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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" data-smartkarma-citation="entities:27356:1" rel="noopener">Integra Indocabinet</a> recently reported 9M2022 results, which painted a less rosy picture than at the mid-year stage, with sales growth of +10.6% versus +46% YoY for 1H2022.</li>
<li>A key change has been the drop off in demand for components for US housing given inflationary pressure and rising rates, which led to higher inventories with distributors. </li>
<li>
<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" data-smartkarma-citation="entities:27356:1" rel="noopener">Integra</a> recently downgraded guidance for FY2022 to reflect the less optimistic outlook though remains upbeat on a recovery in 2023, as inventories clear and it goes direct to retailers.</li>
</ul>



Integra Indocabinet recently reported 9M2022 results, which painted a less rosy picture than at the mid-year stage, with sales growth of +10.6% versus +46% YoY for 1H2022.
A key change has been the drop off in demand for components for US housing given inflationary pressure and rising rates, which led to higher inventories with distributors. 

Integra recently downgraded guidance for FY2022 to reflect the less optimistic outlook though remains upbeat on a recovery in 2023, as inventories clear and it goes direct to retailers.


Integra Indocabinet (WOOD IJ) - Short-Term Log Jam but Long-Term Promise

<ul>
<li>
<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" data-smartkarma-citation="entities:27356:1" rel="noopener">Integra Indocabinet's</a> recent 1Q2022 results confirmed the strong momentum in its wooden furniture and component sales to the US, which have seen even stronger growth than last year.</li>
<li>Manufactured exports saw growth of +114% YoY in 1Q2022, whilst wooden building components saw growth of +194% YoY, as the company continued to gain market share in the US market.</li>
<li>
<a href="https://www.smartkarma.com/entities/integra-indocabinet-tbk-pt" target="_blank" data-smartkarma-citation="entities:27356:1" rel="noopener">Integra Indocabinet</a> trades on 8.3x FY21E PER and 8.1x FY22E PER, with consensus forecast EPS growth of +2.6% and +11.6% for FY2022E and FY2022E looking too low. </li>
</ul>



Integra Indocabinet's recent 1Q2022 results confirmed the strong momentum in its wooden furniture and component sales to the US, which have seen even stronger growth than last year.
Manufactured exports saw growth of +114% YoY in 1Q2022, whilst wooden building components saw growth of +194% YoY, as the company continued to gain market share in the US market.

Integra Indocabinet trades on 8.3x FY21E PER and 8.1x FY22E PER, with consensus forecast EPS growth of +2.6% and +11.6% for FY2022E and FY2022E looking too low. 


Integra Indocabinet (WOOD IJ) - A Polished Start to the Year

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.</li>
<li>Largest buying impact will be on <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</a>, <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a>, <a href="https://www.smartkarma.com/entities/waskita-karya-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:15739:1" rel="noopener">Waskita Karya (Persero) (WSKT IJ)</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/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>Largest selling impact will be 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/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (JSMR IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a> , <a href="https://www.smartkarma.com/entities/bumi-serpong-damai-pt" target="_blank" data-smartkarma-citation="entities:15498:1" rel="noopener">Bumi Serpong Damai (BSDE IJ)</a> and <a href="https://www.smartkarma.com/entities/hm-sampoerna-tbk-pt" target="_blank" data-smartkarma-citation="entities:617:1" rel="noopener">HM Sampoerna (HMSP IJ)</a>.</li>
</ul>


At the January review, there are 2 changes to the IDX30 Index, 5 changes to the LQ45 Index, and 9 changes to the IDX30 Index.
Largest buying impact will be on Sumber Alfaria Trijaya Tbk Pt, Emtek (EMTK IJ), Waskita Karya (Persero) (WSKT IJ), BFI Finance Indonesia (BFIN IJ) and XL Axiata (EXCL IJ). 
Largest selling impact will be on Ace Hardware Indonesia (ACES IJ), Jasa Marga (JSMR IJ), Pakuwon Jati (PWON IJ) , Bumi Serpong Damai (BSDE IJ) and HM Sampoerna (HMSP IJ).


IDX30/LQ45 Index Rebalance: BIG Impact Changes in Limited Time

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<p>Expecting to beat FY21 earnings target</p><div class="content-highlight"><em>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.</em></div>

Expecting to beat FY21 earnings targetContent 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.

Integra Indocabinet (WOOD IJ) - Expecting to beat FY21 earnings target

<p>Riding on the rise of woodwork demand</p>
<div class="content-highlight"><em>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.</em></div>

Riding on the rise of woodwork demand
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.

Integra Indocabinet (WOOD IJ) - Riding on the rise of woodwork demand

Indonesia

PT Integra Indocabinet Tbk is an integrated wood-based manufacturing company. It primarily engages in forest concessions and the manufacturing of wooden furniture and building components, including knockdown and fully assembled furniture, millwork, plywood, and doors. The company was established in 1989 and is headquartered in Sidoarjo, Indonesia.

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Integra Indocabinet (WOOD IJ)