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

Cisarua Mountain Dairy / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> booked a strong finish to the year in terms of sales growth despite a high base driven by premium consumer foods, but with dairy showing recovery. </li>
<li>The company saw an improvement in gross margins in 4Q2024 driven by the stabilization of raw materials and product mix, but operating margins were impacted by higher promotional spending..</li>
<li>Cimory will drive future growth by expanding across channels, especially general trade and with the launch of new products in both dairy and consumer food segments. Valuations remain attractive.</li>
</ul>



Cisarua Mountain Dairy booked a strong finish to the year in terms of sales growth despite a high base driven by premium consumer foods, but with dairy showing recovery. 
The company saw an improvement in gross margins in 4Q2024 driven by the stabilization of raw materials and product mix, but operating margins were impacted by higher promotional spending..
Cimory will drive future growth by expanding across channels, especially general trade and with the launch of new products in both dairy and consumer food segments. Valuations remain attractive.


Cisarua Mountain Dairy (CMRY IJ) - New Variants and Channels

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ)</a> held an impromptu analyst call to address concerns over a potential sugar tax and the free milk program, both of which have yet to materialise.</li>
<li>The company is making a marked push into general trade, armed with a broader range of affordable products including Yoghurt Sticks, UHT milk, and ready-to-eat sausages. </li>
<li>Management remains confident about the outlook for 2025 with an ongoing recovery in dairy and an expansion into general trade, with a 10% increase in outlets covered. Top staples pick.  </li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) held an impromptu analyst call to address concerns over a potential sugar tax and the free milk program, both of which have yet to materialise.
The company is making a marked push into general trade, armed with a broader range of affordable products including Yoghurt Sticks, UHT milk, and ready-to-eat sausages. 
Management remains confident about the outlook for 2025 with an ongoing recovery in dairy and an expansion into general trade, with a 10% increase in outlets covered. Top staples pick.  


Cisarua Mountain Dairy (CMRY IJ) - General Trade in the Cross Hairs

Ultrajaya Milk Industry & Trading Co. / Equity Bottom-Up

Ultrajaya Milk Industry & Trading Co. (ULTJ IJ)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk</a> remains one of Indonesia's leading dairy companies with a leading 36% market share of the UHT milk market, with Indonesia being one of the lowest consumers in ASEAN.  </li>
<li>The company has seen a strong recovery in its dairy business and will be a key beneficiary of the school meals program in Indonesia, launched this year by President Prabowo.</li>
<li>
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya</a>'s new distribution centre in MM2100 is now operating with manufacturing to start in 3Q2025, helping to drive longer-term growth. Valuation is attractive versus peer Cimory with growth outlook improving. </li>
</ul>



Ultrajaya Milk remains one of Indonesia's leading dairy companies with a leading 36% market share of the UHT milk market, with Indonesia being one of the lowest consumers in ASEAN.  
The company has seen a strong recovery in its dairy business and will be a key beneficiary of the school meals program in Indonesia, launched this year by President Prabowo.

Ultrajaya's new distribution centre in MM2100 is now operating with manufacturing to start in 3Q2025, helping to drive longer-term growth. Valuation is attractive versus peer Cimory with growth outlook improving. 


Ultrajaya Milk (ULTJ IJ) - Bringing Milk to the Children

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> stands out as a rising star amongst consumer staples in Indonesia driven by strong growth in both dairy through Cimory and premium foods through the Kanzler brand.</li>
<li>The company will continue to benefit from lower raw material costs, as it buys six months ahead and is investing in promotions to drive the growth of new products.</li>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">CMRY</a> has launched Cimory Bites and Crispy Nuggets Spicy which will drive near terns growth, along with a focus on General Trade and MCM channels. Valuations are attractive versus growth.</li>
</ul>



Cisarua Mountain Dairy stands out as a rising star amongst consumer staples in Indonesia driven by strong growth in both dairy through Cimory and premium foods through the Kanzler brand.
The company will continue to benefit from lower raw material costs, as it buys six months ahead and is investing in promotions to drive the growth of new products.

CMRY has launched Cimory Bites and Crispy Nuggets Spicy which will drive near terns growth, along with a focus on General Trade and MCM channels. Valuations are attractive versus growth.


Cisarua Mountain Dairy (CMRY IJ) - Rising Star in Staples

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk (ULTJ IJ)</a> 4Q2023 and FY2023 confirmed a recovery on both its dairy and carton tea segments, with strong growth and a normalisation of raw material costs boosting margins.</li>
<li>ULTJ continue to focus on new product launches in dairy and carton tea and growing its distribution network with its new distrbution centre at MM1200 under pilot testing.</li>
<li>Prospects for FY2024 look healthy with expanding distribution and a number of new products helping to drive growth. Valuations look reasonable versus listed competitor <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (CMRY IJ). </a> </li>
</ul>



Ultrajaya Milk (ULTJ IJ) 4Q2023 and FY2023 confirmed a recovery on both its dairy and carton tea segments, with strong growth and a normalisation of raw material costs boosting margins.
ULTJ continue to focus on new product launches in dairy and carton tea and growing its distribution network with its new distrbution centre at MM1200 under pilot testing.
Prospects for FY2024 look healthy with expanding distribution and a number of new products helping to drive growth. Valuations look reasonable versus listed competitor Cisarua Mountain Dairy (CMRY IJ).  


Ultrajaya Milk (ULTJ IJ) - Dairy and Tea Recovery in Motion

Indonesia

PT Cisarua Mountain Dairy Tbk (Cimory) is an Indonesian food and beverage company that produces and sells dairy and consumer products. The company's core products include milk, yogurt, processed meats like sausages and nuggets, and egg-based products under the Cimory and Kanzler brands. It was founded in 1993 and is headquartered in Jakarta, Indonesia.

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Cisarua Mountain Dairy (CMRY IJ)