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

Cross Asset Strategy

<ul>
<li>CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core focus on Indonesia. </li>
<li>This week is focused on GoTo's sustainability credentials and the recent scientific validation of its emission targets. </li>
<li>2024 will also see a ramp-up of Indonesia's 2W EV charging infrastructure to power growth in numbers. We also look at key themes in 2024 for the digital economy.</li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core focus on Indonesia. 
This week is focused on GoTo's sustainability credentials and the recent scientific validation of its emission targets. 
2024 will also see a ramp-up of Indonesia's 2W EV charging infrastructure to power growth in numbers. We also look at key themes in 2024 for the digital economy.


CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

<ul>
<li>The Past week saw insights of <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a>, <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a>, <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri (BMRI IJ)</a>, and <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>.</li>
<li>The was also an insight on <a href="https://www.smartkarma.com/entities/thonburi-healthcare-group-pcl" target="_blank" data-smartkarma-citation="entities:24386:1" rel="noopener">Thonburi Healthcare Group (THG TB)</a> and a sector piece looking at the beleaguered Vietnamese Real Estate sector. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The Past week saw insights of Prodia (PRDA IJ), Grab Holdings (GRAB US), XL Axiata (EXCL IJ), Kalbe Farma (KLBF IJ), Bank Mandiri (BMRI IJ), and Pyridam Farma (PYFA IJ).
The was also an insight on Thonburi Healthcare Group (THG TB) and a sector piece looking at the beleaguered Vietnamese Real Estate sector. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.</li><li>Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.</li><li>We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the FMCG market having sound growth prospects, we estimate FY24F growth of 7% yoy.Some categories still showed promising growth in 3Q23, despite the market’s overall volume contraction.We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: Room for Growth Is Still in Store (OVERWEIGHT)

<ul><li>JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.</li><li>Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.</li><li>We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

<ul><li>We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.</li><li>We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).</li><li>We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.We forecast FY24 net profit growth for the sector of 10.6% yoy (core profits: +5% yoy) supported by sales volume recovery (3-9%).We maintain sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under soft recovery scenario.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)

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)

CrossASEAN Ground Zero - GoTo's Sustainability Verified, 2W EVs, and the Stormy Year Ahead

CrossASEAN Ground Zero is a new thematic weekly product that will focus on key Southeast Asian digital themes and technology trends with a core...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Prodia's Recovery, Grab in 2024, and Kalbe Farma Primed

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Consumer: Room for Growth Is Still in Store (OVERWEIGHT)

We maintain our sector OW rating and expect ICBP (TP Rp13,000) and MYOR (TP Rp3,500) to fare better under a soft recovery scenario.

BRI Danareksa Research

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.

BRI Danareksa Research

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