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 - MAPI's Remoulding, Sido Muncul, and Bukalapak's Renaissance

Sido Muncul (SIDO): Still the Most Affordable Solution in the Pandemic

Sido Muncul (SIDO IJ) - Health Beyond Herbal

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Mitra Keluarga (MIKA): Margin Expansion from COVID-19

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

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<p>We continue to take a positive view on <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> as an increasingly interesting consumer health play for Indonesia, with its main brand a household name, with signs that its product diversification has gained significant traction both in beverages and supplements.</p>
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<p><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> recently released a very solid set of results for 3Q2021, with sales growing by +41% YoY , bringing 9M2021 sales growth to +23% YoY driven by improving consumer sentiment, with sustained growth from its leading products, and a higher contribution from new products.</p>
<p>It has also extended its distribution channel to 131,000 wholesalers and retailers for 9M2021 covering over 100,000 outlets and has further embraced digital channels, now selling through around 20 external marketplaces.</p>
<p>The company also saw improved margins in 3Q2021, with the gross margin improvement driven by stable raw material prices, operational efficiencies, and effective cost controls.</p>
<p><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> has benefitted from the increasing health consciousness amongst Indonesian consumers and saw the sales of its core product Tolok Angin grow by +40% YoY  3Q2021. </p>
<p>The company has continued to diversify its product offering with its new products (NPD) seeing a growth rate of more than +140% QoQ in 3Q2021.</p>
<p><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> continues to focus on improving its ESG ratings and recently saw the <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> rating reduced to low-risk by Sustainalytics.</p>
<section class="figure"><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> maintains an optimistic outlook for this year and 2022 as the economic recovery kicks in together with an increased focus on a healthy lifestyle.</section>


We continue to take a positive view on Sido Muncul (SIDO IJ) as an increasingly interesting consumer health play for Indonesia, with its main brand a household name, with signs that its product diversification has gained significant traction both in beverages and supplements.

Sido Muncul (SIDO IJ) recently released a very solid set of results for 3Q2021, with sales growing by +41% YoY , bringing 9M2021 sales growth to +23% YoY driven by improving consumer sentiment, with sustained growth from its leading products, and a higher contribution from new products.
It has also extended its distribution channel to 131,000 wholesalers and retailers for 9M2021 covering over 100,000 outlets and has further embraced digital channels, now selling through around 20 external marketplaces.
The company also saw improved margins in 3Q2021, with the gross margin improvement driven by stable raw material prices, operational efficiencies, and effective cost controls.
Sido Muncul (SIDO IJ) has benefitted from the increasing health consciousness amongst Indonesian consumers and saw the sales of its core product Tolok Angin grow by +40% YoY  3Q2021. 
The company has continued to diversify its product offering with its new products (NPD) seeing a growth rate of more than +140% QoQ in 3Q2021.
Sido Muncul (SIDO IJ) continues to focus on improving its ESG ratings and recently saw the Sido Muncul (SIDO IJ) rating reduced to low-risk by Sustainalytics.
Sido Muncul (SIDO IJ) maintains an optimistic outlook for this year and 2022 as the economic recovery kicks in together with an increased focus on a healthy lifestyle.

Sido Muncul (SIDO IJ) - A Consumer Health Gem