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 - Indonesian Property, OLAM, and Digital Banks

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

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

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

Adi Sarana Armada (ASSA IJ) - To the Last Mile and Beyond

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

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

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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> has a unique combination of different parts of the mobility ecosystem in Indonesia from corporate car rental, to car auction, and online marketplace but it is its end-to-end logistics business, and especially Anteraja, that is plugged directly into Indonesia's booming digital economy, that makes this an exciting story.</p>
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<section class="figure">Anteraja has expanded its coverage area significantly and is now present in 600 service points in 34 provinces across the archipelago.  It accounted for 47% of total sales in 1H2021 and is likely to account for more than 50% of sales by 2H2021.</section>
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<section class="figure"><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> 1H2021 results saw the company's revenues grow by +50.4% YoY, with gross profit up +20% YoY, while operating profit grew +43.7%, and the company's net profit grew by +68.9% YoY</section>
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<p>In an interesting development, Anteraja, the last-mile delivery arm of <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 announced partnerships with both <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a>, to integrate both company's logistics services into its last-mile ecosystem.</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> is a very interesting way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which makes up close to 50% of sales, whilst its remaining business in car rental and car auction continue to produce stable growth.</p>
<p>The company trades on 42x FY22E PER and 31x FY223E PER but on 16.9x FY21EV/EBITDA and 13.4x FY23E EV/EBITDA, which is probably a better measure given that this is a growth company.</p>
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Adi Sarana Armada (ASSA IJ) has a unique combination of different parts of the mobility ecosystem in Indonesia from corporate car rental, to car auction, and online marketplace but it is its end-to-end logistics business, and especially Anteraja, that is plugged directly into Indonesia's booming digital economy, that makes this an exciting story.



Anteraja has expanded its coverage area significantly and is now present in 600 service points in 34 provinces across the archipelago.  It accounted for 47% of total sales in 1H2021 and is likely to account for more than 50% of sales by 2H2021.



Adi Sarana Armada (ASSA IJ) 1H2021 results saw the company's revenues grow by +50.4% YoY, with gross profit up +20% YoY, while operating profit grew +43.7%, and the company's net profit grew by +68.9% YoY

In an interesting development, Anteraja, the last-mile delivery arm of Adi Sarana Armada (ASSA IJ) has announced partnerships with both Grab and Gojek, to integrate both company's logistics services into its last-mile ecosystem.
Adi Sarana Armada (ASSA IJ) is a very interesting way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which makes up close to 50% of sales, whilst its remaining business in car rental and car auction continue to produce stable growth.
The company trades on 42x FY22E PER and 31x FY223E PER but on 16.9x FY21EV/EBITDA and 13.4x FY23E EV/EBITDA, which is probably a better measure given that this is a growth company.









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