ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

PT Sarimelati Kencana operates a chain of restaurants. The Company offers fast-food to restaurants and cafes. Sarimelati Kencana serves food services industries in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana (PZZA IJ)</a> booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. </li>
<li>The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana</a> remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. </li>
</ul>



Sarimelati Kencana (PZZA IJ) booked a profit in 4Q2024, and the company will remain profitable in 1Q2024, with a strong uptick expected in 2Q2024 and a profit expected for FY2025. 
The company has been focused on reducing costs and improving efficiencies, booking a record gross profit margin in 4Q2024, and is now able to book a profit with lower sales. 

Sarimelati Kencana remains a leading quick-service food provider in Indonesia, with prospects improving as it starts to book sustainable profits, with significant upside if it books sales at pre-COVID levels. 


Sarimelati Kencana (PZZA IJ) - Profitable New Beginnings

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, <a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a>, <a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI IJ)</a>, <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, and <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a>. </li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> and <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a>, the bid for <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> from the Widjaja Family, and Southern Alliance Mining.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Mitra Adiperkasa (MAPI IJ), Sariguna Primatirta Tbk PT (CLEO IJ), Global Digital Niaga (BELI IJ), Prodia (PRDA IJ), and Berli Jucker (BJC TB). 
There were also insights on Great Eastern Holdings (GE SP) and OCBC (OCBC SP), the bid for Sinarmas Land (SML SP) from the Widjaja Family, and Southern Alliance Mining.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Lebaran Week That Was in ASEAN@Smartkarma - MAPI, CLEO, and Berli Jucker

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.</li>
<li>
<a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a> was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.</li>
</ul>



Mitra Adiperkasa reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.

MAP Aktif Adiperkasa was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. 

Mitra Adiperkasa remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.


Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead

Sariguna Primatirta Tbk PT / Equity Bottom-Up

PT Sariguna Primatirta Tbk, doing business as Tanobel, produces bottled water. The Company supplies drinking water. Tanobel markets its products in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a> booked yet another quarter of impressive sequential growth in 4Q2024, hitting another record quarterly revenue, with margins improving at the same time, boosting profits.</li>
<li>The company opened three factories in 2024 and plans three more in FY2025, with the total to 35 across Indonesia and further extending its scale and reach, and driving growth.</li>
<li>The main driver for growth will come through general trade, which makes up 70% of distribution, with a factory opening push outside Java. Valuations are attractive versus growth.</li>
</ul>



Sariguna Primatirta (CLEO IJ) booked yet another quarter of impressive sequential growth in 4Q2024, hitting another record quarterly revenue, with margins improving at the same time, boosting profits.
The company opened three factories in 2024 and plans three more in FY2025, with the total to 35 across Indonesia and further extending its scale and reach, and driving growth.
The main driver for growth will come through general trade, which makes up 70% of distribution, with a factory opening push outside Java. Valuations are attractive versus growth.


Sariguna Primatirta (CLEO IJ) - Pure Water on the Move

Global Digital Niaga Tbk PT / Equity Bottom-Up

PT. Global Digital Niaga Tbk operates as an e-commerce platform. The Company engages in the online retail of technology products. Global Digital Niaga serves customers in Indonesia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga (BELI IJ)</a> booked a strong finish to 2024, driven by its 3P retail and institutional business, although 1P retail and physical stores also performed well. </li>
<li>The company continues to see improving take rates in FY2024, whilst its average order value increased through a more favourable product mix, with gross margins and cash flows improving significantly.</li>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Global Digital Niaga</a> continued to expand its physical stores for monobrand and multibrand stores, adding Huawei as a brand. Valuations look reasonable given growth prospects and progress towards profitability.</li>
</ul>



Global Digital Niaga (BELI IJ) booked a strong finish to 2024, driven by its 3P retail and institutional business, although 1P retail and physical stores also performed well. 
The company continues to see improving take rates in FY2024, whilst its average order value increased through a more favourable product mix, with gross margins and cash flows improving significantly.

Global Digital Niaga continued to expand its physical stores for monobrand and multibrand stores, adding Huawei as a brand. Valuations look reasonable given growth prospects and progress towards profitability.


Global Digital Niaga (BELI IJ) - Firmer Underfoot for the Dark Horse

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.