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

Sumber Alfaria Trijaya / Equity Bottom-Up

<ul>
<li>
<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 (AMRT IJ)</a> booked some strong SSSG for June bringing its YTD number into line with its FY2023 projections after post Lebaran adjustment in May. </li>
<li>The company will embark on a more aggressive store rollout for this year with plans for 2,100 new stores, including 200 Alfamidi stores and 500 Lawson convenience stores. </li>
<li>
<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 Tbk Pt (AMRT IJ)</a> continues to grow its membership program under AlfaGift with 16.3m members, which helps to gather valuable data and grow sales. Valuations are attractive.  </li>
</ul>



Sumber Alfaria Trijaya (AMRT IJ) booked some strong SSSG for June bringing its YTD number into line with its FY2023 projections after post Lebaran adjustment in May. 
The company will embark on a more aggressive store rollout for this year with plans for 2,100 new stores, including 200 Alfamidi stores and 500 Lawson convenience stores. 

Sumber Alfaria Trijaya Tbk Pt (AMRT IJ) continues to grow its membership program under AlfaGift with 16.3m members, which helps to gather valuable data and grow sales. Valuations are attractive.  


Sumber Alfaria Trijaya (AMRT IJ) - Talking Mini-Markets and Convenience

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> booked results well above market expectations despite pressure from wheat flour and packaging costs, with greater efficiencies and cost savings boosting operating margins.</li>
<li>Modern trade continues to be the growth driver but general trade continues to grow plus the company's new Sari Kue cake products showed a strong performance at the margin. </li>
<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> should see further positive growth in 2023, with the potential for improving margins as input costs subside. Valuations are significantly below historical levels.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) booked results well above market expectations despite pressure from wheat flour and packaging costs, with greater efficiencies and cost savings boosting operating margins.
Modern trade continues to be the growth driver but general trade continues to grow plus the company's new Sari Kue cake products showed a strong performance at the margin. 

PT Nippon Indosari Corpindo (ROTI IJ) should see further positive growth in 2023, with the potential for improving margins as input costs subside. Valuations are significantly below historical levels.


PT Nippon Indosari Corpindo (ROTI IJ) - Bring on the Baker

<ul>
<li>
<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> through its Alfamart and Alfamidi formats is one of the largest mini-market operators in Indonesia but is now expanding aggressively into the convenience store space through Lawson.</li>
<li>The company should have a strong finish to the year with an additional 1,200-1,300 new stores being added over the period plus margins improving as Alfamart adds new services.</li>
<li>
<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 a core proxy to the winning mini-market format in Indonesia plus it is looking to replicate its success in the Philippines in Collaboration with <a href="https://www.smartkarma.com/entities/sm-investments-corp" target="_blank" data-smartkarma-citation="entities:20015:1" rel="noopener">SM Investments</a>.</li>
</ul>



Sumber Alfaria Trijaya through its Alfamart and Alfamidi formats is one of the largest mini-market operators in Indonesia but is now expanding aggressively into the convenience store space through Lawson.
The company should have a strong finish to the year with an additional 1,200-1,300 new stores being added over the period plus margins improving as Alfamart adds new services.

Sumber Alfaria Trijaya is a core proxy to the winning mini-market format in Indonesia plus it is looking to replicate its success in the Philippines in Collaboration with SM Investments.


Sumber Alfaria Trijaya (AMRT IJ) - Lawson Taking Up the Reins of Convenience

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Singapore Telecommunications / Equity Bottom-Up

<ul>
<li>This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. </li>
<li>Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> remains highly elevated, and is a short against <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>, and perhaps with some <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a>.</li>
</ul>


This insight covers 68 ASEAN utilities, each boasting a market cap greater than US$500mn. 
Countries covered include Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

Intouch Holdings (INTUCH TB) remains highly elevated, and is a short against Advanced Info Service (ADVANC TB), and perhaps with some Singtel (ST SP).


<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> released a strong set of 3Q2022 results against all odds given the increased pressure from higher raw material prices and specifically wheat. </li>
<li>Quarterly sales hit record levels with modern trade driving growth and the company improved margins despite surging raw material costs and saved on operational costs through reduced ad spend.</li>
<li>Wheat prices are now -34% from peak levels which should be positive for ROTI's margins and it continues to expand distribution and new products, driving growth. Valuations are attractive.</li>
</ul>



PT Nippon Indosari Corpindo (ROTI IJ) released a strong set of 3Q2022 results against all odds given the increased pressure from higher raw material prices and specifically wheat. 
Quarterly sales hit record levels with modern trade driving growth and the company improved margins despite surging raw material costs and saved on operational costs through reduced ad spend.
Wheat prices are now -34% from peak levels which should be positive for ROTI's margins and it continues to expand distribution and new products, driving growth. Valuations are attractive.


PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

Indonesia

Indoritel Makmur Internasional Tbk is an investment holding company that focuses on the consumer and retail industries in Indonesia, with significant stakes in retail and telecommunications companies. It also provides fiber optic-based telecommunication data connection services to business and home customers, and is involved in e-commerce and digital services. The company was founded in 1995 and is headquartered in Jakarta Selatan, Indonesia.

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Indoritel Makmur Internasional (DNET IJ)

Sumber Alfaria Trijaya (AMRT IJ) - Talking Mini-Markets and Convenience

Sumber Alfaria Trijaya (Alfamart) booked some strong SSSG for June bringing its YTD number into line with its FY2023 projection and the company...

Angus Mackintosh

PT Nippon Indosari Corpindo (ROTI IJ) - Bring on the Baker

PT Nippon Indosari Corpindo (ROTI IJ) should see further positive growth in 2023, with the potential for improving margins as input costs subside....

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Lawson Taking Up the Reins of Convenience

Sumber Alfaria through its Alfamart and Alfamidi formats is one of the largest mini-market operators in Indonesia but is now expanding aggressively...

Angus Mackintosh

ASEAN Utilities: From Tap To Socket

I'd be shorting Intouch Holdings' shares here, and going long Advanced Info Service Public, along with some Singapore Telecom.

David Blennerhassett

PT Nippon Indosari Corpindo (ROTI IJ) - The Nation's Baker

PT Nippon Indosari Corpindo (ROTI IJ) released a strong set of 3Q2022 against all odds given the increased pressure from higher raw material prices...

Angus Mackintosh

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