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 (ULTJ IJ)</a> 4Q2023 and FY2023 confirmed a recovery on both its dairy and carton tea segments, with strong growth and a normalisation of raw material costs boosting margins.</li>
<li>ULTJ continue to focus on new product launches in dairy and carton tea and growing its distribution network with its new distrbution centre at MM1200 under pilot testing.</li>
<li>Prospects for FY2024 look healthy with expanding distribution and a number of new products helping to drive growth. Valuations look reasonable versus listed competitor <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 (CMRY IJ). </a> </li>
</ul>



Ultrajaya Milk (ULTJ IJ) 4Q2023 and FY2023 confirmed a recovery on both its dairy and carton tea segments, with strong growth and a normalisation of raw material costs boosting margins.
ULTJ continue to focus on new product launches in dairy and carton tea and growing its distribution network with its new distrbution centre at MM1200 under pilot testing.
Prospects for FY2024 look healthy with expanding distribution and a number of new products helping to drive growth. Valuations look reasonable versus listed competitor Cisarua Mountain Dairy (CMRY IJ).  


Ultrajaya Milk (ULTJ IJ) - Dairy and Tea Recovery in Motion

<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 (ULTJ IJ)</a> is back to the boil in terms of sales growth for both its dairy and carton tea businesses, which both benefit from a nominalisation of mobility. </li>
<li>The company's margins have improved in the dairy business as cost pressure has abated with falling powdered milk prices. Competition has picked up but the overall market is growing sufficiently. </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 Milk</a> will open a new distribution centre in 1Q2024, which should help to drive growth plus it looks to launch new product categories in 2024. Valuations are attractive.</li>
</ul>



Ultrajaya Milk (ULTJ IJ) is back to the boil in terms of sales growth for both its dairy and carton tea businesses, which both benefit from a nominalisation of mobility. 
The company's margins have improved in the dairy business as cost pressure has abated with falling powdered milk prices. Competition has picked up but the overall market is growing sufficiently. 

Ultrajaya Milk will open a new distribution centre in 1Q2024, which should help to drive growth plus it looks to launch new product categories in 2024. Valuations are attractive.


Ultrajaya Milk (ULTJ IJ) - The Milkmaid Cometh

Indofood CBP Sukses Makmur / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a> has weathered the worst of higher raw material prices and is now seeing the benefits of lower input costs, benefiting margins.</li>
<li>The company is a core beneficiary of pre-election spending as its products are often given as gifts during campaigning. ICBP is also seeing strong performance in its export markets.</li>
<li>ICBP should increasingly be seen as an emerging market staples player, with globally recognised brands such as Indomie and Chitato. Valuations do not reflect this.</li>
</ul>



Indofood CBP Sukses (ICBP IJ) has weathered the worst of higher raw material prices and is now seeing the benefits of lower input costs, benefiting margins.
The company is a core beneficiary of pre-election spending as its products are often given as gifts during campaigning. ICBP is also seeing strong performance in its export markets.
ICBP should increasingly be seen as an emerging market staples player, with globally recognised brands such as Indomie and Chitato. Valuations do not reflect this.


Indofood CBP Sukses (ICBP IJ) - FMCG On Track at Home and Abroad

<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 (ULTJ IJ)</a> remains a core proxy for the under-penetration of dairy products in Indonesia, which stands at less than half of Thailand in terms of per capita consumption.</li>
<li>Ultrajaya has seen a strong rebound in sales this year for its UHT milk sales but material pressure persisted in 1H2023 but will abate in 2H2023 improving margins.  </li>
<li>Its carton tea products are seeing a strong rebound and a new distribution warehouse in Cikarang will improve distribution. <a href="https://www.smartkarma.com/entities/ultrajaya-milk-industry-trading-company" target="_blank" data-smartkarma-citation="entities:13892:1" rel="noopener">Ultrajaya</a>'s growth trajectory is resuming and valuations are attractive. </li>
</ul>



Ultrajaya Milk (ULTJ IJ) remains a core proxy for the under-penetration of dairy products in Indonesia, which stands at less than half of Thailand in terms of per capita consumption.
Ultrajaya has seen a strong rebound in sales this year for its UHT milk sales but material pressure persisted in 1H2023 but will abate in 2H2023 improving margins.  
Its carton tea products are seeing a strong rebound and a new distribution warehouse in Cikarang will improve distribution. Ultrajaya's growth trajectory is resuming and valuations are attractive. 


Ultrajaya Milk (ULTJ IJ) - Back on Track with Dairy and Tea

<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>'s last set of results reflected both the recovery in sales as mobility improved as well the pressure from rising packaging and imported milk powder prices.</li>
<li>Both whole milk powder and skimmed milk powder prices have declined by around 30% from the peak in April this year, which should help to underpin better margins in 2H2022. </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 Milk Industry &amp; Trading</a> has increased its advertising and promotional spending to take advantage of improved mobility, with strong growth momentum likely to persist in 2H2022 and into FY2023.</li>
</ul>



Ultrajaya Milk Industry &amp; Trading's last set of results reflected both the recovery in sales as mobility improved as well the pressure from rising packaging and imported milk powder prices.
Both whole milk powder and skimmed milk powder prices have declined by around 30% from the peak in April this year, which should help to underpin better margins in 2H2022. 

Ultrajaya Milk Industry &amp; Trading has increased its advertising and promotional spending to take advantage of improved mobility, with strong growth momentum likely to persist in 2H2022 and into FY2023.


Ultrajaya Milk Industry & Trading (ULTJ IJ) - The Raw Milk Dividend

Indonesia

PT Ultrajaya Milk Industry & Trading Co. Tbk is a leading Indonesian producer of aseptic dairy products, beverages, and healthy drink products using Ultra High Temperature (UHT) technology and aseptic packaging. The company offers a wide range of products including milk (e.g., Ultra Milk), tea (e.g., Teh Kotak), and traditional drinks (e.g., Sari Kacang Ijo). Its headquarters are located in Bandung, Indonesia, and the company was founded in 1971.

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Ultrajaya Milk Industry & Trading Co. (ULTJ IJ)

Ultrajaya Milk (ULTJ IJ) - Dairy and Tea Recovery in Motion

ULTJ'S prospects for FY2024 look healthy, with expanding distribution and new products helping to drive growth. Valuations look reasonable versus...

Angus Mackintosh

Ultrajaya Milk (ULTJ IJ) - The Milkmaid Cometh

Ultrajaya Milk will open a new distribution centre in 1Q2024, which should help to drive growth plus it looks to launch new product categories in...

Angus Mackintosh

Indofood CBP Sukses (ICBP IJ) - FMCG On Track at Home and Abroad

Indofood CBP should increasingly be seen as an emerging market consumer staples player, with globally recognised brands such as Indomie and...

Angus Mackintosh

Ultrajaya Milk (ULTJ IJ) - Back on Track with Dairy and Tea

Ultrajaya Milk (ULTJ IJ) remains a core proxy for the under-penetration of dairy products in Indonesia, which stands at less than half of Thailand...

Angus Mackintosh

Ultrajaya Milk Industry & Trading (ULTJ IJ) - The Raw Milk Dividend

Ultrajaya Milk Industry & Trading has increased promotional spending to take advantage of improved mobility and with powdered milk prices down 30%...

Angus Mackintosh

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