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

A conference call with head of investor relations at <a href="https://www.smartkarma.com/entities/18684" target="_blank" data-smartkarma-citation="entities:18684:1">Mitra Adiperkasa Tbk Pt (MAPI IJ)</a>, Fetty Kwartati, just after the company's results revealed a company continuing to make significant progress on its long term restructuring plans and back on a strong growth trajectory. 9M17 results saw strong performance, with top line growth of 15% (through slightly disappointing SSSG of 3%) with improving margins. There was a mixed picture from different divisions, with its fashion and F&amp;B division continuing to see decent growth, but departments stores a drag.. The department store restructuring continues apace, with the last Debenhams store in Senayan City to be closed by the end of this year. It has already closed all its Lotus stores. Sogo Department Store continues to perform well and the company opened one new store in 1Q17. It will continue to focus on Sogo and Seibu and will continue with Gallery Layfayette. This division continues to lose money though will be less of a drag to earnings this year. The company continues to expand its floor area, with 70,000 sqm of new space to be opened this year. The net total after store closures will be 40,000 sqm or 200 new stores. Its sports and active division will open 100 new stores, fashion will see 50 new stores and Starbucks will see around 50 new stores. The company's consolidated inventory is now at an optimal level of 143 days versus 157 days at the end of last year. This has mainly been achieved through better inventory at MAP Active, which has been in part driven by CVC.<a href="https://www.smartkarma.com/entities/18684" target="_blank" data-smartkarma-citation="entities:18684:1">Mitra Adiperkasa Tbk Pt (MAPI IJ)</a> contines to make significant progress on its restructuring, which has been three years in the making. The exit from underperforming department stores Lotus and Debenhams this year remove another drag to earnings. Its core sports, fashion and F&amp;B divisions are making significant progress and holding up well in a difficult retail environment. It has offset slower SSSG stores expansion, boosting top line growth. It remains a key proxy for middle class consumption in Indonesia, with a strong growth profile justifying its relatively high PE multiple. According to Bloomberg consensus, the company trades on 20.9x FY18E PER and 16.2x FY19E PER, with forecast EPS growth of +38% and +29% for FY18E and FY19E respectively.

A conference call with head of investor relations at Mitra Adiperkasa Tbk Pt (MAPI IJ), Fetty Kwartati, just after the company's results revealed a company continuing to make significant progress on its long term restructuring plans and back on a strong growth trajectory. 9M17 results saw strong performance, with top line growth of 15% (through slightly disappointing SSSG of 3%) with improving margins. There was a mixed picture from different divisions, with its fashion and F&amp;B division continuing to see decent growth, but departments stores a drag.. The department store restructuring continues apace, with the last Debenhams store in Senayan City to be closed by the end of this year. It has already closed all its Lotus stores. Sogo Department Store continues to perform well and the company opened one new store in 1Q17. It will continue to focus on Sogo and Seibu and will continue with Gallery Layfayette. This division continues to lose money though will be less of a drag to earnings this year. The company continues to expand its floor area, with 70,000 sqm of new space to be opened this year. The net total after store closures will be 40,000 sqm or 200 new stores. Its sports and active division will open 100 new stores, fashion will see 50 new stores and Starbucks will see around 50 new stores. The company's consolidated inventory is now at an optimal level of 143 days versus 157 days at the end of last year. This has mainly been achieved through better inventory at MAP Active, which has been in part driven by CVC.Mitra Adiperkasa Tbk Pt (MAPI IJ) contines to make significant progress on its restructuring, which has been three years in the making. The exit from underperforming department stores Lotus and Debenhams this year remove another drag to earnings. Its core sports, fashion and F&amp;B divisions are making significant progress and holding up well in a difficult retail environment. It has offset slower SSSG stores expansion, boosting top line growth. It remains a key proxy for middle class consumption in Indonesia, with a strong growth profile justifying its relatively high PE multiple. According to Bloomberg consensus, the company trades on 20.9x FY18E PER and 16.2x FY19E PER, with forecast EPS growth of +38% and +29% for FY18E and FY19E respectively. 

