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

Aneka Gas (AGII IJ) - Welding in Production Assets

Aneka Gas (AGII IJ) - From Medical Gas to Infrastructure and Retail

Aneka Gas - Burning for Infrastructure and Industry - On the Ground in J-Town

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 href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a> is Indonesia's leading industrial gas company, which is often under-appreciated as the immediate assumption is that is purely an industrial supplier. In fact, that it is plugged into a broad swath of the Indonesian economy, which makes it a proxy for recovery but relatively defensive at the same time. 
It supplies industrial users but also supplies medical gases, consumer companies, SMEs (retail), and infrastructure through welding and its input into the steel-making process.
The latest potential use-case and growth area comes with the rapid build-out of smelters in Indonesia to process metals and minerals locally. 
<a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" rel="noopener">Aneka Gas (AGII IJ)</a> has seen an increase in demand for gas products for medical needs of around +50% after the last Eid holiday
We continue to take a positive view of <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a>not only for its exposure to the provision of medical gas but also for overall exposure to the economic recovery, through its exposure to industry consumer goods, SMEs, and infrastructure. The company trades on 10.3x FY21E EV/EBITDA and 9.8x FY22E EV/EBITDA, with the potential for earnings upgrades.

Aneka Gas (AGII IJ) is Indonesia's leading industrial gas company, which is often under-appreciated as the immediate assumption is that is purely an industrial supplier. In fact, that it is plugged into a broad swath of the Indonesian economy, which makes it a proxy for recovery but relatively defensive at the same time. 
It supplies industrial users but also supplies medical gases, consumer companies, SMEs (retail), and infrastructure through welding and its input into the steel-making process.
The latest potential use-case and growth area comes with the rapid build-out of smelters in Indonesia to process metals and minerals locally. 
Aneka Gas (AGII IJ) has seen an increase in demand for gas products for medical needs of around +50% after the last Eid holiday
We continue to take a positive view of Aneka Gas (AGII IJ)not only for its exposure to the provision of medical gas but also for overall exposure to the economic recovery, through its exposure to industry consumer goods, SMEs, and infrastructure. The company trades on 10.3x FY21E EV/EBITDA and 9.8x FY22E EV/EBITDA, with the potential for earnings upgrades.

Aneka Gas (AGII IJ) - Living and Breathing the Indonesian Economy

Samator Indo Gas

Aneka Gas (AGII IJ) - Living and Breathing the Indonesian Economy