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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International's</a> results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.</li>
<li>Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.</li>
</ul>



Astra International's results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.
Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.

Astra International (ASII IJ) remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.


Astra International (ASII IJ) - Driving Towards Future Sustainability

Cross Asset Strategy

<ul>
<li>Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. </li>
<li>The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. </li>
<li>We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> as a market proxy, with some opportunities in tech.</li>
</ul>


Indonesia's election race is about to begin with the Presidential candidates announcing running mates on 26th October and with campaigns that could boost consumer demand. 
The Indonesian economy should see GDP growth above 5% in 2023 and 2024, with inflation already under control at 2.28% in September. FDI remains positive although may slow before elections. 
We explore the prospects for different sectors with a positive view on banks, retail, consumer staples, property, and Astra International as a market proxy, with some opportunities in tech.


Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> looks set to have another year of positive growth driven by strong performance from its Auto and 2W businesses and steady performance from <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors.</a>
</li>
<li>The company's move into the EV space has begun with 16 models hybrid or BEV models already launched, with 4W hybrid outperforming ICE given narrowing price differentials. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are attractive versus history on 8.3x FY2024E PER. </li>
</ul>



Astra International (ASII IJ) looks set to have another year of positive growth driven by strong performance from its Auto and 2W businesses and steady performance from United Tractors.

The company's move into the EV space has begun with 16 models hybrid or BEV models already launched, with 4W hybrid outperforming ICE given narrowing price differentials. 

Astra International (ASII IJ) continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are attractive versus history on 8.3x FY2024E PER. 


Astra International (ASII IJ) - Crossing EV Boundaries

Independent Analyst

Niklas Olausson

Thematic (Sector/Industry)

<ul>
<li>The El Nino is progressing, albeit slowly, in a volatile fashion. There is no significant impact yet on Southeast Asia's oil palm areas although YTD, rainfall is already lower YoY. </li>
<li>For edible oils, heat waves and drought continue to underpin elevated yield risks, with current focus on soybeans (U.S. and China), rapeseed (Canada) and olive oil (the Mediterranean.) </li>
<li>The Plantation sector and CPO price have gained some traction, but it is early days. Maintain a bullish stance. Report contains new data on earnings mixes, maturity profiles and yields.   </li>
</ul>


The El Nino is progressing, albeit slowly, in a volatile fashion. There is no significant impact yet on Southeast Asia's oil palm areas although YTD, rainfall is already lower YoY. 
For edible oils, heat waves and drought continue to underpin elevated yield risks, with current focus on soybeans (U.S. and China), rapeseed (Canada) and olive oil (the Mediterranean.) 
The Plantation sector and CPO price have gained some traction, but it is early days. Maintain a bullish stance. Report contains new data on earnings mixes, maturity profiles and yields.   


Southeast Asia Plantations: Where Things Stand with the Weather, Still Bullish

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> released a solid set of numbers in 1H2023, with growth across most of its divisions from autos to heavy equipment, and infrastructure.</li>
<li>1H2023 was marked by a series of acquisitions across growth areas of the Indonesian economy including nickel, digital health, data centres, and classifieds.</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> remains our top proxy pick for exposure to Indonesia, with recent acquisitions making the company all the relevant in new areas of growth.</li>
</ul>



Astra International (ASII IJ) released a solid set of numbers in 1H2023, with growth across most of its divisions from autos to heavy equipment, and infrastructure.
1H2023 was marked by a series of acquisitions across growth areas of the Indonesian economy including nickel, digital health, data centres, and classifieds.

Astra International remains our top proxy pick for exposure to Indonesia, with recent acquisitions making the company all the relevant in new areas of growth.


Astra International (ASII IJ) - Increasingly Omnipresent

Indonesia

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries,  the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations.

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Astra Agro Lestari (AALI IJ)

Astra International (ASII IJ) - Driving Towards Future Sustainability

Astra International's results are a testament to the company's resilience in the face of declining commodity prices, with autos. motorcycles and...

Angus Mackintosh

Indonesian Strategy - Election Race Hots Up Amidst Profits Recovery

We explore the prospects across different sectors in Indonesia with a positive view on banks, retail, consumer staples, property, and Astra...

Angus Mackintosh

Astra International (ASII IJ) - Crossing EV Boundaries

Astra International continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are...

Angus Mackintosh

Southeast Asia Plantations: Where Things Stand with the Weather, Still Bullish

The El Nino is progressing slowly, but for edible oils, heat waves around the world continue to elevate near-term yield risks. Maintain bullish...

Niklas Olausson

Astra International (ASII IJ) - Increasingly Omnipresent

Astra International remains our top proxy pick for exposure to Indonesia, with recent acquisitions making the company all the relevant in new areas...

Angus Mackintosh

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