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

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Back on the Boil

The Week That Was in ASEAN@Smartkarma - Ultrajaya Milk, Berli Jucker, and GoTo's Debut on IDX

Cisarua Mountain Dairy (CMRY IJ) - Yoghurts, UHT Milk, and Proteins in One Basket

Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

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 (CMRY IJ)</a> booked spectacular FY2021 results with +120% YoY growth in both dairy and consumer food plus better margins due to scale and product mix benefits.</li>
<li>The company continues to spend aggressively on sales and promotions ahead of new capacity coming online which will help to sustain growth, whilst also expanding exposure to general trade. </li>
<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 (CMRY IJ)</a> looks like a multi-year growth story in the making with a strong handle on rising commodity prices and emphasis on growing share in UHT milk.</li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) booked spectacular FY2021 results with +120% YoY growth in both dairy and consumer food plus better margins due to scale and product mix benefits.
The company continues to spend aggressively on sales and promotions ahead of new capacity coming online which will help to sustain growth, whilst also expanding exposure to general trade. 

Cisarua Mountain Dairy (CMRY IJ) looks like a multi-year growth story in the making with a strong handle on rising commodity prices and emphasis on growing share in UHT milk.


Cisarua Mountain Dairy (CMRY IJ) - Dairy and Protein Fuelled Growth