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 - Semen Indonesia Solid, Kalbe for Longer, and CPALL's Ticking

The Week That Was in ASEAN@Smartkarma - My E.G. Services, Keppel Corp, and Adaro Energy's BuyBack

Semen Indonesia Persero Tbk (SMGR IJ) - Its Not All Bad News After All

Semen Indonesia (SMGR IJ) - Building a Solid Sustainable Future

Semen Indonesia (SMGR IJ) - Catch the Infrastructure Wave?

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

Semen Indonesia (Gresik) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/semen-indonesia-persero-tbk" target="_blank" data-smartkarma-citation="entities:11161:1" rel="noopener">Semen Indonesia</a> came through the worst of 2022 with flat sales, despite lower volumes, with profits rising by +18.9%, driven by cost savings, reduced debt, and use of DMO coal.</li>
<li>4Q2022 may see a slowdown given. the onset of the rainy season but the company is well-positioned to ride a recovery in 2023 with additional capacity from <a href="https://www.smartkarma.com/entities/semen-baturaja-persero-tbk-p" target="_blank" data-smartkarma-citation="entities:12375:1" rel="noopener">Semen Baturaja.</a>
</li>
<li>
<a href="https://www.smartkarma.com/entities/semen-indonesia-persero-tbk" target="_blank" data-smartkarma-citation="entities:11161:1" rel="noopener">Semen Indonesia (SMGR IJ)</a> is well set up for a recovery in earnings for the next two years, with great synergies to come from <a href="https://www.smartkarma.com/entities/semen-baturaja-persero-tbk-p" target="_blank" data-smartkarma-citation="entities:12375:1" rel="noopener">Semen Baturaja.</a> Valuations are well-below historic.</li>
</ul>



Semen Indonesia came through the worst of 2022 with flat sales, despite lower volumes, with profits rising by +18.9%, driven by cost savings, reduced debt, and use of DMO coal.
4Q2022 may see a slowdown given. the onset of the rainy season but the company is well-positioned to ride a recovery in 2023 with additional capacity from Semen Baturaja.


Semen Indonesia (SMGR IJ) is well set up for a recovery in earnings for the next two years, with great synergies to come from Semen Baturaja. Valuations are well-below historic.


Semen Indonesia (SMGR IJ) -  A Set Up with New Capacity and Lower Costs