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

Arwana Citramulia (ARNA IJ) - Glazed Porcelain

Arwana Citramulia (ARNA IJ) - Tiling the Nation in 2022

Arwana Citramulia (ARNA IJ) - Tiling a Porcelain Path

Arwana Citramulia (ARNA IJ) - Garuda Versus Dragon

Arwana Citramulia (ARNA IJ) - Jumping Jack Flash

Arwana (ARNA IJ) – A Turnaround in Full Swing

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

Indonesia's largest ceramic tile manufacturer <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" rel="noopener">Arwana Citramulia (ARNA IJ)</a> recently announced its 2020 results with net profit increasing by +49.9% YoY from an increase in revenue of +2.8% YoY to IDR 2.21tn, as the company benefited from a lower gas price and greater production efficiencies.
The reduction in gas prices from US$9 to US$6/ MMbtu has reduced the production costs for <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" rel="noopener">Arwana Citramulia (ARNA IJ)</a> significantly with a -6% fall in costs on an MMBtu / sqm basis.
The company finished the year with a capacity utilization of 103% despite the impact of COVID-19 in 2Q2020, as it expanded its distribution by around 2,000 outlets last year.
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> is targeting a ceramics tile volume growth of  +10% YoY and revenue growth of +15% YoY in 2021 and also projects the net profit to grow to around 30% YoY. 
The company will see a full-year impact of the lower gas price as well as potential further efficiency gains, through an even lower rejection rate. 
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> will expand capacity in 2021 into the production of higher-end ceramic porcelain tiles, which will potentially provide the company with its next leg of growth. 
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> trades on 13.5x FY21E PER and 11.3x FY22E PER, with forecast EPS growth of +20.5% and +16.7% for FY221E and FY22E respectively. We continue to see the company as one of the best quality industrials in Indonesia and these results clearly demonstrate the company's ability to weather an unprecedented environment.

Indonesia's largest ceramic tile manufacturer Arwana Citramulia (ARNA IJ) recently announced its 2020 results with net profit increasing by +49.9% YoY from an increase in revenue of +2.8% YoY to IDR 2.21tn, as the company benefited from a lower gas price and greater production efficiencies.
The reduction in gas prices from US$9 to US$6/ MMbtu has reduced the production costs for Arwana Citramulia (ARNA IJ) significantly with a -6% fall in costs on an MMBtu / sqm basis.
The company finished the year with a capacity utilization of 103% despite the impact of COVID-19 in 2Q2020, as it expanded its distribution by around 2,000 outlets last year.
Arwana Citramulia (ARNA IJ) is targeting a ceramics tile volume growth of  +10% YoY and revenue growth of +15% YoY in 2021 and also projects the net profit to grow to around 30% YoY. 
The company will see a full-year impact of the lower gas price as well as potential further efficiency gains, through an even lower rejection rate. 
Arwana Citramulia (ARNA IJ) will expand capacity in 2021 into the production of higher-end ceramic porcelain tiles, which will potentially provide the company with its next leg of growth. 
Arwana Citramulia (ARNA IJ) trades on 13.5x FY21E PER and 11.3x FY22E PER, with forecast EPS growth of +20.5% and +16.7% for FY221E and FY22E respectively. We continue to see the company as one of the best quality industrials in Indonesia and these results clearly demonstrate the company's ability to weather an unprecedented environment. 

Arwana Citramulia (ARNA IJ) - Fired Up Top Quality Industrial