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) - Tiling a Porcelain Path

Arwana Citramulia (ARNA IJ) A Finely Glazed Future

Arwana Citramulia (ARNA IJ) - Polished Porcelain Performance

Arwana Citramulia (ARNA IJ) - Garuda Versus Dragon

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

Arwana Citramulia (ARNA IJ) - Glazed Porcelain

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>Indonesia's best quality ceramic tile producer, <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>, continues to register strong growth and higher margins due to improving product mix and improvements in manufacturing efficiency.</li>
<li>
<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 introducing new higher-end porcelain tiles which will displace Chinese imports given lower pricing, better terms for wholesalers and significantly faster delivery times.  </li>
<li>The company remains a top choice amongst Indonesian industrials with high-quality governance and a strong growth track record along with attractive valuations. </li>
</ul>


Indonesia's best quality ceramic tile producer, Arwana Citramulia (ARNA IJ), continues to register strong growth and higher margins due to improving product mix and improvements in manufacturing efficiency.

Arwana Citramulia (ARNA IJ) is introducing new higher-end porcelain tiles which will displace Chinese imports given lower pricing, better terms for wholesalers and significantly faster delivery times.  
The company remains a top choice amongst Indonesian industrials with high-quality governance and a strong growth track record along with attractive valuations. 


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