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

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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a> continues to impress in terms of both growth and profitability for 9M2024 and looks well on track to exceed its guidance for 2024 substantially.</li>
<li>The company has continued to expand its factory network outside Java this year, with three new factories due to be completed making it the largest water factory network in Indonesia.</li>
<li>CLEO continue to launch innovative new variants with its most recent 1-litre variant aimed at increasing outdoor activities, and a new recycled bottle also being launched. Valuations attractive versus growth.  </li>
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Sariguna Primatirta (CLEO IJ) continues to impress in terms of both growth and profitability for 9M2024 and looks well on track to exceed its guidance for 2024 substantially.
The company has continued to expand its factory network outside Java this year, with three new factories due to be completed making it the largest water factory network in Indonesia.
CLEO continue to launch innovative new variants with its most recent 1-litre variant aimed at increasing outdoor activities, and a new recycled bottle also being launched. Valuations attractive versus growth.  


Sariguna Primatirta (CLEO IJ) - More Than Pure Water

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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a> is Indonesia's fastest growing bottled water players with an edge over competition is that it sells "pure" water, which is filtered using nanotechnology from the US. </li>
<li>The company sell both gallon and bottled water in sustainable innovative packaging and has a well-developed distribution coverage. It continues to build new factories to drive future growth across Indonesia. </li>
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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a> is a rising star in the consumer staples space in Indonesia, with a strong track record in executing its expansion. Valuations are attractive versus growth.</li>
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Sariguna Primatirta (CLEO IJ) is Indonesia's fastest growing bottled water players with an edge over competition is that it sells "pure" water, which is filtered using nanotechnology from the US. 
The company sell both gallon and bottled water in sustainable innovative packaging and has a well-developed distribution coverage. It continues to build new factories to drive future growth across Indonesia. 

Sariguna Primatirta (CLEO IJ) is a rising star in the consumer staples space in Indonesia, with a strong track record in executing its expansion. Valuations are attractive versus growth.


Sariguna Primatirta (CLEO IJ) - Crystal Clear

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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta (CLEO IJ)</a> is a differentiated bottled water player in Indonesia producing pure water using nano-technology, with around 5% market share but with significant upside given low penetration. </li>
<li>The company has established a long-term growth record over the past six years and booked +14.9% sales growth and +23.2% net profit growth, driven by increased demand and new products.</li>
<li>CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and valuations are reasonable relative to growth. </li>
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Sariguna Primatirta (CLEO IJ) is a differentiated bottled water player in Indonesia producing pure water using nano-technology, with around 5% market share but with significant upside given low penetration. 
The company has established a long-term growth record over the past six years and booked +14.9% sales growth and +23.2% net profit growth, driven by increased demand and new products.
CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and valuations are reasonable relative to growth. 


Sariguna Primatirta (CLEO IJ) - Pure Water with a Sustainable Edge

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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is truly Indonesia's pure water play with its drinking water produced using US nanotechnology with all of its packaging eco-friendly and BPA-free.</li>
<li>CLEO has around a 5% market share in Indonesia but has the potential to grow through expansion of distribution and through the launch of new products such as oxygenated water. </li>
<li>The recent discovery of BPA in market leader Aqua's  Gallon bottles should be positive for CLEO. In addition, the company remains a leading branded retail player in Indonesia.</li>
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Sariguna Primatirta Tbk PT (CLEO IJ) is truly Indonesia's pure water play with its drinking water produced using US nanotechnology with all of its packaging eco-friendly and BPA-free.
CLEO has around a 5% market share in Indonesia but has the potential to grow through expansion of distribution and through the launch of new products such as oxygenated water. 
The recent discovery of BPA in market leader Aqua's  Gallon bottles should be positive for CLEO. In addition, the company remains a leading branded retail player in Indonesia.


Sariguna Primatirta (CLEO IJ) - Pure and BPA Free

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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is Indonesia's only pure water brand (CLEO), using US-nanotechnology and eco-friendly packaging with a market share of around 5%.</li>
<li>The company has co-branded with both Alfamart and Indomaret and is launching new health-driven products such as alkaline oxygenated water as well as expanding with new factories.</li>
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<a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a> is an uncovered yet high-quality and high growth consumer company owned by the Tanoko Family, which also owns <a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>. </li>
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Sariguna Primatirta Tbk PT (CLEO IJ) is Indonesia's only pure water brand (CLEO), using US-nanotechnology and eco-friendly packaging with a market share of around 5%.
The company has co-branded with both Alfamart and Indomaret and is launching new health-driven products such as alkaline oxygenated water as well as expanding with new factories.

Sariguna Primatirta Tbk PT (CLEO IJ) is an uncovered yet high-quality and high growth consumer company owned by the Tanoko Family, which also owns PT Avia Avian (AVIA IJ). 


Sariguna Primatirta Tbk PT (CLEO IJ) - Indonesia's Pure Water Play

Indonesia

PT Sariguna Primatirta Tbk is an Indonesian company that produces and sells packaged drinking water and other beverages. It operates through bottle, non-bottle, and other segments, offering brands like Cleo, Super O2, VIO, and NOGU green tea. The company was founded in 1988 and is headquartered in Sidoarjo, Indonesia.

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Sariguna Primatirta (CLEO IJ)