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

Berli Jucker (BJC TB) - Big C Recovery in Motion

Berli Jucker (BJC TB) - Big C on the Turn

Berli Jucker (BJC TB) - Packaged Consumerism

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/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a>  is an unsung hero of ASEAN Consumption as one of the leading retailers in Thailand through Big C, and soon to be in Vietnam through MMVN.</li>
<li>Our recent conversation with management revealed a solid finish to 2025, with improving margins across all of its four divisions, including modern retail, packaging, consumer products, and healthcare &amp; technical.</li>
<li>BJC continues to grow Big C through expanding stores, with MMVN also starting to expand in Vietnam. Valuations remain attractive on 12x forward PER with a dividend yield of 4.4%.</li>
</ul>



Berli Jucker (BJC TB)  is an unsung hero of ASEAN Consumption as one of the leading retailers in Thailand through Big C, and soon to be in Vietnam through MMVN.
Our recent conversation with management revealed a solid finish to 2025, with improving margins across all of its four divisions, including modern retail, packaging, consumer products, and healthcare &amp; technical.
BJC continues to grow Big C through expanding stores, with MMVN also starting to expand in Vietnam. Valuations remain attractive on 12x forward PER with a dividend yield of 4.4%.


Berli Jucker (BJC TB) - ASEAN Consumption Proxy