ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - Astra International, Ace Hardware, and DTAC's Merger

Ace Hardware Indonesia (ACES IJ) - Will Expansion Mode Be Enough?

The Week That Was in ASEAN@Smartkarma - SCBX Transformed, Ace Hardware Time, and Pertamina Geo IPO

Ace Hardware (ACES IJ) - A Rebound in the Offing

Ace Hardware Indonesia (ACES IJ) - Back on an Expansion Tack

Ace Hardware Indonesia (ACES IJ) - Summer Lull

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

Ace Hardware Indonesia / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> is a household name in Indonesia and should be a beneficiary of the economic recovery and improved mobility but has languished, trading at 5-year lows.</li>
<li>SSSG for the last two months have remained strong pushing the YTD SSSG into positive territory and confirming an ongoing recovery. It will roll out 15 new stores this year.</li>
<li>
<a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> is trading at 13.5x FY2023E PER, with EPS forecast to recover by +27.8% in FY2023E versus its 5-year average forward PER of 27x.</li>
</ul>



Ace Hardware Indonesia (ACES IJ) is a household name in Indonesia and should be a beneficiary of the economic recovery and improved mobility but has languished, trading at 5-year lows.
SSSG for the last two months have remained strong pushing the YTD SSSG into positive territory and confirming an ongoing recovery. It will roll out 15 new stores this year.

Ace Hardware Indonesia (ACES IJ) is trading at 13.5x FY2023E PER, with EPS forecast to recover by +27.8% in FY2023E versus its 5-year average forward PER of 27x.


Ace Hardware Indonesia (ACES IJ) - The Laggard Household Recovery Story