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 - Sea Ltd's Scale, Cimory's Dairy Recovery, and AMMB Placement

Cisarua Mountain Dairy (CMRY IJ) - Increasingly Accessible Protein Provider

The Week That Was in ASEAN@Smartkarma - GoTo's Rebirth, Cimory's Dairy, and Far East Hospitality

Cisarua Mountain Dairy (CMRY IJ)  - General Trade to Drive 2023 Growth

Cisarua Mountain Dairy (CMRY IJ) - Yoghurt Sticks and Meatballs

Cisarua Mountain Dairy (CMRY IJ) - Standing Out from the Herd

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

Cisarua Mountain Dairy / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> booked a solid finish to FY2023, with FY2023 sales growth of +21.9% and net profit growth of +17.0% YoY, as it spent to grow new product sales.</li>
<li>Slower dairy was more than offset by the strong growth in premium consumer foods but dairy products are set to grow faster in 2024 through UHT milk and yoghurt sticks.</li>
<li>Consumer food growth momentum should be sustained by new product launches such as new products such Kanzler Crispy Nuggets Sticks. Valuations remain attractive relative to growth.</li>
</ul>



Cisarua Mountain Dairy booked a solid finish to FY2023, with FY2023 sales growth of +21.9% and net profit growth of +17.0% YoY, as it spent to grow new product sales.
Slower dairy was more than offset by the strong growth in premium consumer foods but dairy products are set to grow faster in 2024 through UHT milk and yoghurt sticks.
Consumer food growth momentum should be sustained by new product launches such as new products such Kanzler Crispy Nuggets Sticks. Valuations remain attractive relative to growth.


Cisarua Mountain Dairy (CMRY IJ) - Catering to the Demand for Convenience