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/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. </li>
<li>MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  </li>
<li>The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.</li>
</ul>



Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&amp;B, and fashion are improving  
The company's international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.


Mitra Adiperkasa (MAPI IJ) - Recovery in Motion

<ul>
<li>Indonesia’s leading retailer, <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>, dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.</li>
<li>The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.</li>
<li>MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. </li>
</ul>


Indonesia’s leading retailer, Mitra Adiperkasa (MAPI IJ), dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.
The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.
MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. 


Mitra Adiperkasa (MAPI IJ) - Retail Therapy

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.</li>
<li>The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.</li>
<li>We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.</li>
</ul>


Since inception (May 15th), our Model Portfolio has appreciated 17.0% - same as MSCI Asia-ex Japan.  Since the last rebalancing (7th November) our Portfolio declined 2.5% vs MXASJ's 1.3% drop.
The recent underperformance came from drawdowns in Tencent Music, Tencent, Alibaba, Hynix, Hyundai Rotem, TSMC. We reduce the first two slightly, exclude BBCA, include Adani Ports, SCB, MAPI, HK Land.
We remain Overweight HK/China and Korea. We upgrade India to Overweight from Neutral, Thailand from Underweight to Neutral, and downgrade Indonesia to Underweight from Neutral. Stay Underweight Taiwan, Neutral Singapore.


Asian Equities: Rebalancing Our Model Portfolio - More to India and ASEAN

<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> reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.</li>
<li>
<a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a> was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. </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> remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.</li>
</ul>



Mitra Adiperkasa reported a solid finish to the year with positive sequential growth in 4Q2024, although it was impacted by the delayed iPhone 16 launch, which reduced its peak quarter.

MAP Aktif Adiperkasa was the core growth driver, and its 4Q2024 was more seasonally strong at 28% of FY2024, with its regional expansion also helping to drive growth in FY2024. 

Mitra Adiperkasa remains a core retail proxy for Indonesia, with an increasing regional edge, and stronger growth prospects for FY2025. Valuations look extremely attractive on 9.9x FY2025E PER.


Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead

<ul>
<li>A recent meeting with <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> confirmed that management remains confident about a strong finish to the year, despite a lingering drag from Starbucks even with the boycott being lifted.</li>
<li>MAPI continues to expand its store network with 650 new stores targeted this year, with 400 under <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif</a> and ongoing regional expansion. MAPI's omnichannel strategy is also driving growth. </li>
<li>Inventory levels are higher due to higher store count and ahead of various festive seasons. Inditex brands continue to drive fashion with MAPA showing the fastest growth. Valuations remain attractive. </li>
</ul>


A recent meeting with Mitra Adiperkasa confirmed that management remains confident about a strong finish to the year, despite a lingering drag from Starbucks even with the boycott being lifted.
MAPI continues to expand its store network with 650 new stores targeted this year, with 400 under MAP Aktif and ongoing regional expansion. MAPI's omnichannel strategy is also driving growth. 
Inventory levels are higher due to higher store count and ahead of various festive seasons. Inditex brands continue to drive fashion with MAPA showing the fastest growth. Valuations remain attractive. 


Mitra Adiperkasa (MAPI IJ) - Strong Finisher

Indonesia

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

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Mitra Adiperkasa (MAPI IJ)