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

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/pt-fore-kopi-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:45069:1" rel="noopener">Fore Kopi Indonesia (FORE IJ)</a>  was founded in 2018 by East Venture and listed in 2025. The company is focused on providing affordable premium coffee for aspirational consumers across Indonesia.</li>
<li>Fore is focused on expanding into 2nd&amp;3rd-tier cities where competition is less intense. The company is also expanding into doughnuts through Fore Donut, selling doughnuts with a healthy edge.</li>
<li>The company is an interesting proxy for young aspirational consumers in Indonesia, with high-quality, locally focused products and relatively attractive pricing. Valuations remain attractive versus growth.</li>
</ul>



Fore Kopi Indonesia (FORE IJ)  was founded in 2018 by East Venture and listed in 2025. The company is focused on providing affordable premium coffee for aspirational consumers across Indonesia.
Fore is focused on expanding into 2nd&amp;3rd-tier cities where competition is less intense. The company is also expanding into doughnuts through Fore Donut, selling doughnuts with a healthy edge.
The company is an interesting proxy for young aspirational consumers in Indonesia, with high-quality, locally focused products and relatively attractive pricing. Valuations remain attractive versus growth.


Fore Kopi Indonesia (FORE IJ) - Aspirational Premium Local Coffee