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

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana Citramulia (ARNA IJ)</a> is Indonesia's leading ceramic tile producer catering to the mass market but expanding into the higher-end porcelain tile space competing with Chinese imports at lower costs.</li>
<li>The recent move by the government to extend the gas subsidy for the industry bodes well for Arwana given the strides it has already made in reducing gas consumption.</li>
<li>
<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" data-smartkarma-citation="entities:17042:1" rel="noopener">Arwana</a> continues to expand its capacity, especially in higher-margin porcelain tiles, which will help to drive future growth and profitability. Valuations are attractive as capacity-driven growth kicks in.</li>
</ul>



Arwana Citramulia (ARNA IJ) is Indonesia's leading ceramic tile producer catering to the mass market but expanding into the higher-end porcelain tile space competing with Chinese imports at lower costs.
The recent move by the government to extend the gas subsidy for the industry bodes well for Arwana given the strides it has already made in reducing gas consumption.

Arwana continues to expand its capacity, especially in higher-margin porcelain tiles, which will help to drive future growth and profitability. Valuations are attractive as capacity-driven growth kicks in.


Arwana Citramulia (ARNA IJ) - Top Notch Industrial with a Catalyst

<ul>
<li>The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy but the fall was mainly driven by retail.</li>
<li>The sell-off does not reflect an underlying deterioration of growth prospects for the economy or indeed earnings, although 4Q2024 results saw a slower performance for some sectors. </li>
<li>The government has already taken note and has determined to take action to reassure investors through policy measures. Valuations have already reached a historically attractive level.</li>
</ul>


The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy but the fall was mainly driven by retail.
The sell-off does not reflect an underlying deterioration of growth prospects for the economy or indeed earnings, although 4Q2024 results saw a slower performance for some sectors. 
The government has already taken note and has determined to take action to reassure investors through policy measures. Valuations have already reached a historically attractive level.


CrossASEAN Strategy - Indonesia's Delicate Balance

<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/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">Mphb Capital (MPHB MK)</a>, <a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>, and <a href="https://www.smartkarma.com/entities/ptt-exploration-and-production-public-company-limited" target="_blank" data-smartkarma-citation="entities:261:1" rel="noopener">PTT E&amp;P (PTTEP TB)</a>.</li>
<li>There was also a macro insight into Vietnam's rubber exports and a thematic insight with a shortlist of high-conviction equity ideas in the Philippines. </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, from across Southeast Asia.</li>
</ul>


The past week saw insights on Astra International (ASII IJ), Mphb Capital (MPHB MK), IHH Healthcare (IHH MK), Thai Union Group (TU TB), and PTT E&amp;P (PTTEP TB).
There was also a macro insight into Vietnam's rubber exports and a thematic insight with a shortlist of high-conviction equity ideas in the Philippines. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Astra Intl, IHH Healthcare, and Top Picks in the Philippines

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</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, from across Southeast Asia.</li>
</ul>


The past week saw insights on Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - Berli Jucker, CSAP, and Silverlake Asia

Indonesia

PT Catur Sentosa Adiprana Tbk is an Indonesia-based holding company that engages in the distribution and retail of industrial goods, specializing in building materials, chemicals, and consumer goods. The company operates retail stores under the Mitra10 and Atria brands. It was founded in 1966 and is headquartered in Jakarta, Indonesia.

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Catur Sentosa Adiprana (CSAP IJ)

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

Arwana Citramulia (ARNA IJ) - Top Notch Industrial with a Catalyst

Arwana continues to expand its capacity into higher-margin porcelain tiles, which will help to drive future growth and profitability. Valuations...

Angus Mackintosh

CrossASEAN Strategy - Indonesia's Delicate Balance

The Indonesian market has seen a sharp sell-off with a confluence of concerns centred around the execution and implementation of government policy...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Astra Intl, IHH Healthcare, and Top Picks in the Philippines

The past week saw insights on Astra International (ASII IJ), Mphb Capital (MPHB MK), IHH Healthcare (IHH MK), Thai Union Group (TU TB), and PTT E&P...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

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

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)