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

Aneka Gas (AGII IJ) - From Medical Gas to Infrastructure and Retail

Smartkarma Corporate Webinar | Aneka Gas: Indonesia Gas Industry Leader

Aneka Gas (AGII IJ) - Living and Breathing the Indonesian Economy

Aneka Gas Industri - Jumping Jack Flash - On the Ground in J-Town

Aneka Gas Industri - Welding Its Future - On the Ground in J-Town

Aneka Gas - Burning for Infrastructure and Industry - On the Ground in J-Town

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

The news that Indonesia's largest industrial gas company <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a> is to buy the remaining industrial gas assets from its parent is a positive move both from an economic and governance point of view.
The transaction involves the purchase of two assets including the Cikande Factory located in Banten and the Gresik Factory located in East Java. According to management, the two factories are the two most productive assets in the Samator Group. 
The transaction will give <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a> additional market share and scale benefits, as well as potentially higher sales and profit growth.
<a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a> registered a relatively resilient performance in 9M12, with revenues down -2.5% after a recovery in 3Q2020 driven by healthcare and infrastructure.
The prospects for FY21E should be better driven by a recovery in its bottled gas business together with consumers and continue growth in infrastructure.
We await further details on financials but the share price has already seen an upward re-rating over the past three months possibly reflecting some of this transaction. <a href="https://www.smartkarma.com/entities/pt-aneka-gas-industri" target="_blank" data-smartkarma-citation="entities:23564:1" rel="noopener">Aneka Gas (AGII IJ)</a> now trades on 25.9x FY21E PER and 22.7x FY22E PER versus its 3-year average of 17.1x FY21E PER but we expect a higher growth period to justify higher multiples.

The news that Indonesia's largest industrial gas company Aneka Gas (AGII IJ) is to buy the remaining industrial gas assets from its parent is a positive move both from an economic and governance point of view.
The transaction involves the purchase of two assets including the Cikande Factory located in Banten and the Gresik Factory located in East Java. According to management, the two factories are the two most productive assets in the Samator Group. 
The transaction will give Aneka Gas (AGII IJ) additional market share and scale benefits, as well as potentially higher sales and profit growth.
Aneka Gas (AGII IJ) registered a relatively resilient performance in 9M12, with revenues down -2.5% after a recovery in 3Q2020 driven by healthcare and infrastructure.
The prospects for FY21E should be better driven by a recovery in its bottled gas business together with consumers and continue growth in infrastructure.
We await further details on financials but the share price has already seen an upward re-rating over the past three months possibly reflecting some of this transaction. Aneka Gas (AGII IJ) now trades on 25.9x FY21E PER and 22.7x FY22E PER versus its 3-year average of 17.1x FY21E PER but we expect a higher growth period to justify higher multiples. 

Aneka Gas (AGII IJ) - Welding in Production Assets

Samator Indo Gas

Aneka Gas (AGII IJ) - Welding in Production Assets