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

The Week That Was in ASEAN@Smartkarma - BNI Re-Rating, Indonesian Logistics, and Astra's Recovery

Adi Sarana Armada (ASSA IJ) - Crystalizing Used Car Value

The Week That Was in ASEAN@Smartkarma - Grab & Bank Fama, XL Axiata & Link Net, and Shopee in India

Adi Sarana Armada (ASSA IJ) - End-To End Aspirations on Track

Adi Sarana Armada (ASSA IJ) - From the First to the Last Mile

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

Gravity Works As WeWork Doesn't; Now Plan B

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

<p><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> just released its 9M2021 results, which saw revenues increase +61.7% YoY to IDR3,475bn, gross profit rise by +20.1% YoY, with net profit up by +233.5% YoY.</p>
<p>The strong performance was supported by a resilient performance from the company's car rental and car auction businesses, boosted by the explosive growth from its last-mile express delivery business under Anteraja, which now makes up more than 50% of sales. </p>
<p>Management highlight that Anteraja is expected to remain the largest contributor to sales going forward, given that it is directly plugged into the e-commerce delivery eco-system.</p>
<p><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> has already announced that it will collaborate with both <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a> and <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> to strengthen its last-mile ecosystem.</p>
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<p>The company is already the largest car auction company in Indonesia through JBA BidWin and is in the process of enhancing its used vehicles eco-system to digitise the information across what is a highly fragmented market.</p>
<p><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> car rental business is the largest in Indonesia and its fleet has consistently grown each year over the past 5-years, providing a stable source of revenues.</p>
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<p><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> is an increasingly direct way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which now makes up more than 50% of sales. The company trades on 37x FY22E PER and 25x FY23E PER but on 12.6x FY22EV/EBITDA and 9.4x FY23E EV/EBITDA, which is a better measure of value for a growth company such as <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>. </p>
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Adi Sarana Armada (ASSA IJ) just released its 9M2021 results, which saw revenues increase +61.7% YoY to IDR3,475bn, gross profit rise by +20.1% YoY, with net profit up by +233.5% YoY.
The strong performance was supported by a resilient performance from the company's car rental and car auction businesses, boosted by the explosive growth from its last-mile express delivery business under Anteraja, which now makes up more than 50% of sales. 
Management highlight that Anteraja is expected to remain the largest contributor to sales going forward, given that it is directly plugged into the e-commerce delivery eco-system.
Adi Sarana Armada (ASSA IJ) has already announced that it will collaborate with both Gojek and Grab to strengthen its last-mile ecosystem.



The company is already the largest car auction company in Indonesia through JBA BidWin and is in the process of enhancing its used vehicles eco-system to digitise the information across what is a highly fragmented market.
Adi Sarana Armada (ASSA IJ) car rental business is the largest in Indonesia and its fleet has consistently grown each year over the past 5-years, providing a stable source of revenues.

Adi Sarana Armada (ASSA IJ) is an increasingly direct way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which now makes up more than 50% of sales. The company trades on 37x FY22E PER and 25x FY23E PER but on 12.6x FY22EV/EBITDA and 9.4x FY23E EV/EBITDA, which is a better measure of value for a growth company such as Adi Sarana Armada (ASSA IJ). 





Adi Sarana Armada (ASSA IJ) - Anteraja Takes the Helm