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 - XL Axiata's Convergence Push, Cimory & GT, SCG Chemicals IPO

Indonesia Consumer - Positive Impressions from the Jakarta Fair

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

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

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

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

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 +25% YoY growth in sales in 1Q2023, with a flat performance from dairy from a high base but very strong consumer foods growth. </li>
<li>Powdered milk prices and packaging costs have started to decline which will help to boost margins as the year progresses since <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> bought forward last year.</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</a> is an increasingly interesting consumer proxy catering to Indonesia's middle classes but increasingly focusing on the less affluent mass market as it grows distribution in general trade.</li>
</ul>



Cisarua Mountain Dairy booked a solid +25% YoY growth in sales in 1Q2023, with a flat performance from dairy from a high base but very strong consumer foods growth. 
Powdered milk prices and packaging costs have started to decline which will help to boost margins as the year progresses since Cisarua Mountain Dairy bought forward last year.

Cisarua Mountain Dairy is an increasingly interesting consumer proxy catering to Indonesia's middle classes but increasingly focusing on the less affluent mass market as it grows distribution in general trade.


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