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 - ACE to AZKO, Vinfast Going Direct, and The Keepers

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

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

Aspirasi Hidup Indonesia (ACES IJ) - The Ace Hardware Separation Is a Rebranding Opportunity

Ace Hardware (ACES IJ) - New Aspirations in Place

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> has forged ahead with its rebranding after ending its licensing agreement with ACES US, changing its store branding to AZKO from 1st January 2025.</li>
<li>The new branding has already been rolled out to several stores but the company has given a 3-month window for all storefronts to be completed across Indonesia. </li>
<li>We view this rebranding exercise as an opportunity for the company to lift sales further through heavy promotions and a more aggressive store rollout. Valuations remain attractive relative to history.</li>
</ul>



Aspirasi Hidup Indonesia (ACES IJ) has forged ahead with its rebranding after ending its licensing agreement with ACES US, changing its store branding to AZKO from 1st January 2025.
The new branding has already been rolled out to several stores but the company has given a 3-month window for all storefronts to be completed across Indonesia. 
We view this rebranding exercise as an opportunity for the company to lift sales further through heavy promotions and a more aggressive store rollout. Valuations remain attractive relative to history.


Aspirasi Hidup Indonesia (ACES IJ) - Rebranded as AZKO