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

Aspirasi Hidup Indonesia / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a> released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. </li>
<li>The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.</li>
<li>
<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  </li>
</ul>



Aspirasi Hidup Indonesia (ACES IJ) released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. 
The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.

Aspirasi Hidup Indonesia continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  


Aspirasi Hidup Indonesia (ACES IJ) - Growing AZKO Stores and Private Label

Sumber Alfaria Trijaya / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya</a> is set to book a strong finish to the year, with revenues on track to meet guidance and 4Q benefiting from supplier rebates and seasonal festivities.</li>
<li>The company is guiding for revenue growth in 2025 in line with that of 2024, with a plan to open at least 1,000 new Alfamart stores during the year.</li>
<li>The guidance for Lawson and Alfamidi store expansion has yet to be announced but numbers are likely to be similar or higher than 2024. Valuations remain attractive versus growth expectations. </li>
</ul>



Sumber Alfaria Trijaya is set to book a strong finish to the year, with revenues on track to meet guidance and 4Q benefiting from supplier rebates and seasonal festivities.
The company is guiding for revenue growth in 2025 in line with that of 2024, with a plan to open at least 1,000 new Alfamart stores during the year.
The guidance for Lawson and Alfamidi store expansion has yet to be announced but numbers are likely to be similar or higher than 2024. Valuations remain attractive versus growth expectations. 


Sumber Alfaria Trijaya (AMRT IJ) - Renewing Strategies for 2025

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<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada</a> booked a strong performance in 3Q2024 but 4Q2024 is likely to be the peak seasonal quarter for sales, even with no sales of iPhone 16.</li>
<li>Chinese brands have accelerated the availability of affordable handsets, which should help to drive sales. JD Sports will be consolidated in December and Grand Lucky is performing well. </li>
<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> will continue to expand Erajaya Digitial in 2025, Erablue stores already be at 76 stores by November. Valuations remain attractive along with a strong growth profile. </li>
</ul>



Erajaya Swasembada booked a strong performance in 3Q2024 but 4Q2024 is likely to be the peak seasonal quarter for sales, even with no sales of iPhone 16.
Chinese brands have accelerated the availability of affordable handsets, which should help to drive sales. JD Sports will be consolidated in December and Grand Lucky is performing well. 

Erajaya Swasembada (ERAA IJ) will continue to expand Erajaya Digitial in 2025, Erablue stores already be at 76 stores by November. Valuations remain attractive along with a strong growth profile. 


Erajaya Swasembada (ERAA IJ) - Set up for a Stronger 2025

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<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> booked a solid set of 1H2024 results driven by the availability of affordable handsets, with volumes driving growth despite lower prices. </li>
<li>The company's Erablue consumer electronics JV with <a href="https://www.smartkarma.com/entities/mobile-world-investment-corporation" target="_blank" data-smartkarma-citation="entities:22638:1" rel="noopener">Mobile World Investment (MWG VN)</a> now has 61 outlets and is set to break even in 2024, with 80 stores expected by year-end. </li>
<li>The other growth drivers will come from private-label accessories and its Grand Lucky supermarket expansion. Valuations look attractive will the company trading on a 6x forward PER multiple.</li>
</ul>



Erajaya Swasembada (ERAA IJ) booked a solid set of 1H2024 results driven by the availability of affordable handsets, with volumes driving growth despite lower prices. 
The company's Erablue consumer electronics JV with Mobile World Investment (MWG VN) now has 61 outlets and is set to break even in 2024, with 80 stores expected by year-end. 
The other growth drivers will come from private-label accessories and its Grand Lucky supermarket expansion. Valuations look attractive will the company trading on a 6x forward PER multiple.


Erajaya Swasembada (ERAA IJ) - Affordability Rocks

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<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> is back on track with its handset business, with stronger volume growth driven by more affordable models from Infinix and Techno brands.</li>
<li>The company's buildout of its electrical retailer Erablue, a JV with <a href="https://www.smartkarma.com/entities/mobile-world-investment-corporation" target="_blank" data-smartkarma-citation="entities:22638:1" rel="noopener">Mobile World</a>, is gaining momentum and should become a significant growth driver along with Grand Lucky supermarket.</li>
<li>
<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" data-smartkarma-citation="entities:18869:1" rel="noopener">Erajaya</a> will slow its store buildout this year as it focuses on productivity ny it still expected to add 200 new stores over in Indonesia. Valuation is attractive.</li>
</ul>



Erajaya Swasembada (ERAA IJ) is back on track with its handset business, with stronger volume growth driven by more affordable models from Infinix and Techno brands.
The company's buildout of its electrical retailer Erablue, a JV with Mobile World, is gaining momentum and should become a significant growth driver along with Grand Lucky supermarket.

Erajaya will slow its store buildout this year as it focuses on productivity ny it still expected to add 200 new stores over in Indonesia. Valuation is attractive.


Erajaya Swasembada (ERAA IJ) - Less New Stores with Higher Volumes

Indonesia

PT Erajaya Swasembada Tbk is an integrated company engaged in the distribution and retail of mobile telecommunication devices, including mobile phones, tablets, SIM cards, operator vouchers, accessories, and IoT devices. The company also provides value-added services such as mobile phone protection and handset leasing. Erajaya Swasembada also operates in the active lifestyle, beauty and wellness, and food and nourishment sectors. The company is headquartered in Jakarta, Indonesia, and was established in 1996.

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Erajaya Swasembada (ERAA IJ)

Aspirasi Hidup Indonesia (ACES IJ) - Growing AZKO Stores and Private Label

AHI continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Renewing Strategies for 2025

Sumber Alfaria Trijaya (AMRT IJ) is set to book a strong finish to the year, with revenues on track to meet guidance and 4Q benefiting from...

Angus Mackintosh