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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> is a core holding for exposure to higher commodity prices and rising construction activity in Indonesia through its heavy equipment business. </li>
<li>The company booked strong growth in heavy equipment sales, coal contracting and mining in 9M2022 plus steady growth in gold mining, the latter of which also represents hidden value.</li>
<li>Valuations look attractive versus historic levels, with the company trading on 7.7x FY22E PER versus the 5-year average of 10.9x forward PER and will a supportive 6% dividend yield. </li>
</ul>



United Tractors (UNTR IJ) is a core holding for exposure to higher commodity prices and rising construction activity in Indonesia through its heavy equipment business. 
The company booked strong growth in heavy equipment sales, coal contracting and mining in 9M2022 plus steady growth in gold mining, the latter of which also represents hidden value.
Valuations look attractive versus historic levels, with the company trading on 7.7x FY22E PER versus the 5-year average of 10.9x forward PER and will a supportive 6% dividend yield. 


United Tractors (UNTR IJ) - Golden Opportunity