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

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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> booked a strong set of FY2021 results with sales growing by +68% and net profit by +64%, driven by a strong performance from logistics business.</li>
<li>Anteraja now makes up 54% of sales and broke even in FY2021, delivering an average of 650,000 parcels per day in 2021, expected to rise to 1.5m by December 2022.</li>
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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> is a proxy for mobility through car leasing, online and offline used car sales through <a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia</a>, and last-mile deliveries through Anteraja.</li>
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Adi Sarana Armada (ASSA IJ) booked a strong set of FY2021 results with sales growing by +68% and net profit by +64%, driven by a strong performance from logistics business.
Anteraja now makes up 54% of sales and broke even in FY2021, delivering an average of 650,000 parcels per day in 2021, expected to rise to 1.5m by December 2022.

Adi Sarana Armada (ASSA IJ) is a proxy for mobility through car leasing, online and offline used car sales through Autopedia, and last-mile deliveries through Anteraja.


Adi Sarana Armada (ASSA IJ) - Mobility, Logistics, and the Digital Economy

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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>  has successfully spun off its Auto trading subsidiary <a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia Sukses Lestari (ASLC IJ)</a> through an IPO reducing debt and raising capital to grow the business.</li>
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<a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia</a> will focus on growing its online O2O business through Caroline, with a captive supply of used cars from its auction and car leasing businesses plus offline infrastructure in place.</li>
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<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> also looks attractive for its logistics and last-mile business, which is close to profitability and now more than 50% of its revenues and growing fast.</li>
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Adi Sarana Armada (ASSA IJ)  has successfully spun off its Auto trading subsidiary Autopedia Sukses Lestari (ASLC IJ) through an IPO reducing debt and raising capital to grow the business.

Autopedia will focus on growing its online O2O business through Caroline, with a captive supply of used cars from its auction and car leasing businesses plus offline infrastructure in place.

Adi Sarana Armada (ASSA IJ) also looks attractive for its logistics and last-mile business, which is close to profitability and now more than 50% of its revenues and growing fast.


Adi Sarana Armada (ASSA IJ) - Crystalizing Used Car Value

<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> just released its 9M2021 results, which saw revenues increase +61.7% YoY to IDR3,475bn, gross profit rise by +20.1% YoY, with net profit up by +233.5% YoY.</p>
<p>The strong performance was supported by a resilient performance from the company's car rental and car auction businesses, boosted by the explosive growth from its last-mile express delivery business under Anteraja, which now makes up more than 50% of sales. </p>
<p>Management highlight that Anteraja is expected to remain the largest contributor to sales going forward, given that it is directly plugged into the e-commerce delivery eco-system.</p>
<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> has already announced that it will collaborate with both <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a> and <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> to strengthen its last-mile ecosystem.</p>
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<p>The company is already the largest car auction company in Indonesia through JBA BidWin and is in the process of enhancing its used vehicles eco-system to digitise the information across what is a highly fragmented market.</p>
<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> car rental business is the largest in Indonesia and its fleet has consistently grown each year over the past 5-years, providing a stable source of revenues.</p>
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<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> is an increasingly direct way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which now makes up more than 50% of sales. The company trades on 37x FY22E PER and 25x FY23E PER but on 12.6x FY22EV/EBITDA and 9.4x FY23E EV/EBITDA, which is a better measure of value for a growth company such as <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>. </p>
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Adi Sarana Armada (ASSA IJ) just released its 9M2021 results, which saw revenues increase +61.7% YoY to IDR3,475bn, gross profit rise by +20.1% YoY, with net profit up by +233.5% YoY.
The strong performance was supported by a resilient performance from the company's car rental and car auction businesses, boosted by the explosive growth from its last-mile express delivery business under Anteraja, which now makes up more than 50% of sales. 
Management highlight that Anteraja is expected to remain the largest contributor to sales going forward, given that it is directly plugged into the e-commerce delivery eco-system.
Adi Sarana Armada (ASSA IJ) has already announced that it will collaborate with both Gojek and Grab to strengthen its last-mile ecosystem.



