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

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Integra Indocabinet Tbk PT (WOOD IJ) - Flatpack Wonder - On the Ground in J-Town

Arwana (ARNA IJ) – A Turnaround in Full Swing

Kino Indonesia (KINO IJ) - A Domestic Consumer Gem - 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

Equity Bottom-Up

Integra Indocabinet Tbk PT / Equity Bottom-Up

Indonesia's leading furniture and wood building manufacturer <a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" rel="noopener">Integra Indocabinet Tbk PT (WOOD IJ)</a> is positive that the US economic recovery will continue to fuel demand for its furniture and building component products, as the US is the largest contributor to its sales. 
In 1Q2021, the US market contributed 92% of <a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" rel="noopener">Integra Indocabinet Tbk PT (WOOD IJ)</a>'s total sales, with rapid growth since the US applied its China trade war policy, imposing anti-dumping policies, and anti-subsidy tariffs on Chinese products. Since this move, US buyers have moved their sourcing of these products to other countries, with Indonesia being one of them.
The US is the largest furniture importer in the world, with total demand reaching USD25bn-USD26bn per annum, and previously China was the largest exporter to the US Market. Vietnam is also seeing close scrutiny of its furniture exports to the US, which could have a further positive impact on <a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" data-smartkarma-citation="entities:27356:1" rel="noopener">Integra Indocabinet Tbk PT (WOOD IJ)</a> 
<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" rel="noopener">Integra Indocabinet Tbk PT (WOOD IJ)</a> is aiming for a sales growth of +25% YoY this year but this looks like a conservative, given the growth rates we have already seen this year.
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<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" rel="noopener">Integra Indocabinet Tbk PT (WOOD IJ)</a> recorded an increase in sales of +39% YoY to IDR2.9tn in FY2020, with sales in 1Q2021 increasing by +89.2% YoY to IDR912bn. The company's valuations look very reasonable. It trades on 12.3x FY21E PER and 11.0x FY22E PER, with forecast EPS growth of +57% and +11.6% for FY21E and FY22E respectively, especially since we expect potential upgrades ahead. 
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Indonesia's leading furniture and wood building manufacturer Integra Indocabinet Tbk PT (WOOD IJ) is positive that the US economic recovery will continue to fuel demand for its furniture and building component products, as the US is the largest contributor to its sales. 
In 1Q2021, the US market contributed 92% of Integra Indocabinet Tbk PT (WOOD IJ)'s total sales, with rapid growth since the US applied its China trade war policy, imposing anti-dumping policies, and anti-subsidy tariffs on Chinese products. Since this move, US buyers have moved their sourcing of these products to other countries, with Indonesia being one of them.
The US is the largest furniture importer in the world, with total demand reaching USD25bn-USD26bn per annum, and previously China was the largest exporter to the US Market. Vietnam is also seeing close scrutiny of its furniture exports to the US, which could have a further positive impact on Integra Indocabinet Tbk PT (WOOD IJ) 
Integra Indocabinet Tbk PT (WOOD IJ) is aiming for a sales growth of +25% YoY this year but this looks like a conservative, given the growth rates we have already seen this year.

Integra Indocabinet Tbk PT (WOOD IJ) recorded an increase in sales of +39% YoY to IDR2.9tn in FY2020, with sales in 1Q2021 increasing by +89.2% YoY to IDR912bn. The company's valuations look very reasonable. It trades on 12.3x FY21E PER and 11.0x FY22E PER, with forecast EPS growth of +57% and +11.6% for FY21E and FY22E respectively, especially since we expect potential upgrades ahead. 


Integra Indocabinet Tbk PT (WOOD IJ) - The Stars Are Aligned for WOOD