ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Saratoga Investama Sedaya (SRTG IJ) - A World of Indonesian Themes

The Week That Was in ASEAN@Smartkarma - Adaro Beyond Coal, Indocement, and SingTel Back in Favour?

The Christmas Week That Was in ASEAN@Smartkarma - Bukalapak Standing Firm, 2022 IPOs, and Alfamart

Adaro Energy (ADRO IJ) - Riding the Coal Wave into Diversification

Indonesian Coal = the New Tobacco? Dividend Bonanza Coming: 48-65% Dividend Yields Possible

Geo Energy: Indonesian Coal Market Beneficiary Trading at Distressed Multiple

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/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy (ADRO IJ)</a> continues to extract huge gains from increased production of coal and higher prices, hitting record levels of sales in 3Q2022 coupled with record margins. </li>
<li>There may be some ASP impact from greater domestic market obligation in 4Q but prices remain firm and production should easily make it if not beat guidance. </li>
<li>
<a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro</a>'s efforts to diversify away from coal are bearing fruits with the construction of its aluminium smelter in Kalimantan already underway with Hyundai already signing an offtake MOU.  </li>
</ul>



Adaro Energy (ADRO IJ) continues to extract huge gains from increased production of coal and higher prices, hitting record levels of sales in 3Q2022 coupled with record margins. 
There may be some ASP impact from greater domestic market obligation in 4Q but prices remain firm and production should easily make it if not beat guidance. 

Adaro's efforts to diversify away from coal are bearing fruits with the construction of its aluminium smelter in Kalimantan already underway with Hyundai already signing an offtake MOU.  


Adaro Energy (ADRO IJ) - Beyond the Black Stuff