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

Indocement Tunggal Prakarsa / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement (INTP IJ)</a> is trading close to 2-year lows, which seems unjustified given the ongoing recovery and a more positive outlook for FY2024. </li>
<li>The company continues to grow its distribution reach to satisfy demand from IKN in Kalimantan, smelters in Sulawesi, and East Indonesia, with acquired Semen Grobogan feeding Central Java. </li>
<li>
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement (INTP IJ)</a> continues to build on its sustainable credentials through the use of alternative fuels and reducing emissions and dust. Valauations are attractive trading on 6.8x FY2024E EV/EBITDA.</li>
</ul>



Indocement (INTP IJ) is trading close to 2-year lows, which seems unjustified given the ongoing recovery and a more positive outlook for FY2024. 
The company continues to grow its distribution reach to satisfy demand from IKN in Kalimantan, smelters in Sulawesi, and East Indonesia, with acquired Semen Grobogan feeding Central Java. 

Indocement (INTP IJ) continues to build on its sustainable credentials through the use of alternative fuels and reducing emissions and dust. Valauations are attractive trading on 6.8x FY2024E EV/EBITDA.


Indocement Tunggal (INTP IJ) - A More Sustainable Cement Player

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement</a> overperformed the overall Indonesian cement market in 1Q2023 in terms of growth, especially in the bulk market, where it also benefited from the contribution from its Maros plant. </li>
<li>The company kept costs under control with 100% use of DMO coal during 1Q2023 despite the lower use of alternative fuels due to heavy rains and margins consequently improved. </li>
<li>There is still some lingering cost pressure from gypsum and kraft paper but these are expected to subside by 2H2023, with Indocement's volumes expected to increase +15-20% as demand recovers.</li>
</ul>



Indocement overperformed the overall Indonesian cement market in 1Q2023 in terms of growth, especially in the bulk market, where it also benefited from the contribution from its Maros plant. 
The company kept costs under control with 100% use of DMO coal during 1Q2023 despite the lower use of alternative fuels due to heavy rains and margins consequently improved. 
There is still some lingering cost pressure from gypsum and kraft paper but these are expected to subside by 2H2023, with Indocement's volumes expected to increase +15-20% as demand recovers.


Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ), </a><a href="https://www.smartkarma.com/entities/far-east-hospitality-trust" target="_blank" data-smartkarma-citation="entities:19061:1" rel="noopener">Far East Hospitality Trust (FEHT SP)</a>, and <a href="https://www.smartkarma.com/entities/delta-dunia-makmur-tbk-pt" target="_blank" data-smartkarma-citation="entities:9334:1" rel="noopener">Delta Dunia Makmur (DOID IJ)</a>. </li>
<li>There was also a macro insight on Indonesia, with commentary on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <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>, and <a href="https://www.smartkarma.com/entities/dci-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33592:1" rel="noopener">DCI Indonesia Tbk PT (DCII IJ)</a>.</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-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Cisarua Mountain Dairy (CMRY IJ), Far East Hospitality Trust (FEHT SP), and Delta Dunia Makmur (DOID IJ). 
There was also a macro insight on Indonesia, with commentary on Ace Hardware Indonesia (ACES IJ), Astra International (ASII IJ), and DCI Indonesia Tbk PT (DCII IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo's Rebirth, Cimory's Dairy, and Far East Hospitality

<ul>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US),</a><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a>, <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <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>.</li>
<li>There was also a macro insight on the Thai Economy and further insights on <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a>, and UNOAsia in the Philippines. </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-up, from across Southeast Asia.</li>
</ul>


The Past week saw insights on GoTo, Grab Holdings (GRAB US),Sido Muncul (SIDO IJ), Matahari Department Store, BFI Finance Indonesia (BFIN IJ) and Astra International (ASII IJ).
There was also a macro insight on the Thai Economy and further insights on Comfortdelgro Corp (CD SP), Bumrungrad Hospital Pub Co (BH TB), and UNOAsia in the Philippines. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

<ul>
<li>The Past Week saw insights on <a href="https://www.smartkarma.com/entities/lendlease-global-commercial-reit" target="_blank" data-smartkarma-citation="entities:28292:1" rel="noopener">Lendlease Global Commercial REIT</a>, <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>, <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a>, <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a>, and the upcoming <a href="https://www.smartkarma.com/entities/citicore-renewable-energy" target="_blank" data-smartkarma-citation="entities:40676:1" rel="noopener">Citicore Renewable Energy</a> IPO.</li>
<li>There was also macro insight on the new joint Singapore &amp; Malaysia Special Economic Zone in Johor and an insight on the STTF rebalancing in Singapore. </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-up, from across Southeast Asia.</li>
</ul>


The Past Week saw insights on Lendlease Global Commercial REIT, Berli Jucker (BJC TB), AEM (AEM SP), Airports of Thailand (AOT TB), and the upcoming Citicore Renewable Energy IPO.
There was also macro insight on the new joint Singapore &amp; Malaysia Special Economic Zone in Johor and an insight on the STTF rebalancing in Singapore. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - LREIT's Focussed, Berli Jucker, and AEM's Inventory Loss

Indonesia

PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials. Through its subsidiaries, the Company also manufactures and processes ready-mix cement as well as owns and manages properties and hotels.

Indocement Tunggal Prakarsa (INTP IJ)

Indocement Tunggal (INTP IJ) - A More Sustainable Cement Player

Indocement (INTP IJ) is trading close to 2-year lows, which seems unjustified given the ongoing recovery and a more positive outlook for FY2024.

Angus Mackintosh

Indocement (INTP IJ) - A Bulky Take Off

Indocement overperformed the overall Indonesian cement market in 1Q2023 in terms of growth, especially in the bulk market. 2H2023 is expected to...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo's Rebirth, Cimory's Dairy, and Far East Hospitality

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - LREIT's Focussed, Berli Jucker, and AEM's Inventory Loss

The Past Week saw insights on Lendlease Global Commercial REIT, Berli Jucker (BJC TB), AEM (AEM SP), Airports of Thailand (AOT TB), and the...

Angus Mackintosh