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

Selamat Sempurna (SMSM IJ) - Filter Champion

Delfi Ltd (DELFI SP) - The Chameleon of Confectionary

The Week That Was in ASEAN@Smartkarma - Delfi the Chocolatier, Second Chance Property, and Jollibee.

Selamat Sempurna (SMSM IJ) - Filter Me Please

Selamat Sempurna (SMSM IJ) - Filters and Radiators Leading the Recovery

Selamat Sempurna (SMSM IJ) - Truly Industrious - On the Ground in J-Town

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-selamat-sempurna-tbk" target="_blank" data-smartkarma-citation="entities:10909:1" rel="noopener">Selamat Sempurna</a> remains one of the most interesting industrial players in Indonesia, as an auto and heavy equipment components manufacturer, leading the replacement filter market, and exporting to 100 countries. </li>
<li>The company booked growth in sales in 1H2023, despite coming from a high post-COVID base, with margins improving due to lower raw material input prices, without any price rises.</li>
<li>
<a href="https://www.smartkarma.com/entities/pt-selamat-sempurna-tbk" target="_blank" data-smartkarma-citation="entities:10909:1" rel="noopener">Selamat Sempurna (SMSM IJ)</a> remains confident in the outlook for the rest of the year and expects sales growth to pick up in 2024 to around +15%. Valuations are attractive.</li>
</ul>



Selamat Sempurna remains one of the most interesting industrial players in Indonesia, as an auto and heavy equipment components manufacturer, leading the replacement filter market, and exporting to 100 countries. 
The company booked growth in sales in 1H2023, despite coming from a high post-COVID base, with margins improving due to lower raw material input prices, without any price rises.

Selamat Sempurna (SMSM IJ) remains confident in the outlook for the rest of the year and expects sales growth to pick up in 2024 to around +15%. Valuations are attractive.


Selamat Sempurna (SMSM IJ) - Growing from a High Base