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 (CMRY IJ)</a> remains one of Indonesia's most interesting high-quality consumer staples companies, with strong brands in both premium dairy products and premium packaged foods. </li>
<li>The company grew total sales by 76% YoY for 9M2022, with dairy products growing 51% YoY and packaged foods by 125% YoY driven by increasing capacity to serve burgeoning demand. </li>
<li>Margins have been impacted by rising raw material prices but powdered milk prices have been falling which should mean margins recover but all the same 9M2022 net profit rose 1.5x.</li>
</ul>



Cisarua Mountain Dairy (CMRY IJ) remains one of Indonesia's most interesting high-quality consumer staples companies, with strong brands in both premium dairy products and premium packaged foods. 
The company grew total sales by 76% YoY for 9M2022, with dairy products growing 51% YoY and packaged foods by 125% YoY driven by increasing capacity to serve burgeoning demand. 
Margins have been impacted by rising raw material prices but powdered milk prices have been falling which should mean margins recover but all the same 9M2022 net profit rose 1.5x.


Cisarua Mountain Dairy (CMRY IJ) - Fuelled by General Trade and Miss Cimory

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 Industry &amp; Trading</a>'s last set of results reflected both the recovery in sales as mobility improved as well the pressure from rising packaging and imported milk powder prices.</li>
<li>Both whole milk powder and skimmed milk powder prices have declined by around 30% from the peak in April this year, which should help to underpin better margins in 2H2022. </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 Milk Industry &amp; Trading</a> has increased its advertising and promotional spending to take advantage of improved mobility, with strong growth momentum likely to persist in 2H2022 and into FY2023.</li>
</ul>



Ultrajaya Milk Industry &amp; Trading's last set of results reflected both the recovery in sales as mobility improved as well the pressure from rising packaging and imported milk powder prices.
Both whole milk powder and skimmed milk powder prices have declined by around 30% from the peak in April this year, which should help to underpin better margins in 2H2022. 

Ultrajaya Milk Industry &amp; Trading has increased its advertising and promotional spending to take advantage of improved mobility, with strong growth momentum likely to persist in 2H2022 and into FY2023.


Ultrajaya Milk Industry & Trading (ULTJ IJ) - The Raw Milk Dividend

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> 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/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Industry &amp; Trading</a> saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business as mobility restrictions were lifted.</li>
<li>The company also sources more of its milk requirements locally, which means less exposure to imported milk power but prices there have started to come off. </li>
<li>Management remains optimistic that the company can achieve double-digit growth this year plus it has increased ASPs by +3% in April. Valuations at a discount to staple peers. </li>
</ul>



Ultrajaya Milk Industry &amp; Trading saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business as mobility restrictions were lifted.
The company also sources more of its milk requirements locally, which means less exposure to imported milk power but prices there have started to come off. 
Management remains optimistic that the company can achieve double-digit growth this year plus it has increased ASPs by +3% in April. Valuations at a discount to staple peers. 


Ultrajaya Milk Industry & Trading (ULTJ IJ) - Dairy and Tea Driven Momentum Continues

<ul>
<li>Leading dairy and premium foods player <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> continued to demonstrate its resilience during 1Q2022 despite some omicron disruption, and rising pressure from raw materials.</li>
<li>Growth will be driven this year through capacity expansion and a focus on expanding distribution channels, especially through general trade and Miss Cimory MCM. </li>
<li>Management remains confident in the growth outlook and will potentially raise prices in 3Q2022 to offset inflationary pressures although powdered milk prices have already stabilized. Top consumer staples pick.</li>
</ul>


Leading dairy and premium foods player Cisarua Mountain Dairy continued to demonstrate its resilience during 1Q2022 despite some omicron disruption, and rising pressure from raw materials.
Growth will be driven this year through capacity expansion and a focus on expanding distribution channels, especially through general trade and Miss Cimory MCM. 
Management remains confident in the growth outlook and will potentially raise prices in 3Q2022 to offset inflationary pressures although powdered milk prices have already stabilized. Top consumer staples pick.


Cisarua Mountain Dairy (CMRY IJ) - Yoghurts, UHT Milk, and Proteins in One Basket

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)