Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>The LQ45 Index is a market cap weighted index of the 45 most liquid stocks listed on the Indonesia Stock Exchange (IDX). The LQ45 Index covers at least 70% of the stock market capitalization and transaction values in the Indonesia Stock Market.</p><p>The IDX has announced the changes to the LQ45 Index as a part of the August review. <a href="https://www.smartkarma.com/entities/barito-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:8851:1" rel="noopener">Barito Pacific (BRPT IJ)</a> and <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a> have been added to the index while <a href="https://www.smartkarma.com/entities/bank-tabungan-pensiunan-nasi" target="_blank" data-smartkarma-citation="entities:27088:1" rel="noopener">Bank BTPN Syariah (BTPS IJ)</a> and <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> have been deleted from the index.</p><p>We expect the impact of passive funds (and active funds) will be quite high on <a href="https://www.smartkarma.com/entities/barito-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:8851:1" rel="noopener">Barito Pacific (BRPT IJ)</a>, <a href="https://www.smartkarma.com/entities/bit-digital-inc" target="_blank" data-smartkarma-citation="entities:31155:1" rel="noopener">Bit Digital (BTBT US)</a> and <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> and significantly lower on <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a>.</p><p>The changes are effective after the close of trading on 30 July, so there are only 4 trading days before passive funds have to rebalance their portfolios. Active funds benchmarked to the LQ45 index will also trade over the next few days so as not to deviate too far from their benchmark.</p>

The LQ45 Index is a market cap weighted index of the 45 most liquid stocks listed on the Indonesia Stock Exchange (IDX). The LQ45 Index covers at least 70% of the stock market capitalization and transaction values in the Indonesia Stock Market.The IDX has announced the changes to the LQ45 Index as a part of the August review. Barito Pacific (BRPT IJ) and Timah Persero (TINS IJ) have been added to the index while Bank BTPN Syariah (BTPS IJ) and Ciputra Development (CTRA IJ) have been deleted from the index.We expect the impact of passive funds (and active funds) will be quite high on Barito Pacific (BRPT IJ), Bit Digital (BTBT US) and Ciputra Development (CTRA IJ) and significantly lower on Timah Persero (TINS IJ).The changes are effective after the close of trading on 30 July, so there are only 4 trading days before passive funds have to rebalance their portfolios. Active funds benchmarked to the LQ45 index will also trade over the next few days so as not to deviate too far from their benchmark.

LQ45 Index Rebalance: BRPT, TINS In; BTPS, CTRA Out

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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<p><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> released a stellar set of 1Q2021 results, with revenue growth of +37.3% YoY, and net profit growth of +27.1% YoY, which continued to reflect better than expected growth in its end-to-end logistics business, and notably Anteraja, its last-mile delivery service.</p>
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<p>The company's three pillars including transport, car auction, and end-to-end logistics, all registered strong growth. The company's last-mile express delivery service Anteraja saw especially strong growth driven by the e-commerce ecosystem as it is providing deliveries for most of the major players. </p>
<p>Anteraja's continues to expand its business, with daily parcel deliveries hitting 500,000 in 1Q2021 and targets 700,000-750,000 parcels a day by the end of the year.</p>
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<section class="figure"><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>'s auction business also recorded positive revenue growth of +3.8%  in 1Q2021 but has seen a recent pick up in growth. </section>
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<section class="figure"><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener"></a>The company continues to develop its app-based businesses such as Share Car and used car marketplace, Caroline.</section>
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<p><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> targets revenue growth 0f +20%-25% for 2021 mainly driven by the growth from end-to-end logistics and specifically Anteraja, together with e-commerce sharing warehouse Titipaja. </p>
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<p>The company also recently had its rights issue of zero-coupon convertible bonds approved, which will raise a total of IDR720bn. This will help the company reduce the debt used to expand its logistics businesses over the past year.</p>
<p>We continue to believe in the <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> digital transformation story, with ongoing synergies between the three pillars of its business.</p>
<p><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> trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the growth and rising profitability story, as Anteraja gains scale and grows its revenues.</p>
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Adi Sarana Armada (ASSA IJ) released a stellar set of 1Q2021 results, with revenue growth of +37.3% YoY, and net profit growth of +27.1% YoY, which continued to reflect better than expected growth in its end-to-end logistics business, and notably Anteraja, its last-mile delivery service.

The company's three pillars including transport, car auction, and end-to-end logistics, all registered strong growth. The company's last-mile express delivery service Anteraja saw especially strong growth driven by the e-commerce ecosystem as it is providing deliveries for most of the major players. 
Anteraja's continues to expand its business, with daily parcel deliveries hitting 500,000 in 1Q2021 and targets 700,000-750,000 parcels a day by the end of the year.

Adi Sarana Armada (ASSA IJ)'s auction business also recorded positive revenue growth of +3.8%  in 1Q2021 but has seen a recent pick up in growth. 



