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 Nippon Indosari Corpindo (ROTI) - Bringing the Bread Home

PT Nippon Indosari Corpindo (ROTI IJ) - Oven Ready Despite the Wheat Price

PT Nippon Indosari Corpindo (ROTI IJ) - Adding Chocolate Spread and UHT Milk to the Mix

Nippon Indosari Corpindo (ROTI IJ) - The Breadmaker Cometh

Nippon Indosari Corpindo (ROTI IJ) - Feeding the Nation at Home

PT Nippon Indosari Corpindo (ROTI IJ) - ROTI's Exit from Philippines a Positive

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 Nippon Indosari Corpindo Tbk. (ROTI) / Equity Bottom-Up

PT Nippon Indosari Corpindo Tbk. (ROTI) (ROTI IJ)

Indonesia's leading bread company <a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> announced a strong set of results for 1H2021 with net Income up by +33.2%, despite a -7.0% YoY decline in sales. 
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo( ROTI IJ)</a>'s 1H2021 return rate was improved to 10.4% versus 13.1% last year, as the company quickly anticipated changes in consumer shopping behaviour during the pandemic.
2Q2021 modern trade sales started to recover more than general trade, as the economy started to recover. The fact that malls have been shut in the latest emergency PPKM has been a positive for <a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo Tbk. (ROTI) (ROTI IJ)</a>. 
1H2021 gross margin came under some pressure from rising wheat (flour) prices but ROTI was able to reduce overall operating expenses to offset this coupled with the fact that business no longer had the drag from SMFC in the Philippines.
An encouraging July 2021 indicates significantly increased sales per day for general and modern trade with sales per day hitting close to the record set in 4Q2019.
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> remains a core consumer staples holding in Indonesia. It trades on 24.1x FY21E PER and 20.7x PER, with forecast EPS growth of +29.1% and +21.5% for FY21E and FY22E respectively versus its 5-year average forward PER of 27.7x, which looks relatively attractive.

Indonesia's leading bread company PT Nippon Indosari Corpindo (ROTI IJ) announced a strong set of results for 1H2021 with net Income up by +33.2%, despite a -7.0% YoY decline in sales. 
PT Nippon Indosari Corpindo( ROTI IJ)'s 1H2021 return rate was improved to 10.4% versus 13.1% last year, as the company quickly anticipated changes in consumer shopping behaviour during the pandemic.
2Q2021 modern trade sales started to recover more than general trade, as the economy started to recover. The fact that malls have been shut in the latest emergency PPKM has been a positive for PT Nippon Indosari Corpindo Tbk. (ROTI) (ROTI IJ). 
1H2021 gross margin came under some pressure from rising wheat (flour) prices but ROTI was able to reduce overall operating expenses to offset this coupled with the fact that business no longer had the drag from SMFC in the Philippines.
An encouraging July 2021 indicates significantly increased sales per day for general and modern trade with sales per day hitting close to the record set in 4Q2019.
PT Nippon Indosari Corpindo (ROTI IJ) remains a core consumer staples holding in Indonesia. It trades on 24.1x FY21E PER and 20.7x PER, with forecast EPS growth of +29.1% and +21.5% for FY21E and FY22E respectively versus its 5-year average forward PER of 27.7x, which looks relatively attractive.

PT Nippon Indosari Corpindo (ROTI IJ) - Oven Ready