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

Indocement Tunggal Prakarsa (INTP IJ) - Bunkering Down for a Better Year

Indocement Tunggal Prakasa (INTP IJ) - Bulky Recovery in Place

Indocement (INTP IJ) - Increasing Reach, Reducing Costs, and Improving Sustainability

Indocement (INTP IJ) - The Dust Begins to Settle

Indocement Tunggal Prakarsa (INTP IJ) - High-Quality Recovery Play on GFC Valuations

Indocement Tunggal Prakarsa (INTP IJ) - Do You Believe in the Westworld?

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

Indocement Tunggal Prakarsa / Equity Bottom-Up

The stars are aligning for a pick up in demand for cement in Indonesia in 2021, as the government prepares to accelerate fiscal spending in the coming year to kick-start the economy. 
The government has also brought forward a large number of infrastructure procurement packages in order to help the economy recover more quickly from the pandemic.
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a>  is targeting cement sales growth of +4% in 2021. This target assumes construction and property sectors can start to pick up as we enter 2021 post the government's COVID-19 vaccination program.
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a> also sees positive catalysts from the financial industry and the completion of the construction of several toll road projects to stimulate the economy.
In terms of geographic segmentation, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a> 's sales focus this year will still target the Jabodetabek and West Java areas, whilst still looking for new export opportunities.
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a> saw the proportion of the bag market increase quite significantly from 72.8% to 77.7% in 9M2020 due to a significant slowdown in infrastructure and other projects, which would normally drive the bulk market.
The Government has mandated that essential sectors related to basic needs including construction projects can operate at 100% capacity with the implementation of health protocols during the most recent PSBB measures, with the current roll-out of the vaccination program in Indonesia expected to help facilitate a gradual economic recovery as we progress into 2021.
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a> remains a core proxy for the recovery in the overall economy and increased spending on infrastructure, which was severely affected by COVID-19 in 2020.  <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa (INTP IJ)</a> trades on FY21E EV/EBITDA of 14.6x and 12.9x FY22E EV/EBITDA versus its 3-year average forward EV/EBITDA of 17.4x. The company is forecast to see EPS growth of +19% and +16% for FY21E and FY22E respectively, reflecting the recovery.

The stars are aligning for a pick up in demand for cement in Indonesia in 2021, as the government prepares to accelerate fiscal spending in the coming year to kick-start the economy. 
The government has also brought forward a large number of infrastructure procurement packages in order to help the economy recover more quickly from the pandemic.
Indocement Tunggal Prakarsa (INTP IJ)  is targeting cement sales growth of +4% in 2021. This target assumes construction and property sectors can start to pick up as we enter 2021 post the government's COVID-19 vaccination program.
Indocement Tunggal Prakarsa (INTP IJ) also sees positive catalysts from the financial industry and the completion of the construction of several toll road projects to stimulate the economy.
In terms of geographic segmentation, Indocement Tunggal Prakarsa (INTP IJ) 's sales focus this year will still target the Jabodetabek and West Java areas, whilst still looking for new export opportunities.
Indocement Tunggal Prakarsa (INTP IJ) saw the proportion of the bag market increase quite significantly from 72.8% to 77.7% in 9M2020 due to a significant slowdown in infrastructure and other projects, which would normally drive the bulk market.
The Government has mandated that essential sectors related to basic needs including construction projects can operate at 100% capacity with the implementation of health protocols during the most recent PSBB measures, with the current roll-out of the vaccination program in Indonesia expected to help facilitate a gradual economic recovery as we progress into 2021.
Indocement Tunggal Prakarsa (INTP IJ) remains a core proxy for the recovery in the overall economy and increased spending on infrastructure, which was severely affected by COVID-19 in 2020.  Indocement Tunggal Prakarsa (INTP IJ) trades on FY21E EV/EBITDA of 14.6x and 12.9x FY22E EV/EBITDA versus its 3-year average forward EV/EBITDA of 17.4x. The company is forecast to see EPS growth of +19% and +16% for FY21E and FY22E respectively, reflecting the recovery.

Indocement Tunggal Prakarsa (INTP IJ) - Solidifying Demand Ahead