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

Adi Sarana Armada (ASSA IJ) - Increasingly Logistical

The Week That Was in ASEAN@Smartkarma - Resilient Indonesia, MAPI's Secret, and SAT's Acquisition.

Adi Sarana Armada (ASSA IJ) - Harnessing Logistics and Autos

Adi Sarana Armada (ASSA IJ) - Mobility, Logistics, and the Digital Economy

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

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

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

<ul>
<li>
<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> continues to build on its three pillars of growth across transport, used car sales, and logistics including its leading last-mile delivery service under Anteraja.</li>
<li>The company's market-leading auto leasing business provides stable revenue and a source of used cars for the auction and online used car business under Caroline.</li>
<li>Last-Mile delivery player Anteraja is already the largest revenue contributor and increasing profit driver, with significant upside through automation and scale. Valuations attractive after recent correction at 8.3x FY2022E EV/EBITDA.</li>
</ul>



Adi Sarana Armada (ASSA IJ) continues to build on its three pillars of growth across transport, used car sales, and logistics including its leading last-mile delivery service under Anteraja.
The company's market-leading auto leasing business provides stable revenue and a source of used cars for the auction and online used car business under Caroline.
Last-Mile delivery player Anteraja is already the largest revenue contributor and increasing profit driver, with significant upside through automation and scale. Valuations attractive after recent correction at 8.3x FY2022E EV/EBITDA.


Adi Sarana Armada (ASSA IJ) - Building on Pillars