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

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

Ultrajaya Milk Industry & Trading Co. (ULTJ IJ)

<ul>
<li>Indonesia's leading UHT milk and carton tea producer <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</a> booked a strong set of FY2021 results, with a convincing recovery in 4Q2021, which should carry through into FY2022. </li>
<li>The company continues to increase raw milk sourcing locally, which will alleviate rising global prices, and it is expanding its distribution network and new products to drive demand. </li>
<li>
<a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya</a> is a market leader in its main product categories, yet trades at half the valuation of recently listed <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</a>, which looks excessive with potential upside to valuation.</li>
</ul>


Indonesia's leading UHT milk and carton tea producer Ultrajaya Milk Industry booked a strong set of FY2021 results, with a convincing recovery in 4Q2021, which should carry through into FY2022. 
The company continues to increase raw milk sourcing locally, which will alleviate rising global prices, and it is expanding its distribution network and new products to drive demand. 

Ultrajaya is a market leader in its main product categories, yet trades at half the valuation of recently listed Cisarua Mountain Dairy, which looks excessive with potential upside to valuation.


Ultrajaya Milk Industry & Trading (ULTJ IJ) - Back on the Boil

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-initiation-creamy" target="_blank" data-smartkarma-citation="insights:61066" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy</a>, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.</li>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:61144" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights</a>, we noted that we would participate at the low end of the IPO price range of IDR2,780-3,160 per share.</li>
<li>It priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but full.</li>
</ul>


In Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.
In Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights, we noted that we would participate at the low end of the IPO price range of IDR2,780-3,160 per share.
It priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but full.


Cisarua Mountain Dairy (Cimory) IPO: Trading Debut

<ul>
<li>
<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</a> just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  </li>
<li>Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets</li>
<li>Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.</li>
</ul>



Cisarua Mountain Dairy just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  
Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets
Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.


Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

<ul>
<li>
<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 (1939092D IJ)</a>/Cimory is seeking to raise up to IDR3,761 billion ($265 million) at an IPO price range of IDR2,780-3,160 per share. Shares will list on 6 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-initiation-creamy" target="_blank" data-smartkarma-citation="insights:61066" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy</a>, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.</li>
<li>Our valuation analysis suggests that we would participate at the low end of the IPO price range.</li>
</ul>



Cisarua Mountain Dairy (1939092D IJ)/Cimory is seeking to raise up to IDR3,761 billion ($265 million) at an IPO price range of IDR2,780-3,160 per share. Shares will list on 6 December.
In Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.
Our valuation analysis suggests that we would participate at the low end of the IPO price range.


Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<p><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> 's share price has lagged <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> in the last year due to the vaccine discovery and the shelved overseas expansion plan which has caused the earnings multiples to decrease although the earnings result has been strong.</p>
<p>A cross-border travel resumption that will sooner rather than later take place will inevitably lower freight costs therefore Sido Muncul can carry on with its overseas expansion plan to Nigeria and the Philippines that they had to put on hold during COVID-19. </p>
<div class="content-highlight">
<p>Combining the overseas expansion plan resumption and the potential for mean reversion, it is not a bad idea to hold <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> . For shareholders who invested 5 years ago and made a decent return on Sido Muncul, it is not a bad idea to sell some to lock in some profit to maintain a certain level of exposure in the portfolio without being too overweight Sido Muncul. </p>
</div>

Sido Muncul (SIDO IJ) 's share price has lagged Jakarta Stock Exchange Composite Index (JCI INDEX) in the last year due to the vaccine discovery and the shelved overseas expansion plan which has caused the earnings multiples to decrease although the earnings result has been strong.
A cross-border travel resumption that will sooner rather than later take place will inevitably lower freight costs therefore Sido Muncul can carry on with its overseas expansion plan to Nigeria and the Philippines that they had to put on hold during COVID-19. 

Combining the overseas expansion plan resumption and the potential for mean reversion, it is not a bad idea to hold Sido Muncul (SIDO IJ) . For shareholders who invested 5 years ago and made a decent return on Sido Muncul, it is not a bad idea to sell some to lock in some profit to maintain a certain level of exposure in the portfolio without being too overweight Sido Muncul. 


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)

Ultrajaya Milk Industry & Trading (ULTJ IJ) - Back on the Boil

Ultrajaya is a market leader in its main product categories, yet trades at half the valuation of recently listed Cisarua Mountain Dairy, which...

Angus Mackintosh

Cisarua Mountain Dairy (Cimory) IPO: Trading Debut

Cimory priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but...

Arun George

Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods in a...

Angus Mackintosh

Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights

Cimory is seeking to raise up to $265 m. Bookbuilding ends on 17 Nov and shares will list on 6 Dec. Our valuation analysis suggests that we would...

Arun George

Sido Muncul (SIDO): Time to Add

With the overseas expansion plan resumption and the potential for mean reversion, it is not a bad idea to hold SIDO given the underperformance vs...

Henry Soediarko

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