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

Indonesia Strategy - Rolling the Dice on COVID-19?

ASEAN as Epicentre of the Covid Crisis: Malaysia Worst Off, Indonesia Improving

What Are The Bond Markets Really Saying About The Slowing World Economy?

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

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

Mitra Adiperkasa (MAPI IJ) - Unified in Retail

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>A recent call with <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> management revealed continuing momentum behind the recovery that began in 4Q2020 with growth is back on track and its digital strategy continuing to develop and bear fruit.</p>
<p>The company continues to roll out new stores this year with plans to open a total of 180 new stores. During 1Q2021, the company opened 39 stores and closed 52 underperforming stores. </p>
<p>Store openings are focused on sportswear under <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa PT (MAPA IJ)</a> and fashion, where <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> plans to open 65 and 45 new stores respectively but it is also pushing its Apple reseller DigiMap and in addition plans to open a total of 10 Boots stores this year</p>
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<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> will also open six new Food Hall supermarket outlets this year, which currently has 33 branches.</p>
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<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)'s</a> digital strategy remains very much intact and continues to grow through the company's MAP Club membership scheme which now has 3.8m active members. It has also moved to collaborate with a fintech on a pay-later installment scheme. </p>
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<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 at a significant discount to its historical valuations and with strong forecast future growth, making it look attractive at these levels, especially in light of the impending recovery and its successful digital strategy. It remains a core proxy for the recovery in consumer spending in Indonesia, which is underway.</p>
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A recent call with Mitra Adiperkasa (MAPI IJ) management revealed continuing momentum behind the recovery that began in 4Q2020 with growth is back on track and its digital strategy continuing to develop and bear fruit.
The company continues to roll out new stores this year with plans to open a total of 180 new stores. During 1Q2021, the company opened 39 stores and closed 52 underperforming stores. 
Store openings are focused on sportswear under MAP Aktif Adiperkasa PT (MAPA IJ) and fashion, where Mitra Adiperkasa (MAPI IJ) plans to open 65 and 45 new stores respectively but it is also pushing its Apple reseller DigiMap and in addition plans to open a total of 10 Boots stores this year

Mitra Adiperkasa (MAPI IJ) will also open six new Food Hall supermarket outlets this year, which currently has 33 branches.



Mitra Adiperkasa (MAPI IJ)'s digital strategy remains very much intact and continues to grow through the company's MAP Club membership scheme which now has 3.8m active members. It has also moved to collaborate with a fintech on a pay-later installment scheme. 

Mitra Adiperkasa (MAPI IJ) trades at a significant discount to its historical valuations and with strong forecast future growth, making it look attractive at these levels, especially in light of the impending recovery and its successful digital strategy. It remains a core proxy for the recovery in consumer spending in Indonesia, which is underway.


Mitra Adiperkasa (MAPI IJ) - Mercury Rising