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 - Carousell to List, Astra International, and Ultrajaya Milk

The Week That Was in ASEAN@Smartkarma - Digital Finance, Thai Beverage, and Astra's Auto Boon

Astra International (ASII IJ) - Driven by Autos and Commodities

Astra International (ASII IJ) - Leaning into the Recovery

Astra International (ASII IJ) - Sitting in Pole Position

Astra International (ASII IJ) - Digitally Remastered in a Cyclical Recovery

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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We attended an analyst call with <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ),</a> which revealed more colour behind the company's results, as well as further pointers to its longer-term strategy, especially in relation to its digital strategy both for its existing as well as new business direction.
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<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> registered a strong performance in 1H2021, driven by the recovering economy, government stimulus, and higher commodity prices. 
<a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> had a strong first half of the year with Komatsu sales growth of +60% YoY to 1,360 with additional strong growth in parts and service revenues
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> recently released its car sales numbers for August, which revealed a rapid recovery in numbers after a dip in July due to Emergency PPKM measures.
We would expect continuing strong momentum behind car sales given the extension of the cut in luxury tax due to the recent wave of COVID-19 measures until December.
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In the 2W space, Astra Honda saw around an -8% decline in motorcycle sales in July but continues to expect towards the end of the year.
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> continues to work on the digitalization of all its various businesses and management identifies distinct themes in its digitalisation efforts both internally and externally.
The company is also looking at developing its EV (electric vehicle) capabilities and will develop this EV strategy over the next 12-18 months building the local portion of the value chain.
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> is also very focused on its ESG efforts across its very broad array of businesses both through reporting and sustainability efforts.
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> continues to be one of our top recovery picks, with recent car sales numbers suggesting a strong recovery is looming, with a fair tailwind from luxury tax omission. It should also continue to benefit from higher commodity prices through <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> and we see the potential for further investments to come in the new economy.


We attended an analyst call with Astra International (ASII IJ), which revealed more colour behind the company's results, as well as further pointers to its longer-term strategy, especially in relation to its digital strategy both for its existing as well as new business direction.

Astra International (ASII IJ) registered a strong performance in 1H2021, driven by the recovering economy, government stimulus, and higher commodity prices. 
United Tractors (UNTR IJ) had a strong first half of the year with Komatsu sales growth of +60% YoY to 1,360 with additional strong growth in parts and service revenues
Astra International (ASII IJ) recently released its car sales numbers for August, which revealed a rapid recovery in numbers after a dip in July due to Emergency PPKM measures.
We would expect continuing strong momentum behind car sales given the extension of the cut in luxury tax due to the recent wave of COVID-19 measures until December.



In the 2W space, Astra Honda saw around an -8% decline in motorcycle sales in July but continues to expect towards the end of the year.
Astra International (ASII IJ) continues to work on the digitalization of all its various businesses and management identifies distinct themes in its digitalisation efforts both internally and externally.
The company is also looking at developing its EV (electric vehicle) capabilities and will develop this EV strategy over the next 12-18 months building the local portion of the value chain.
Astra International (ASII IJ) is also very focused on its ESG efforts across its very broad array of businesses both through reporting and sustainability efforts.
Astra International (ASII IJ) continues to be one of our top recovery picks, with recent car sales numbers suggesting a strong recovery is looming, with a fair tailwind from luxury tax omission. It should also continue to benefit from higher commodity prices through United Tractors (UNTR IJ) and we see the potential for further investments to come in the new economy.

Astra International (ASII IJ) - Future Clarity Through Digital Means