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

Aspirasi Hidup Indonesia (ACES IJ) - Rebranded as AZKO

Aspirasi Hidup Indonesia (ACES IJ) - Rising Inventories for Good Reason

Mitra Adiperkasa (MAPI IJ) - Parting Clouds Ahead

Mitra Adiperkasa (MAPI IJ) - Strong Finisher

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

Aspirasi Hidup Indonesia / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a> released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. </li>
<li>The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.</li>
<li>
<a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  </li>
</ul>



Aspirasi Hidup Indonesia (ACES IJ) released a solid set of FY2024 results, with SSSG and headline coming in ahead of expectations, with the company expanding its stores by 20 outlets. 
The key concern from the results was the slower guidance for SSSG and sales for 2025, despite a more aggressive store rollout this year, especially outside Java.

Aspirasi Hidup Indonesia continues to push the AZKO brand with higher promotional spend, offset by the lack of royalties to ACES US. Guidance looks conservative and valuations look attractive historically.  


PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (MDIY IJ)

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia)

Aspirasi Hidup Indonesia (ACES IJ) - Growing AZKO Stores and Private Label