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

Ramayana Lestari - Moving with the Millennials - On the Ground in J-Town

Ramayana Lestari Sentosa - Fashionable Transformation - Company Update

Ramayana Lestari Sentosa - The Goods Department - On the Ground in J-Town

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

Thematic (Sector/Industry)

Indonesia Financials / Thematic (Sector/Industry)

<div class="content-highlight"><h2></h2><p>The 7th Annual JLL Indonesia Real Estate Forum in Jakarta saw record attendance, with around 600 real estate clients attending. The room was often full to the brim with standing room only. The central focus of the conference and panels was on how e-commerce is driving the take-up and makeup of office space in Jakarta.</p></div><p>Despite strong demand from these new e-commerce tenants, the impact is somewhat eclipsed by record levels of new supply for Grade A Office space. However, prime Grade A properties in SCBD are seeing strong take up and a bottoming out of rents. </p><p>Another theme of the conference was the impact of new transport infrastructure (MRT/LRT and new toll roads) on residential property demand, as well as the resurgence of demand for condos, especially smaller sized affordable units. </p><p>With 37% of the working population (192.6m) of Indonesia being Millenial, consumer behaviour in the property world is changing, with more demand for affordable living and co-working and even co-living spaces. </p><p>Retail space is also changing in terms of the mix of tenants, with malls seeing the mix changing toward more F&amp;B and lifestyle choices, as retail malls become the "new hospitality". </p><p>It is not easy to get pure exposure to the office or retail space in Jakarta, as most listed developers are more focused on residential township and mixed-use developments. <a href="https://www.smartkarma.com/entities/8550" target="_blank" data-smartkarma-citation="entities:8550:1">Pakuwon Jati Tbk Pt (PWON IJ)</a> provides quality exposure to retail through its Kota Kassablanc and Ganderia Malls, with around 50% of earnings coming from retail and office investment properties. <a href="https://www.smartkarma.com/entities/15498" target="_blank" data-smartkarma-citation="entities:15498:1">Bumi Serpong Damai Pt (BSDE IJ)</a> has strong exposure to residential through its Serpong BSD township but has also diversified elsewhere. <a href="https://www.smartkarma.com/entities/5693" target="_blank" data-smartkarma-citation="entities:5693:1">Summarecon Agung Tbk Pt (SMRA IJ)</a> has exposure to mixed-use developments and shophouses, as well as landed residential, with a long and well-established track record. </p>

The 7th Annual JLL Indonesia Real Estate Forum in Jakarta saw record attendance, with around 600 real estate clients attending. The room was often full to the brim with standing room only. The central focus of the conference and panels was on how e-commerce is driving the take-up and makeup of office space in Jakarta.Despite strong demand from these new e-commerce tenants, the impact is somewhat eclipsed by record levels of new supply for Grade A Office space. However, prime Grade A properties in SCBD are seeing strong take up and a bottoming out of rents. Another theme of the conference was the impact of new transport infrastructure (MRT/LRT and new toll roads) on residential property demand, as well as the resurgence of demand for condos, especially smaller sized affordable units. With 37% of the working population (192.6m) of Indonesia being Millenial, consumer behaviour in the property world is changing, with more demand for affordable living and co-working and even co-living spaces. Retail space is also changing in terms of the mix of tenants, with malls seeing the mix changing toward more F&amp;B and lifestyle choices, as retail malls become the "new hospitality". It is not easy to get pure exposure to the office or retail space in Jakarta, as most listed developers are more focused on residential township and mixed-use developments. Pakuwon Jati Tbk Pt (PWON IJ) provides quality exposure to retail through its Kota Kassablanc and Ganderia Malls, with around 50% of earnings coming from retail and office investment properties. Bumi Serpong Damai Pt (BSDE IJ) has strong exposure to residential through its Serpong BSD township but has also diversified elsewhere. Summarecon Agung Tbk Pt (SMRA IJ) has exposure to mixed-use developments and shophouses, as well as landed residential, with a long and well-established track record. 

Indonesia Property - Harnessing the E-Commerce Boom in Indonesia - On the Ground in J-Town