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

Mitra Adiperkasa (MAPI IJ) - Unifying with the Digital World

The Easter Week That Was in ASEAN@Smartkarma - ShopeeFood, Indonesia's 1st US SPAC, and Indocement

Mitra Adiperkasa (MAPI IJ) - Shape-Shifting to Back in Black

Mitra Adiperkasa (MAPI IJ) - In the Eye of the Storm

Mitra Adiperkasa (MAPI IJ) - Oversold Indonesian King of Retail - On the Ground in J-Town

CrossASEAN Strategy - The Impact Of "Virus Korona" On Indonesia

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

<p>Leading Indonesian retailer <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> released its 9M2020 results last week, with sales down by -34% to IDR10.2tn for 9M2020 but the group's e-commerce sales increased by +394% over the period, signaling huge success in the company's omnichannel strategy </p>
<p>3Q2020 net revenue saw a much better performance with a +62.1% QoQ increase in net sales to IDR3.4tn against IDR1.1tn in 2Q2020, in spite of continuing measures imposed by the government in Jakarta to restrict movement and mall traffic in the face of the pandemic (PSBB).</p>
<p>The improvement in sales comes across all business segments with especially strong growth in digital sales from MAPEMALL, Zara, Planet Sports, and DigiMAP. </p>
<section class="figure">The group's 3Q2020 numbers were further impacted due to pre-planned measures to clear aging inventory and also higher supply chain costs due to the pandemic, and some short-term staff cost increases. </section>
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<section class="figure">Digital sales also remained elevated even after store openings, boosted by targeted shopper marketing via MAP Club, as well as exclusive product launches across sports, fashion, and F&amp;B platforms.</section>
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<section class="figure"><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> aims to run a 360 degree retail model covering sports, fashion, health, beauty, F&amp;B, and convenience stores, as well as a product mix from value to premium price points, brought together under the company's MAP Club Loyalty App.</section>
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<p>The company expects continuing momentum into the 4Q2020, which will help to confirm the ongoing recovery and we would also expect margins to improve given less need for discounting, with a healthier inventory position.</p>
<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> trades on 22.6x FY21E PER and 15x FY22E PER and it continues to be one of our top picks for the recovery in Indonesia, with a significant increase in exposure to e-commerce and a gradual broadening of it South East Asian exposure, including Vietnam, Thailand, and the Philippines.</p>
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Leading Indonesian retailer Mitra Adiperkasa (MAPI IJ) released its 9M2020 results last week, with sales down by -34% to IDR10.2tn for 9M2020 but the group's e-commerce sales increased by +394% over the period, signaling huge success in the company's omnichannel strategy 
3Q2020 net revenue saw a much better performance with a +62.1% QoQ increase in net sales to IDR3.4tn against IDR1.1tn in 2Q2020, in spite of continuing measures imposed by the government in Jakarta to restrict movement and mall traffic in the face of the pandemic (PSBB).
The improvement in sales comes across all business segments with especially strong growth in digital sales from MAPEMALL, Zara, Planet Sports, and DigiMAP. 
The group's 3Q2020 numbers were further impacted due to pre-planned measures to clear aging inventory and also higher supply chain costs due to the pandemic, and some short-term staff cost increases. 





Digital sales also remained elevated even after store openings, boosted by targeted shopper marketing via MAP Club, as well as exclusive product launches across sports, fashion, and F&amp;B platforms.






Mitra Adiperkasa (MAPI IJ) aims to run a 360 degree retail model covering sports, fashion, health, beauty, F&amp;B, and convenience stores, as well as a product mix from value to premium price points, brought together under the company's MAP Club Loyalty App.









The company expects continuing momentum into the 4Q2020, which will help to confirm the ongoing recovery and we would also expect margins to improve given less need for discounting, with a healthier inventory position.
Mitra Adiperkasa (MAPI IJ) trades on 22.6x FY21E PER and 15x FY22E PER and it continues to be one of our top picks for the recovery in Indonesia, with a significant increase in exposure to e-commerce and a gradual broadening of it South East Asian exposure, including Vietnam, Thailand, and the Philippines.



Mitra Adiperkasa (MAPI IJ) - Digitally Remastered