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/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> booked a strong start to the year with revenues up +50%, whilst profits rose by  +24% YoY but Anteraja has just turned profitable. </li>
<li>The company is increasingly focusing on building on its logistics capabilities but the used car business under Caroline has started to show strong growth whilst car leasing is stable.</li>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada</a> should continue to thrive through its connection to Indonesia's digital economy through Anteraja but also increasingly through the Caroline used car platform, Valuations are attractive.  </li>
</ul>



Adi Sarana Armada (ASSA IJ) booked a strong start to the year with revenues up +50%, whilst profits rose by  +24% YoY but Anteraja has just turned profitable. 
The company is increasingly focusing on building on its logistics capabilities but the used car business under Caroline has started to show strong growth whilst car leasing is stable.

Adi Sarana Armada should continue to thrive through its connection to Indonesia's digital economy through Anteraja but also increasingly through the Caroline used car platform, Valuations are attractive.  


Adi Sarana Armada (ASSA IJ) - Increasingly Logistical

Defining Social Commerce in Southeast Asia, Cube Asia

Sarabjit Singh

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Private Capital Markets

<ul><li>Community group buying is a type of B2C e-commerce where purchases are instigated or influenced not by individual buyers alone, but by reseller agents or a group of fellow consumers</li><li>Community group buying is a 3-5bn USD market in Southeast Asia today; future outlook depends on how well current players will be able to continue to innovate</li><li>In its most basic form, Community group buying is innovating by introducing agents of resellers who can take on the tasks performed by traditional distributors or retailers</li></ul>

Community group buying is a type of B2C e-commerce where purchases are instigated or influenced not by individual buyers alone, but by reseller agents or a group of fellow consumersCommunity group buying is a 3-5bn USD market in Southeast Asia today; future outlook depends on how well current players will be able to continue to innovateIn its most basic form, Community group buying is innovating by introducing agents of resellers who can take on the tasks performed by traditional distributors or retailers

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion, resorting to measures such as reneging on jobs offers to Chinese employees at the last minute.</li><li>The strategy shift came as the Singaporean company backed by Chinese tech giant Tencent Holdings Ltd. tries to slash costs to shore up its bottom line amid widening losses.</li><li>The red ink has followed several years of aggressive expansion by Shopee, which has piled pressure on its balance sheet this year, just as challenges raising money abroad mounted.</li></ul>

Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion, resorting to measures such as reneging on jobs offers to Chinese employees at the last minute.The strategy shift came as the Singaporean company backed by Chinese tech giant Tencent Holdings Ltd. tries to slash costs to shore up its bottom line amid widening losses.The red ink has followed several years of aggressive expansion by Shopee, which has piled pressure on its balance sheet this year, just as challenges raising money abroad mounted.

Reneging on Job Offers Underscores Sea’s Retrenchment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a>'s recent 1Q2022 results and a follow up conversation with management confirmed continuing momentum in the recovery with a lot more to come in the next few quarters.</li>
<li>Sports, digital, and F&amp;B are leading the recovery with greater mobility boosting sales but online sales remain strong reflecting changing consumer habits and the success of the company's strategy there.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> is back on an expansion tack both in Indonesia and in Thailand, Vietnam, and the Philippines, with capex forecast at 2019 levels this year. Valuations are attractive.</li>
</ul>



Mitra Adiperkasa's recent 1Q2022 results and a follow up conversation with management confirmed continuing momentum in the recovery with a lot more to come in the next few quarters.
Sports, digital, and F&amp;B are leading the recovery with greater mobility boosting sales but online sales remain strong reflecting changing consumer habits and the success of the company's strategy there.

Mitra Adiperkasa is back on an expansion tack both in Indonesia and in Thailand, Vietnam, and the Philippines, with capex forecast at 2019 levels this year. Valuations are attractive.


Mitra Adiperkasa (MAPI IJ) - Reasons to Be Cheerful

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> booked a strong set of FY2021 results with sales growing by +68% and net profit by +64%, driven by a strong performance from logistics business.</li>
<li>Anteraja now makes up 54% of sales and broke even in FY2021, delivering an average of 650,000 parcels per day in 2021, expected to rise to 1.5m by December 2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> is a proxy for mobility through car leasing, online and offline used car sales through <a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia</a>, and last-mile deliveries through Anteraja.</li>
</ul>



Adi Sarana Armada (ASSA IJ) booked a strong set of FY2021 results with sales growing by +68% and net profit by +64%, driven by a strong performance from logistics business.
Anteraja now makes up 54% of sales and broke even in FY2021, delivering an average of 650,000 parcels per day in 2021, expected to rise to 1.5m by December 2022.

Adi Sarana Armada (ASSA IJ) is a proxy for mobility through car leasing, online and offline used car sales through Autopedia, and last-mile deliveries through Anteraja.


Adi Sarana Armada (ASSA IJ) - Mobility, Logistics, and the Digital Economy

Singapore

Lazada Group SA provides online shopping services. The Company offers consumer electronics, household, toys, fashion, and sports equipment. Lazada Group serves customers worldwide.   

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Lazada Group (LAZADA SP)

Adi Sarana Armada (ASSA IJ) - Increasingly Logistical

ASSA should continue to thrive through its connection to Indonesia's digital economy through Anteraja but also increasingly through the Caroline...

Angus Mackintosh

Community Group Buying in Southeast Asia

Community group buying is a type of B2C e-commerce where purchases are instigated or influenced not by individual buyers alone, but by reseller...

Sarabjit Singh

Reneging on Job Offers Underscores Sea’s Retrenchment

Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion resorting to measures such as reneging on...

Caixin Global

Mitra Adiperkasa (MAPI IJ) - Reasons to Be Cheerful

1Q2022 results highlighted that Mitra Adiperkasa is back on an expansion tack both in Indonesia and South-East Asia, which looks set to gain...

Angus Mackintosh

Adi Sarana Armada (ASSA IJ) - Mobility, Logistics, and the Digital Economy

Adi Sarana Armada (ASSA IJ) is a proxy for mobility through car leasing, online and offline used car sales through Autopedia, and last-mile...

Angus Mackintosh

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