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

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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

Sumber Alfaria Trijaya Tbk Pt / Equity Bottom-Up

<ul>
<li>A recent conversation with <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ)</a> which operates Alfamart and AlfaMidi mini-markets in Indonesia further cemented a positive view on the outlook for the company.</li>
<li>The company should easily surpass its target for 1,000 new stores this year, with increasing basket sizes and fee-based income and some new features such as BeanStop potentially improving returns. </li>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya</a> remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain attractive versus history and ROE at 25% is higher than pre-COVID levels.</li>
</ul>


A recent conversation with Sumber Alfaria Trijaya (AMRT IJ) which operates Alfamart and AlfaMidi mini-markets in Indonesia further cemented a positive view on the outlook for the company.
The company should easily surpass its target for 1,000 new stores this year, with increasing basket sizes and fee-based income and some new features such as BeanStop potentially improving returns. 

Sumber Alfaria Trijaya remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain attractive versus history and ROE at 25% is higher than pre-COVID levels.


Sumber Alfaria Trijaya (AMRT IJ) - Gaining Momentum and Scale