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 - JCNC Overstretched, Cimory Raises Funds, and AKRA's Growth

Cisarua Mountain Dairy (CMRY IJ) - Bedding Down with a Portfolio of Growth Products

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

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

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

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

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> remains one of Indonesia's most interesting high-quality consumer staples companies, with strong brands in both premium dairy products and premium packaged foods. </li>
<li>The company grew total sales by 76% YoY for 9M2022, with dairy products growing 51% YoY and packaged foods by 125% YoY driven by increasing capacity to serve burgeoning demand. </li>
<li>Margins have been impacted by rising raw material prices but powdered milk prices have been falling which should mean margins recover but all the same 9M2022 net profit rose 1.5x.</li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) remains one of Indonesia's most interesting high-quality consumer staples companies, with strong brands in both premium dairy products and premium packaged foods. 
The company grew total sales by 76% YoY for 9M2022, with dairy products growing 51% YoY and packaged foods by 125% YoY driven by increasing capacity to serve burgeoning demand. 
Margins have been impacted by rising raw material prices but powdered milk prices have been falling which should mean margins recover but all the same 9M2022 net profit rose 1.5x.


Cisarua Mountain Dairy (CMRY IJ) - Fuelled by General Trade and Miss Cimory