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 - Bukalapak, Astra International, and Thai Banks

Sumber Alfaria Trijaya (AMRT IJ) - Back to Expansion Mode

Bukalapak (BUKA IJ) - Enhancing Financial Offerings

Bukalapak (BUKA IJ) - Empowering Mitra and Creating Shopfronts

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> has had a torrid market debut in Indonesia, falling more than 50% from its IPO price given limited lock ups and poor appreciation of its business model.</li>
<li>The company continues to broaden its product offering for its high-growth Mitra business, entering logistics, property finance, and more recently Buy Now Pay Later helping increase platform stickiness.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ) </a>is also developing a return-enhancing Shopify-like approach to its e-commerce business and valuations are starting to look appealing, with an FY22E EV/Gross profit of 14.3x.</li>
</ul>



Bukalapak (BUKA IJ) has had a torrid market debut in Indonesia, falling more than 50% from its IPO price given limited lock ups and poor appreciation of its business model.
The company continues to broaden its product offering for its high-growth Mitra business, entering logistics, property finance, and more recently Buy Now Pay Later helping increase platform stickiness.

Bukalapak (BUKA IJ) is also developing a return-enhancing Shopify-like approach to its e-commerce business and valuations are starting to look appealing, with an FY22E EV/Gross profit of 14.3x.


Bukalapak (BUKA IJ) - Hitting Mitras with More Product

Bukalapak.com PT Tbk

Bukalapak (BUKA IJ) - Hitting Mitras with More Product