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) - Unified in Retail

The Week That Was in ASEAN@Smartkarma - Grab's Euphoria, MAPI, and Monde Nissin

Mitra Adiperkasa (MAPI IJ) - Mercury Rising

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

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

Mitra Adiperkasa (MAPI IJ) - Digitally Remastered

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 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 results over the weekend for FY2020, which saw sales for the year falling by -31.4% YoY to IDR14.8tn. The company achieved a gross profit margin of 41.6%, an operating loss of IDR56.9bn, an EBITDA of IDR2.3tn, with an FY2020 net loss of IDR585bn.</p>
<p>The fall in sales reflected the impact of COVID-19 and the associated lockdowns. To offset this, the company focused on driving its sales online, which saw digital sales increase to 10.3% of revenues, an increase of +236% YoY.</p>
<p>On a more positive note, <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> saw its 4Q2020 sales increase by +35.6% QoQ versus 3Q2020, with its gross margin improvements and an operating profit of IDR357bn in 4Q2020 versus a loss of IDR113bn in 3Q2020. It also achieved a significant increase in EBITDA to IDR844bn versus IDR484bn in 3Q2020 plus a net profit of IDR87.2bn versus a net loss of IDR217bn on 3Q2020.</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> sales in 4Q2020 rose considerably in 4Q2020 due to the gradual re-opening of malls together with the impact of the company's Unified Retail Strategy centered around the company's MAP Club loyalty program, which already has 3.7m members.</p>
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<p>The company's sports and leisure subsidiary <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> saw an even more impressive performance in 4Q2020, with a +43.9% growth in net revenue in 4Q2020 versus 3Q2020.</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> remains one of our top picks to play the gradual recovery in consumer spending and increased mobility, which will help support the recovery in offline channels. At the same time, the company has adjusted through its Unified Retail Strategy to selling more through digital channels, which will continue to underpin future growth given the rapid shift in consumption habits to online channels.</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 22x FY21E per and 13.9x FY22E PER, as the company moved back to profit in FY21E and is forecast to grow EPS by +58% YoY FY22E. <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> 5-year average forward PER stands at 21x, making the company look attractive at these levels. </p>
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Mitra Adiperkasa (MAPI IJ) released its results over the weekend for FY2020, which saw sales for the year falling by -31.4% YoY to IDR14.8tn. The company achieved a gross profit margin of 41.6%, an operating loss of IDR56.9bn, an EBITDA of IDR2.3tn, with an FY2020 net loss of IDR585bn.
The fall in sales reflected the impact of COVID-19 and the associated lockdowns. To offset this, the company focused on driving its sales online, which saw digital sales increase to 10.3% of revenues, an increase of +236% YoY.
On a more positive note, Mitra Adiperkasa (MAPI IJ) saw its 4Q2020 sales increase by +35.6% QoQ versus 3Q2020, with its gross margin improvements and an operating profit of IDR357bn in 4Q2020 versus a loss of IDR113bn in 3Q2020. It also achieved a significant increase in EBITDA to IDR844bn versus IDR484bn in 3Q2020 plus a net profit of IDR87.2bn versus a net loss of IDR217bn on 3Q2020.
Mitra Adiperkasa (MAPI IJ) sales in 4Q2020 rose considerably in 4Q2020 due to the gradual re-opening of malls together with the impact of the company's Unified Retail Strategy centered around the company's MAP Club loyalty program, which already has 3.7m members.


The company's sports and leisure subsidiary MAP Aktif Adiperkasa PT (MAPA IJ) saw an even more impressive performance in 4Q2020, with a +43.9% growth in net revenue in 4Q2020 versus 3Q2020.
Mitra Adiperkasa (MAPI IJ) remains one of our top picks to play the gradual recovery in consumer spending and increased mobility, which will help support the recovery in offline channels. At the same time, the company has adjusted through its Unified Retail Strategy to selling more through digital channels, which will continue to underpin future growth given the rapid shift in consumption habits to online channels.
Mitra Adiperkasa (MAPI IJ) trades on 22x FY21E per and 13.9x FY22E PER, as the company moved back to profit in FY21E and is forecast to grow EPS by +58% YoY FY22E. Mitra Adiperkasa (MAPI IJ) 5-year average forward PER stands at 21x, making the company look attractive at these levels. 


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