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 - Grab's Euphoria, MAPI, and Monde Nissin

Mitra Adiperkasa (MAPI IJ) - Mercury Rising

Indonesia Strategy - Rolling the Dice on COVID-19?

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

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

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

<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 last week with 1Q2021 the best first-quarter pre-tax profit in two years, driven by a revival of customer sentiment across multi-categories including fashion, sports, lifestyle, kids, digital, and food &amp; beverage.</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> confirmed that its offline stores continued to see stronger sell through as footfall through malls continued to pick up. Digital sales were also a strong driver for growth, increasing to 10.9% of total sales in 1Q2021 and increasing by +300% YoY. The company's Unified Retail Strategy continues to bear fruit.</p>
<p>Management highlighted "slight shortfalls" primarily due to some supply chain challenges in 1Q2021, together with continuing COVID-19 restrictions on social distancing imposed by authorities but also due to the successes of 4Q2020.</p>
<p><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> outperformed management expectations in 1Q2021, with an improvement in business fundamentals in the quarter, with a favorable sell-through over Chinese New Year across running, home fitness, leisure, and loungewear, sandals, and kid's products.</p>
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<p style="text-align: left;"><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 13.1x FY22E PER and 11.0x FY23E PER, with forecast EPS growth of +56.5% and +18.9% for FY22E and FY23E respectively making it look interesting for long-term investors, given its 5-year average forward PER of 21x.</p>
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Mitra Adiperkasa (MAPI IJ) released its results last week with 1Q2021 the best first-quarter pre-tax profit in two years, driven by a revival of customer sentiment across multi-categories including fashion, sports, lifestyle, kids, digital, and food &amp; beverage.
Mitra Adiperkasa (MAPI IJ) confirmed that its offline stores continued to see stronger sell through as footfall through malls continued to pick up. Digital sales were also a strong driver for growth, increasing to 10.9% of total sales in 1Q2021 and increasing by +300% YoY. The company's Unified Retail Strategy continues to bear fruit.
Management highlighted "slight shortfalls" primarily due to some supply chain challenges in 1Q2021, together with continuing COVID-19 restrictions on social distancing imposed by authorities but also due to the successes of 4Q2020.
MAP Aktif Adiperkasa PT (MAPA IJ outperformed management expectations in 1Q2021, with an improvement in business fundamentals in the quarter, with a favorable sell-through over Chinese New Year across running, home fitness, leisure, and loungewear, sandals, and kid's products.

Mitra Adiperkasa (MAPI IJ) trades on 13.1x FY22E PER and 11.0x FY23E PER, with forecast EPS growth of +56.5% and +18.9% for FY22E and FY23E respectively making it look interesting for long-term investors, given its 5-year average forward PER of 21x.










Mitra Adiperkasa (MAPI IJ) - Unified in Retail