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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> booked a solid set of 9M2024 results with some seasonal slowdown in 3Q2024 but prospects remain healthy as the rainy season has begun to boost consumption. </li>
<li>The company is seeing strong revenue growth across herbal &amp; supplements, F&amp;B (mainly energy drinks) and pharma, with improving margins, and exceptionally strong export growth. </li>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul</a> saw an increase in its cash conversion caused by a strategic stocking of raw materials at favourable prices which should boost margins. Valuations are attractive at 15x PER. </li>
</ul>



Sido Muncul (SIDO IJ) booked a solid set of 9M2024 results with some seasonal slowdown in 3Q2024 but prospects remain healthy as the rainy season has begun to boost consumption. 
The company is seeing strong revenue growth across herbal &amp; supplements, F&amp;B (mainly energy drinks) and pharma, with improving margins, and exceptionally strong export growth. 

Sido Muncul saw an increase in its cash conversion caused by a strategic stocking of raw materials at favourable prices which should boost margins. Valuations are attractive at 15x PER. 


Sido Muncul (SIDO IJ) - Stocking Up for Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Merdeka Battery Materials / Index Rebalance

<ul>
<li>There are 2 constituent changes each for the IDX30 Index, LQ45 Index and IDX80 Index at the rebalance to be implemented at the close on 31 October.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia</a>, <a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials</a>, <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/adaro-minerals" target="_blank" data-smartkarma-citation="entities:35927:1" rel="noopener">Adaro Minerals</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 Persero</a>, <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional</a>, <a href="https://www.smartkarma.com/entities/adaro-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:6061:1" rel="noopener">Adaro Energy</a> and <a href="https://www.smartkarma.com/entities/indo-tambangraya-megah-tbk-p" target="_blank" data-smartkarma-citation="entities:15891:1" rel="noopener">Indo Tambangraya Megah</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes each for the IDX30 Index, LQ45 Index and IDX80 Index at the rebalance to be implemented at the close on 31 October.
The largest passive flows are expected in Bank Rakyat Indonesia, Merdeka Battery Materials, Mitra Adiperkasa, Adaro Minerals, Bank Mandiri Persero, Amman Mineral Internasional, Adaro Energy and Indo Tambangraya Megah.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker</a>, <a href="https://www.smartkarma.com/entities/catur-sentosa-adiprana-tbk" target="_blank" data-smartkarma-citation="entities:18671:1" rel="noopener">Catur Sentosa Adiprana Tbk (CSAP IJ)</a>, <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci,</a>  <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis</a>, <a href="https://www.smartkarma.com/entities/nsl-ltd-singapore" target="_blank" data-smartkarma-citation="entities:12666:1" rel="noopener">NSL Ltd (NSL SP)</a>, and <a href="https://www.smartkarma.com/entities/mr-diy-holding-thailand" target="_blank" data-smartkarma-citation="entities:43926:1" rel="noopener">DIY Holding (Thailand)</a>.</li>
<li>There was also a macro insight on Indonesia Strategy, and insights on <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-pcl-6b5341fe-4d93-483e-9cb0-d5d833cdc53e" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves Thailand (STGT TB)</a>, and <a href="https://www.smartkarma.com/entities/petrovietnam-oil-corporation-pv-oil" target="_blank" data-smartkarma-citation="entities:43954:1" rel="noopener">PetroVietnam Oil (OIL VN)</a>, </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, from across Southeast Asia.</li>
</ul>


The past week saw insights on Berli Jucker, Catur Sentosa Adiprana Tbk (CSAP IJ), Lippo Karawaci,  Silverlake Axis, NSL Ltd (NSL SP), and DIY Holding (Thailand).
There was also a macro insight on Indonesia Strategy, and insights on Sri Trang Gloves Thailand (STGT TB), and PetroVietnam Oil (OIL VN), 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma  - Berli Jucker, CSAP, and Silverlake Asia

