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 past week saw insights on <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> after a management call and <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> post-management changes, with some economic commentary on Thailand. </li>
<li>There was also an insight on Global Credit Growth from <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> and the CrossASEAN Ground Zero Insight looking at <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>, digital payments, and social commerce player Evermos.</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-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Prodia (PRDA IJ) after a management call and AEM (AEM SP) post-management changes, with some economic commentary on Thailand. 
There was also an insight on Global Credit Growth from Daniel Tabbush and the CrossASEAN Ground Zero Insight looking at Vinfast (VFS US), digital payments, and social commerce player Evermos.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Prodia Ready, AEM, and Vinfast

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Given weak ASP, we lower our FY24F/ FY25F EPS by 21%/20% as we cut our FY24 ASP hike assumption to 0% to -1.5% (vs. +1%-2% prev.).</li><li>We also expect lower FY24F/FY25F vol growth of 1.5%/2.5% (from 2.6%/3%), as we observe slower bagged cement market recovery.</li><li>We downgrade our sector rating to Neutral from Overweight; we switch our top pick to INTP, but with an 16% lower TP of Rp 8,400.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given weak ASP, we lower our FY24F/ FY25F EPS by 21%/20% as we cut our FY24 ASP hike assumption to 0% to -1.5% (vs. +1%-2% prev.).We also expect lower FY24F/FY25F vol growth of 1.5%/2.5% (from 2.6%/3%), as we observe slower bagged cement market recovery.We downgrade our sector rating to Neutral from Overweight; we switch our top pick to INTP, but with an 16% lower TP of Rp 8,400.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement: Downgrade Sector to Neutral on Weak ASP and Lower Demand

<ul><li>We expect the IKN project to help sustain industry growth and estimate industry’s 2.6%/3% vol growth for 2024F/25F and 3%-4% for 2026F-30F. </li><li>We foresee FY24-26F ROE to gradually improve, driven by steady volume growth and margins improvement from lesser ASP pressure.</li><li>We reinitiate coverage with an Overweight rating as improving ROE is yet to be priced in. Our top pick is SMGR (Buy, TP Rp8,600).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect the IKN project to help sustain industry growth and estimate industry’s 2.6%/3% vol growth for 2024F/25F and 3%-4% for 2026F-30F. We foresee FY24-26F ROE to gradually improve, driven by steady volume growth and margins improvement from lesser ASP pressure.We reinitiate coverage with an Overweight rating as improving ROE is yet to be priced in. Our top pick is SMGR (Buy, TP Rp8,600).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement: Improving S-D with IKN as Demand Driver

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a>, <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><a href="https://www.smartkarma.com/entities/far-east-hospitality-trust" target="_blank" data-smartkarma-citation="entities:19061:1" rel="noopener">Far East Hospitality Trust (FEHT SP)</a>, and <a href="https://www.smartkarma.com/entities/delta-dunia-makmur-tbk-pt" target="_blank" data-smartkarma-citation="entities:9334:1" rel="noopener">Delta Dunia Makmur (DOID IJ)</a>. </li>
<li>There was also a macro insight on Indonesia, with commentary on <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a>, <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>, and <a href="https://www.smartkarma.com/entities/dci-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33592:1" rel="noopener">DCI Indonesia Tbk PT (DCII IJ)</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-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Cisarua Mountain Dairy (CMRY IJ), Far East Hospitality Trust (FEHT SP), and Delta Dunia Makmur (DOID IJ). 
There was also a macro insight on Indonesia, with commentary on Ace Hardware Indonesia (ACES IJ), Astra International (ASII IJ), and DCI Indonesia Tbk PT (DCII IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo's Rebirth, Cimory's Dairy, and Far East Hospitality

<ul>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US),</a><a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a>, <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a> and <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>.</li>
<li>There was also a macro insight on the Thai Economy and further insights on <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a>, and UNOAsia 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-up, from across Southeast Asia.</li>
</ul>


The Past week saw insights on GoTo, Grab Holdings (GRAB US),Sido Muncul (SIDO IJ), Matahari Department Store, BFI Finance Indonesia (BFIN IJ) and Astra International (ASII IJ).
There was also a macro insight on the Thai Economy and further insights on Comfortdelgro Corp (CD SP), Bumrungrad Hospital Pub Co (BH TB), and UNOAsia 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-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

Indonesia

PT Indocement Tunggal Prakarsa Tbk is one of Indonesia's leading producers of quality cement and specialty cement products, marketed under the brand name "Tiga Roda" and "Semen Rajawali". The company also operates subsidiaries that produce ready-mix concrete, aggregates, and trass. Indocement was established in 1975 and is headquartered in Jakarta, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indocement Tunggal Prakarsa (INTP IJ)

The Week That Was in ASEAN@Smartkarma - Prodia Ready, AEM, and Vinfast

The past week saw insights on Prodia (PRDA IJ) after a management call and AEM (AEM SP) post-management changes, with some economic commentary on...

Angus Mackintosh

Cement: Downgrade Sector to Neutral on Weak ASP and Lower Demand

Given weak ASP, we lower our FY24F/ FY25F EPS by 21%/20% as we cut our FY24 ASP hike assumption to 0% to -1.5% (vs. +1%-2% prev.).

BRI Danareksa Research

Cement: Improving S-D with IKN as Demand Driver

We expect the IKN project to help sustain industry growth and estimate industry’s 2.6%/3% vol growth for 2024F/25F and 3%-4% for 2026F-30F.

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - GoTo's Rebirth, Cimory's Dairy, and Far East Hospitality

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

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo & Grab, BFIN's Rising, and Astra Intl's Oversold

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)