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 - GoTo Initiatives, Ramayana Lestari, and Indonesia Strategy.

Ramayana Lestari (RALS IJ) - Metamorphosis?

Navigating the High Seas of ASEAN Retail - Introduction to a Series

Indonesia Property - In Search of the End of the Rainbow - Conclusion - Pot of Gold

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

Ramayana Lestari Sentosa / Equity Bottom-Up

<ul>
<li>Iconic Indonesian mass-market department store retailer <a href="https://www.smartkarma.com/entities/ramayana-lestari-sentosa-tbk-pt" target="_blank" data-smartkarma-citation="entities:12266:1" rel="noopener">Ramayana Lestari Sentosa (RALS IJ)</a> has struggled with sluggish growth this year, especially over Lebaran but management remains confident in some recovery in 2H2023.</li>
<li>The company embarked on transformation pre-pandemic but COVID put a brake on this change and forced a number of stores to close and resurrection has begun again but slowly.</li>
<li>
<a href="https://www.smartkarma.com/entities/ramayana-lestari-sentosa-tbk-pt" target="_blank" data-smartkarma-citation="entities:12266:1" rel="noopener">Ramayana</a> is taking a conservative approach this year, opting not to expand its store network as anticipates weakened purchasing power but pre-election spending could provide a boost. Valuations are attractive.</li>
</ul>


Iconic Indonesian mass-market department store retailer Ramayana Lestari Sentosa (RALS IJ) has struggled with sluggish growth this year, especially over Lebaran but management remains confident in some recovery in 2H2023.
The company embarked on transformation pre-pandemic but COVID put a brake on this change and forced a number of stores to close and resurrection has begun again but slowly.

Ramayana is taking a conservative approach this year, opting not to expand its store network as anticipates weakened purchasing power but pre-election spending could provide a boost. Valuations are attractive.


Ramayana Lestari Sentosa (RALS IJ) -A Challenging Transformation Process