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

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<a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs</li>
<li>Advertising spend continues to see a strong recovery, even through <a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> has lost some audience share to <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a>. </li>
<li>The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.</li>
</ul>



PT Surya Citra Media Tbk (SCMA IJ) looks undervalued despite its increasing digital credentials through Vidio.com which continue to increase paying subscribers and MAUs
Advertising spend continues to see a strong recovery, even through PT Surya Citra Media Tbk (SCMA IJ) has lost some audience share to Media Nusantara Citra (MNCN IJ). 
The company has a significant local content pipeline for 2022, especially for Vidio.com and valuations look attractive versus history plus there is now a market value for Vidio.com.


PT Surya Citra Media Tbk (SCMA IJ) - Undervalued in Digital

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<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>'s 3Q2021 results were hard hit by Emergency PPKM measure in July and August but the company's unified retailing strategy has cushioned the impact.</li>
<li>A strong rebound in sales has already been taking place despite vaccinations being required to enter malls but online sales also remain robust</li>
<li>We see a sharp recovery taking place in the 4Q2021 peak season and would expect strong momentum next year, with valuations remaining attractive.</li>
</ul>



Mitra Adiperkasa (MAPI IJ)'s 3Q2021 results were hard hit by Emergency PPKM measure in July and August but the company's unified retailing strategy has cushioned the impact.
A strong rebound in sales has already been taking place despite vaccinations being required to enter malls but online sales also remain robust
We see a sharp recovery taking place in the 4Q2021 peak season and would expect strong momentum next year, with valuations remaining attractive.


Mitra Adiperkasa (MAPI IJ) - Unified Retailing Proves Its Worth

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<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> was hit by COVID lockdowns in 3Q2021 but the recovery has already started for its retail and packaging businesses, especially in Vietnam for the latter.</li>
<li>The company's expansion plans for Mini Big C continue apace, as well conversions to Food Place and its store renovation program, which points toward a strong growth recovery in 2022.</li>
<li>The competitive intensity in Thai retail is reducing, with CP Group's acquisition of Tesco Thailand reducing major players to two, whilst there is a further restructuring under <a href="https://www.smartkarma.com/entities/siam-makro-public-co-ltd" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">Siam Makro Public.</a>
</li>
</ul>



Berli Jucker (BJC TB) was hit by COVID lockdowns in 3Q2021 but the recovery has already started for its retail and packaging businesses, especially in Vietnam for the latter.
The company's expansion plans for Mini Big C continue apace, as well conversions to Food Place and its store renovation program, which points toward a strong growth recovery in 2022.
The competitive intensity in Thai retail is reducing, with CP Group's acquisition of Tesco Thailand reducing major players to two, whilst there is a further restructuring under Siam Makro Public.



Berli Jucker (BJC TB) - Canned Recovery in Motion

Private Capital Markets

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<a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s recent results reflected a resilient performance as growth in deliveries more than offset the slower performance in mobility due to lockdowns across South-East Asia in 3Q2021.</li>
<li>The recovery is ongoing in mobility October and <a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> customers are spending more measured by GMV per monthly transacting user MTU plus margins are improving.</li>
<li>
<a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s merger with <a href="https://www.smartkarma.com/entities/altimeter-growth-corp" target="_blank" data-smartkarma-citation="entities:33007:1" rel="noopener">Altimeter Growth Corp (AGC US)</a> is on track for a December listing which will also raise US$4.5bn in new funds adding fuel for future expansion</li>
</ul>



Grab's recent results reflected a resilient performance as growth in deliveries more than offset the slower performance in mobility due to lockdowns across South-East Asia in 3Q2021.
The recovery is ongoing in mobility October and Grab customers are spending more measured by GMV per monthly transacting user MTU plus margins are improving.

Grab's merger with Altimeter Growth Corp (AGC US) is on track for a December listing which will also raise US$4.5bn in new funds adding fuel for future expansion