Mitra Adiperkasa - Back in Trim - On the Ground in J-Town

Smartkarma

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Research Reinvented

An interesting call with Miquel Staal, previously investor relations of <a href="https://www.smartkarma.com/entities/18684" target="_blank" data-smartkarma-citation="entities:18684:1">Mitra Adiperkasa Tbk Pt (MAPI IJ)</a> but now more corporate finance focused, revealed a company in an increasingly well-honed state. Whilst SSSG remains sluggish at around 2% for 1Q17, the company expects SSSG of +4% - 5% for FY17E. Margins continue to improve, as the company's restructuring efforts start to manifest themselves in earnest. MAPI has been focused on tackling its lingering inventory issues, especially within its MAP Active business. This is now fully under control with inventory days down to 138 days from a peak of 180 days. It's monitoring systems and controls are now in place to prevent any recurrence of this problem. The company continues to reduce its department store exposure, having already closed Debenhams in Kemang and two other Lotus stores. Its main exposure is through SOGO, which continue to do well. This restructuring is a multi-year process, given the nature of the beast (long leases etc), but it is likely that it will exit Debenhams in the long term and possibly Lotus. Burger King has broken even this year, after private equity involvement in management but Dominos continues to lose money as it needs greater scale. The company has spun off its food &amp; beverage business (including Starbucks, Pizza Express, Krispy Kreme, Cold Stone Creamery and Godiva) under<a href="https://www.smartkarma.com/entities/24207" target="_blank" data-smartkarma-citation="entities:24207:1">PT Map Boga Adiperkasa Utama Tbk (MAPB IJ)</a>. It plans to ramp up the Starbucks rollout to 70 outlets a year, with 600 outlets targeted in four years time from the current 250. MAPI remains a unique way to get exposure to the Indonesian middle-class consumer, with an unparalleled stable of 150 international brands with exclusivity. Vietnam will only provide another string to the company's bow, with a spectacular start with Zara already under the belt. The restructuring efforts over the last couple of years are already well underway and yielding results and the inventory issues are now well under control. According to Bloomberg consensus, the company is trading on 31x PER for FY17E and 23x for FY18E, with forecast EPS growth of +73% and +35% for FY17E and FY18E respectively, with a further +30% growth in FY19E.

An interesting call with Miquel Staal, previously investor relations of Mitra Adiperkasa Tbk Pt (MAPI IJ) but now more corporate finance focused, revealed a company in an increasingly well-honed state. Whilst SSSG remains sluggish at around 2% for 1Q17, the company expects SSSG of +4% - 5% for FY17E. Margins continue to improve, as the company's restructuring efforts start to manifest themselves in earnest. MAPI has been focused on tackling its lingering inventory issues, especially within its MAP Active business. This is now fully under control with inventory days down to 138 days from a peak of 180 days. It's monitoring systems and controls are now in place to prevent any recurrence of this problem. The company continues to reduce its department store exposure, having already closed Debenhams in Kemang and two other Lotus stores. Its main exposure is through SOGO, which continue to do well. This restructuring is a multi-year process, given the nature of the beast (long leases etc), but it is likely that it will exit Debenhams in the long term and possibly Lotus. Burger King has broken even this year, after private equity involvement in management but Dominos continues to lose money as it needs greater scale. The company has spun off its food &amp; beverage business (including Starbucks, Pizza Express, Krispy Kreme, Cold Stone Creamery and Godiva) underPT Map Boga Adiperkasa Utama Tbk (MAPB IJ). It plans to ramp up the Starbucks rollout to 70 outlets a year, with 600 outlets targeted in four years time from the current 250. MAPI remains a unique way to get exposure to the Indonesian middle-class consumer, with an unparalleled stable of 150 international brands with exclusivity. Vietnam will only provide another string to the company's bow, with a spectacular start with Zara already under the belt. The restructuring efforts over the last couple of years are already well underway and yielding results and the inventory issues are now well under control. According to Bloomberg consensus, the company is trading on 31x PER for FY17E and 23x for FY18E, with forecast EPS growth of +73% and +35% for FY17E and FY18E respectively, with a further +30% growth in FY19E.

Mitra Adiperkasa - Consolidating Department Stores and Building Beverages - On the Ground in J -Town

Indonesia

PT Map Boga Adiperkasa Utama Tbk retails lifestyle products. The Company offers food and beverage, sports, fashion and apparel, department store, and other related products. Map Boga Adiperkasa Utama serves customers in Indonesia.

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Map Boga Adiperkasa Utama Tbk (MAPB IJ)

Mitra Adiperkasa - Back in Trim - On the Ground in J-Town

A conference call with head of investor relations at Mitra Adiperkasa Tbk Pt (MAPI IJ), Fetty Kwartati, just after the company's results revealed a...

Angus Mackintosh

Mitra Adiperkasa - Consolidating Department Stores and Building Beverages - On the Ground in J -Town

An interesting call with Miquel Staal, previously investor relations of Mitra Adiperkasa Tbk Pt (MAPI IJ) but now more corporate finance focused,...

Angus Mackintosh

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52-week Range

Market Cap (USDm)

P/E

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