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 - Berli Jucker's Big C, Matahari Department Store, and BREN

Thai Beverage (THBEV SP) - Increasingly Streamlined SEA F&B Play

The Week That Was in ASEAN@Smartkarma - Ciputra Development, Arwana's Catalyst, and Thai Beverage.

Berli Jucker (BJC TB) - A Retail and Packaging Fuelled Growth Story

Berli Jucker (BJC TB) - Stock-Up for Canned 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker'</a>s modern trade supply chain under Big C continues to benefit from the tourism recovery, with 25 dedicated tourism stores and another 35 secondary tourism stores. </li>
<li>Tourism stores carry a slightly different mix of SKUs versus regular stores, which generate higher margins. Big C continues to expand its store network and margins are moving upwards.</li>
<li>
<a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a> provides direct exposure to Big C but its other divisions including packaging and consumer supply chain provide exposure to both Thailand and Vietnam. Valuations are attractive versus history.</li>
</ul>



Berli Jucker's modern trade supply chain under Big C continues to benefit from the tourism recovery, with 25 dedicated tourism stores and another 35 secondary tourism stores. 
Tourism stores carry a slightly different mix of SKUs versus regular stores, which generate higher margins. Big C continues to expand its store network and margins are moving upwards.

Berli Jucker provides direct exposure to Big C but its other divisions including packaging and consumer supply chain provide exposure to both Thailand and Vietnam. Valuations are attractive versus history.


Berli Jucker (BJC TB) - Big C's Tourism Factor