Founded in 2010, Blibli was one of the pioneers of online shopping malls in Indonesia operating under a B2C model rather unlike its competitors, which have adopted a mixed approach with more focus on the C2C marketplace and adding B2C later. It has branched out to B2B, B2B2C, and B2G (government) and its target market is a more affluent consumer versus <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia</a> and Shopee. Given the private nature of the company, we view BliBli as the Dark Knight of Indonesian e-commerce. 
The company is owned by GDP Ventures which is part of Djarum Group, which owns one of the major tobacco companies in Indonesia as well as a controlling stake in<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" rel="noopener"> Bank Central Asia (BBCA IJ),</a> Indonesia's largest private bank and leader in transactional banking.
BliBli has around 100,000 merchants selling 30,000 local and international brands on the platform covering a total of 16 product different categories.
It has around 18m monthly active users on the platform ranking number five in terms of visitors in 2Q2021, ahead of JD.id and behind <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> and <a href="https://www.smartkarma.com/entities/lazada-group" target="_blank" data-smartkarma-citation="entities:26148:1" rel="noopener">Lazada Group (LAZADA SP)</a>.
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BliBli uses a wide range of payment options including GoPay, which is not surprising since it is a shareholder in<a href="https://www.smartkarma.com/entities/gojek" target="_blank" rel="noopener"> Gojek.</a> It has also invested in medical internet provider HaloDoc and took over travel platform Tiket.com in mid-2017.
The company has been bringing more MSMEs onto the platform that produce goods themselves rather than resell items from elsewhere. 
BliBli also offers free deliveries plus a multitude of payment options, with its own in-house wallet called BliPay but also uses a multitude of payment and financing options outlined below.
BliBli presents stiff competition with the other major players, with a strong backer in Djarum, which has deep pockets. It is increasingly diversified in its product offering and has its interests well-aligned with the government, especially with its push to bring MSMEs onto the platform.
The company recently announced that it would buy a 51% stake in <a href="https://www.smartkarma.com/entities/supra-boga-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:16780:1" rel="noopener">Supra Boga Lestari (RANC IJ)</a>, which operates upscale supermarket chains including Ranch Market, The Gourmet, and Farmers Market. This potentially increases the company's exposure to online groceries. 
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BliBli is already said to have achieved unicorn status with a valuation of over US$1bn and has appointed advisors Credit Suisse and Morgan Stanley ahead of a potential listing in early 2022 said to be in Jakarta. A valuation above US$1bn should be easily achievable on the first inspection and this IPO will attract the attention of both local and foreign investors.
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Founded in 2010, Blibli was one of the pioneers of online shopping malls in Indonesia operating under a B2C model rather unlike its competitors, which have adopted a mixed approach with more focus on the C2C marketplace and adding B2C later. It has branched out to B2B, B2B2C, and B2G (government) and its target market is a more affluent consumer versus Tokopedia and Shopee. Given the private nature of the company, we view BliBli as the Dark Knight of Indonesian e-commerce. 
The company is owned by GDP Ventures which is part of Djarum Group, which owns one of the major tobacco companies in Indonesia as well as a controlling stake in Bank Central Asia (BBCA IJ), Indonesia's largest private bank and leader in transactional banking.
BliBli has around 100,000 merchants selling 30,000 local and international brands on the platform covering a total of 16 product different categories.
It has around 18m monthly active users on the platform ranking number five in terms of visitors in 2Q2021, ahead of JD.id and behind Bukalapak (BUKA IJ) and Lazada Group (LAZADA SP).



BliBli uses a wide range of payment options including GoPay, which is not surprising since it is a shareholder in Gojek. It has also invested in medical internet provider HaloDoc and took over travel platform Tiket.com in mid-2017.
The company has been bringing more MSMEs onto the platform that produce goods themselves rather than resell items from elsewhere. 
BliBli also offers free deliveries plus a multitude of payment options, with its own in-house wallet called BliPay but also uses a multitude of payment and financing options outlined below.
BliBli presents stiff competition with the other major players, with a strong backer in Djarum, which has deep pockets. It is increasingly diversified in its product offering and has its interests well-aligned with the government, especially with its push to bring MSMEs onto the platform.
The company recently announced that it would buy a 51% stake in Supra Boga Lestari (RANC IJ), which operates upscale supermarket chains including Ranch Market, The Gourmet, and Farmers Market. This potentially increases the company's exposure to online groceries. 

BliBli is already said to have achieved unicorn status with a valuation of over US$1bn and has appointed advisors Credit Suisse and Morgan Stanley ahead of a potential listing in early 2022 said to be in Jakarta. A valuation above US$1bn should be easily achievable on the first inspection and this IPO will attract the attention of both local and foreign investors.


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)

PT Surya Citra Media Tbk (SCMA IJ) - Undervalued in Digital

PT Surya Citra Media Tbk (SCMA IJ) looks like the undervalued child of Emtek (EMTK IJ), despite its move into the OTT and digital advertising space...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - Unified Retailing Proves Its Worth

Mitra Adiperkasa (MAPI IJ) 's 3Q2021 results were hard hit by mobility measures in July and August but the company's unified retailing strategy has...

Angus Mackintosh

Berli Jucker (BJC TB) - Canned Recovery in Motion

Berli Jucker (BJC TTB) is on the cusp of a strong recovery going into 4Q2021, and even more so in 2021, mainly driven by its retail and packaging...

Angus Mackintosh

Grab - Resilience in Motion

Grab's recent results reflected a resilient performance as growth in deliveries more than offset the slower performance in mobility due to...

Angus Mackintosh

BliBli - Enter The Dark Knight

BliBli is the "Dark Knight" of Indonesian e-commerce, given its private nature, strong market presence, and unicorn status. It has plans to IPO in...

Angus Mackintosh

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