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

Sumber Alfaria Trijaya / Equity Bottom-Up

<ul>
<li>A recent conversation with <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ)</a> which operates Alfamart and AlfaMidi mini-markets in Indonesia further cemented a positive view on the outlook for the company.</li>
<li>The company should easily surpass its target for 1,000 new stores this year, with increasing basket sizes and fee-based income and some new features such as BeanStop potentially improving returns. </li>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya</a> remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain attractive versus history and ROE at 25% is higher than pre-COVID levels.</li>
</ul>


A recent conversation with Sumber Alfaria Trijaya (AMRT IJ) which operates Alfamart and AlfaMidi mini-markets in Indonesia further cemented a positive view on the outlook for the company.
The company should easily surpass its target for 1,000 new stores this year, with increasing basket sizes and fee-based income and some new features such as BeanStop potentially improving returns. 

Sumber Alfaria Trijaya remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain attractive versus history and ROE at 25% is higher than pre-COVID levels.


Sumber Alfaria Trijaya (AMRT IJ) - Gaining Momentum and Scale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is Indonesia's only pure water brand (CLEO), using US-nanotechnology and eco-friendly packaging with a market share of around 5%.</li>
<li>The company has co-branded with both Alfamart and Indomaret and is launching new health-driven products such as alkaline oxygenated water as well as expanding with new factories.</li>
<li>
<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is an uncovered yet high-quality and high growth consumer company owned by the Tanoko Family, which also owns <a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>. </li>
</ul>



Sariguna Primatirta Tbk PT (CLEO IJ) is Indonesia's only pure water brand (CLEO), using US-nanotechnology and eco-friendly packaging with a market share of around 5%.
The company has co-branded with both Alfamart and Indomaret and is launching new health-driven products such as alkaline oxygenated water as well as expanding with new factories.

Sariguna Primatirta Tbk PT (CLEO IJ) is an uncovered yet high-quality and high growth consumer company owned by the Tanoko Family, which also owns PT Avia Avian (AVIA IJ). 


Sariguna Primatirta Tbk PT (CLEO IJ) - Indonesia's Pure Water Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.</li>
<li>Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.</li>
</ul>



Grab's latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.
Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. 

Grab continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.


Grab (GRAB US) - Rolling Recovery in Motion

Cisarua Mountain Dairy / Equity Bottom-Up

<ul>
<li>Leading dairy and premium foods player <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</a> continued to demonstrate its resilience during 1Q2022 despite some omicron disruption, and rising pressure from raw materials.</li>
<li>Growth will be driven this year through capacity expansion and a focus on expanding distribution channels, especially through general trade and Miss Cimory MCM. </li>
<li>Management remains confident in the growth outlook and will potentially raise prices in 3Q2022 to offset inflationary pressures although powdered milk prices have already stabilized. Top consumer staples pick.</li>
</ul>


Leading dairy and premium foods player Cisarua Mountain Dairy continued to demonstrate its resilience during 1Q2022 despite some omicron disruption, and rising pressure from raw materials.
Growth will be driven this year through capacity expansion and a focus on expanding distribution channels, especially through general trade and Miss Cimory MCM. 
Management remains confident in the growth outlook and will potentially raise prices in 3Q2022 to offset inflationary pressures although powdered milk prices have already stabilized. Top consumer staples pick.


Cisarua Mountain Dairy (CMRY IJ) - Yoghurts, UHT Milk, and Proteins in One Basket

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)</a> remains a leading player in Indonesian retail through its minimarkets with plans to accelerate store opening in 2022</li>
<li>The company reported strong 9M2021 results and we expect a strong seasonal finish to the year as mobility restrictions have relaxed in 4Q2021 further boosting demand</li>
<li>Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) trades on 24.9x FY22ER PER and 21.7x FY2023E PER versus its 5-year average of 36.7x, making it look attractive from a historical perspective.</li>
</ul>



Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) remains a leading player in Indonesian retail through its minimarkets with plans to accelerate store opening in 2022
The company reported strong 9M2021 results and we expect a strong seasonal finish to the year as mobility restrictions have relaxed in 4Q2021 further boosting demand
Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) trades on 24.9x FY22ER PER and 21.7x FY2023E PER versus its 5-year average of 36.7x, making it look attractive from a historical perspective.


Sumber Alfaria Trijaya (AMRT IJ) - Back to Expansion Mode

Indonesia

Indoritel Makmur Internasional Tbk is an investment holding company that focuses on the consumer and retail industries in Indonesia, with significant stakes in retail and telecommunications companies. It also provides fiber optic-based telecommunication data connection services to business and home customers, and is involved in e-commerce and digital services. The company was founded in 1995 and is headquartered in Jakarta Selatan, Indonesia.

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Indoritel Makmur Internasional (DNET IJ)

Sumber Alfaria Trijaya (AMRT IJ) - Gaining Momentum and Scale

Sumber Alfaria Trijaya (Alfamart) remains a core retail holding with an increasing investor following after MSCI inclusion. Valuations remain...

Angus Mackintosh

Sariguna Primatirta Tbk PT (CLEO IJ) - Indonesia's Pure Water Play

Sariguna Primatirta (CLEO IJ) is an uncovered yet high-quality and high growth consumer player with a strong brand name and decent market share of...

Angus Mackintosh

Grab (GRAB US) - Rolling Recovery in Motion

Grab's most recent results saw a sequential improvement in revenues QoQ with incentives for deliveries coming down. Mobility incentives should come...

Angus Mackintosh

Cisarua Mountain Dairy (CMRY IJ) - Yoghurts, UHT Milk, and Proteins in One Basket

Leading dairy and premium foods player Cisarua Mountain Dairy continued to demonstrate its resilience during 1Q2022 with strong results despite...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Back to Expansion Mode

Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) remains a leading player in Indonesian retail through its minimarkets with plans to accelerate store...

Angus Mackintosh

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