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 - Alfamart's Guidance, Indonesia's Pragmatism, and Thai Banks

Sumber Alfaria Trijaya (AMRT IJ) - About Competition and Initiatives

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

Sumber Alfaria Trijaya (AMRT IJ) - Alfamart Led Rollout

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> is set to book a strong finish to the year, with revenues on track to meet guidance and 4Q benefiting from supplier rebates and seasonal festivities.</li>
<li>The company is guiding for revenue growth in 2025 in line with that of 2024, with a plan to open at least 1,000 new Alfamart stores during the year.</li>
<li>The guidance for Lawson and Alfamidi store expansion has yet to be announced but numbers are likely to be similar or higher than 2024. Valuations remain attractive versus growth expectations. </li>
</ul>



Sumber Alfaria Trijaya is set to book a strong finish to the year, with revenues on track to meet guidance and 4Q benefiting from supplier rebates and seasonal festivities.
The company is guiding for revenue growth in 2025 in line with that of 2024, with a plan to open at least 1,000 new Alfamart stores during the year.
The guidance for Lawson and Alfamidi store expansion has yet to be announced but numbers are likely to be similar or higher than 2024. Valuations remain attractive versus growth expectations. 


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