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

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<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a>continues to focus on growing the quality end of its corporate loan book, and de-risking its smaller sized commercial loans, whilst growing consumer exposure.</li>
<li>The bank's digital initiatives remain core, with strong growth in mobile transactions by value as well as the number of users, whilst BNI Direct is driving digitisation of business customers.</li>
<li>Hibank has launched, growing FMCG related loans fast, with the help of Mayora Indah. BNI valuations remain attractive, with the bank trading on 1.2x FY2023E PBV with 15% ROE.</li>
</ul>



Bank Negara Indonesia (BBNI IJ)continues to focus on growing the quality end of its corporate loan book, and de-risking its smaller sized commercial loans, whilst growing consumer exposure.
The bank's digital initiatives remain core, with strong growth in mobile transactions by value as well as the number of users, whilst BNI Direct is driving digitisation of business customers.
Hibank has launched, growing FMCG related loans fast, with the help of Mayora Indah. BNI valuations remain attractive, with the bank trading on 1.2x FY2023E PBV with 15% ROE.


Bank Negara Indonesia (BBNI IJ) - Increasingly Quality Focused Through a Digital Lens

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<a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener">Kino Indonesia (KINO IJ)</a> is one of Indonesia's most interesting staples players with a strong share in a number of segments within beverages and personal care which dominate its sales.</li>
<li>The company has seen a decent rebound in its beverages business as mobility has improved but continues to face some headwinds from higher input costs and packaging for personal care. </li>
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<a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener">Kino Indonesia (KINO IJ)</a> has been selectively increasing prices to offset higher costs and is seeing an improvement in sales of some of its more discretionary products. </li>
</ul>



Kino Indonesia (KINO IJ) is one of Indonesia's most interesting staples players with a strong share in a number of segments within beverages and personal care which dominate its sales.
The company has seen a decent rebound in its beverages business as mobility has improved but continues to face some headwinds from higher input costs and packaging for personal care. 

Kino Indonesia (KINO IJ) has been selectively increasing prices to offset higher costs and is seeing an improvement in sales of some of its more discretionary products. 


Kino Indonesia (KINO IJ) - Staples with a Discretionary Edge

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<a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia</a> booked a strong rebound in 1H2022 profits despite rising commodity prices with aggressive cost savings and an improving product mix. </li>
<li>The company suffered during the pandemic given that personal care does have a discretionary element but that is now being reversed with great mobility and reflected in new product launches. </li>
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<a href="https://www.smartkarma.com/entities/unilever-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:231:1" rel="noopener">Unilever Indonesia</a> has the potential for a re-rating as growth momentum returns, helped by a new management team. Valuations are still well-below its 5-year average of 40x forward PER.</li>
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Unilever Indonesia booked a strong rebound in 1H2022 profits despite rising commodity prices with aggressive cost savings and an improving product mix. 
The company suffered during the pandemic given that personal care does have a discretionary element but that is now being reversed with great mobility and reflected in new product launches. 

Unilever Indonesia has the potential for a re-rating as growth momentum returns, helped by a new management team. Valuations are still well-below its 5-year average of 40x forward PER.


Unilever Indonesia (UNVR IJ) - Back to the Boil Through Consumer Discretion

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<a href="https://www.smartkarma.com/entities/kino-indonesia" target="_blank" data-smartkarma-citation="entities:1083:1" rel="noopener">Kino Indonesia (KINO IJ)</a> continues to look like a lesser known consumer proxy despite its interesting portfolio of leading brands in beverages, personal care, food, and pharmacy. </li>
<li>The company is already seeing a strong rebound in the sales of beverages and personal care products, as mobility resumes in Indonesia. </li>
<li>Higher packaging, distribution, and input costs are putting some pressure on margins but this is being offset through selective price increases. The recent pull-back in share price provides an opportunity.</li>
</ul>



Kino Indonesia (KINO IJ) continues to look like a lesser known consumer proxy despite its interesting portfolio of leading brands in beverages, personal care, food, and pharmacy. 
The company is already seeing a strong rebound in the sales of beverages and personal care products, as mobility resumes in Indonesia. 
Higher packaging, distribution, and input costs are putting some pressure on margins but this is being offset through selective price increases. The recent pull-back in share price provides an opportunity.


Kino Indonesia (KINO IJ) - Undiscovered Consumer Proxy

Ultrajaya Milk Industry & Trading Co. / Equity Bottom-Up

Ultrajaya Milk Industry & Trading Co. (ULTJ IJ)

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<li>
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya Milk Industry &amp; Trading</a> saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business as mobility restrictions were lifted.</li>
<li>The company also sources more of its milk requirements locally, which means less exposure to imported milk power but prices there have started to come off. </li>
<li>Management remains optimistic that the company can achieve double-digit growth this year plus it has increased ASPs by +3% in April. Valuations at a discount to staple peers. </li>
</ul>



Ultrajaya Milk Industry &amp; Trading saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business as mobility restrictions were lifted.
The company also sources more of its milk requirements locally, which means less exposure to imported milk power but prices there have started to come off. 
Management remains optimistic that the company can achieve double-digit growth this year plus it has increased ASPs by +3% in April. Valuations at a discount to staple peers. 


Ultrajaya Milk Industry & Trading (ULTJ IJ) - Dairy and Tea Driven Momentum Continues

Indonesia

PT Kino Indonesia Tbk is an Indonesian multinational consumer goods company specializing in the manufacturing of personal care, hygiene, health care, confectionery, pastry, beverages, and pet care products. The company offers a wide range of brands across these categories. It is headquartered in Tangerang, Banten, Indonesia, and was founded in 1999.

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Kino Indonesia (KINO IJ)

Bank Negara Indonesia (BBNI IJ) - Increasingly Quality Focused Through a Digital Lens

BBNI continues to focus on growing the quality of its corporate loan book, whilst de-risking its smaller sized loans, and growing consumer...

Angus Mackintosh