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/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> booked an impressive finish to the year despite slower revenue growth from its trading &amp; distribution business boosted by strong industrial plot sales at JIIPE.</li>
<li>The company expects trading &amp; industrial volumes to improve in 2024, with retail petroleum becoming more significant with JIIPE expected to see increasing recurrent utilities earnings starting in 2H2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a> has a strong pipeline of potential tenants for JIIPE and expects to expand its BP JV retail petrol stations by 40-50 this year. Valuations remain attractive.</li>
</ul>



AKR Corporindo (AKRA IJ) booked an impressive finish to the year despite slower revenue growth from its trading &amp; distribution business boosted by strong industrial plot sales at JIIPE.
The company expects trading &amp; industrial volumes to improve in 2024, with retail petroleum becoming more significant with JIIPE expected to see increasing recurrent utilities earnings starting in 2H2024. 

AKR Corporindo has a strong pipeline of potential tenants for JIIPE and expects to expand its BP JV retail petrol stations by 40-50 this year. Valuations remain attractive.


AKR Corporindo (AKRA IJ) - Industrial Chameleon

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<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> recently hosted an analyst meeting where it provided some positive guidance for FY2024, with projections of double digit net profit growth with growth across all segments.</li>
<li>The core trading and distribution business is expected to see positive growth in 2024 with  the real kicker to come from its JIIPE industrial Estate plus recurrent income from utilities.</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> is an increasingly holistic play on Indonesia's growth through its fuel and chemical distribution, which is being hosted by smelters and the EV battery complex.</li>
</ul>



AKR Corporindo (AKRA IJ) recently hosted an analyst meeting where it provided some positive guidance for FY2024, with projections of double digit net profit growth with growth across all segments.
The core trading and distribution business is expected to see positive growth in 2024 with  the real kicker to come from its JIIPE industrial Estate plus recurrent income from utilities.

AKR Corporindo (AKRA IJ) is an increasingly holistic play on Indonesia's growth through its fuel and chemical distribution, which is being hosted by smelters and the EV battery complex.


AKR Corporindo (AKRA IJ) - Holistic Industrial Proxy

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<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.</li>
<li>The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants. </li>
</ul>



AKR Corporindo (AKRA IJ) has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.
The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.

AKR Corporindo (AKRA IJ) remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants. 


AKR Corporindo (AKRA IJ) - Chemicals, Copper, Gold, and Silver

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>AKRA raised its land sales target to 130ha and target petroleum sales vol. growth of 5-6% in FY24F.</li><li>We maintain our conservative assumptions and FY24F earnings forecast (+2.8% yoy), in view of uncertainties in political and coal price in FY24.</li><li>We retain our Buy rating on attractive LT growth prospect, and SOTPbased TP of Rp2,000.</li></ul><p><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></p>

AKRA raised its land sales target to 130ha and target petroleum sales vol. growth of 5-6% in FY24F.We maintain our conservative assumptions and FY24F earnings forecast (+2.8% yoy), in view of uncertainties in political and coal price in FY24.We retain our Buy rating on attractive LT growth prospect, and SOTPbased TP of Rp2,000.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.

AKR Corporindo (AKRA.IJ, TP IDR 2.000) - Optimistic Guidance Implies Growth Upside in FY24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a> booked solid set of numbers despite a less favourable pricing environment with the additional boost from a ramp up of sakes at JIIPE.</li>
<li>JIIPE will become a more important contributor for <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a>, as it builds a critical mass of EV-battery-related tenants plus it benefits from increasing demand from smelters for chemicals</li>
<li>
<a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo</a> remains a core industrial holding in Indonesia, through both its petroleum and chemicals business plus its industrial estate, which is a multi-year growth story. Valuations remain attractive. </li>
</ul>



AKR Corporindo (AKRA IJ) booked solid set of numbers despite a less favourable pricing environment with the additional boost from a ramp up of sakes at JIIPE.
JIIPE will become a more important contributor for AKR Corporindo, as it builds a critical mass of EV-battery-related tenants plus it benefits from increasing demand from smelters for chemicals

AKR Corporindo remains a core industrial holding in Indonesia, through both its petroleum and chemicals business plus its industrial estate, which is a multi-year growth story. Valuations remain attractive. 


AKR Corporindo (AKRA IJ) - A Steely Operator

Indonesia

PT AKR Corporindo Tbk distributes chemical products such as caustic soda, Polyvinyl Chloride (PVC) resin, sorbitol, soda ash, and sodium sulfate.  Through its subsidiaries, the Company also manufactures chemicals, operates storage tanks and warehouses, and provides logistic services.

AKR Corporindo (AKRA IJ)