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 Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<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> just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  </li>
<li>Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets</li>
<li>Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.</li>
</ul>



Cisarua Mountain Dairy just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  
Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets
Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.


Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

Cisarua Mountain Dairy / Equity Bottom-Up

<ul><li>A deeper look into Cisarua Mountain Dairy – Cimory (CMRY IJ) since we initially highlighted the deal in Issue 8 revealed that is business is not nearly attractive as it appeared</li><li>Cosco’s spin-off of liquor distribution subsidiary Keepers (KEEPR PM) has received strong investor demand following a move to reprice the offering 25% below the low end of the original range</li><li>Robinsons Land (RLC PM) announced a P3bn buyback that’s equivalent to around 3% of their market cap</li></ul>

A deeper look into Cisarua Mountain Dairy – Cimory (CMRY IJ) since we initially highlighted the deal in Issue 8 revealed that is business is not nearly attractive as it appearedCosco’s spin-off of liquor distribution subsidiary Keepers (KEEPR PM) has received strong investor demand following a move to reprice the offering 25% below the low end of the original rangeRobinsons Land (RLC PM) announced a P3bn buyback that’s equivalent to around 3% of their market cap

Wickhams Hill Research | Under-The-Radar Issue 12

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<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 (1939092D IJ)</a>/Cimory is seeking to raise up to IDR3,761 billion ($265 million) at an IPO price range of IDR2,780-3,160 per share. Shares will list on 6 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-initiation-creamy" target="_blank" data-smartkarma-citation="insights:61066" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy</a>, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.</li>
<li>Our valuation analysis suggests that we would participate at the low end of the IPO price range.</li>
</ul>



Cisarua Mountain Dairy (1939092D IJ)/Cimory is seeking to raise up to IDR3,761 billion ($265 million) at an IPO price range of IDR2,780-3,160 per share. Shares will list on 6 December.
In Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.
Our valuation analysis suggests that we would participate at the low end of the IPO price range.


Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

<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 (1939092D IJ)</a>/Cimory is a dairy products and consumer foods company in Indonesia. It is the market leader in the yoghurt industry in Indonesia. </li>
<li>Cimory is seeking to raise up to IDR3,761 billion ($265 million) by selling 15% of its issued capital at an IPO price range of IDR2,780-3,160 per share. </li>
<li>The fundamentals are attractive as Cimory is delivering strong growth in both its operating segments, rising margins and cash generation. Overall, we believe that Cimory is worth a look.</li>
</ul>



Cisarua Mountain Dairy (1939092D IJ)/Cimory is a dairy products and consumer foods company in Indonesia. It is the market leader in the yoghurt industry in Indonesia. 
Cimory is seeking to raise up to IDR3,761 billion ($265 million) by selling 15% of its issued capital at an IPO price range of IDR2,780-3,160 per share. 
The fundamentals are attractive as Cimory is delivering strong growth in both its operating segments, rising margins and cash generation. Overall, we believe that Cimory is worth a look.


Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Hong Kong IPO pipeline looks strong with Weilong Delicious Global, CANbridge Pharmaceuticals,  Asymchem Laboratories, and China Tourism Group either close to approval or seeking approval with HKEX soon.</li>
<li>Indonesia ECM is looking busier than ever this year with the launch of Cisarua Mountain Dairy (Cimory) and PT Avia Avian IPO bookbuilds this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Hong Kong IPO pipeline looks strong with Weilong Delicious Global, CANbridge Pharmaceuticals,  Asymchem Laboratories, and China Tourism Group either close to approval or seeking approval with HKEX soon.
Indonesia ECM is looking busier than ever this year with the launch of Cisarua Mountain Dairy (Cimory) and PT Avia Avian IPO bookbuilds this week.


ECM Weekly (14th November 2021) - Cimory, Infervision, Daiwa House REIT, Weilong Delicious

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)

Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods in a...

Angus Mackintosh

Wickhams Hill Research | Under-The-Radar Issue 12

A deeper look into Cisarua Mountain Dairy – Cimory (CMRY IJ) since we initially highlighted the deal in Issue 8 revealed that is business is not...

Lloyd Moffatt

Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

Cimory is seeking to raise up to $265 m. Bookbuilding ends on 17 Nov and shares will list on 6 Dec. Our valuation analysis suggests that we would...

Arun George

Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

Cimory is seeking to raise up to $265 m. The initial offer period will run from 10 to 17 November. Cimory is delivering strong growth, rising...

Arun George

ECM Weekly (14th November 2021) - Cimory, Infervision, Daiwa House REIT, Weilong Delicious

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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