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 Ripe, Digital Banking, and Berli Jucker

CrossASEAN Indonesia Strategy - The Stars Are Aligned

Ciputra Development (CTRA IJ) - Primed for the Recovery

Mitra Adiperkasa (MAPI IJ) - Mercury Rising

Mitra Adiperkasa (MAPI IJ) - Unified in Retail

Mitra Adiperkasa (MAPI IJ) - Caught in a Squall but Blue Skies Ahead

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 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> reported an impressive set of 1H2021 results but has obviously seen a significant negative impact from the government's imposition of mobility restrictions under Emergency PPKM. This led to the closure of around 70% of the malls in the country in  July, more especially in Java and Bali, where the majority of the company's stores are located.  </p>
<p>Our post-results conversation with management suggests we are coming out of this difficult period and should expect a gradual recovery in the coming months.</p>
<p>The company's Unified Retail Strategy continues to bear fruit with online mono-brand and multi-brand sites both doing well. </p>
<p>July was most severely impacted this year given the mall closures but consumers are showing less anxiety this year to the lock-down measures and restrictions started to ease from 10th August.</p>
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<p>The company also went into 3Q2021 with very healthy inventories given it had flushed out old inventory over Lebaran. It has also shortened its purchasing strategy, which will allow more flexibility.</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> is also more focused on building out its health &amp; beauty exposure opening three Boots stores with plans for six by the end of 2021 and may open more in 2022.</p>
<p>Department stores have been quite hard hit during the pandemic but <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 increase the level of cross-selling its own brands within department stores.</p>
<p>Food &amp; Beverage has held up relatively well, with more delivery sales for Starbucks, which now makes up 20% of total Starbucks sales. Source: <a href="https://www.smartkarma.com/entities/pt-map-boga-adiperkasa-utama-tbk" target="_blank" data-smartkarma-citation="entities:24207:1" rel="noopener">Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ)</a> </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 14.9x FY22E PER versus its 5-year average forward PER of 21x, which looks attractive in light of the expected recovery and the success of its digital strategies, which are helping to boost sales and profitability.</p>
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Mitra Adiperkasa (MAPI IJ) reported an impressive set of 1H2021 results but has obviously seen a significant negative impact from the government's imposition of mobility restrictions under Emergency PPKM. This led to the closure of around 70% of the malls in the country in  July, more especially in Java and Bali, where the majority of the company's stores are located.  
Our post-results conversation with management suggests we are coming out of this difficult period and should expect a gradual recovery in the coming months.
The company's Unified Retail Strategy continues to bear fruit with online mono-brand and multi-brand sites both doing well. 
July was most severely impacted this year given the mall closures but consumers are showing less anxiety this year to the lock-down measures and restrictions started to ease from 10th August.



The company also went into 3Q2021 with very healthy inventories given it had flushed out old inventory over Lebaran. It has also shortened its purchasing strategy, which will allow more flexibility.
Mitra Adiperkasa (MAPI IJ) is also more focused on building out its health &amp; beauty exposure opening three Boots stores with plans for six by the end of 2021 and may open more in 2022.
Department stores have been quite hard hit during the pandemic but Mitra Adiperkasa (MAPI IJ) plans to increase the level of cross-selling its own brands within department stores.
Food &amp; Beverage has held up relatively well, with more delivery sales for Starbucks, which now makes up 20% of total Starbucks sales. Source: Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ) 
Mitra Adiperkasa (MAPI IJ) trades on 14.9x FY22E PER versus its 5-year average forward PER of 21x, which looks attractive in light of the expected recovery and the success of its digital strategies, which are helping to boost sales and profitability.




Mitra Adiperkasa (MAPI IJ) - One Step Beyond