The company continues to develop its app-based businesses such as Share Car and used car marketplace, Caroline.





Adi Sarana Armada (ASSA IJ) targets revenue growth 0f +20%-25% for 2021 mainly driven by the growth from end-to-end logistics and specifically Anteraja, together with e-commerce sharing warehouse Titipaja. 

The company also recently had its rights issue of zero-coupon convertible bonds approved, which will raise a total of IDR720bn. This will help the company reduce the debt used to expand its logistics businesses over the past year.
We continue to believe in the Adi Sarana Armada (ASSA IJ) digital transformation story, with ongoing synergies between the three pillars of its business.
Adi Sarana Armada (ASSA IJ) trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the growth and rising profitability story, as Anteraja gains scale and grows its revenues.






Adi Sarana Armada (ASSA IJ) - End-To End Aspirations on Track

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<p>Indonesia's leading transportation and logistics company,<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ)</a> posted an increase in revenue of over +30% to IDR 3.04tn in 2020. The growth in the company's revenue was supported by the stable performance from all of its business segments but driven by its core car rental business under ASSA rent together with its last-mile courier service, Anteraja.  The company booked a -21% decline in net income in 2020 but we expect profit to see strong growth in the next two years as Anteraja has now broken even.</p>
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<p>Anteraja recorded a significant increase in revenue performance of +842.0% For FY2020, making up around a quarter of<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener"> Adi Sarana Armada (ASSA IJ)</a> 's total revenue versus only 3.5% of sales in 2019. Management predicts that Anteraja should make up over 50% of sales in the next 1-2 years and it has already broken even, which should also make it an important future profit driver. </p>
<p><a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> has also been developing a number of new initiatives including a car-sharing platform called ShareCar, an online C2C car sales marketplace called Caroline, and a warehouse fulfillment business through Titipaja.</p>
<p>It continues to grow its car rental business and will expand its fleet further in 2021, with an expected recovery in the private sector but also increasing growth in demand from the government.</p>
<p>Its car auction business under JBA Bid Win also saw strong growth in 2020, with strong growth in the second-hand car market. </p>
<p><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> remains an interesting digital transformation story, with huge potential from Anterja to drive future growth but with a stable revenue base coming from its car rental and auction business. It trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the digital growth story. </p>


Indonesia's leading transportation and logistics company, Adi Sarana Armada (ASSA IJ) posted an increase in revenue of over +30% to IDR 3.04tn in 2020. The growth in the company's revenue was supported by the stable performance from all of its business segments but driven by its core car rental business under ASSA rent together with its last-mile courier service, Anteraja.  The company booked a -21% decline in net income in 2020 but we expect profit to see strong growth in the next two years as Anteraja has now broken even.

Anteraja recorded a significant increase in revenue performance of +842.0% For FY2020, making up around a quarter of Adi Sarana Armada (ASSA IJ) 's total revenue versus only 3.5% of sales in 2019. Management predicts that Anteraja should make up over 50% of sales in the next 1-2 years and it has already broken even, which should also make it an important future profit driver. 
Adi Sarana Armada (ASSA IJ) has also been developing a number of new initiatives including a car-sharing platform called ShareCar, an online C2C car sales marketplace called Caroline, and a warehouse fulfillment business through Titipaja.
It continues to grow its car rental business and will expand its fleet further in 2021, with an expected recovery in the private sector but also increasing growth in demand from the government.
Its car auction business under JBA Bid Win also saw strong growth in 2020, with strong growth in the second-hand car market. 
Adi Sarana Armada (ASSA IJ) remains an interesting digital transformation story, with huge potential from Anterja to drive future growth but with a stable revenue base coming from its car rental and auction business. It trades on 10.9x FY21E EV/EBITDA and 8.7x FY22E EV/EBITDA and an FY22E PER of 30x but we expect continuing momentum behind the digital growth story. 

