ASEAN Insight Provider

Jessica Irene

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

Thematic (Sector/Industry)

<p>INDO Snippets brings together substantive and significant on the ground chatter that may potentially have a meaningful impact on the Indonesian Equity Market. </p><p>Today on INDO Snippets:</p><ul class="">
<li>Ten days have passed since the first presidential debate in Indonesia, a prelude to April 17 Presidential Election. We are taking the time to compile and digest the top trending social media comments. What does the people on the ground say about the debate? Who won? What are the key blunders and heroic moments?</li>
<li>Competition on mobile payment systems are intensifying with two biggest players OVO and Go-Pay actively launching offline promotions. The cashless society campaign that the Central Bank (BI) has been pushing since 2014 may finally be taking off. Who are the winners and losers? What are the implications on the retail sector?</li>
</ul>

INDO Snippets brings together substantive and significant on the ground chatter that may potentially have a meaningful impact on the Indonesian Equity Market. Today on INDO Snippets:
Ten days have passed since the first presidential debate in Indonesia, a prelude to April 17 Presidential Election. We are taking the time to compile and digest the top trending social media comments. What does the people on the ground say about the debate? Who won? What are the key blunders and heroic moments?
Competition on mobile payment systems are intensifying with two biggest players OVO and Go-Pay actively launching offline promotions. The cashless society campaign that the Central Bank (BI) has been pushing since 2014 may finally be taking off. Who are the winners and losers? What are the implications on the retail sector?


INDO Snippets: Social Media on Presidential Debate, Battle of Mobile Payment Platform OVO & Go-Pay

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

Equity Bottom-Up

<ul>
<li>A recent meeting with <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> confirmed that management remains confident about a strong finish to the year, despite a lingering drag from Starbucks even with the boycott being lifted.</li>
<li>MAPI continues to expand its store network with 650 new stores targeted this year, with 400 under <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif</a> and ongoing regional expansion. MAPI's omnichannel strategy is also driving growth. </li>
<li>Inventory levels are higher due to higher store count and ahead of various festive seasons. Inditex brands continue to drive fashion with MAPA showing the fastest growth. Valuations remain attractive. </li>
</ul>


A recent meeting with Mitra Adiperkasa confirmed that management remains confident about a strong finish to the year, despite a lingering drag from Starbucks even with the boycott being lifted.
MAPI continues to expand its store network with 650 new stores targeted this year, with 400 under MAP Aktif and ongoing regional expansion. MAPI's omnichannel strategy is also driving growth. 
Inventory levels are higher due to higher store count and ahead of various festive seasons. Inditex brands continue to drive fashion with MAPA showing the fastest growth. Valuations remain attractive. 


Mitra Adiperkasa (MAPI IJ) - Strong Finisher

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sarimelati-kencana-pt" target="_blank" data-smartkarma-citation="entities:27011:1" rel="noopener">Sarimelati Kencana PT (PZZA IJ)</a> has been hard hit over the last year by the impact of the boycott due to a perception of its Israel exposure. </li>
<li>The company has focused on reducing its cost base over the past year and continued to build its higher-end Ristorante format, with the boycott impact lessening since June 2024.</li>
<li>PZZA management maintains that it can hit profitability in 4Q2024, with this momentum continuing into 2025, with a target to increase its new formats helping to drive recovery. </li>
</ul>



Sarimelati Kencana PT (PZZA IJ) has been hard hit over the last year by the impact of the boycott due to a perception of its Israel exposure. 
The company has focused on reducing its cost base over the past year and continued to build its higher-end Ristorante format, with the boycott impact lessening since June 2024.
PZZA management maintains that it can hit profitability in 4Q2024, with this momentum continuing into 2025, with a target to increase its new formats helping to drive recovery. 


Sarimelati Kencana PT (PZZA IJ) - Emerging from the Oven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> has revealed more detail on the impact of boycotts stemming from the Gaza conflict on some of its brands, most notably Starbucks but also including Zara. </li>
<li>Management remains upbeat about the outlook for the expansion of new retail outlets across its brand portfolio in Indonesia and Southeast Asia but has reduced guidance for Starbucks. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a> remains the best proxy for Indonesian retail with any weakness in the share price an opportunity, with valuations remaining attractive. </li>
</ul>



Mitra Adiperkasa (MAPI IJ) has revealed more detail on the impact of boycotts stemming from the Gaza conflict on some of its brands, most notably Starbucks but also including Zara. 
Management remains upbeat about the outlook for the expansion of new retail outlets across its brand portfolio in Indonesia and Southeast Asia but has reduced guidance for Starbucks. 

Mitra Adiperkasa remains the best proxy for Indonesian retail with any weakness in the share price an opportunity, with valuations remaining attractive. 


