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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<li>
<a href="https://www.smartkarma.com/entities/dynasty-ceramic-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:19650:1" rel="noopener">Dynasty Ceramic Pub (DCC TB)</a> is Thailand's leading ceramic tile manufacturer with a large portion of sales in the mass market as well as upcountry, diversifying sales. </li>
<li>The company continues to build new capacity and is moving into the porcelain tile business to cater for the higher-end market where it will compete with Chinese imports.</li>
<li>
<a href="https://www.smartkarma.com/entities/dynasty-ceramic-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:19650:1" rel="noopener">Dynasty Ceramic Pub (DCC TB)</a> is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look reasonable plus a dividend yield of over 6%.</li>
</ul>



Dynasty Ceramic Pub (DCC TB) is Thailand's leading ceramic tile manufacturer with a large portion of sales in the mass market as well as upcountry, diversifying sales. 
The company continues to build new capacity and is moving into the porcelain tile business to cater for the higher-end market where it will compete with Chinese imports.

Dynasty Ceramic Pub (DCC TB) is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look reasonable plus a dividend yield of over 6%.


Dynasty Ceramic Pub (DCC TB) - Tiling Thailand with Large and Small

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia</a>'s latest 1H2022 numbers unline its prowess in navigating a difficult operating environment with growing production volumes and better margins as it continues to improve its product mix.</li>
<li>An ongoing shift to its higher-end products through line conversion to Digi Uno plus additional capacity for its ARNA porcelain tiles will underpin growth and pricing this year and next.</li>
<li>
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia</a> continues to expand its distribution through <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa</a> and now through MITRA10, which now sells ARNA tiles. Valuations are attractive and analyst forecasts look shy of the mark.</li>
</ul>



Arwana Citramulia's latest 1H2022 numbers unline its prowess in navigating a difficult operating environment with growing production volumes and better margins as it continues to improve its product mix.
An ongoing shift to its higher-end products through line conversion to Digi Uno plus additional capacity for its ARNA porcelain tiles will underpin growth and pricing this year and next.

Arwana Citramulia continues to expand its distribution through Catur Sentosa and now through MITRA10, which now sells ARNA tiles. Valuations are attractive and analyst forecasts look shy of the mark.


Arwana Citramulia (ARNA IJ) - Polished Porcelain Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> released a strong set of 1Q2022 surpassing expectations and paving the way for strong growth in 2022 driven by an improving product mix.</li>
<li>ASPs for <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana</a> are increasing through changing product mix, which is improving margins but not suppressing demand with a move to higher-end Digi Uno and ARNA products. </li>
<li>A webinar with management confirmed the positive outlook for 2022, with an estimate of +30% bottom-line growth forecast from increased volumes, greater efficiencies, and higher ASPs through improved product mix.</li>
</ul>



Arwana Citramulia (ARNA IJ) released a strong set of 1Q2022 surpassing expectations and paving the way for strong growth in 2022 driven by an improving product mix.
ASPs for Arwana are increasing through changing product mix, which is improving margins but not suppressing demand with a move to higher-end Digi Uno and ARNA products. 
A webinar with management confirmed the positive outlook for 2022, with an estimate of +30% bottom-line growth forecast from increased volumes, greater efficiencies, and higher ASPs through improved product mix.


Arwana Citramulia (ARNA IJ) A Finely Glazed Future

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar we are glad to welcome <a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042" rel="noopener">Arwana Citramulia (ARNA IJ)</a> CFO &amp; Corporate Secretary, Rudy Sujanto.</p><p>In the upcoming webinar, Rudy will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a>. A live Q&amp;A session will follow.</p><h3>The Corporate Webinar will be hosted on Tuesday, 26 April 2022, 17:00 SGT.</h3><div><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86214580068" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p><a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042" rel="noopener">Arwana Citramulia (ARNA IJ)</a> is a public company engaged in the ceramic and porcelain industry. The Company began commercial operations on 23 June 1995, with the commencement of production at Plant I in Pasar Kemis, Tangerang, Banten. Plant I’s then-production capacity was 2.88 million square meters per year. By the end of 2021, the Company’s installed capacity has grown significantly to 64.37 million square meters per year through the establishment of four other factories, as well as by adding new production lines and upgrading machinery. The Company’s five factories were established in five different locations based on strategic foresight and also in order to empower the economy of the local communities. Plant I and Plant II are each located in Tangerang and Serang, Banten, respectively. Plant III and Plant V are each located in Gresik and Mojokerto, East Java, respectively, while Plant IV is located in Ogan Ilir, South Sumatra.</p><p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets. </p></div>

For our next Corporate Webinar we are glad to welcome Arwana Citramulia (ARNA IJ) CFO &amp; Corporate Secretary, Rudy Sujanto.In the upcoming webinar, Rudy will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst, Angus Mackintosh. A live Q&amp;A session will follow.The Corporate Webinar will be hosted on Tuesday, 26 April 2022, 17:00 SGT.Register for the Webinar hereArwana Citramulia (ARNA IJ) is a public company engaged in the ceramic and porcelain industry. The Company began commercial operations on 23 June 1995, with the commencement of production at Plant I in Pasar Kemis, Tangerang, Banten. Plant I’s then-production capacity was 2.88 million square meters per year. By the end of 2021, the Company’s installed capacity has grown significantly to 64.37 million square meters per year through the establishment of four other factories, as well as by adding new production lines and upgrading machinery. The Company’s five factories were established in five different locations based on strategic foresight and also in order to empower the economy of the local communities. Plant I and Plant II are each located in Tangerang and Serang, Banten, respectively. Plant III and Plant V are each located in Gresik and Mojokerto, East Java, respectively, while Plant IV is located in Ogan Ilir, South Sumatra.Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets. 

Smartkarma Corporate Webinar | Arwana Citramulia: Tiling Indonesia

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

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<p>Robust earnings growth, but still traded at cheap valuation</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>

Robust earnings growth, but still traded at cheap valuationContent 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.

Arwana Citramulia (ARNA IJ) - Robust earnings growth, but still traded at cheap valuation

Indonesia

PT Arwana Citramulia Tbk manufactures and distributes ceramic and porcelain tiles in Indonesia and internationally. The company offers a diverse product portfolio under brands such as Arna, Arwana Ceramics, and UNO. It was founded in 1993 and is headquartered in Jakarta, Indonesia.

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Arwana Citramulia (ARNA IJ)

Dynasty Ceramic Pub (DCC TB) - Tiling Thailand with Large and Small

Dynasty Ceramic Pub (DCC TB) is a high-quality play on the economic recovery in Thailand, with a good governance reputation. Valuations look...

Angus Mackintosh