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>
<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

<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

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> raised around US$239m in its Malaysia IPO. </li>
<li>In our view, the firm’s stronger margins and better growth potential warrants a premium to its other domestic peers.</li>
<li>In this note, we will talk about the updates since then and the trading dynamics.</li>
</ul>



Farm Fresh Berhad (FF MY) raised around US$239m in its Malaysia IPO. 
In our view, the firm’s stronger margins and better growth potential warrants a premium to its other domestic peers.
In this note, we will talk about the updates since then and the trading dynamics.


Farm Fresh IPO Trading - Solid Subscription, Should Come in at a Premium to Domestic Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$239m in its Malaysia IPO.</li>
<li>While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. </li>
<li>In this note, we will look at peers, assumptions, and share our thoughts on valuation.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO.
While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. 
In this note, we will look at peers, assumptions, and share our thoughts on valuation.


Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

<ul>
<li>
<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> released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. </li>
<li>The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. </li>
<li>The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.</li>
</ul>



Bank Negara Indonesia (BBNI IJ) released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all fronts. 
The bank's loan mix is moving towards lower risk assets but cost of funds has fallen significantly at the same time plus its progress on digital banking is impressive. 
The bank's increasingly digital credentials should lead to an upward re-rating of the bank's valuations, which look attractive given the expected recovery in earnings and higher ROEs beyond 2022.


Bank Negara Indonesia (BBNI IJ) - Catching the Digital Wave

Indonesia

PT Mayora Indah Tbk is an Indonesian multinational food and beverage company that manufactures, markets, and distributes fast-moving consumer goods, including biscuits, candies, wafers, chocolates, coffee, and health foods. The company is known for brands such as Kopiko, Energen, Torabika, and Beng Beng. Headquartered in Jakarta, Indonesia, it was founded in 1977.

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Mayora Indah (MYOR IJ)

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

Ultrajaya Milk Industry & Trading saw continued growth momentum in 1Q2022 both for its core UHT milk business (No.1) and its carton tea business...

Angus Mackintosh

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

Farm Fresh IPO Trading - Solid Subscription, Should Come in at a Premium to Domestic Peers

Farm Fresh Berhad (FF MY) raised around US$239m in its Malaysia IPO. In our view, the firm’s stronger margins and better growth potential warrants...

Clarence Chu

Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO. In this note, we will look at peers, assumptions, and share our thoughts...

Clarence Chu

Bank Negara Indonesia (BBNI IJ) - Catching the Digital Wave

Bank Negara Indonesia released a solid set of FY2021 results last week, with its PPOP coming in above consensus and guidance being met on all...

Angus Mackintosh

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