Adi Sarana Armada (ASSA IJ) - All Aboard for a Digital Ride

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<p><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 see improvements not just for its core car rental business but also for rapid momentum behind its move into the last mile through Anteraja, which looks set to account for more than 50% of revenues over the next 1-2 years and it has already broken even, earlier than expected.</p>
<p>A Webinar we hosted on Smartkarma with senior management revealed a positive outlook for the business on a number of fronts.</p>
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<p>Despite the impact of the pandemic, the company's car rental business under ASSA Rent saw very little fall out from the COVID-19 pandemic, with the overall fleet increasing by +1% last year and the company has also increased its team of drivers.</p>
<p><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> has also developed a car-sharing App to help to better utilize the fleet, where cars are booked by individuals from its corporate clients.</p>
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<p>ASSA rent will increase the fleet further in 2021 by around +10% to cater for higher demand from government departments, as well as the economic recovery in the coming year. </p>
<p>The company's B2B used car auction business under JBA BidWin Auction had a very strong year in 2020, with volume growth of +30%.</p>
<p><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> also has a C2C car marketplace called Caroline, which deals with individuals for new and used cars, with financing as an option. </p>
<p>The backbone of the company's third pillar of business is ASSA logistics, which provides fleet management services, trip management, and delivery systems for its corporate customers. </p>
<p><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>'s last-mile subsidiary is called Anteraja is the real future growth driver for the company with 300 service points in 34 provinces.  Anteraja partners with all the major e-commerce players but is also seeking to enlarge other segments such as B2B, C2C, and Social Commerce. </p>
<p>In 2020, Anteraja delivered 50m packages recording positive growth in its second year of operation by booking 300,000 packages per day on average by the end of 2020, allowing Anteraja to breakeven by the end of the year. </p>
<p>Anteraja has also launched a number of new initiatives including Bisnisaja, Travylite, and Titipaja, a self-developed e-fulfillment service</p>
<section class="figure"><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> takes a positive view on the outlook for this year with positive expectations for revenue growth overall but with the real growth momentum coming from Anteraja.  It trades on 42.2x and 24.4x FY21E and FY22E PER respectively but should be viewed as a transformational growth story crossing into the digital ecosystem, with even higher growth potential in FY2022 according to management. </section>
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Adi Sarana Armada (ASSA IJ) continues to see improvements not just for its core car rental business but also for rapid momentum behind its move into the last mile through Anteraja, which looks set to account for more than 50% of revenues over the next 1-2 years and it has already broken even, earlier than expected.
A Webinar we hosted on Smartkarma with senior management revealed a positive outlook for the business on a number of fronts.

Despite the impact of the pandemic, the company's car rental business under ASSA Rent saw very little fall out from the COVID-19 pandemic, with the overall fleet increasing by +1% last year and the company has also increased its team of drivers.
Adi Sarana Armada (ASSA IJ) has also developed a car-sharing App to help to better utilize the fleet, where cars are booked by individuals from its corporate clients.



ASSA rent will increase the fleet further in 2021 by around +10% to cater for higher demand from government departments, as well as the economic recovery in the coming year. 
The company's B2B used car auction business under JBA BidWin Auction had a very strong year in 2020, with volume growth of +30%.
Adi Sarana Armada (ASSA IJ) also has a C2C car marketplace called Caroline, which deals with individuals for new and used cars, with financing as an option. 
The backbone of the company's third pillar of business is ASSA logistics, which provides fleet management services, trip management, and delivery systems for its corporate customers. 
Adi Sarana Armada (ASSA IJ)'s last-mile subsidiary is called Anteraja is the real future growth driver for the company with 300 service points in 34 provinces.  Anteraja partners with all the major e-commerce players but is also seeking to enlarge other segments such as B2B, C2C, and Social Commerce. 
In 2020, Anteraja delivered 50m packages recording positive growth in its second year of operation by booking 300,000 packages per day on average by the end of 2020, allowing Anteraja to breakeven by the end of the year. 
Anteraja has also launched a number of new initiatives including Bisnisaja, Travylite, and Titipaja, a self-developed e-fulfillment service
Adi Sarana Armada (ASSA IJ) takes a positive view on the outlook for this year with positive expectations for revenue growth overall but with the real growth momentum coming from Anteraja.  It trades on 42.2x and 24.4x FY21E and FY22E PER respectively but should be viewed as a transformational growth story crossing into the digital ecosystem, with even higher growth potential in FY2022 according to management. 












Adi Sarana Armada (ASSA IJ) - To the Last Mile and Beyond

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar, we are glad to be joined by the Management and IR team of <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt/overview" target="_blank" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>. The speakers are:</p><ul>
<li>Mr. Prodjo Sunarjanto (CEO)</li>
<li>Mr. Hindra Tanujaya (CFO)</li>
<li>Mr. Suyanto Tjoeng (Director)</li>
<li>Mr. Jany Candra (Director)</li>
</ul><p>The team will share a short company presentation and have a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>, followed by a live Q&amp;A session.</p><h3>The Corporate Webinar will be hosted on Tuesday, 30 March 2021, 17:00 SGT / 16:00 JKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85856918352" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Corporate Webinar, we are glad to be joined by the Management and IR team of Adi Sarana Armada (ASSA IJ). The speakers are:
Mr. Prodjo Sunarjanto (CEO)
Mr. Hindra Tanujaya (CFO)
Mr. Suyanto Tjoeng (Director)
Mr. Jany Candra (Director)
The team will share a short company presentation and have a fireside chat with Smartkarma Insight Provider, Angus Mackintosh, followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 30 March 2021, 17:00 SGT / 16:00 JKT.Register for the Webinar hereCorporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | ASSA: Beyond Rental - Logistics & Last Mile

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)

LQ45 Index Rebalance: BRPT, TINS In; BTPS, CTRA Out

The LQ45 rebalance will be implemented at the close on 30 July. BRPT & TINS have been included, replacing BTPS & CTRA. There is a large impact on...

Brian Freitas