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

AKR Corporindo (AKRA IJ) - Well-Rounded Industrial Recovery Play

The Week That Was in ASEAN@Smartkarma - Thai Consumers, Indonesian Multifinance, and Digital Moves

AKR Corporindo (AKRA IJ) - Freeport Smelter a Boon for JIIPE

AKR Corporindo (AKRA IJ) - Great Omnibus Expectations

AKR Corporindo (AKRA IJ) - A Bedrock for Indonesia Industry

AKR Corporindo (AKRA IJ) - The Landed Logistics Player

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

A call with <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> management revealed a solid finish to 2020 and a positive outlook for 2021 for fuel distribution, chemical distribution, as well as its Java Integrated Industrial, and Port Estate (JIIPE) as the economy recovers from the COVID-19 pandemic.
The company is projecting the fuel distribution volumes to grow by +10%-12% in 2021, due to the increasing demand from the coal mining industry together with new customers from the smelter industry, palm oil, and other mining sectors.
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> and BP's retail gasoline station JV increased the number of outlets from 13 to 16 during 2020 but this year aims to add +30-35 new stations in 2021 as it ramps up its exposure. 
The company's chemicals business was challenging during 2020 but management projects that the chemical business should be able to achieve stronger growth in 2021, with new areas of demand and higher prices.
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> will also start to supply lubricants for the mining industry through its subsidiary PT Anugerah Lubrindo Raya, which sells and distributes lubricants under the Castrol brand. 
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> remains optimistic on the outlook for its JIIPE industrial estate with a projection for 24-25 hectares of industrial plot sales for FY2020 and a projection of 30-35 hectares of land sales in 2021.
The company is also close to finalizing the status of JIIPE as a special economic zone. This will provide a further impetus for future land sales. 
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> remains an interesting proxy for the recovery in the overall economy through its chemical and fuel distribution business and should also be a beneficiary of the pick up in FDI in 2021 due to Indonesia's Omnibus Law. This should help to boost sales at the company's JIIPE Industrial Estate near Surabaya. The company trades on 12.2x FY21E PER and 11.1x FY22E PER versus its 3-year average forward PER of 15.2x, making it look attractive from a historical perspective, especially with a gradual economic recovery in sight in Indonesia.

A call with AKR Corporindo (AKRA IJ) management revealed a solid finish to 2020 and a positive outlook for 2021 for fuel distribution, chemical distribution, as well as its Java Integrated Industrial, and Port Estate (JIIPE) as the economy recovers from the COVID-19 pandemic.
The company is projecting the fuel distribution volumes to grow by +10%-12% in 2021, due to the increasing demand from the coal mining industry together with new customers from the smelter industry, palm oil, and other mining sectors.
AKR Corporindo (AKRA IJ) and BP's retail gasoline station JV increased the number of outlets from 13 to 16 during 2020 but this year aims to add +30-35 new stations in 2021 as it ramps up its exposure. 
The company's chemicals business was challenging during 2020 but management projects that the chemical business should be able to achieve stronger growth in 2021, with new areas of demand and higher prices.
AKR Corporindo (AKRA IJ) will also start to supply lubricants for the mining industry through its subsidiary PT Anugerah Lubrindo Raya, which sells and distributes lubricants under the Castrol brand. 
AKR Corporindo (AKRA IJ) remains optimistic on the outlook for its JIIPE industrial estate with a projection for 24-25 hectares of industrial plot sales for FY2020 and a projection of 30-35 hectares of land sales in 2021.
The company is also close to finalizing the status of JIIPE as a special economic zone. This will provide a further impetus for future land sales. 
AKR Corporindo (AKRA IJ) remains an interesting proxy for the recovery in the overall economy through its chemical and fuel distribution business and should also be a beneficiary of the pick up in FDI in 2021 due to Indonesia's Omnibus Law. This should help to boost sales at the company's JIIPE Industrial Estate near Surabaya. The company trades on 12.2x FY21E PER and 11.1x FY22E PER versus its 3-year average forward PER of 15.2x, making it look attractive from a historical perspective, especially with a gradual economic recovery in sight in Indonesia.

AKR Corporindo (AKRA IJ) - Diesel and Chemical Powered Distributor