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 - Indonesia's Peak, Mayora Indah, and IPOs

CrossASEAN Indonesian Strategy - Peaks and Troughs

The Week That Was in ASEAN@Smartkarma - Indonesia's Wave, Del Monte, and Grab's Alliances

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

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<p>A rare post-results call with leading Indonesian consumer staples company <strong><a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a></strong> management revealed a company well-positioned to take advantage of the recovery in 2H2021, with a good number of new products launches likely to help drive growth both domestically and overseas.</p>
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<p>Rising commodity prices are a potential threat to margins but management has outlined a number of strategies to cope with this including price increases.</p>
<p><a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> saw strong growth in sales and operating profits reflecting the strength of the recovery domestically and especially in the export of its products. </p>
<p>The company continues to gain market share in a number of categories and especially in biscuits, wafers, and coffee. It continues to broaden the range of products available in export markets such as the Philippines and Thailand.</p>
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<section class="figure"><a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a>'s valuations look attractive versus history with the company trading on 19.6x FY21E PER and 17.2x FY22E PER versus its 5-year average forward PER of 27x.</section>


A rare post-results call with leading Indonesian consumer staples company Mayora Indah (MYOR IJ) management revealed a company well-positioned to take advantage of the recovery in 2H2021, with a good number of new products launches likely to help drive growth both domestically and overseas.

Rising commodity prices are a potential threat to margins but management has outlined a number of strategies to cope with this including price increases.
Mayora Indah (MYOR IJ) saw strong growth in sales and operating profits reflecting the strength of the recovery domestically and especially in the export of its products. 
The company continues to gain market share in a number of categories and especially in biscuits, wafers, and coffee. It continues to broaden the range of products available in export markets such as the Philippines and Thailand.

Mayora Indah (MYOR IJ)'s valuations look attractive versus history with the company trading on 19.6x FY21E PER and 17.2x FY22E PER versus its 5-year average forward PER of 27x.

Mayora Indah

Mayora Indah (MYOR IJ) - Lovely Biscuits