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 - ACES, Alfamart, and Shakey's Pizza

Sumber Alfaria Trijaya (AMRT IJ) - Renewing Strategies for 2025

Sumber Alfaria Trijaya (AMRT IJ) - Primed for Profitable Growth in 2025

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 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> booked a slower-than-expected finish to FY2024, with some compression to margins, but mainly due to the temporary impact of investment in the business and higher promotions.  </li>
<li>The company has seen a strong start to FY2025, with SSSG growing at a faster pace than FY2024, with a strong performance over the run-up to Ramadan.  </li>
<li>Alfamart will continues to expand its store network in 2025, with Lawson under AMRT to bring future synergy benefits. Valuations look attractive with a more positive outlook for earnings.</li>
</ul>



Sumber Alfaria Trijaya booked a slower-than-expected finish to FY2024, with some compression to margins, but mainly due to the temporary impact of investment in the business and higher promotions.  
The company has seen a strong start to FY2025, with SSSG growing at a faster pace than FY2024, with a strong performance over the run-up to Ramadan.  
Alfamart will continues to expand its store network in 2025, with Lawson under AMRT to bring future synergy benefits. Valuations look attractive with a more positive outlook for earnings.


Sumber Alfaria Trijaya (AMRT IJ) - Good Reason for Optimism