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 - Grab Listing, Cimory IPO, and Kalbe Farma

Bukalapak (BUKA IJ) - Hitting Mitras with More Product

The Week That Was in ASEAN@Smartkarma - Bukalapak, Astra International, and Thai Banks

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.</li>
<li>The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.</li>
</ul>



Bukalapak (BUKA IJ) released an impressive set of 3Q2021, driven by explosive triple-digit TPV growth in its Mitra business, which enables mom&amp;pop stores (Warungs) in Indonesia, along with higher take-rates.
The slower growth in marketplace was accompanied by lower S&amp;M costs, as the company transforms this business towards an online specialty store model, which is gaining traction.

Bukalapak (BUKA IJ) looks to be misunderstood by retail investors, presenting an opportunity after the post-IPO correction, with a number of new initiatives gaining momentum in Mitra and marketplace.


Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

Bukalapak.com PT Tbk

Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts