Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> had a poor Q2-Q3 numbers, and investors sold off. </li>
<li>The recent uptick is driven by revenue growth and cost cutting exercises (mainly in wages) that improve margins.  </li>
<li>Productivity may not stay at the same level thus Q2 24 numbers are key. Take your win first. </li>
</ul>



Sido Muncul (SIDO IJ) had a poor Q2-Q3 numbers, and investors sold off. 
The recent uptick is driven by revenue growth and cost cutting exercises (mainly in wages) that improve margins.  
Productivity may not stay at the same level thus Q2 24 numbers are key. Take your win first. 


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

<ul>
<li>
<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</a>'s recent results reflect a sharp recovery in its core herbal and F&amp;B business as increased sales volumes have brought scale benefits to its iconic products. </li>
<li>The company saw recovery in both sales and profits, with margins improving considerably  in 4Q2023 due to increased volumes and lower raw material prices. </li>
<li>Tolak Angin remains an iconic brand catering to all demographics with 70% leadership of its category, with Kuku Bima being the leader in powdered energy drinks. Valuations appealing versus history. </li>
</ul>



Sido Muncul's recent results reflect a sharp recovery in its core herbal and F&amp;B business as increased sales volumes have brought scale benefits to its iconic products. 
The company saw recovery in both sales and profits, with margins improving considerably  in 4Q2023 due to increased volumes and lower raw material prices. 
Tolak Angin remains an iconic brand catering to all demographics with 70% leadership of its category, with Kuku Bima being the leader in powdered energy drinks. Valuations appealing versus history. 


Sido Muncul (SIDO IJ) - Iconic Modern Jamu

<ul>
<li>
<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> performance during COVID was stellar and posted record high revenues and earnings without sacrificing margins. </li>
<li>FY 22's result was the first time in many years that both revenue and net income decelerated. </li>
<li>Current valuations at 19x PER and 7x PBR are not cheap, historically or relative to their peers. </li>
</ul>



Sido Muncul (SIDO IJ) performance during COVID was stellar and posted record high revenues and earnings without sacrificing margins. 
FY 22's result was the first time in many years that both revenue and net income decelerated. 
Current valuations at 19x PER and 7x PBR are not cheap, historically or relative to their peers. 


Sido Muncul (SIDO): Past Is Not Indicative of Future

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Seven stocks remain, and seven stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 27%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Seven stocks remain, and seven stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 27%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, 12 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, 12 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%


Indonesia

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

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Sido Muncul (SIDO IJ)

Sido Muncul (SIDO): Take Your Win First

After a poor year last year, SIDO operating numbers come back in Q4 23 and even more so in Q1 24 due to revenue growth and cost cutting exercise....

Henry Soediarko