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/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> booked record earnings for 2023 despite some softening of commodities, driven by strong performance from the auto division and financing plus the strong performance from motorcycles. </li>
<li>Astra has continued to invest in growth areas of the Indonesian economy with investments last year in the EV battery ecosystem, increased exposure to healthcare, and investment in data centres.</li>
<li>Management flagged a potential 2H cyclical downturn but it is well-diversified enough to weather this. Valuations look attractive on 6.8x FY2024E PER and with a 6.6% dividend yield.</li>
</ul>



Astra International booked record earnings for 2023 despite some softening of commodities, driven by strong performance from the auto division and financing plus the strong performance from motorcycles. 
Astra has continued to invest in growth areas of the Indonesian economy with investments last year in the EV battery ecosystem, increased exposure to healthcare, and investment in data centres.
Management flagged a potential 2H cyclical downturn but it is well-diversified enough to weather this. Valuations look attractive on 6.8x FY2024E PER and with a 6.6% dividend yield.


Astra International (ASII IJ) - Indonesia's Mirror Image

Cross Asset Strategy

<ul>
<li>The past week saw insights on <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>, <a href="https://www.smartkarma.com/entities/mandala-multifinance-tbk-pt" target="_blank" data-smartkarma-citation="entities:12756:1" rel="noopener">Mandala Multifinance (MFIN IJ)</a>, <a href="https://www.smartkarma.com/entities/johor-plantations-group" target="_blank" data-smartkarma-citation="entities:40828:1" rel="noopener">Johor Plantations Group</a> IPO, <a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870:1" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a>, and <a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank</a> IPO.</li>
<li>There were also insights looking at Indonesian e-commerce's down year and the outlook for Indonesian IPOs but the upcoming Index rebalancing in Indonesia plus a sector Insight in Indonesian Banks.</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 Astra International (ASII IJ), Mandala Multifinance (MFIN IJ), Johor Plantations Group IPO, Frasers Centrepoint Trust (FCT SP), and Thai Credit Bank IPO.
There were also insights looking at Indonesian e-commerce's down year and the outlook for Indonesian IPOs but the upcoming Index rebalancing in Indonesia plus a sector Insight in Indonesian Banks.
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 - Astra Intl, Indonesian Banks, and Thai Credit Bank IPO.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> has seen an aggressive sell-off on fears of increasing competition from the EV space as more operators enter the Indonesian auto market, with the most recent being <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD</a>.</li>
<li>The company has successfully held its market share at 56% in FY2023 and has launched several EV models, mostly hybrids,  as adoption levels for BEVs remain low.</li>
<li>Management remains confident that FY2024 will be a stable year for both 2W and 4W, with overall EPS only set to decline slightly but valuations are now compelling.</li>
</ul>



Astra International has seen an aggressive sell-off on fears of increasing competition from the EV space as more operators enter the Indonesian auto market, with the most recent being BYD.
The company has successfully held its market share at 56% in FY2023 and has launched several EV models, mostly hybrids,  as adoption levels for BEVs remain low.
Management remains confident that FY2024 will be a stable year for both 2W and 4W, with overall EPS only set to decline slightly but valuations are now compelling.


Astra International (ASII IJ) - Opportunity Knocks

<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> post its pivotal results, <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>, <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>, <a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a>, <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS (DBS SP)</a> and <a href="https://www.smartkarma.com/entities/indika-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1776:1" rel="noopener">Indika Energy (INDY IJ)</a>.</li>
<li>The was also a macro insight on Singapore, a sector insight on Indonesian Banks, and credit insights on <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy PT (PGEO 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 post its pivotal results, Astra International (ASII IJ), Bukalapak (BUKA IJ), Mayora Indah (MYOR IJ), DBS (DBS SP) and Indika Energy (INDY IJ).
The was also a macro insight on Singapore, a sector insight on Indonesian Banks, and credit insights on Lippo Karawaci (LPKR IJ) and Pertamina Geothermal Energy PT (PGEO 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 Pivot, Astra's Sustainability Push, and Mayora Indah

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International's</a> results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.</li>
<li>Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.</li>
<li>
<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> remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.</li>
</ul>



Astra International's results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.
Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.

Astra International (ASII IJ) remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.


Astra International (ASII IJ) - Driving Towards Future Sustainability

Indonesia

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

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Medikaloka Hermina (HEAL IJ)

Astra International (ASII IJ) - Indonesia's Mirror Image

Astra Intl booked record earnings for 2023 despite some softening of commodities, driven by strong performance from the auto division and financing...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Astra Intl, Indonesian Banks, and Thai Credit Bank IPO.

The past week saw insights on Astra International (ASII IJ), Mandala Multifinance (MFIN IJ), Johor Plantations Group IPO, Frasers Centrepoint Trust...

Angus Mackintosh

Astra International (ASII IJ) - Opportunity Knocks

Astra Internationa has seen an aggressive sell-off on fears of increasing competition from the EV space as more operators enter the Indonesian auto...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo's Pivot, Astra's Sustainability Push, and Mayora Indah

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

Angus Mackintosh

Astra International (ASII IJ) - Driving Towards Future Sustainability

Astra International's results are a testament to the company's resilience in the face of declining commodity prices, with autos. motorcycles and...

Angus Mackintosh

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