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya(AMRT IJ)</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat Tbk PT (ISAT IJ),</a><a href="https://www.smartkarma.com/entities/sai-gon-cargo-service-corp" target="_blank" data-smartkarma-citation="entities:40374:1" rel="noopener">Sai Gon Cargo Service (SCS VN)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP).</a>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>, <a href="https://www.smartkarma.com/entities/dksh-holdings-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12270:1" rel="noopener">Dksh Holdings Malaysia (DKSH MK)</a>, a sector insight on Malaysian Banks and CrossASEAN Ground Zero on the MR DIY Thailand IPO.</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, from across Southeast Asia.</li>
</ul>


The past week saw insights on Sumber Alfaria Trijaya(AMRT IJ), Indosat Tbk PT (ISAT IJ),Sai Gon Cargo Service (SCS VN), and Dyna Mac Holdings (DMHL SP).

There were also insights on Silverlake Axis (SILV SP), Dksh Holdings Malaysia (DKSH MK), a sector insight on Malaysian Banks and CrossASEAN Ground Zero on the MR DIY Thailand IPO.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Indosat's AI Push, and Saigon Cargo.

Sumber Alfaria Trijaya Tbk Pt / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ)</a> booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market share improving versus competition.</li>
<li>Outlet expansion for Alfamart is running ahead of guidance, with Alfamidi growing in line and a more measured expansion for Lawson, as it beds down last year's aggressive rollout. </li>
<li>Outside Java is seeing the strongest growth in sales and the focus on expansion of DCs and stores plus Alfamart is increasing the number of chillers. Valuations reflecting growth prospects.</li>
</ul>



Sumber Alfaria Trijaya (AMRT IJ) booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market share improving versus competition.
Outlet expansion for Alfamart is running ahead of guidance, with Alfamidi growing in line and a more measured expansion for Lawson, as it beds down last year's aggressive rollout. 
Outside Java is seeing the strongest growth in sales and the focus on expansion of DCs and stores plus Alfamart is increasing the number of chillers. Valuations reflecting growth prospects.


Sumber Alfaria Trijaya (AMRT IJ) - Alfamart Led Rollout

Indonesia

PT Sumber Alfaria Trijaya Tbk operates a chain of retail supermarkets.

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Sumber Alfaria Trijaya Tbk Pt (AMRT IJ)

Sido Muncul (SIDO IJ) - Stocking Up for Growth

Sido Muncul is seeing strong revenue growth across herbal & supplements, F&B (mainly energy drinks) and pharma, with improving margins, and...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation

There are 2 constituent changes each for the IDX30, LQ45 and IDX80 indices to be implemented at the close on 31 Oct. There are stocks with multiple...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

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

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Indosat's AI Push, and Saigon Cargo.

The past week saw insights on Sumber Alfaria Trijaya(AMRT IJ), Indosat Tbk PT (ISAT IJ), Sai Gon Cargo Service (SCS VN), and Dyna Mac Holdings...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Alfamart Led Rollout

Sumber Alfaria Trijaya (AMRT IJ) booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sido Muncul (SIDO IJ) - Stocking Up for Growth

Sido Muncul is seeing strong revenue growth across herbal & supplements, F&B (mainly energy drinks) and pharma, with improving margins, and...

Angus Mackintosh

IDX30/​​LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation

There are 2 constituent changes each for the IDX30, LQ45 and IDX80 indices to be implemented at the close on 31 Oct. There are stocks with multiple...

Brian Freitas

The Week That Was in ASEAN@Smartkarma - Berli Jucker, CSAP, and Silverlake Asia

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

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - Alfamart's Expansion, Indosat's AI Push, and Saigon Cargo.

The past week saw insights on Sumber Alfaria Trijaya(AMRT IJ), Indosat Tbk PT (ISAT IJ), Sai Gon Cargo Service (SCS VN), and Dyna Mac Holdings...

Angus Mackintosh

Sumber Alfaria Trijaya (AMRT IJ) - Alfamart Led Rollout

Sumber Alfaria Trijaya (AMRT IJ) booked a solid set of 1H2024 results despite a seasonally slower quarter with margins holding up well and market...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Large Flows in Some Stocks with 4 Days to Implementation