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

Berli Jucker (BJC TB) - Primed for Rebound

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

Berli Jucker (BJC TB) - Bright Lights at the End of the Tunnel

Berli Jucker (BJC TB) - SE Asia's Consumer Recovery Proxy

Berli Jucker (BJC TB) - Calm After the Storm

Berli Jucker (BJC TB) - Well-Rounded Consumer Leader

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/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> is finally starting to see the light of day across is numerous consumer-related businesses in3Q2020, from its core Thai retail business through BigC to its aluminum can and glass bottling across SE Asia, as well as its consumer supply chain business. The company's packaging supply chain business, which includes glass bottling and aluminum cans continues to see improvements since the trough in 2Q2020, with cans driving by new sizes. <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a>'s Big C retail business under modern supply chain continues to suffer from the lack of tourists in Thailand but is seeing some improvements with Mini BigC doing especially well. Rentals have started to pick up, which is positive for profitability going forward. The company's consumer supply chain business has seen a decent pick up with 3Q2020 sales growing by +15.1% YoY and +12.6% YoY for 9M2020 driven by non-food, international trading, and logistics.Valuations look attractive versus historical levels, especially in view of an impending recovery, with the company trading on 22.7x FY21E PER versus its 3-year average of 28.3x forward PER.

Berli Jucker (BJC TB) is finally starting to see the light of day across is numerous consumer-related businesses in3Q2020, from its core Thai retail business through BigC to its aluminum can and glass bottling across SE Asia, as well as its consumer supply chain business. The company's packaging supply chain business, which includes glass bottling and aluminum cans continues to see improvements since the trough in 2Q2020, with cans driving by new sizes. Berli Jucker (BJC TB)'s Big C retail business under modern supply chain continues to suffer from the lack of tourists in Thailand but is seeing some improvements with Mini BigC doing especially well. Rentals have started to pick up, which is positive for profitability going forward. The company's consumer supply chain business has seen a decent pick up with 3Q2020 sales growing by +15.1% YoY and +12.6% YoY for 9M2020 driven by non-food, international trading, and logistics.Valuations look attractive versus historical levels, especially in view of an impending recovery, with the company trading on 22.7x FY21E PER versus its 3-year average of 28.3x forward PER. 

Berli Jucker (BJC TB) - Consumer Kingpin on the Cusp of Recovery