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

Nippon Indosari Corpindo / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> released a strong set of 3Q2022 results against all odds given the increased pressure from higher raw material prices and specifically wheat. </li>
<li>Quarterly sales hit record levels with modern trade driving growth and the company improved margins despite surging raw material costs and saved on operational costs through reduced ad spend.</li>
<li>Wheat prices are now -34% from peak levels which should be positive for ROTI's margins and it continues to expand distribution and new products, driving growth. Valuations are attractive.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) released a strong set of 3Q2022 results against all odds given the increased pressure from higher raw material prices and specifically wheat. 
Quarterly sales hit record levels with modern trade driving growth and the company improved margins despite surging raw material costs and saved on operational costs through reduced ad spend.
Wheat prices are now -34% from peak levels which should be positive for ROTI's margins and it continues to expand distribution and new products, driving growth. Valuations are attractive.


PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> recently announced that it will launch two new product lines away from bread including Sari Roti chocolate spread and UHT Milk. </li>
<li>Investment in these products will be relatively small but it will increase the visibility of Sari Roti brands on the shelves of modern retail adding to its bread and cakes. </li>
<li>Wheat prices have stabilised recently but ROTI may consider raising prices further after assessing June performance. 2Q2022 performance has been stronger than expected post-Lebaran, as demand improved with greater mobility.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) recently announced that it will launch two new product lines away from bread including Sari Roti chocolate spread and UHT Milk. 
Investment in these products will be relatively small but it will increase the visibility of Sari Roti brands on the shelves of modern retail adding to its bread and cakes. 
Wheat prices have stabilised recently but ROTI may consider raising prices further after assessing June performance. 2Q2022 performance has been stronger than expected post-Lebaran, as demand improved with greater mobility.


PT Nippon Indosari Corpindo (ROTI IJ) - Adding Chocolate Spread and UHT Milk to the Mix

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> released an impressive set of 1Q2022 results with higher wheat prices being offset by price rises plus greater operational efficiencies.</li>
<li>Modern trade saw an especially strong recovery in 1Q2022 but general trade also saw good growth and continues to hit record highs.</li>
<li>
<a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> management remains optimistic on the outlook for 2022, with guidance for +15% growth in sales together with improving margins. </li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) released an impressive set of 1Q2022 results with higher wheat prices being offset by price rises plus greater operational efficiencies.
Modern trade saw an especially strong recovery in 1Q2022 but general trade also saw good growth and continues to hit record highs.

PT Nippon Indosari Corpindo (ROTI IJ) management remains optimistic on the outlook for 2022, with guidance for +15% growth in sales together with improving margins. 


PT Nippon Indosari Corpindo (ROTI IJ) - Oven Ready Despite the Wheat Price

<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

<ul>
<li>Indonesia's leading mass-market bread producer <a href="https://www.smartkarma.com/entities/nippon-indosari-corpindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:1181:1" rel="noopener">PT Nippon Indosari Corpindo (ROTI IJ)</a> booked a strong set of FY2021, with general trade driving growth, and greater efficiencies enhancing margins and FY2021 growth.</li>
<li>The company continues to improve its product mix and distribution to cater for more home consumption and also continues to push out into East and West Indonesia geographically.</li>
<li>Higher wheat prices are a risk but the company has bought forward and will increase prices if needs to be offset higher cost. Valuations are attractive versus history. </li>
</ul>


Indonesia's leading mass-market bread producer PT Nippon Indosari Corpindo (ROTI IJ) booked a strong set of FY2021, with general trade driving growth, and greater efficiencies enhancing margins and FY2021 growth.
The company continues to improve its product mix and distribution to cater for more home consumption and also continues to push out into East and West Indonesia geographically.
Higher wheat prices are a risk but the company has bought forward and will increase prices if needs to be offset higher cost. Valuations are attractive versus history. 


PT Nippon Indosari Corpindo (ROTI) - Bringing the Bread Home

Indonesia

PT Nippon Indosari Corpindo Tbk is Indonesia's largest producer and distributor of bread products, operating in Indonesia and the Philippines. The company offers a variety of products including white bread, sweet/filled breads, cakes, chocolates, milk, and jam under the Sari Roti, Sari Kue, and Sari Choco brands. The company was founded in 1995 and is headquartered in Bekasi, Indonesia.

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Nippon Indosari Corpindo (ROTI IJ)

PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

PT Nippon Indosari Corpindo (ROTI IJ) released a strong set of 3Q2022 against all odds given the increased pressure from higher raw material prices...

Angus Mackintosh

PT Nippon Indosari Corpindo (ROTI IJ) - Adding Chocolate Spread and UHT Milk to the Mix

Investment in ROTI's products will be relatively small but it will increase the visibility of Sari Roti brands on the shelves of modern retail...

Angus Mackintosh

PT Nippon Indosari Corpindo (ROTI IJ) - Oven Ready Despite the Wheat Price

ROTI management remains optimistic on the outlook for 2022, with guidance for +15% growth in sales together with improving margins despite the...

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

PT Nippon Indosari Corpindo (ROTI) - Bringing the Bread Home

Indonesia's mass-market bread leader ROTI IJ) booked a strong set of FY2021 numbers, with general trade driving growth, and with more to in 2022....

Angus Mackintosh

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