philippine Banks highlighting China Banking (CHIB PM) as his top pick. We also comment on Astra International (ASII IJ) and Telekom (TLKM IJ). 


The Week That Was in ASEAN@Smartkarma - BCA's Transactional, ASSA & Anteraja, and Philippine Banks

<section class="figure">
<section class="figure">
<p><a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> just released a strong set of 3Q2021 results with its EPS up by +84% YoY (excluding <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata (BNLI IJ)</a> sales), driven by a significant improvement in auto and motorcycle sales.</p>
<p>The company also saw the benefit of rising commodity prices, especially for <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> and for <a href="https://www.smartkarma.com/entities/astra-agro-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:4050:1" rel="noopener">Astra Agro Lestari (AALI IJ)</a>. Management remains optimistic on the outlook for the rest of the year, with the backdrop of a strong balance sheet.</p>
</section>
<section class="figure">The company's overall revenues for 9M2021 came in at IDR167.4 tn, or an increase of +28% YoY, with net income hitting IDR15tn, an increase of +7% YoY versus 9M2020.</section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure">Net income from the group's auto division was a key driver for the results with net income up by +207% YoY mainly due to a low base last year in 2Q given the impact of COVID-19 and related mobility measures. The segment also benefitted from the temporary luxury sales tax incentives this year, which has boosted demand.</section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure"></section>
<section class="figure">
<p><a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>'s financial services division also saw better performance with a higher contribution from consumer finance, heavy equipment finance and the general insurance businesses.</p>
<p><a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener"></a>The group's heavy equipment business, mining, construction, and energy division booked an increase of +51% YoY mainly due to better heavy equipment sales and higher coal prices, with a strong performance from <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a>. </p>
</section>
<section class="figure">
<p>The group's agribusiness under 79.7%-owned <a href="https://www.smartkarma.com/entities/astra-agro-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:4050:1" rel="noopener">Astra Agro Lestari (AALI IJ)</a> had a very strong performance for 9M2021 with net income increasing by +152% YoY.</p>
<p><a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>'s infrastructure and logistics division also reported a strong recovery for 9M2021, driven by an improved performance from the toll road business and its Serasi Autoraya business.</p>
<div class="content-highlight">
<p>The group's balance sheet remains strong and puts the company in a good position to look for potential acquisitions if the right opportunity arose. This could potentially occur in the digital space, given its recent moves into that segment. We remain positive on the outlook for <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> and it continues to be one of our top picks for the recovery in Indonesia, which is already taking shape.</p>
</div>
</section>
</section>



Astra International (ASII IJ) just released a strong set of 3Q2021 results with its EPS up by +84% YoY (excluding Bank Permata (BNLI IJ) sales), driven by a significant improvement in auto and motorcycle sales.
The company also saw the benefit of rising commodity prices, especially for United Tractors (UNTR IJ) and for Astra Agro Lestari (AALI IJ). Management remains optimistic on the outlook for the rest of the year, with the backdrop of a strong balance sheet.

The company's overall revenues for 9M2021 came in at IDR167.4 tn, or an increase of +28% YoY, with net income hitting IDR15tn, an increase of +7% YoY versus 9M2020.



Net income from the group's auto division was a key driver for the results with net income up by +207% YoY mainly due to a low base last year in 2Q given the impact of COVID-19 and related mobility measures. The segment also benefitted from the temporary luxury sales tax incentives this year, which has boosted demand.




Astra International (ASII IJ)'s financial services division also saw better performance with a higher contribution from consumer finance, heavy equipment finance and the general insurance businesses.
The group's heavy equipment business, mining, construction, and energy division booked an increase of +51% YoY mainly due to better heavy equipment sales and higher coal prices, with a strong performance from United Tractors (UNTR IJ). 


The group's agribusiness under 79.7%-owned Astra Agro Lestari (AALI IJ) had a very strong performance for 9M2021 with net income increasing by +152% YoY.
Astra International (ASII IJ)'s infrastructure and logistics division also reported a strong recovery for 9M2021, driven by an improved performance from the toll road business and its Serasi Autoraya business.

The group's balance sheet remains strong and puts the company in a good position to look for potential acquisitions if the right opportunity arose. This could potentially occur in the digital space, given its recent moves into that segment. We remain positive on the outlook for Astra International (ASII IJ) and it continues to be one of our top picks for the recovery in Indonesia, which is already taking shape.




Astra International (ASII IJ) - Driven by Autos and Commodities

Hong Kong

Wuling Motors Holdings Limited manufactures motor vehicle engines, parts and special vehicles in China. The Company's activities also include securities dealing, margin financing, money lending and property investment.

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Wuling Motors Holdings (305 HK)

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Angus Mackintosh

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Angus Mackintosh

Astra International (ASII IJ) - Driven by Autos and Commodities

We remain positive on the outlook for Astra International (ASII IJ) as it continues to benefit from strong auto sales and stronger commodity...

Angus Mackintosh

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