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 - Prodia Diagnosed, Bukalapak, and MAPI's Omnichannel

NFC Indonesia (NFCX IJ) - From O2O to Clean Energy on Two Wheels

The Week That Was in ASEAN@Smartkarma - Mitra Keluarga's Growth, NFCX Leads in 2W EVs and BFIN's Era

Bukalapak (BUKA IJ) - Opportunity from Adversity

Bukalapak (BUKA IJ) - Thriving Within a Virtuous Circle

Bukalapak (BUKA IJ) - Big on Take Rates and Execution

Gravity Works As WeWork Doesn't; Now Plan B

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/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> announced 1Q2023 results with encouragingly strong headline growth coupled with even stronger revenues as take rates increased, with its marketplace being the standout driven by specialty verticals. </li>
<li>Mitra Bukalapak also registered solid growth, with increasing active Mitra's with greater frequency, higher take rates, and an improvement in contribution margin which should turn positive over the next 2Qs. </li>
<li>Take rates should continue to improve as the specialty businesses pick up momentum, and once the Mitra business turns CM positive, growth in that segment will also accelerate.</li>
</ul>



Bukalapak (BUKA IJ) announced 1Q2023 results with encouragingly strong headline growth coupled with even stronger revenues as take rates increased, with its marketplace being the standout driven by specialty verticals. 
Mitra Bukalapak also registered solid growth, with increasing active Mitra's with greater frequency, higher take rates, and an improvement in contribution margin which should turn positive over the next 2Qs. 
Take rates should continue to improve as the specialty businesses pick up momentum, and once the Mitra business turns CM positive, growth in that segment will also accelerate.


Bukalapak (BUKA IJ) - Specialty Hits Home

Bukalapak.com PT Tbk

Bukalapak (BUKA IJ) - Specialty Hits Home