Mitra Adiperkasa (MAPI IJ) - Less Seasonal Cheer, More New Year's Resolutions

<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> reported an impressive set of 1H2021 results but has obviously seen a significant negative impact from the government's imposition of mobility restrictions under Emergency PPKM. This led to the closure of around 70% of the malls in the country in  July, more especially in Java and Bali, where the majority of the company's stores are located.  </p>
<p>Our post-results conversation with management suggests we are coming out of this difficult period and should expect a gradual recovery in the coming months.</p>
<p>The company's Unified Retail Strategy continues to bear fruit with online mono-brand and multi-brand sites both doing well. </p>
<p>July was most severely impacted this year given the mall closures but consumers are showing less anxiety this year to the lock-down measures and restrictions started to ease from 10th August.</p>
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<p>The company also went into 3Q2021 with very healthy inventories given it had flushed out old inventory over Lebaran. It has also shortened its purchasing strategy, which will allow more flexibility.</p>
<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> is also more focused on building out its health &amp; beauty exposure opening three Boots stores with plans for six by the end of 2021 and may open more in 2022.</p>
<p>Department stores have been quite hard hit during the pandemic but <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> plans to increase the level of cross-selling its own brands within department stores.</p>
<p>Food &amp; Beverage has held up relatively well, with more delivery sales for Starbucks, which now makes up 20% of total Starbucks sales. Source: <a href="https://www.smartkarma.com/entities/pt-map-boga-adiperkasa-utama-tbk" target="_blank" data-smartkarma-citation="entities:24207:1" rel="noopener">Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ)</a> </p>
<p><a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a> trades on 14.9x FY22E PER versus its 5-year average forward PER of 21x, which looks attractive in light of the expected recovery and the success of its digital strategies, which are helping to boost sales and profitability.</p>
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Mitra Adiperkasa (MAPI IJ) reported an impressive set of 1H2021 results but has obviously seen a significant negative impact from the government's imposition of mobility restrictions under Emergency PPKM. This led to the closure of around 70% of the malls in the country in  July, more especially in Java and Bali, where the majority of the company's stores are located.  
Our post-results conversation with management suggests we are coming out of this difficult period and should expect a gradual recovery in the coming months.
The company's Unified Retail Strategy continues to bear fruit with online mono-brand and multi-brand sites both doing well. 
July was most severely impacted this year given the mall closures but consumers are showing less anxiety this year to the lock-down measures and restrictions started to ease from 10th August.



The company also went into 3Q2021 with very healthy inventories given it had flushed out old inventory over Lebaran. It has also shortened its purchasing strategy, which will allow more flexibility.
Mitra Adiperkasa (MAPI IJ) is also more focused on building out its health &amp; beauty exposure opening three Boots stores with plans for six by the end of 2021 and may open more in 2022.
Department stores have been quite hard hit during the pandemic but Mitra Adiperkasa (MAPI IJ) plans to increase the level of cross-selling its own brands within department stores.
Food &amp; Beverage has held up relatively well, with more delivery sales for Starbucks, which now makes up 20% of total Starbucks sales. Source: Pt Map Boga Adiperkasa Utama Tbk (MAPB IJ) 
Mitra Adiperkasa (MAPI IJ) trades on 14.9x FY22E PER versus its 5-year average forward PER of 21x, which looks attractive in light of the expected recovery and the success of its digital strategies, which are helping to boost sales and profitability.




Mitra Adiperkasa (MAPI IJ) - One Step Beyond

Indonesia

PT Map Boga Adiperkasa Tbk is an Indonesia-based company engaged in the food and beverage industry, operating as a holding company for various café and restaurant brands. The company's portfolio includes popular brands such as Starbucks, Pizza Express/Pizza Marzano, Krispy Kreme, Cold Stone Creamery, GODIVA Chocolatier, PAUL Bakery, Genki Sushi, Subway, and Toast Box. It was incorporated in 2013 and is headquartered in Jakarta Pusat, Indonesia.

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Map Boga Adiperkasa (MAPB IJ)

Mitra Adiperkasa (MAPI IJ) - Strong Finisher

A recent meeting with Mitra Adiperkasa confirmed that management remains confident about a strong finish to the year, driven by s strong seasonal...

Angus Mackintosh

Sarimelati Kencana PT (PZZA IJ) - Emerging from the Oven

PZZA managment maintains that it can hit profitability in 4Q2024, with momentum continuing into 2025, and new formats helping to drive recovery. 4Q...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - Less Seasonal Cheer, More New Year's Resolutions

Mitra Adiperkasa remains the best proxy for Indonesian retail with any weakness in the share price caused by recent boycotts of certain brands an...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - One Step Beyond

MAPI remains one of our top retail picks for the recovery, having put effective strategies to place to come out of the pandemic in better shape

Angus Mackintosh

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52-week Range

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INDO Snippets: Social Media on Presidential Debate, Battle of Mobile Payment Platform OVO & Go-Pay

INDO Snippets brings together substantive and significant on the ground chatter that may potentially have a meaningful impact on the Indonesian...

Jessica Irene

Mitra Adiperkasa (MAPI IJ) - Strong Finisher

A recent meeting with Mitra Adiperkasa confirmed that management remains confident about a strong finish to the year, driven by s strong seasonal...

Angus Mackintosh

Sarimelati Kencana PT (PZZA IJ) - Emerging from the Oven

PZZA managment maintains that it can hit profitability in 4Q2024, with momentum continuing into 2025, and new formats helping to drive recovery. 4Q...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - Less Seasonal Cheer, More New Year's Resolutions

Mitra Adiperkasa remains the best proxy for Indonesian retail with any weakness in the share price caused by recent boycotts of certain brands an...

Angus Mackintosh

Mitra Adiperkasa (MAPI IJ) - One Step Beyond

MAPI remains one of our top retail picks for the recovery, having put effective strategies to place to come out of the pandemic in better shape

Angus Mackintosh