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

PT Metrodata Electronics (MTDL IJ) - Everything Is Digital, Digital Is Everything

PT Metrodata Electronics (MTDL IJ) - Rising with the Digital Tide

The Week That Was in ASEAN@Smartkarma - Metrodata Electronics, Arwana, and Emperador in Singapore

Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization

Sea Ltd (SE US) - Gaming Its Way to the Top

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

PT Metrodata Electronics / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">PT Metrodata Electronics (MTDL IJ)</a> recently released its 1H2021 results with sales up by +23.5% and net profit up by +55.6% YoY. The strong numbers were driven in part by the overall recovery in the economy but more by the surge in demand for digital transformation across a number of sectors but especially from banks.
Besides the rapid growth in demand for IT products, the company is also seeing especially strong demand from banks, which are aggressively accelerating their digital transformation towards digital banking. 
The distribution segment saw an impressive performance in 1H2021, with revenue growth of +24.7% YoY in 1H2021 but profit growth of +84.2% due to better margins and no forex loss in 1H2021.
The company's solutions &amp; consulting division saw +16.9% growth in sales in 1H2021 making up 27% of total revenues but 53.6% of net profit, given better margins driven largely by banks.
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The other segment driving growth for the solutions &amp; consulting business is big data and analytics, which customers increasingly use to drive sales growth and to improve the customer experience.
Managed services and IT security are also seeing vibrant growth, as companies continue to adopt cloud-based solutions, which provides recurring revenues.
These 1H2021 numbers are significantly above management expectations. The guidance of +8% sales growth and +10% profit growth looks to be too conservative. 
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<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" data-smartkarma-citation="entities:7184:1" rel="noopener">PT Metrodata Electronics (MTDL IJ)</a> sits at the front end of the ongoing and accelerated digital transformation that is happening in Indonesia.  It works as an enabler providing the hardware, software and consulting services that allow companies to execute. The company trades on 14.4x FY21E PER and 12.5x FY22E PER, which looks cheap in light of the recent numbers and its obvious connection with the booming digital economy.
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PT Metrodata Electronics (MTDL IJ) recently released its 1H2021 results with sales up by +23.5% and net profit up by +55.6% YoY. The strong numbers were driven in part by the overall recovery in the economy but more by the surge in demand for digital transformation across a number of sectors but especially from banks.
Besides the rapid growth in demand for IT products, the company is also seeing especially strong demand from banks, which are aggressively accelerating their digital transformation towards digital banking. 
The distribution segment saw an impressive performance in 1H2021, with revenue growth of +24.7% YoY in 1H2021 but profit growth of +84.2% due to better margins and no forex loss in 1H2021.
The company's solutions &amp; consulting division saw +16.9% growth in sales in 1H2021 making up 27% of total revenues but 53.6% of net profit, given better margins driven largely by banks.



The other segment driving growth for the solutions &amp; consulting business is big data and analytics, which customers increasingly use to drive sales growth and to improve the customer experience.
Managed services and IT security are also seeing vibrant growth, as companies continue to adopt cloud-based solutions, which provides recurring revenues.
These 1H2021 numbers are significantly above management expectations. The guidance of +8% sales growth and +10% profit growth looks to be too conservative. 

PT Metrodata Electronics (MTDL IJ) sits at the front end of the ongoing and accelerated digital transformation that is happening in Indonesia.  It works as an enabler providing the hardware, software and consulting services that allow companies to execute. The company trades on 14.4x FY21E PER and 12.5x FY22E PER, which looks cheap in light of the recent numbers and its obvious connection with the booming digital economy.


PT Metrodata Electronics (MTDL IJ) - The Digital Surge