The company is already the largest car auction company in Indonesia through JBA BidWin and is in the process of enhancing its used vehicles eco-system to digitise the information across what is a highly fragmented market.
Adi Sarana Armada (ASSA IJ) car rental business is the largest in Indonesia and its fleet has consistently grown each year over the past 5-years, providing a stable source of revenues.

Adi Sarana Armada (ASSA IJ) is an increasingly direct way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which now makes up more than 50% of sales. The company trades on 37x FY22E PER and 25x FY23E PER but on 12.6x FY22EV/EBITDA and 9.4x FY23E EV/EBITDA, which is a better measure of value for a growth company such as Adi Sarana Armada (ASSA IJ). 





Adi Sarana Armada (ASSA IJ) - Anteraja Takes the Helm

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<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> has a unique combination of different parts of the mobility ecosystem in Indonesia from corporate car rental, to car auction, and online marketplace but it is its end-to-end logistics business, and especially Anteraja, that is plugged directly into Indonesia's booming digital economy, that makes this an exciting story.</p>
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<section class="figure">Anteraja has expanded its coverage area significantly and is now present in 600 service points in 34 provinces across the archipelago.  It accounted for 47% of total sales in 1H2021 and is likely to account for more than 50% of sales by 2H2021.</section>
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<section class="figure"><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> 1H2021 results saw the company's revenues grow by +50.4% YoY, with gross profit up +20% YoY, while operating profit grew +43.7%, and the company's net profit grew by +68.9% YoY</section>
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<p>In an interesting development, Anteraja, the last-mile delivery arm of <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> has announced partnerships with both <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> and <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a>, to integrate both company's logistics services into its last-mile ecosystem.</p>
<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> is a very interesting way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which makes up close to 50% of sales, whilst its remaining business in car rental and car auction continue to produce stable growth.</p>
<p>The company trades on 42x FY22E PER and 31x FY223E PER but on 16.9x FY21EV/EBITDA and 13.4x FY23E EV/EBITDA, which is probably a better measure given that this is a growth company.</p>
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Adi Sarana Armada (ASSA IJ) has a unique combination of different parts of the mobility ecosystem in Indonesia from corporate car rental, to car auction, and online marketplace but it is its end-to-end logistics business, and especially Anteraja, that is plugged directly into Indonesia's booming digital economy, that makes this an exciting story.



Anteraja has expanded its coverage area significantly and is now present in 600 service points in 34 provinces across the archipelago.  It accounted for 47% of total sales in 1H2021 and is likely to account for more than 50% of sales by 2H2021.



Adi Sarana Armada (ASSA IJ) 1H2021 results saw the company's revenues grow by +50.4% YoY, with gross profit up +20% YoY, while operating profit grew +43.7%, and the company's net profit grew by +68.9% YoY

In an interesting development, Anteraja, the last-mile delivery arm of Adi Sarana Armada (ASSA IJ) has announced partnerships with both Grab and Gojek, to integrate both company's logistics services into its last-mile ecosystem.
Adi Sarana Armada (ASSA IJ) is a very interesting way to play the growth in the Indonesian digital economy through its exposure to logistics and the last-mile through Anteraja, which makes up close to 50% of sales, whilst its remaining business in car rental and car auction continue to produce stable growth.
The company trades on 42x FY22E PER and 31x FY223E PER but on 16.9x FY21EV/EBITDA and 13.4x FY23E EV/EBITDA, which is probably a better measure given that this is a growth company.









Adi Sarana Armada (ASSA IJ) - From the First to the Last Mile

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

<p>Embedding digital technology into transportation and logistics</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Embedding digital technology into transportation and logisticsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Adi Sarana Armada (ASSA IJ) - Embedding digital technology into transportation and logistics

Indonesia

PT Adi Sarana Armada Tbk is an Indonesia-based company that provides integrated mobility and logistics solutions. Its core activities encompass vehicle rental services for individuals and corporations, professional driver services, logistics distribution, asset management, and a vehicle sales ecosystem, including automotive auctions and online vehicle trading. The company is headquartered in Jakarta, Indonesia, and was founded in 1999.

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Adi Sarana Armada (ASSA IJ)