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

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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

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Indonesia's leading transportation and logistics company,<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ)</a> posted an increase in revenue of over +30% to IDR 3.04tn in 2020. The growth in the company's revenue was supported by the stable performance from all of its business segments but driven by its core car rental business under ASSA rent together with its last-mile courier service, Anteraja.  The company booked a -21% decline in net income in 2020 but we expect profit to see strong growth in the next two years as Anteraja has now broken even.
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Anteraja recorded a significant increase in revenue performance of +842.0% For FY2020, making up around a quarter of<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ)</a> 's total revenue versus only 3.5% of sales in 2019. Management predicts that Anteraja should make up over 50% of sales in the next 1-2 years and it has already broken even, which should also make it an important future profit driver. 
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> has also been developing a number of new initiatives including a car-sharing platform called ShareCar, an online C2C car sales marketplace called Caroline, and a warehouse fulfillment business through Titipaja.
It continues to grow its car rental business and will expand its fleet further in 2021, with an expected recovery in the private sector but also increasing growth in demand from the government.
Its car auction business under JBA Bid Win also saw strong growth in 2020, with strong growth in the second-hand car market. 
<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> remains an interesting digital transformation story, with huge potential from Anterja to drive future growth but with a stable revenue base coming from its car rental and auction business. It trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the digital growth story.


Indonesia's leading transportation and logistics company, Adi Sarana Armada (ASSA IJ) posted an increase in revenue of over +30% to IDR 3.04tn in 2020. The growth in the company's revenue was supported by the stable performance from all of its business segments but driven by its core car rental business under ASSA rent together with its last-mile courier service, Anteraja.  The company booked a -21% decline in net income in 2020 but we expect profit to see strong growth in the next two years as Anteraja has now broken even.

Anteraja recorded a significant increase in revenue performance of +842.0% For FY2020, making up around a quarter of Adi Sarana Armada (ASSA IJ) 's total revenue versus only 3.5% of sales in 2019. Management predicts that Anteraja should make up over 50% of sales in the next 1-2 years and it has already broken even, which should also make it an important future profit driver. 
Adi Sarana Armada (ASSA IJ) has also been developing a number of new initiatives including a car-sharing platform called ShareCar, an online C2C car sales marketplace called Caroline, and a warehouse fulfillment business through Titipaja.
It continues to grow its car rental business and will expand its fleet further in 2021, with an expected recovery in the private sector but also increasing growth in demand from the government.
Its car auction business under JBA Bid Win also saw strong growth in 2020, with strong growth in the second-hand car market. 
Adi Sarana Armada (ASSA IJ) remains an interesting digital transformation story, with huge potential from Anterja to drive future growth but with a stable revenue base coming from its car rental and auction business. It trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the digital growth story. 

Bank Tabungan Pensiunan Nasional (BTPN IJ)

Adi Sarana Armada (ASSA IJ) - All Aboard for a Digital Ride