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) - Bright Lights at the End of the Tunnel

Berli Jucker (BJC TB) - Canned Recovery in Motion

Berli Jucker (BJC IJ) - Ride the Retail and Packaging Recovery

Berli Jucker (BJC TB) - Primed for Rebound

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

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

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  call with <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> management post the company's recent results revealed a more cautious tone given the recent pick-up in COVID-19 cases in the so-called "third wave". 
Restaurants remain open and dining in is allowed although not permitted to serve alcohol and bars and nightclubs are shut under the current measures. Alcohol can be sold through retail outlets for consumption at home. Big C and Mini Big continue to sell alcohol through all of their outlets. 
<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> continued to experience difficult YoY comparisons for its packaging supply chain business, which is focused on glass bottling and aluminium cans, given that there was some stocking upon glass bottles last year in 1Q. 
<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> consumer supply chain division had a mixed picture given that non-food had a high base last year since tissue sales were very strong in 1Q2020, as was personal care, whilst demand for snacks remained soft.
For the company's healthcare and technical supply chain (H&amp;TSC), it saw a positive performance for the technical side, mainly driven by food additives but the lube business was relatively weaker
The company's core modern supply chain division, which consists mainly of its Big C retail business, continues to see big declines in both sales and SSSG given that January and February last year were relatively normal ahead of the onset of the pandemic. The higher portion of B2B sales to offset competition from traditional trade has negatively impacted margins slightly.
Big C continues to expand its store network with plans to add two new Big C hypermarkets this year and 100 mini-Big C proximity stores. There are also a number of Big C Marketplace stores being converted to other formats including Big C Depot and Food Place.
Omnichannel sales are growing, which include sales through Line and Whatsapp as well as various online channels now account for just under 3% of sales.
<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> will continue to face headwinds in 2Q2021, as the third wave impacts mobility and beer sales but YoY comparisons will start to get easier. We continue to see <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> as an interesting proxy to the consumer recovery, not just in Thailand but also to South East Asia, given its exposure in Vietnam, and Malaysia. It remains cheap relative to peers, with a stronger growth outlook for the next two years.

A  call with Berli Jucker (BJC TB) management post the company's recent results revealed a more cautious tone given the recent pick-up in COVID-19 cases in the so-called "third wave". 
Restaurants remain open and dining in is allowed although not permitted to serve alcohol and bars and nightclubs are shut under the current measures. Alcohol can be sold through retail outlets for consumption at home. Big C and Mini Big continue to sell alcohol through all of their outlets. 
Berli Jucker (BJC TB) continued to experience difficult YoY comparisons for its packaging supply chain business, which is focused on glass bottling and aluminium cans, given that there was some stocking upon glass bottles last year in 1Q. 
Berli Jucker (BJC TB) consumer supply chain division had a mixed picture given that non-food had a high base last year since tissue sales were very strong in 1Q2020, as was personal care, whilst demand for snacks remained soft.
For the company's healthcare and technical supply chain (H&amp;TSC), it saw a positive performance for the technical side, mainly driven by food additives but the lube business was relatively weaker
The company's core modern supply chain division, which consists mainly of its Big C retail business, continues to see big declines in both sales and SSSG given that January and February last year were relatively normal ahead of the onset of the pandemic. The higher portion of B2B sales to offset competition from traditional trade has negatively impacted margins slightly.
Big C continues to expand its store network with plans to add two new Big C hypermarkets this year and 100 mini-Big C proximity stores. There are also a number of Big C Marketplace stores being converted to other formats including Big C Depot and Food Place.
Omnichannel sales are growing, which include sales through Line and Whatsapp as well as various online channels now account for just under 3% of sales.
Berli Jucker (BJC TB) will continue to face headwinds in 2Q2021, as the third wave impacts mobility and beer sales but YoY comparisons will start to get easier. We continue to see Berli Jucker (BJC TB) as an interesting proxy to the consumer recovery, not just in Thailand but also to South East Asia, given its exposure in Vietnam, and Malaysia. It remains cheap relative to peers, with a stronger growth outlook for the next two years.

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