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/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> provides unique exposure across Indonesia's mobility ecosystem from car leasing to auctions and omnichannel used car sales together with logistics and last-mile delivery.</li>
<li>The company booked relatively strong sales growth last year, with very strong growth from used cars and logistics with slower auctions but profitability was impacted by bigger losses at Anteraja.</li>
<li>The outlook for 2023 looks more positive for both sales and profitability, with the ongoing growth in used car sales, recovery in the auction business, and last mile under Anteraja. </li>
</ul>



Adi Sarana Armada (ASSA IJ) provides unique exposure across Indonesia's mobility ecosystem from car leasing to auctions and omnichannel used car sales together with logistics and last-mile delivery.
The company booked relatively strong sales growth last year, with very strong growth from used cars and logistics with slower auctions but profitability was impacted by bigger losses at Anteraja.
The outlook for 2023 looks more positive for both sales and profitability, with the ongoing growth in used car sales, recovery in the auction business, and last mile under Anteraja. 


Adi Sarana Armada (ASSA IJ) - Adapting Speedily to the New Reality

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<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> continues to represent a unique proxy to play both transport and logistics in Indonesia through its auto business plus logistics including last-mile player Anteraja. </li>
<li>ASSA Rent is the largest car leasing leader in Indonesia, with <a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia</a> leading auto auctions and a leader in used car sales through Caroline, which is expanding its presence fast. </li>
<li>Anteraja has seen rapid growth and may see some slowdown from e-commerce but continues to gain share and ASSA logistics continue to diversify. Valuations are attractive on 10x FY2023E PER.</li>
</ul>



Adi Sarana Armada (ASSA IJ) continues to represent a unique proxy to play both transport and logistics in Indonesia through its auto business plus logistics including last-mile player Anteraja. 
ASSA Rent is the largest car leasing leader in Indonesia, with Autopedia leading auto auctions and a leader in used car sales through Caroline, which is expanding its presence fast. 
Anteraja has seen rapid growth and may see some slowdown from e-commerce but continues to gain share and ASSA logistics continue to diversify. Valuations are attractive on 10x FY2023E PER.


Adi Sarana Armada (ASSA IJ) - Harnessing Logistics and Autos

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<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

<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> continues to build on its three pillars of growth across transport, used car sales, and logistics including its leading last-mile delivery service under Anteraja.</li>
<li>The company's market-leading auto leasing business provides stable revenue and a source of used cars for the auction and online used car business under Caroline.</li>
<li>Last-Mile delivery player Anteraja is already the largest revenue contributor and increasing profit driver, with significant upside through automation and scale. Valuations attractive after recent correction at 8.3x FY2022E EV/EBITDA.</li>
</ul>



Adi Sarana Armada (ASSA IJ) continues to build on its three pillars of growth across transport, used car sales, and logistics including its leading last-mile delivery service under Anteraja.
The company's market-leading auto leasing business provides stable revenue and a source of used cars for the auction and online used car business under Caroline.
Last-Mile delivery player Anteraja is already the largest revenue contributor and increasing profit driver, with significant upside through automation and scale. Valuations attractive after recent correction at 8.3x FY2022E EV/EBITDA.


Adi Sarana Armada (ASSA IJ) - Building on Pillars

<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

Indonesia

PT Adi Sarana Armada Tbk is an Indonesia-based company that provides integrated mobility and logistics solutions. Its core activities encompass vehicle rental services for individuals and corporations, professional driver services, logistics distribution, asset management, and a vehicle sales ecosystem, including automotive auctions and online vehicle trading. The company is headquartered in Jakarta, Indonesia, and was founded in 1999.

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Adi Sarana Armada (ASSA IJ)