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

Sumber Alfaria Trijaya (AMRT IJ) - Back to Expansion Mode

CP ALL (CPALL TB) - Increasing Size and Diversity

CP ALL (CPALL TB) - Caught in a Force Seven Gale

CP AXTRA (CPAXTRA TB) - Governance Concerns over Property Investment

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

Thematic (Sector/Industry)

Brunei Consumer discretionary distribution and retail / Thematic (Sector/Industry)

<ul>
<li>Despite relatively healthy revenue growth from retailers in Southeast Asia, specifically retailers, the share prices of listed consumer companies have been weak, with valuations being compressed to historically low levels.</li>
<li>The long-term consumption theme for Southeast Asia is intact, as consumers become more affluent and aspirational in their shopping habits, and naturally consume more. </li>
<li>Our view is that the Southeast Asian consumer is alive and well, but has been going through a cautious period given local political issues in Indonesia, Thailand, and the Philippines.</li>
</ul>


Despite relatively healthy revenue growth from retailers in Southeast Asia, specifically retailers, the share prices of listed consumer companies have been weak, with valuations being compressed to historically low levels.
The long-term consumption theme for Southeast Asia is intact, as consumers become more affluent and aspirational in their shopping habits, and naturally consume more. 
Our view is that the Southeast Asian consumer is alive and well, but has been going through a cautious period given local political issues in Indonesia, Thailand, and the Philippines.


CrossASEAN Strategy - Consumption Purge